Fund Research

International Biotechnology Trust

Last update 10 October 2018
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Carl Harald Janson marks five years at the reins of the £250m International Biotechnology Trust (IBT) this month, passing this milestone with considerable aplomb; having delivered annualised returns of 19.5% since his appointment in September 2013.

Carl Harald works alongside Ailsa Craig and Kate Bingham – who runs the unquoted portfolio – and the management team has recently been bolstered by the promotion of Marek Poszepczynski, who has worked with SV Health since 2013 as an analyst focusing on potential M&A targets.

The trust, which invests mainly in US-listed biotech stocks, but also – uniquely among its peers – in a venture fund of unquoted companies, aims to generate long-term capital growth while paying 4% of NAV each year as a dividend drawn entirely from capital.

The dividend was introduced after shareholders voted for it in 2016, and the trust paid a dividend of 23p in its first financial year under the new regime. This year the trust’s dividend – paid in January and August – amounts to 27p, a 17.4% uplift.

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Fund History: International Biotechnology Trust

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