I am pleased to report a positive return for Shareholders over the half year to 28 February 2013. A 13.4% increase in Net asset value ("NAV") per share to 263.6p was offset by a widening of the discount from 12.0% to 17.9%, to generate a 5.9% increase in the Company's share price to 216.5p per share, the highest level since July 2001. Both the quoted and unquoted portfolios fared well over the half year period both returning 13.3%.
Valuation: Discount below longer-term averages The cum-income discount, currently at 9.9%, is below its three- and five-year averages of 15.1% and 15.0% respectively, and has moved closer to its broad target of 8%. The discount remains underpinned by a selective share repurchase programme and we believe IBT offers an attractive means of gaining a diversified exposure to quoted and unquoted biotechnology companies.
A good price for a nicely diversified bio fund, with strong $ exposure. International Biotechnology Trust is an investment trust company which invests in companies within the biotechnology sector. The portfolio aims to capture the best chances of clinical, regulatory and commercial success from a diversified, mainly American, portfolio of public and private biotechnology investments. NAV 172p http://www.internationalbiotrust.com/
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