International Biotechnology Trust (IBT) has delivered strong returns over the past year, the NAV is up 30% over the year to date, well ahead of its benchmark, and wider national and global indices. The pandemic has focused attention on the sector as a number of companies search for effective treatments and vaccines. The sector has recovered some ground relative to wider indices but – as is typical – the US election has been weighing on valuations. IBT’s managers highlight that the real drivers o ....
