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International Biotechnology Trust

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uuid000je57

Namestring
International Biotechnology Trust
Legal namestring
International Biotechnology Trust plc
Websiteurl
ibtplc.com
Company typeenum
Public
Founded yearint
1994
Descriptiontext

International Biotechnology Trust plc (LSE: IBT) is a closed-ended investment trust established in 1994, making it the longest-standing vehicle in the UK biotech and healthcare AIC sector. The trust provides investors with actively managed, diversified exposure to global biotechnology and life sciences equities, with a stated focus on companies with clinically de-risked assets and select unquoted opportunities. It is managed by Schroder Unit Trusts Limited, with portfolio managers Ailsa Craig and Marek Poszepczynski leading the strategy since 2021 and combining 30 years of specialist experience.

The trust's underlying technology is its portfolio construction and stock-selection process, which has reportedly produced a portfolio in which approximately 40 of 100 holdings meet acquisition criteria, versus roughly 10% of its benchmark. The business model is a typical UK investment trust: capital is raised via a London Stock Exchange listing (ticker IBT, also OTC: IBITF), assets are deployed across a global biotech portfolio, and returns are delivered to shareholders through capital appreciation and an annual dividend equal to 4% of net asset value. Management fees and the closed-ended structure (with tactical gearing capability) generate the manager's revenue.

The customer base is UK retail investors accessing the trust through ISA and SIPP tax wrappers on online stockbrokers and adviser platforms, distributed via Schroders' platform, Hargreaves Lansdown, Interactive Investor, and third-party research coverage (Citywire, Trustnet, Kepler Trust Intelligence). The trust has benefited materially from a 2025-2026 biotech M&A cycle that has included exits of portfolio companies to Novartis, Roche, Merck, AbbVie, Pfizer, GSK, and Vertex among others.

Short descriptiontext

International Biotechnology Trust plc is a UK-listed closed-ended investment trust, established in 1994, providing actively managed diversified exposure to global biotechnology equities for retail investors via ISA and SIPP wrappers, and managed by Schroders.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
251–500
akta.pro rankint
HeadquartersLondon, United Kingdom
HQ citystring
London
HQ countrystring
United Kingdom
HQ regionstring
Europe
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
biotechnology investment trust, closed-ended fund, life sciences equities, ISA SIPP investing, actively managed trust
Industry2 codes
1Fiduciary Investment Management (Trust Portfolios)
CodeFSAEAKAIPrimaryYes
2Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight)
CodeFSAAABAFPrimaryNo
NAICS code3 codes
  • Portfolio Management and Investment Advice523940
  • Funds, Trusts, and Other Financial Vehicles525
  • Other Investment Pools and Funds5259
SIC code1 code
  • Investment Advice6282
Product category
Biotechnology Investment Trust
No data
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1Investment Management Fees
TypeSubscription Recurring
Description

IBT generates returns through capital appreciation of its portfolio of biotechnology companies. The trust charges management fees typical of investment trusts. Returns are distributed to shareholders via dividends (4% of NAV annually) and capital growth from portfolio company acquisitions and market appreciation.

trustintelligence.co.uk
Marketing channels8 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels4 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components4 values
Personnel, Operations, Marketing or Sales, Others
Pricing details1 tier
1Annual dividend distribution of 4% of NAV
ModelSubscriptionBilling cadenceAnnual
Notes

The trust has a policy of distributing 4% of its net asset value each year as dividends, providing a regular income stream to investors.

trustintelligence.co.uk
GTM typeB2C
B2C
Offering typeServices
Services
Core offering1 text field

International Biotechnology Trust (IBT) is an actively managed, closed-ended investment trust that gives shareholders diversified exposure to global biotechnology and life sciences companies. The trust holds around 100 portfolio companies, focuses on clinically de-risked assets with selective unquoted exposure, and runs a dividend policy paying out the equivalent of 4% of net asset value annually in addition to capital growth. Managed by Schroder Unit Trusts Limited since 1994, it is the longest-standing trust in the UK biotech and healthcare AIC sector and is listed on the London Stock Exchange under ticker IBT.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 6 values shown
  • NAV returns of 35.7% for the six months to February 2026
+5 more records
Product overview1 text field

International Biotechnology Trust (IBT) is a single, actively managed closed-ended investment trust that provides diversified exposure to the global biotechnology and life sciences sector. The trust offers investors access to one of the most dynamic sectors in global markets through a specialist team with decades of experience. IBT distributes 4% of its net asset value annually as dividends and invests in companies with clinically de-risked assets. The trust was established in 1994, making it the longest-standing trust in the biotech and healthcare AIC sector, with portfolio managers Ailsa Craig and Marek Poszepczynski.

Product and service1 record
1International Biotechnology Trust plc (IBT)
CategoryInvestment trust / closed-ended fund
Description

Actively managed closed-ended investment trust providing diversified exposure to global biotechnology and life sciences companies. Holds around 100 portfolio companies focused on clinically de-risked assets with selective unquoted opportunities, distributed to UK retail investors via London Stock Exchange listing and ISA/SIPP wrappers. Includes a dividend policy of 4% of NAV annually in addition to capital growth.

Scale indicator11 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
1Schroders
Strategic tierCoreTypeImplementation/ SI/ Consulting Partner
Description

Schroder Unit Trusts Limited acts as the authorised corporate director and manager of International Biotechnology Trust. Schroders provides investment management, administration, and distribution services for the trust, leveraging their 200+ year history and global investment platform.

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers10 records
1BB Biotech AG
TypeDirect peer
Description

Swiss-listed closed-ended investment company focused on biotechnology equities. Directly comparable to IBT as a public, sector-specific biotech investment vehicle with similar investor base and management fee structure.

2ARK Genomic Revolution ETF
TypeEmerging player
Description

ETF focused on genomics and biotechnology innovation. Comparable biotech sector exposure with thematic growth orientation, though more concentrated on disruptive innovation.

3Eventide Healthcare & Life Sciences Fund
TypeEmerging player
Description

US mutual fund focused on healthcare and life sciences equities with values-oriented approach. Comparable sector specialization but with different thematic overlay.

4Calamos Global Biotech Fund
TypeDirect peer
Description

US-focused mutual fund investing in global biotechnology equities. Comparable biotech specialist mandate and portfolio construction approach.

5HBM Healthcare Investments
TypeDirect peer
Description

Swiss-listed investment company focused on healthcare and biotechnology equities, including private companies. Comparable as a public, sector-specific investment vehicle with biotech-focused mandate.

6Sphera Global Healthcare Fund
TypeRegional player
Description

Israel-based fund manager's healthcare-focused fund. Comparable healthcare/biotech investment focus with similar stock-picking approach, though primarily serves different geographic markets.

7Biotech Growth Trust
TypeDirect peer
Description

UK-listed investment trust investing in global biotechnology equities, also in the AIC sector. Directly comparable product offering targeting UK retail investors with similar biotech-focused mandate.

8Polar Capital Biotechnology Fund
TypeDirect peer
Description

Open-ended mutual fund investing in global biotechnology equities. Comparable sector focus and biotech specialist approach, though structured as open-end rather than closed-end trust.

9Franklin Biotechnology Discovery Fund
TypeBroad incumbent
Description

Large established asset manager's biotech-focused mutual fund. Comparable sector focus but part of broader Franklin Templeton portfolio with global institutional distribution.

10Worldwide Healthcare Trust
TypeDirect peer
Description

UK investment trust focused on healthcare and biotechnology equities managed by Polar Capital. Comparable as a UK-listed, sector-focused trust with similar retail investor distribution model.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat5 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles3 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment10 records

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

International Biotechnology Trust

Biotechnology Investment Trustibtplc.com

International Biotechnology Trust plc is a UK-listed closed-ended investment trust, established in 1994, providing actively managed diversified exposure to global biotechnology equities for retail investors via ISA and SIPP wrappers, and managed by Schroders.

What International Biotechnology Trust does

International Biotechnology Trust plc (LSE: IBT) is a closed-ended investment trust established in 1994, making it the longest-standing vehicle in the UK biotech and healthcare AIC sector. The trust provides investors with actively managed, diversified exposure to global biotechnology and life sciences equities, with a stated focus on companies with clinically de-risked assets and select unquoted opportunities. It is managed by Schroder Unit Trusts Limited, with portfolio managers Ailsa Craig and Marek Poszepczynski leading the strategy since 2021 and combining 30 years of specialist experience.

The trust's underlying technology is its portfolio construction and stock-selection process, which has reportedly produced a portfolio in which approximately 40 of 100 holdings meet acquisition criteria, versus roughly 10% of its benchmark. The business model is a typical UK investment trust: capital is raised via a London Stock Exchange listing (ticker IBT, also OTC: IBITF), assets are deployed across a global biotech portfolio, and returns are delivered to shareholders through capital appreciation and an annual dividend equal to 4% of net asset value. Management fees and the closed-ended structure (with tactical gearing capability) generate the manager's revenue.

The customer base is UK retail investors accessing the trust through ISA and SIPP tax wrappers on online stockbrokers and adviser platforms, distributed via Schroders' platform, Hargreaves Lansdown, Interactive Investor, and third-party research coverage (Citywire, Trustnet, Kepler Trust Intelligence). The trust has benefited materially from a 2025-2026 biotech M&A cycle that has included exits of portfolio companies to Novartis, Roche, Merck, AbbVie, Pfizer, GSK, and Vertex among others.

International Biotechnology Trust firmographics

Firmographics
Name
International Biotechnology Trust
Legal name
International Biotechnology Trust plc
Website
https://ibtplc.com
Company type
Public
Founded year
1994
Operating status
Operating
Headcount range
251–500 employees
Short description
International Biotechnology Trust plc is a UK-listed closed-ended investment trust, established in 1994, providing actively managed diversified exposure to global biotechnology equities for retail investors via ISA and SIPP wrappers, and managed by Schroders.
Ownership category
akta.pro rank

International Biotechnology Trust industry classification

Industry
Product category
Biotechnology Investment Trust
NAICS
Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)
SIC
Investment Advice (6282)
akta.pro primary industry
Fiduciary Investment Management (Trust Portfolios) (FSAEAKAI)
akta.pro secondary industry
Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight) (FSAAABAF)

Keywords

  • Biotechnology investment trust
  • Closed-ended fund
  • Life sciences equities
  • ISA SIPP investing
  • Actively managed trust

Where International Biotechnology Trust is headquartered

Location

Headquarters

HQ city
London
HQ country
United Kingdom
HQ region
Europe

Offices1 record

Markets served

International Biotechnology Trust business model

Business model
GTM type
B2C
Offering type
Services
Cost components
Personnel, Operations, Marketing or Sales, Others

Revenue model

  1. Investment Management Fees: IBT generates returns through capital appreciation of its portfolio of biotechnology companies. The trust charges management fees typical of investment trusts. Returns are distributed to shareholders via dividends (4% of NAV annually) and capital growth from portfolio company acquisitions and market appreciation.

Pricing tiers

ModelBillingPrice
SubscriptionAnnualAnnual dividend distribution of 4% of NAV

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

International Biotechnology Trust product offering

Product offering

Core offering

International Biotechnology Trust (IBT) is an actively managed, closed-ended investment trust that gives shareholders diversified exposure to global biotechnology and life sciences companies. The trust holds around 100 portfolio companies, focuses on clinically de-risked assets with selective unquoted exposure, and runs a dividend policy paying out the equivalent of 4% of net asset value annually in addition to capital growth. Managed by Schroder Unit Trusts Limited since 1994, it is the longest-standing trust in the UK biotech and healthcare AIC sector and is listed on the London Stock Exchange under ticker IBT.

Product overview

International Biotechnology Trust (IBT) is a single, actively managed closed-ended investment trust that provides diversified exposure to the global biotechnology and life sciences sector. The trust offers investors access to one of the most dynamic sectors in global markets through a specialist team with decades of experience. IBT distributes 4% of its net asset value annually as dividends and invests in companies with clinically de-risked assets. The trust was established in 1994, making it the longest-standing trust in the biotech and healthcare AIC sector, with portfolio managers Ailsa Craig and Marek Poszepczynski.

Differentiator

Problem solved

Functional benefit

Products and services

  • International Biotechnology Trust plc (IBT) Actively managed closed-ended investment trust providing diversified exposure to global biotechnology and life sciences companies. Holds around 100 portfolio companies focused on clinically de-risked assets with selective unquoted opportunities, distributed to UK retail investors via London Stock Exchange listing and ISA/SIPP wrappers. Includes a dividend policy of 4% of NAV annually in addition to capital growth.

Quantifiable outcome

  • NAV returns of 35.7% for the six months to February 2026
  • +5 more outcomes

Companies that use International Biotechnology Trust

Customer profile

Segments1 record

Ideal customer profiles2 records

International Biotechnology Trust technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

International Biotechnology Trust partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

  • SchroderscoreImplementation/ SI/ Consulting PartnerSchroder Unit Trusts Limited acts as the authorised corporate director and manager of International Biotechnology Trust. Schroders provides investment management, administration, and distribution services for the trust, leveraging their 200+ year history and global investment platform.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

International Biotechnology Trust competitors and assessment

Company assessment

Direct peers

  • BB Biotech AG: Swiss-listed closed-ended investment company focused on biotechnology equities. Directly comparable to IBT as a public, sector-specific biotech investment vehicle with similar investor base and management fee structure.
  • Calamos Global Biotech Fund: US-focused mutual fund investing in global biotechnology equities. Comparable biotech specialist mandate and portfolio construction approach.
  • HBM Healthcare Investments: Swiss-listed investment company focused on healthcare and biotechnology equities, including private companies. Comparable as a public, sector-specific investment vehicle with biotech-focused mandate.
  • Biotech Growth Trust: UK-listed investment trust investing in global biotechnology equities, also in the AIC sector. Directly comparable product offering targeting UK retail investors with similar biotech-focused mandate.
  • Polar Capital Biotechnology Fund: Open-ended mutual fund investing in global biotechnology equities. Comparable sector focus and biotech specialist approach, though structured as open-end rather than closed-end trust.
  • Worldwide Healthcare Trust: UK investment trust focused on healthcare and biotechnology equities managed by Polar Capital. Comparable as a UK-listed, sector-focused trust with similar retail investor distribution model.

Emerging players

  • ARK Genomic Revolution ETF: ETF focused on genomics and biotechnology innovation. Comparable biotech sector exposure with thematic growth orientation, though more concentrated on disruptive innovation.
  • Eventide Healthcare & Life Sciences Fund: US mutual fund focused on healthcare and life sciences equities with values-oriented approach. Comparable sector specialization but with different thematic overlay.

Regional players

  • Sphera Global Healthcare Fund: Israel-based fund manager's healthcare-focused fund. Comparable healthcare/biotech investment focus with similar stock-picking approach, though primarily serves different geographic markets.

Broad incumbents

  • Franklin Biotechnology Discovery Fund: Large established asset manager's biotech-focused mutual fund. Comparable sector focus but part of broader Franklin Templeton portfolio with global institutional distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

International Biotechnology Trust financial estimates

Financial estimate

Revenue estimate

Valuation estimate

International Biotechnology Trust leadership team

Management profile

Number of profiles

Profiles3 records

International Biotechnology Trust funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

International Biotechnology Trust M&A and investment

M&A and investment

M&A

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about International Biotechnology Trust

What does International Biotechnology Trust do?

International Biotechnology Trust (IBT) is an actively managed, closed-ended investment trust that gives shareholders diversified exposure to global biotechnology and life sciences companies. The trust holds around 100 portfolio companies, focuses on clinically de-risked assets with selective unquoted exposure, and runs a dividend policy paying out the equivalent of 4% of net asset value annually in addition to capital growth. Managed by Schroder Unit Trusts Limited since 1994, it is the longest-standing trust in the UK biotech and healthcare AIC sector and is listed on the London Stock Exchange under ticker IBT.

Is International Biotechnology Trust a public or private company?

International Biotechnology Trust is a public company. It is classified as public and is currently operating.

When was International Biotechnology Trust founded?

International Biotechnology Trust was founded in 1994. It employs 251 to 500 people.

Where is International Biotechnology Trust based?

International Biotechnology Trust is headquartered in London, United Kingdom, in the Europe region.

How does International Biotechnology Trust make money?

One revenue line is on record: investment Management Fees.

Who are International Biotechnology Trust's main competitors?

Direct peers on record are BB Biotech AG, Calamos Global Biotech Fund, HBM Healthcare Investments, Biotech Growth Trust, Polar Capital Biotechnology Fund and Worldwide Healthcare Trust. Emerging players are ARK Genomic Revolution ETF and Eventide Healthcare & Life Sciences Fund. Sphera Global Healthcare Fund is listed as a regional player. Franklin Biotechnology Discovery Fund is listed as a broad incumbent.

Does International Biotechnology Trust have an API?

No public API is recorded for International Biotechnology Trust.

What industry is International Biotechnology Trust in?

International Biotechnology Trust's product category is Biotechnology Investment Trust. Its primary akta.pro industry code is FSAEAKAI, Fiduciary Investment Management (Trust Portfolios), with a secondary code of FSAAABAF, Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight). Its NAICS code is 523940 and its SIC code is 6282.

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Live signals
This is MoneyFive under-the-radar investment trusts that can deliver growth and incomeFive investment trusts—International Biotechnology Trust, Montanaro UK Smaller Companies, BlackRock American Income, Murray International, and CT Private Equity—are highlighted for delivering both growth and income. IBT's NAV rose 86% over five years, while others offer yields of 3.6% to 6% through enhanced dividend policies or reserves.InvestegateCompliance with Market Abuse RegulationInternational Biotechnology Trust PLC announced it is satisfied with its compliance with Market Abuse Regulation, meaning it can trade its own securities. The mandatory closed period ends when annual results for the year ended 31 August 2026 are published, expected on or around 3 November 2026.Markets DailyInternational Biotechnology (LON:IBT) Stock Crosses Above 200 Day Moving Average – Here’s WhyInternational Biotechnology shares crossed above their 200-day moving average on Wednesday, trading as high as GBX 1,130. The stock's 200-day moving average is GBX 1,007.51, with a market cap of £352.93 million and a P/E ratio of 4.61.Markets DailyInternational Biotechnology (LON:IBT) Shares Pass Above 200 Day Moving Average – Should You Sell?International Biotechnology shares crossed above their 200-day moving average during Friday trading, reaching a high of GBX 1,128.99 and closing at GBX 1,120. The company maintains a market capitalization of £356.19 million with a price-to-earnings ratio of 4.63. This technical movement occurred despite the stock experiencing a minor daily decline of 0.9%.Defense WorldInternational Biotechnology (LON:IBT) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?International Biotechnology (LON:IBT) shares crossed above their 200-day moving average during trading, reaching GBX 1,145 before settling at GBX 1,115 with a volume of 167,929 shares. The company last released quarterly earnings data on May 12th, reporting a loss of GBX 4.83 EPS for the quarter with revenue of GBX 24 million, while maintaining a net margin of 82.27% and a market capitalization of £354.88 million.ProactiveinvestorsIBT portfolio manager: biotech M&A boom set to continue as big pharma huntsInternational Biotechnology Trust Plc portfolio manager Ailsa Craig discussed the ongoing surge in biotech M&A activity following Vertex Pharmaceuticals' acquisition of Crinetics at a 102% premium. Craig attributed the deal wave to structural dynamics: most new drugs now originate from biotech, large pharmaceutical companies face patent expiries, and they hold substantial cash resources. The trust highlighted that approximately 40% of its portfolio meets acquisition criteria, compared with around 10% of its benchmark, positioning it to benefit from continued industry consolidation.Portfolio AdviserFour managers on how their backgrounds helped them pivot into asset managementFour portfolio managers from IBT, Neuberger, Gresham House Ventures, and WS Amati describe how their hands-on industry experience—ranging from biotech business development to semiconductor engineering and mining operations—shapes their investment decisions. They emphasize technical credibility, operational feasibility, and on-the-ground insights as key differentiators in evaluating opportunities.ProactiveinvestorsIBT: NAV up 35.7% as biotech M&A boom drives outperformanceInternational Biotechnology Trust Plc reported NAV returns of 35.7% and share price gains of 39% for the six months to February, comfortably outperforming the Nasdaq Biotechnology Index's near-30% return. Five acquisitions were completed during the period with a further five since the interim end, with fund managers noting that around 40 portfolio companies have been acquired over the past five years as large pharmaceutical companies increasingly rely on biotech for innovation. Fund manager Ailsa Craig expressed optimism about the political backdrop, citing easing concerns around US drug pricing reform as a tailwind for the sector.YahooIBT: NAV up 35.7% as biotech M&A boom drives outperformanceInternational Biotechnology Trust reported NAV returns of 35.7% and share price gains of 39% for the six months to February, outperforming the Nasdaq Biotechnology Index's near-30% return. The trust completed five acquisitions during the period, with fund managers noting that around 40 portfolio companies have been acquired over the past five years as large pharmaceutical companies continue to rely on biotech for innovation. Co-lead manager Ailsa Craig expressed optimism on the political backdrop, citing easing concerns around US drug pricing reform and improving sector sentiment.trustintelligence.co.ukThree reasons to consider the International Biotechnology Trust for your ISA or SIPPThis is a commissioned non-independent marketing communication from Schroders promoting the International Biotechnology Trust (IBT) as a suitable investment for ISAs and SIPPs. The article outlines three reasons to consider IBT: biotech's long-term structural growth driven by an ageing population and scientific advances, the trust's specialist expertise with 30 years of combined management experience from Ailsa Craig and Marek Poszepczynski, and an improving industry backdrop with attractive valuations and supportive regulatory conditions. The trust distributes 4% of its net asset value annually as dividends and has a policy of investing in companies with clinically de-risked assets.