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First-quarter 2021 portfolio activity

The investment team paused in terms of new portfolio additions in the second quarter, focusing instead on our existing smaller and mid cap companies and on the volatile situations such as the SARS-CoV-2 vaccine updates, the controversial approval of Biogen’s Aduhelm and the many clinical trial updates from within our existing portfolio. With the US Federal Trade Commission’s greenlight for the Alexion take-over by AstraZeneca, Alexion’s share price moved closer to the deal value of USD 60 per share and 2.1243 shares of AstraZeneca’s American Depositary Shares, allowing the investment team to sell the entire Alexion stake with substantial realized profits.

Capital released from the Alexion position together with continued profits from Halozyme were allocated to build on our newer portfolio positions such as Fate Therapeutics, Revolution Medicines, Relay Therapeutics, Essa Pharma and Molecular Templates.

«Capital released from the Alexion position together with continued profits from Halozyme were allocated to build on our newer portfolio positions»

Additional capital was generated from gains in the Biogen share price following the Aduhelm approval, Moderna’s continued rally to become the second largest market cap company in the biotech universe, and from Agios following the oncology division sale to Servier. These funds were re-deployed – adding to positions in companies with depressed prices consequent to certain short-term setbacks such as Vertex (disappointment around the A1AT pipeline update). Other capital was invested into innovative smaller and mid cap companies with substantial pipeline and growth opportunities including Sage, Macrogenics, Black Diamond and Ionis who each presented buying opportunities associated with pipeline updates or short-term clinical trial results.

Overall, actively managing 33 positions in the portfolio, the investment level decreased slightly from 109.2% to 107.5% during the second quarter 2021. This offers sufficient capital flexibility for the investment team to continue to identify and invest in novel opportunities within the boundaries of the established investment guidelines – an investment level of 95% to 115% and a maximum of 35 positions.

 

Top 10 positions as at 30.06.2021

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Media releases / 23.07.2021

Solid second quarter for the biotech industry