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In this episode of Trust Issues, we speak to Ailsa Craig, manager of International Biotechnology Trust, about the investment case for the biotech sector, including recent performance, M&A, managing political noise and finding the most compelling opportunities across the sector. 00:00 Introduction 00:42 Key drivers of NBI movements 03:00 Thoughts on outperformance 05:12 Current portfolio allocations 07:28 Most attractive valuation opportunities 09:03 Private market exposure 09:47 Opportunity in China 11:14 Current gearing 12:11 Navigating political noise 16:57 Drivers of M&A 19:52 Thoughts on recent premiums 20:32 Identifying takeover targets 20:59 Most exciting developments 23:03 Further information 23:18 Risk warning Our latest note on IBT - https://www.trustintelligence.co.uk/investor/articles?fund_id=2 IBT website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/international-biotechnology-trust/ Please note that this podcast was recorded on 11 November 2025.
