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Important

Principles 

By using the website www.bbbiotech.com, you confirm that you have read, understood and accepted the general information provided by the BB Biotech AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

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Profile of an investment company 

Listed investment companies are a means for investors to exploit the proven expertise of specialists to achieve long-term portfolio capital growth. A thorough understanding of an investment philosophy is essential for long-term investment success. 

More and more investors are wondering how to achieve an excess return in today's market environment with relatively low interest rates and higher levels of volatility without investing in individual stocks. Well-managed investment funds with a global, regional or sector-specific investment approach are a good option – provided that they have a long-term track record of outperformance in their particular category.

An often overlooked and yet equally promising alternative in this environment are listed investment vehicles whose returns are driven by fundamental value chains and the earnings of companies in their portfolios in the form of dividends, for example, or stock transactions.

These investment vehicles, which invest in promising companies, are like investing in multiple stocks with a single stock while addressing investor wants in terms of diversification, a long-term business model and predictability – but without the time-consuming and challenging task of selecting which stocks to invest in. Investment companies operate with significantly more freedom than the more heavily regulated open-ended investment funds.

They can invest in all publicly listed companies and provide venture capital to business entities within their applicable legal and regulatory environment. Thanks to their flexibility, the portfolios of investment companies can also include less liquid stocks in fast-growing markets, companies at different stages of development, or even pre-IPO investments. The advantage here is that as yet undetected – and inexpensively valued – businesses with global market leadership potential can be added to the portfolio before they appear on the radar screens of the mainstream investment community.

Yet another advantage is that investment companies can hold higher levels of cash while they wait for the best entry points. Collective funds with variable capital, by contrast, must maintain lower cash allocations and generate the necessary liquidity whenever their investors want to sell their fund units. The liquidity that is made available to listed investment companies, on the other hand, is at their disposal over a long-term horizon, and the buying or selling of their shares in the open market does not trigger any portfolio inflows or outflows.

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Success factors for investment companies

Investment companies that can deliver a strong performance over the long term are distinguished by the following strategic success factors:

  • Experienced management
  • A sustainable business model that is not easy to copy
  • A common understanding regarding future corporate development
  • A structured investment process and stringent risk management
  • An active dialog with the executives of portfolio companies
  • A long-term investment focus, eschewing short-lived trends

Other examples of successful investment companies besides BB Biotech are Berkshire Hathaway and Investor AB, the investment company controlled by the Swedish Wallenberg family.