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BB Biotech AG

New innovative drugs and technologies are powering sustainable momentum in the biotech sector 

Focus on profitable companies and small and mid-cap companies with strong pipelines

Attractive dividend policy; Dividend payment of 5% p.a.

Investment Focus

ISIN-No. CH0038389992

BB Biotech aims to achieve an average annual double-digit return over the long term, thus outperforming the broad market indices by a significant margin. BB Biotech invests worldwide in fast growing companies developing and marketing innovative biotech drugs.

Indexed performance (as at: 01.12.2022)

Share price: CHF 59.40 (30.11.2022)

NAV: CHF 53.35 (30.11.2022)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
Share price
NAV
XNBI CHF

Rolling performance (30.11.2022)

Share priceNAVXNBI CHF
30.11.2021 - 30.11.2022-20.08%-5.64%-5.45%
30.11.2020 - 30.11.202118.69%-6.82%7.59%
29.11.2019 - 30.11.20206.48%15.41%10.55%
30.11.2018 - 29.11.201912.48%13.57%10.21%

Annualized performance (30.11.2022)

Share priceNAVXNBI CHF
1 year-20.08%-5.64%-5.45%
3 years0.33%0.49%3.98%
5 years2.91%2.56%5.55%
10 years18.87%14.93%12.45%
Since Inception p.a.11.87%11.40%9.63%

Cumulative performance (30.11.2022)

Share priceNAVXNBI CHF
1M5.88%-3.09%0.28%
YTD-18.53%-3.10%-3.34%
1 year-20.08%-5.64%-5.45%
3 years1.00%1.48%12.45%
5 years15.43%13.49%31.04%
10 years463.75%302.25%223.41%
Since Inception2'502.75%2'203.79%1'346.65%

Annual performance

Share priceNAVXNBI CHF
20218.34%-11.45%2.98%
202019.35%24.26%15.80%
201918.55%23.36%23.02%
2018-5.21%-14.45%-8.00%

Investment Focus

BB Biotech invests worldwide in fast growing companies developing and marketing innovative biotech drugs. At least 90% of its shareholdings must be in listed companies, while always holding more than 50% of its assets in equity investments. The target portfolio of BB Biotech will generally consist of 20 to 35 participations. Large positions will be taken in five to eight companies, the top holdings. Together they will account for no more than two-thirds of the portfolio and no single position will have a weighting greater than 25% of portfolio investments. Due to their substantial portfolio weighting, the top holdings should be generating both revenues and income. The portfolio’s smaller participations are companies with promising drug candidates in their R&D pipelines. Investments are selected according to a thorough, multi-level due diligence process, with a particular focus placed on the analysis of financial parameters, the respective competitive environment, the development pipeline, the patent portfolio, and end-client perception. ESG factors are taken into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The investment company’s objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to selectively diversify their portfolio with investments in the biotechnology sector and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianBank Julius Bär AG
Fund AdministratorBellevue Asset Management AG
AuditorDeloitte AG
Launch date09.11.1993
Year end closing31. Dec
Management Fee1.10%
ISIN numberCH0038389992
Valor number3838999
BloombergBION SW Equity
WKNA0NFN3

Legal Information

Legal formAG

Key data (30.11.2022, base currency CHF)

Beta1.24
Volatility37.10
Tracking error14.34
Active share83.11
Correlation0.94
Sharpe ratio0.26
Information ratio0.07
Jensen's alpha-0.95
No. of positions32

Positions

Ionis Pharmaceuticals Inc.
Argenx SE
Neurocrine Biosciences Inc.
Vertex Pharmaceuticals Inc.
Alnylam Pharmaceuticals Inc.
Incyte Corp.
Moderna Inc
Intra-Cellular Therapies Inc.
Sage Therapeutics Inc
Agios Pharmaceuticals Inc.
Myovant Sciences
Arvinas Inc.
Relay Therapeutics Inc.
Revolution Medicines Inc
Fate Therapeutics Inc
Crispr Therapeutics AG
Celldex Therapeutics Inc
Exelixis Inc.
Esperion Therapeutics Inc.
Beam Therapeutics Inc
Mersana Therapeutics Inc
Kezar Life Sciences Inc.
Macrogenics Inc.
Generation Bio Co.
Rivus Pharmaceuticals, Inc.
Wave Life Sciences Ltd.
Scholar Rock Holding Corp.
Essa Pharma Inc
Molecular Templates Inc
Black Diamond Therapeutics Inc
Homology Medicines Inc.
13.3%
10.3%
9.7%
9.0%
6.0%
5.9%
5.8%
5.0%
3.8%
3.7%
3.4%
3.1%
3.0%
3.0%
2.7%
1.9%
1.7%
1.4%
0.9%
0.9%
0.9%
0.8%
0.8%
0.6%
0.6%
0.5%
0.5%
0.4%
0.3%
0.3%
0.1%

Market capitalization

0 - 500mn
500mn - 1 bn
1 - 5 bn
5 - 30 bn
> 30 bn
4.4%
1.7%
32.3%
46.8%
14.9%

Breakdown by sector

Small Molecule
RNA
Antibody
Gene- and cell therapy
53.8%
25.7%
14.4%
6.2%

Currency

USD
100.0%

Opportunities

  • Unique opportunity for European investors to access the global biotech sector, a non-cyclical growth industry that is strongly supported by increasing demand, driven by demographic trends and life style changes.
  • New innovative drugs and technologies are powering sustainable momentum in the biotech sector.
  • Focus on a diversified portfolio of profitable companies as well as small and midcap companies with strong pipelines.
  • Management Team with strong scientific and medical expertise. Renowned Board of Directors.
  • Attractive dividend policy; Dividend payment of 5% p.a.

Risks

  • BB Biotech invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • Biotech equities can be subject to sudden substantial price movements owning to market, sector or company factors.
  • BB Biotech invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
  • The price investors pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company.
  • BB Biotech may take a leverage of up to 15%, which may lead to even higher price movements compared to the underlying market.

October was a positive month across most stock markets. The Nasdaq Biotech Index was up by 8.9% (in USD) in October, BB Biotech´s share price was up by 9.5% (in CHF) and Net Asset Value was up by 8.6% ( in USD) during the same period.

BB Biotech released its third quarter report on October 21. In the third quarter the investment team continued to reshape the portfolio. Radius Health was taken private for USD 10 per share and one contingency value right of USD 1 per share depending on future sales targets. While at a disappointingly low price, the cash inflow of USD 87 mn increased our flexibility to act on interesting investment opportunities. First, the capital released from Radius was invested privately into Rivus Pharmaceuticals’ Series B financing. The funds will support clinical advancement of HU6, a first-in-class controlled metabolic accelerator designed to treat cardio-metabolic diseases with a focus on obesity. Second, we increased our holdings in Celldex. Third we increased our holdings in Revolution Medicines as the company progressed two clinical studies for their promising KRAS G12C and RAS-Multi inhibitors.

Some selected highlights from the portfolio companies are mentioned below.
 
Myovant Sciences (+48.9%, in USD) announced on October 23 that they have entered into a definitive agreement pursuant to which Sumitovant will acquire all outstanding shares of Myovant not already owned by Sumitovant for USD 27.00 per share in cash. This corresponds to a total transaction value of USD 1.7 bn on a fully diluted basis, and a total company value of USD 2.9 bn on a fully diluted basis. The purchase price represents a premium of approximately 50% to Myovant's closing share price on September 30, 2022. The agreement has been approved by the boards of both companies.

Incyte (+11.6%, in USD) announced on October 19 that data from the pivotal Phase III TRuE-V clinical trial program evaluating ruxolitinib cream (Opzelura™) 1.5% in patients 12 years of age and older with nonsegmental vitiligo have been published in The New England Journal of Medicine (NEJM). In the trials (TRuE-V1 and TRuE-V2), application of ruxolitinib cream resulted in significant facial and total body repigmentation versus vehicle-control as shown by greater proportions of patients reaching the facial and total body Vitiligo Area Scoring Index (F-VASI and T-VASI, respectively) endpoints at week 24 vs vehicle, with a higher proportion of patients responding at week 52.

Argenx (+9.9%, in USD) announced its third quarter results on October 27 with a focus on the recent launch of Vyvgart in the US. Vygart contributed revenues of USD 131 mn in the third quarter. The product was approved by European Commission in August and the commercial launch was initiated in Germany on September 1. Approval decisions are expected in 2023 in Canada, China through Zai Lab, and Israel through Medison.


After a long period of pressure on biotechnology equity markets, we see attractive valuations and the opportunity to invest with optimism. Some of our small and mid cap portfolio companies will need capital. We will continue to look out for investment opportunities into novel, fairly valued companies, such as our recent additions Celldex and Rivus Pharmaceuticals. We are still seeing very attractive investment opportunities in the biotech sector and the investment team will continue to focus on fundamentals and seek investments in biotech companies that deploy novel approaches to create breakthrough clinical benefits for patients and society.

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Past performance is not a reliable indicator of future results and can be misleading. Changes in the rate of exchange may have an adverse effect on prices and incomes. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. The reference benchmark is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to the investment company, thus the performance of a benchmark is not a reliable indicator of future performance of BB Biotech it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred.Show moreShow less

  • Daniel Koller

    Dr. Daniel Koller joined Bellevue Asset Management in 2004 as senior portfolio manager in the biotechnology segment specialized in cardiovascular diseases. Since 2010 he is head investment management team of the listed investment company BB Biotech AG . Before joining the company he spent four years in the financial sector, initially as an equity analyst at UBS Warburg and then as a private equity investor at equity4life. Dr. Daniel Koller studied biochemistry at the Swiss Federal Institute of Technology and earned a doctorate in biotechnology while working at Cytos Biotechnology.
  • Felicia Flanigan

    Felicia Flanigan is a Senior Portfolio Manager at Bellevue Asset Management and expert in infectious diseases and oncology. Before joining the team in 2004 she worked as a research analyst with Adams, Harkness & Hill. Previously she worked at SG Cowen in healthcare research. Felicia Flanigan received her MBA from Suffolk University, Boston, and her BA in communications from Boston College.
  • Stephen Taubenfeld

    Dr. Stephen Taubenfeld has been with Bellevue Asset Management as a Portfolio Manager since 2013. From 2009 to 2013 he was senior analyst at Iguana Healthcare Partners, of which he was a founding partner. From 2008 to 2009 he was a consultant with Merlin BioMed Group and from 2004 to 2008 he was M.D./Ph.D. Fellow in Neuroscience at Mount Sinai Hospital, New York. He holds an M.D. and Ph.D. in Neuroscience from Brown University School of Medicine.
  • Dallas Webb

    Dallas Webb has been a portfolio manager at Bellevue Asset Management since 2006. Previously, he worked as an equity analyst first at Sterling Financial Investment Group for 2 years and then at Stanford Group from 2004 onwards. His first stop as a biotechnology analyst was at Adams, Harkness & Hill, Boston. Dallas Webb holds an MBA from Texas Christian University of Fort Worth and a BA in Microbiotechnology and Zoology from Louisiana State University, Baton Rouge/Los Angeles.
  • Christian Koch

    Dr Christian Koch has been a portfolio manager at Bellevue Asset Management since 2014. From 2013-2014 he was a sell-side Pharma & Biotech equity analyst at Bank am Bellevue in Küsnacht and from 2010-2013 a Research Associate at the Institute of Pharmaceutical Sciences at ETH Zurich. He holds a PhD in Chemoinformatics & Computational Drug Design from ETH Zurich and a Master in Bioinformatics from Goethe University Frankfurt.
  • Maurizio Bernasconi

    Dr. Maurizio Bernasconi joined Bellevue Asset Management as analyst and portfolio manager in 2017. Prior he was a sell-side equity analyst in the Pharma & Biotech department of Bank am Bellevue. Maurizio Bernansconi has a master's degree in chemistry at Swiss Federal Institute of Technology (ETH), Zurich, and has PhD in organic chemistry at the University of Basel.
  • Samuel Croset

    Dr. Samuel Croset joined Bellevue Asset Management as Portfolio Manager and Digital Transformation Lead in 2020. He previously worked for Roivant Sciences from 2018-2020 as data scientist supporting investment decisions in drug projects as well as leading a team focused on the analysis of real-world data. Prior to that, he started his professional career at Roche as data scientist in the research department (2014-2018). Samuel holds a Ph.D. in Bioinformatics from the University of Cambridge, a MS in Bioinformatics and a MS in Biochemistry from the University of Geneva.
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