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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.

BB Biotech AG (SIX)-CHFBB Biotech AG (Xetra)-EUR

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: 29.11.2023)

Share price: EUR 40.00 (28.11.2023)

NAV: EUR 39.60 (28.11.2023)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
Share Price
NAV
Benchmark

Rolling performance (28.11.2023)

Share PriceNAVBenchmark
28.11.2022 - 28.11.2023-30.02%-19.41%-14.65%
26.11.2021 - 28.11.2022-14.29%-4.13%-3.62%
27.11.2020 - 26.11.202122.39%0.45%13.72%
28.11.2019 - 27.11.20209.01%14.58%11.27%

Annualized performance (28.11.2023)

Share PriceNAVBenchmark
1 year-30.02%-19.41%-14.65%
3 years-9.79%-8.09%-2.20%
5 years-2.05%1.08%3.62%
10 years11.02%8.50%7.76%
Since Inception p.a.11.46%11.33%10.48%

Cumulative performance (28.11.2023)

Share PriceNAVBenchmark
1M5.54%7.03%0.28%
YTD-25.46%-14.28%-11.82%
1 year-30.02%-19.41%-14.65%
3 years-26.60%-22.38%-6.45%
5 years-9.85%5.51%19.49%
10 years184.60%126.13%111.30%
Since Inception1'565.97%1'517.76%1'225.69%

Annual performance

Share PriceNAVBenchmark
2022-19.00%-6.72%-4.46%
202113.34%-7.79%7.39%
202018.06%24.77%16.12%
201923.38%28.09%27.60%

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
BloombergBBZA GY Equity
WKNA0NFN3

Legal Information

Legal formIncorporate company
SFDR categoryArticle 8

Key data (31.10.2023, base currency CHF)

Beta1.26
Volatility32.70
Tracking error14.42
Active share84.22
Correlation0.92
Sharpe ratio-0.07
Information ratio-0.14
Jensen's alpha-1.97
No. of positions29

Positions

Argenx SE
Ionis Pharmaceuticals Inc.
Neurocrine Biosciences Inc.
Vertex Pharmaceuticals Inc.
Intra-Cellular Therapies Inc.
Alnylam Pharmaceuticals Inc.
Moderna Inc
Incyte Corp.
Revolution Medicines Inc
Agios Pharmaceuticals Inc.
Sage Therapeutics Inc
Celldex Therapeutics Inc
Exelixis Inc.
Macrogenics Inc.
Arvinas Inc.
Relay Therapeutics Inc.
Crispr Therapeutics AG
Wave Life Sciences Ltd.
Essa Pharma Inc
Black Diamond Therapeutics Inc
Rivus Pharmaceuticals, Inc.
Beam Therapeutics Inc
Scholar Rock Holding Corp.
Generation Bio Co.
Fate Therapeutics Inc
Mersana Therapeutics Inc
Molecular Templates Inc
Esperion Therapeutics Inc.
15.4%
15.0%
10.4%
10.3%
5.9%
5.6%
5.5%
5.2%
4.7%
3.6%
2.6%
1.9%
1.9%
1.7%
1.5%
1.5%
1.5%
0.9%
0.9%
0.9%
0.6%
0.6%
0.6%
0.5%
0.4%
0.2%
0.2%
0.2%

Market capitalization

0 - 500mn
500mn - 1 bn
1 - 5 bn
5 - 30 bn
> 30 bn
6.1%
3.9%
20.8%
53.5%
15.8%

Breakdown by sector

Small Molecule
RNA
Antibody
Gene- and cell therapy
50.1%
27.0%
19.9%
2.9%

Currency

USD
100.0%

Benefits

  • 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.

In October BB Biotech´s share price decreased by 12.1% in CHF and the Net Asset Value decreased by 8.1% in USD. The Nasdaq Biotech Index was negative by 6.6% (in USD)in October.   
 
BB Biotech reported its third quarter results on October 20 showing a net loss for the period ending on September 30 2023 of CHF 316 mn, compared to a net loss of CHF 323 mn during the same period in 2022. The continued careful positioning of the investment management team was maintained during the third quarter and no major changes were made to the portfolio. In addition to slight profit-taking on larger positions in the portfolio, BB Biotech participated in the USD 40 mn private placement of Molecular Templates offering in mid-July, allowing the company to fund its pipeline into 2024. Furthermore the investment management team increased their stake in Relay, Celldex, Macrogenics and Sage in the open market in the third quarter. The full third quarter announcement can be read on www.bbbiotech.com.

Please find below selected highlights from a few of BB Biotech´s portfolio companies:
 
Revolution Medicine (-28.5%, in USD) announced on October 13 encouraging preliminary clinical data for RMC-6236 and RMC-6291 from the respective Phase I/Ib studies. On October 22 the company announced promising anti-tumor and safety data for RMC-6236, its RAS inhibitor, in patients with previously treated the non-small cell lung cancer and pancreatic ductal adenocarcinoma across several dose levels and KRAS genotypes.

Alnylam (-14.3%, in USD) announced on October 9 that the FDA has issued a complete response letter in response to the company’s supplemental new drug application for patisiran for the treatment of the cardiomyopathy of transthyretin-mediated amyloidosis (ATTR-CM). The complete response letter indicated that clinical meaningfulness of patisiran’s treatment effects for  AATR-CM had not been established, and therefore, the new drug application for patisiran could not be approved in its present form.

Neurocrine Biosciences (-1.4%, in USD) announced on October 5 positive topline data from the phase III CAHtalyst Pediatric Study evalutating the efficacy, safety, and tolerability of crinecerfont in children and adolescents with classic congenital adrenal hyperplasia (CAH) due to 21-hydroxylase deficiency.  

BB Biotech remains focused on value growth and is optimistic about fundamental progress achieved by innovative biotech companies in the large-, mid- and small-cap segments. We continue to believe that these companies are attractive investments.

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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

  • Head Investment Management Team

    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.

  • Investment Management Team

    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.

  • Investment Management Team

    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.

  • Investment Management Team

    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.

  • Investment Management Team

    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 Computer-Assisted Drug Design from ETH Zurich and studied Bioinformatics from Goethe University Frankfurt.

  • Investment Management Team

    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.

  • Investment Management Team

    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.

  • Investment Management Team

    Can Buldun

    Dr. Can Buldun joined Bellevue Asset Management as Data Scientist in 2022. He is a member of the investment management team of BB Biotech. From 2018 to 2022 he was a Computational Scientist at Roche Pharma Research & Early Development, focusing on data science and software solutions for next-generation antibody engineering. Can Buldun holds a PhD in Biochemistry from the University of Oxford and a BSc in Biochemistry & Cell Biology from Jacobs University Bremen.

  • Investment Management Team

    Leonidas Georgiou

    Dr. Leonidas Georgiou joined Bellevue Asset Management as a portfolio manager in 2022. He previously worked as a biotechnology VC analyst at Hadean Ventures in Norway, covering European startups in pharma, medical device, diagnostic and digital health verticals. Leonidas studied neuroscience at the University of Glasgow and University of Toronto. He holds an interdisciplinary PhD in neuroscience from OIST in Japan where he studied neuron – glia interactions in behaving mice.

  • Investment Management Team

    Olivia Woolley

    Dr. Olivia Woolley joined Bellevue Asset Management as data scientist in 2022. She is a member of the investment management team of BB Biotech. Previously she was associate director data science at Novartis, working in Technical Research and Development. Before entering industry she was a postdoctoral researcher at the Swiss Federal Institute of Technology (ETH), Zurich, in the area of digital epidemiology and complex networks. Olivia holds a PhD and MSc in Applied Mathematics from Northwestern University and a BSc in Mathematical and Computational Science from Stanford University.
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