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Principles 

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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: 20.05.2022)

Share price: EUR 53.80 (20.05.2022)

NAV: EUR 42.30 (20.05.2022)


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

Rolling performance (20.05.2022)

Share priceNAVXNBI EUR
20.05.2021 - 20.05.2022-20.79%-23.43%-9.95%
20.05.2020 - 20.05.202116.49%2.88%2.93%
20.05.2019 - 20.05.202012.47%25.30%33.96%
18.05.2018 - 20.05.201911.16%6.46%0.60%

Annualized performance (20.05.2022)

Share priceNAVXNBI EUR
1 year-20.79%-23.43%-9.95%
3 years1.24%-0.43%7.47%
5 years6.64%1.95%5.83%
10 years21.02%15.41%14.04%
Since Inception p.a.13.33%12.07%11.19%

Cumulative performance (20.05.2022)

Share priceNAVXNBI EUR
1M-11.80%-14.72%-8.42%
YTD-23.14%-20.29%-15.39%
1 year-20.79%-23.43%-9.95%
3 years3.78%-1.29%24.16%
5 years37.94%10.16%32.80%
Since Inception2'020.63%1'512.71%1'231.39%

Annual performance

Share priceNAVXNBI EUR
202113.34%-7.79%7.39%
202018.06%24.77%16.12%
201923.38%28.09%27.60%
2018-2.15%-11.13%-4.33%

Investment Focus

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. At least 90% of its shareholdings must be in listed companies. Positions in emerging-market biotech companies will be taken on a selective basis.
BB Biotech invests in fast-growing biotechnology companies that are developing and marketing innovative drugs. It focuses on biotech companies whose products address areas of significant unmet medical needs and that are generating above-average sales and profit growth. With an aggregate weighting of more than 90%, listed companies account for most of its portfolio investments. BB Biotech has also taken a stake in the structural growth opportunities that emerging markets offer.
We seek a thorough understanding of the activities pursued by our participations, i.e., not only the purely financial aspects of the business, but also the respective competitive environment, the innovation pipeline, patent portfolios and the market perception of each company’s products and services, to name only a few other aspects.
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, in general the top holdings should be generating both revenues and income. The portfolio’s smaller participations are companies with promising drug candidates in their pipelines. BB Biotech has deliberately chosen not to construct a portfolio of statistical relevance as it attaches importance to the depth of sector and company expertise and seeks personal access to the management of our equity interests.
The asset classes BB Biotech can invest in are stocks, equity interests in unlisted companies, corporate bonds and options on a range of underlying assets.
BB Biotech invests its capital in stocks for liquidity and risk/reward reasons. Investments in private companies can account for up to 10% of the portfolio. These positions will have a higher weighting when stock market performance is positive over a prolonged period.
Corporate bonds are a suitable investment when stock market trends are negative. Options on the stocks of portfolio companies are bought and sold at opportune times and as a means of hedging currency exposure.
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 formAG

Key data (29.04.2022, base currency CHF)

Beta1.21
Volatility35.10
Tracking error13.43
Active share85.13
Correlation0.94
Sharpe ratio0.11
Information ratio-0.27
Jensen's alpha-5.45
No. of positions31

Positions

Ionis Pharmaceuticals Inc.
Argenx SE
Moderna Inc
Neurocrine Biosciences Inc.
Vertex Pharmaceuticals Inc.
Incyte Corp.
Intra-Cellular Therapies Inc.
Alnylam Pharmaceuticals Inc.
Arvinas Inc.
Fate Therapeutics Inc
Agios Pharmaceuticals Inc.
Relay Therapeutics Inc.
Sage Therapeutics Inc
Revolution Medicines Inc
Myovant Sciences
Kezar Life Sciences Inc.
Radius Health Inc
Macrogenics Inc.
Exelixis Inc.
Crispr Therapeutics AG
Molecular Templates Inc
Beam Therapeutics Inc
Essa Pharma Inc
Scholar Rock Holding Corp.
Generation Bio Co.
Esperion Therapeutics Inc.
Nektar Therapeutics
Mersana Therapeutics Inc
Wave Life Sciences Ltd.
Black Diamond Therapeutics Inc
Homology Medicines Inc.
10.7%
8.6%
8.1%
8.0%
7.6%
6.5%
6.1%
5.1%
4.2%
4.0%
3.5%
3.4%
3.0%
2.5%
2.3%
2.3%
2.2%
1.9%
1.8%
1.7%
1.1%
1.0%
0.9%
0.8%
0.8%
0.6%
0.5%
0.5%
0.3%
0.3%
0.2%

Market capitalization

0 - 500mn
500mn - 1 bn
1 - 5 bn
5 - 30 bn
> 30 bn
7.6%
4.7%
25.5%
46.6%
15.6%

Breakdown by sector

Small Molecule
RNA
Antibody
Gene- and cell therapy
Protein
52.8%
24.1%
12.9%
7.6%
2.6%

Currency

USD
100.0%

Opportunities

  • Unique opportunity for European investors to access the global biotech sector, a noncyclical 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 threemember 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.

For the biotech sector April was one of the worst months with regard to the performance. Investors sold out and looked for safer bets. The Nasdaq Biotech Index fell nearly 10% (in USD) in April and BB Biotech´s share price followed this trajectory by declining -13.7% (in USD). Early-stage biotech companies have been hit the hardest whereas the more established and profitable companies have held up better.
 
BB Biotech reported its first quarter result on April 22 showing a net loss of CHF 300 mn, compared to net profit of CHF 221 mn in the same period of 2021. The position in Biogen was fully divested in the first quarter. As of the end of the first quarter, BB Biotech's portfolio consisted of 31 positions. Overall, the portfolio was further concentrated, with the eight largest positions accounting for more than 60% of Net Asset Value. The ranking of portfolio exposure in terms of therapeutic areas is now led by rare diseases followed by oncology and neurology. No new investments were made in the first quarter.

Please find below selected highlights from a few of BB Biotech´s portfolio companies:
 
Ionis (-0.8%, in USD) and its partner AstraZeneca announced on April 14 positive data from the ETESIAN Phase IIb study of ION449, an investigational antisense medicine designed to reduce blood cholesterol levels in patients with hypercholesterolemia by targeting proprotein convertase subtilisin/kexin type 9 (PCSK9). These data were presented at the American College of Cardiology´s 71st Annual Scientific Session & Expo.

Myovant (-30.1%, in USD) and its partner Pfizer announced on April 12 an update on the Supplemental New Drug Application (sNDA) for MYFEMBREE® (relugolix 40 mg, estradiol 1 mg and norethindrone acetate 0.5 mg) for the management of moderate to severe pain associated with endometriosis. In accordance with the ongoing review of the application, on April 6 2022, the FDA provided notice to the companies that the agency identified deficiencies that preclude discussion of labeling and/or post-marketing requirements and commitments at this time. The FDA did not provide additional details. The FDA noted that the letter does not reflect a final decision on the pending sNDA and that the application is still under review. Myovant and Pfizer will continue to work with the FDA to determine next steps with the application.

Vertex Pharmaceuticals (+4.7% in USD) benefited by negative clinical results from its competitor Abbvie for the treatment of Cystic Fibrosis. Similar to Vertex’s Trikafta, AbbVie’s treatment was a three-drug combination meant to correct and regulate the dysfunctional proteins that cause cystic fibrosis. AbbVie had been evaluating this triplet, considered a threat to Vertex’s cystic fibrosis franchise. According to the company, a recent interim analysis of the data found the addition of the third drug (ABBV-119) did not offer a significant improvement on two key health measures for cystic fibrosis patients.

With the significant market corrections we are seeing very attractive valuation levels among the listed biotech companies. The investment team will continue to seek investments in biotech companies that deploy novel approaches to create breakthrough clinical benefits for patients and society.

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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