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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: 04.10.2024)

Share price: CHF 36.00 (06.10.2024)

NAV: CHF 40.35 (06.10.2024)


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

Rolling performance (04.10.2024)

Share PriceNAVBenchmark
06.10.2023 - 06.10.2024-6.49%5.37%12.88%
06.10.2022 - 06.10.2023-21.32%-18.13%-6.23%
06.10.2021 - 06.10.2022-28.26%-13.57%-13.12%
06.10.2020 - 06.10.202124.34%14.90%14.14%

Annualized performance (04.10.2024)

Share PriceNAVBenchmark
1 year-6.49%5.37%12.88%
3 years-19.18%-9.32%-4.19%
5 years-5.21%1.35%5.95%
10 years4.78%3.66%4.26%
Since Inception p.a.9.68%10.09%9.01%

Cumulative performance (04.10.2024)

Share PriceNAVBenchmark
1M-2.31%-0.25%-2.22%
YTD-12.06%-0.48%9.34%
1 year-6.49%5.37%12.88%
3 years-47.21%-25.44%-12.06%
5 years-23.47%6.92%33.49%
10 years59.45%43.19%51.79%
Since Inception1'640.92%1'850.19%1'339.08%

Annual performance

Share PriceNAVBenchmark
2023-18.15%-7.39%-4.79%
2022-24.29%-11.00%-9.09%
20218.34%-11.45%2.98%
202019.35%24.26%15.80%

Investment Focus

BB Biotech actively 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

SRI

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 formIncorporate company
SFDR categoryArticle 8

Key data (30.09.2024, base currency CHF)

Beta1.35
Volatility33.02
Tracking error14.88
Active share83.73
Correlation0.92
Sharpe ratio-0.17
Information ratio-0.18
Jensen's alpha-1.71
No. of positions31

Positions

Ionis Pharmaceuticals
Argenx
Neurocrine Biosciences
Vertex Pharmaceuticals
Alnylam Pharmaceuticals
Revolution Medicines
Moderna
Intra Cellular Therapies
Agios Pharmaceuticals
Incyte
Celldex Therapeutics Inc
Biohaven Ltd
Arvinas
Sage Therapeutics
Macrogenics
Black Diamond Therapeutics
Relay Therapeutics
Exelixis
Essa Pharma
Immunocore
Beam Therapeutic
Crispr Therapeutics
Edgewise Therapeutics Inc
Annexon Inc
Esperion
Wave Life Sciences Ltd.
Scholar Rock Holding
Rivus Pharmaceuticals, Inc.
Fate Therapeutics
Generation Bio
Molecular Templates Inc
13.0%
9.8%
8.6%
8.1%
7.3%
6.5%
6.1%
5.6%
5.5%
4.3%
3.7%
2.4%
2.1%
1.6%
1.4%
1.3%
1.4%
1.3%
1.4%
1.3%
1.1%
1.1%
0.9%
0.8%
0.7%
0.7%
0.6%
0.6%
0.5%
0.4%
0.0%

Market capitalization

0 - 500mn
500mn - 1 bn
1 - 5 bn
5 - 30 bn
> 30 bn
7.2%
4.3%
18.0%
56.4%
14.2%

Breakdown by sector

Small Molecule
RNA
Antibody
Gene- and cell therapy
53.1%
27.1%
16.8%
3.1%

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 actively 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 August BB Biotech´s share price decreased by 6.9% in CHF whereas the Net Asset Value decreased by 5.7% in USD. The Nasdaq Biotech Index was positive by 0.9% in August.   
 
Among other news in August, we saw Alnylam publishing detailed data from its Helios B Phase III trial, Neurocrine publishing Phase II data in schizophrenia and Rivus Pharmaceuticals publishing Phase IIA data in obesity. In the beginning of August we also saw second quarter financial reporting from some portfolio companies including Vertex Pharmaceuticals who showed significantly growing revenues from its cystic fibrosis product Trikafta. The company raised its full year revenue guidance slightly to USD 10.65-10.85 bn.  
 
Please find below selected highlights from a few of BB Biotech´s portfolio companies:
 
Alnylam Pharmaceuticals (+10.6%, in USD) announced on August 30 detailed results from the HELIOS-B Phase III study of vutrisiran, an investigational RNAi therapeutic in development for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM). The data were presented in a Hot Line session at the European Society of Cardiology (ESC) Congress 2024 in London. Results from the HELIOS-B study were also simultaneously published in The New England Journal of Medicine.

Neurocrine Biosciences (-10.2%, in USD) announced on August 28 positive top-line data for its Phase II study of NBI-568 in adults with schizophrenia. It is the first investigational, oral, muscarinic M4 selective agonist in development for the treatment of schizophrenia. The NBI-568-SCZ2028 dose-finding study met its primary endpoint for the once-daily 20 mg dose. The study update was perceived negatively by the stock market as it was only the 20 mg dose group that showed effect. The company is planning to move into Phase III development early next year.

Rivus Pharmaceuticals (non-listed) announced on August 13 its Phase IIa HuMAIN clinical trial of HU6 in patients with obesity-related heart failure with preserved ejection fraction (HFpEF) met its primary endpoint of weight reduction. HU6, an oral, once-daily potentially first-in-class investigational treatment, is a controlled metabolic accelerator (CMA), which is designed to promote sustained body fat loss while preserving muscle mass. Treatment with HU6 resulted in a statistically significant weight reduction.

We continue to believe that 2024 will include multiple catalysts for the sector and for BB Biotech’s portfolio companies, including product launches, important clinical trial results, licensing deals and M&A activity. We remain optimistic about the long-term development for BB Biotech*s portfolio companies.

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ESG

  • 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

    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-Gora

    Dr. Can Buldun-Gora 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-Gora 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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