Report

Strong rebound for established specialist

BB Biotech (BION) is a long-established investor in biotech innovation, offering access to a concentrated portfolio of c 30 companies covering a range of therapeutic areas. It seeks to provide long-term capital growth, but also offers a yield of c 5% as a result of a capital distribution policy adopted in 2012. Performance has been strong both over the long term and more recently, with the fund ranking first among peers (in Swiss franc terms) over one and five years, and also outperforming the benchmark NASDAQ Biotechnology Index over one, three, five and 10 years. Although biotech and healthcare stocks may continue to see some near-term share price volatility as the direction of US policy becomes clearer, BION’s managers point to lower-than-average biotech valuations as a source of support.
Underlying
BB Biotech AG

Co.'s principal activity is to invest in biotechnology companies globally. The investments are held through its wholly-owned subsidiaries: Biotech Focus N.V., Biotech Invest N.V., Biotech Target N.V., and Biotech Growth N.V., all of which are located in Curacao. Co. acquires holdings in companies in the biotechnology growth market. The focus of the holdings is on quoted companies that are concentrating on the development and marketing of innovative medicines. For the selection of holdings, Co. relies on fundamental analysis by physicians and molecular biologists.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Sarah Godfrey

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