BB Biotech AG
ISIN-No.: CH0038389992
YTD: -23.41%
Active share: 77.10
Anzahl Positionen: 26
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.
Indexed performance (as at: 09.04.2025)
Share price: EUR 27.15 (09.04.2025)
NAV: EUR 31.65 (09.04.2025)
Rolling performance (09.04.2025)
| Share Price | NAV | Benchmark | |
| 09.04.2024 - 09.04.2025 | -34.74% | -22.46% | -12.79% |
| 09.04.2023 - 09.04.2024 | -8.60% | 11.55% | 4.86% |
| 09.04.2022 - 09.04.2023 | -19.51% | -11.84% | -1.94% |
| 09.04.2021 - 09.04.2022 | -4.11% | -7.22% | 0.79% |
Annualized performance (09.04.2025)
| Share Price | NAV | Benchmark | |
| 1 year | -34.74% | -22.46% | -12.79% |
| 3 years | -21.70% | -8.64% | -3.83% |
| 5 years | -8.29% | -0.81% | 1.67% |
| 10 years | -1.95% | -0.96% | 0.66% |
| Since Inception p.a. | 9.51% | 10.36% | 9.77% |
Cumulative performance (09.04.2025)
| Share Price | NAV | Benchmark | |
| 1M | -24.92% | -16.31% | -17.78% |
| YTD | -23.41% | -20.36% | -17.84% |
| 1 year | -34.74% | -22.46% | -12.79% |
| 3 years | -51.99% | -23.75% | -11.04% |
| 5 years | -35.13% | -4.00% | 8.65% |
| 10 years | -17.86% | -9.20% | 6.78% |
| Since Inception | 1'100.38% | 1'383.24% | 1'181.04% |
Annual performance
| Share Price | NAV | Benchmark | |
| 2024 | -14.08% | 1.71% | 6.30% |
| 2023 | -15.21% | -1.29% | 1.26% |
| 2022 | -19.00% | -6.72% | -4.46% |
| 2021 | 13.34% | -7.79% | 7.39% |
Facts & Key figures
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
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | Bank Julius Bär AG |
| Fund Administrator | Bellevue Asset Management AG |
| Auditor | Deloitte AG |
| Launch date | 09.11.1993 |
| Year end closing | 31. Dec |
| Management Fee | 1.10% |
| ISIN number | CH0038389992 |
| Valor number | 3838999 |
| Bloomberg | BBZA GY Equity |
| WKN | A0NFN3 |
Legal Information
| Legal form | Incorporate company |
| SFDR category | Article 8 |
Key data (31.03.2025, base currency CHF)
| Beta | 1.32 |
| Volatility | 31.10 |
| Tracking error | 14.49 |
| Active share | 77.10 |
| Correlation | 0.91 |
| Sharpe ratio | -0.03 |
| Information ratio | -0.17 |
| Jensen's alpha | -3.09 |
| No. of positions | 26 |
Portfolio as at 31.12.2024
Positions
Market capitalization
Breakdown by sector
Currency
Benefits & Risks
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.
Review / Outlook
In a month with significant uncertainty on a macro level small and mid-cap biotech stocks were hit by negative sentiment which impacted the share prices of BB Biotech’s portfolio companies negatively during the month. While the macroeconomic backdrop remains uncertain, biotech remains one of the most structurally attractive long-term investment themes. The combination of scientific breakthroughs, growing unmet medical need, and favorable valuation entry points provides a strong foundation for long-term returns.
On February 21 BB Biotech´s annual report for 2024 was published. As mentioned in the shareholder letter in the annual report, BB Biotech continues to balance high-growth innovation with stable capital returns. Since 2013, BB Biotech has consistently paid an annual dividend of 5% based on the average share price in December. For 2024, the Board of Directors will propose a dividend of CHF 1.80 per share at the next Annual General Meeting taking place on March 19.
The complete annual report is available via this link:
https://report.bbbiotech.ch/2024/en
We have highlighted some of the latest news from our portfolio companies below.
Vertex (+3.9%, in USD) announced on February 28 that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for the label expansion of KAFTRIO® (ivacaftor/tezacaftor/elexacaftor) in combination with ivacaftor for the treatment of people with cystic fibrosis (CF) aged two years and older who have at least one non-class I mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) gene.
Argenx (-4.6%, in USD) published on February 27 full year results for 2024 highlighting USD 2.2 bn in full year global product net sales, received positive CHMP recommendation for VYVGART pre-filled syringe for gMG, enabling launch in the EU; FDA PDUFA (gMG and CIDP) on track for April 10 and 10 Phase III and 10 Phase II studies across pipeline ongoing in 2025, positioning for the next wave of growth.
Wave Life Sciences (-8.6%, in USD) announced on February 6 clinical trial application (CTA) approval and initiation of the Phase I INLIGHT clinical trial of WVE-007 in obesity. Wave expects to deliver proof-of-concept clinical data in 2025.
As we look ahead, BB Biotech remains anchored by its core principles – long-term investing, disciplined capital allocation, and an unwavering commitment to shareholder value. The challenges of recent years have tested our resolve, but they have also reinforced the importance of adaptability and innovation in navigating the evolving biotech landscape.
We are optimistic about the opportunities ahead, driven by transformative advances in science, a revitalized M&A landscape, and renewed growth potential across our portfolio. Our team is committed to executing a strategy that balances stability with bold action, ensuring BB Biotech delivers sustainable value for years to come.
Dokumente
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Data Scientist
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.
Data Scientist
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.
Head 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.
Deputy Head 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
Anna Guinot Aguado
Dr. Anna Guinot Aguado joined Bellevue Asset Management in 2024. She previously worked at Nextech Invest, a European Biotech VC focused on oncology, where she gained investment experience in both private and public markets. Before her time at Nextech, Anna completed a PostDoc at the University Children's Hospital Zurich (Kispi) in the Oncology division and at the institute of physiology at the University of Zurich. She holds a PhD in Stem Cell & Cancer Biology from the University of Cambridge, after studying Biochemistry in Valencia and Molecular & Cell Biology in Paris.
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.
Data Scientist
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.
Data Scientist
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.Data Scientist
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.Head 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.Deputy Head 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.
