money & pens

BB Biotech

SW: BION

CHF3911.2m market cap

CHF70.6 last close

BION is a Switzerland-domiciled investment company, targeting attractive long-term returns from predominantly mid-/large-cap biotech companies with established product portfolios (sales and earnings) and promising pipeline candidates. It is benchmarked against the NASDAQ Biotech Index, but is managed bottom-up with a concentrated 20-35 stock portfolio.

Investment summary

BB Biotech (BION) is a Switzerland-based closed-end fund focusing on the high-growth opportunities available in the global biotechnology space. Founded in 1993 by industry specialist Bellevue Asset Management, BION holds a concentrated (c 30–35 stocks) portfolio of biotech names, which are diversified across a range of clinical focuses. The fund’s strong record of NAV outperformance versus the headline NASDAQ Biotechnology index has suffered a setback in the past 12 months. However, the managers remain optimistic on medium-term clinical catalysts and have recently refreshed the portfolio with a number of new holdings. BION has a policy of paying c 5% of its share price annually as a dividend, which, along with a shift in the shareholder base to include more long-term investors and fewer discount players, has supported a strong re-rating in the shares. The fund has traded at an average 7.1% premium to NAV in the past 12 months.

Share price graph
Price performance
%
1m
3m
12m
Actual 3.5 25.8 5.6
Relative* 3.8 13.7 (2.1)
52-week high/low CHF74.1/CHF56.1
*% relative to local index
Key management
Prof. Dr. Thomas Szucs Chairman
Claude Mikkelsen Director of IR
Daniel Koller Head of Management Team
Dr. Silvia Schanz Investor Relations