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BB Biotech

Strong focus on emerging clinical areas

Review | Investment trusts | 25 Oct 2018

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.

BB Biotech

High-conviction specialist with impressive record

Review | Investment trusts | 23 Nov 2017

BB Biotech (BION) is a long-established (since 1993), Switzerland-based global investor in the innovative area of biotechnology. It is differentiated from peers by its short list of stocks (typically 30-35) and high-conviction approach, with five to eight core holdings accounting for half to two-thirds of the portfolio. While the fund can be vulnerable to short-term sentiment dips (such as in the period immediately before and after the US presidential election in 2016), its performance record is impressive in both absolute and relative terms, with a NAV total return of c 270% over five years, and NAV and share price outperformance of the benchmark NASDAQ Biotechnology index over three, six and 12 months, and three, five and 10 years to 31 October 2017 (all in Swiss franc terms). A high distribution policy of 5.0% underpins the current dividend yield of 4.3%.

BB Healthcare Trust

Executive Interview - BB Healthcare Trust

Edison TV: | Financials | 21 Jun 2017

Paul Major, fund manager of BB Healthcare Trust (launched December 2016), gives an overview of the investment trust and how it sits alongside manager Bellevue Asset Management’s long-established BB Biotech fund. He explains how the high-conviction strategy differs from peers, not just in its concentrated portfolio drawn from across the healthcare universe, but also in its 3.5% distributions and annual redemption facility. Major goes on to explore why investors should consider looking at the healthcare sector, which is supported by scientific innovation and demographic change, and looks ahead to the rest of the year, a period in which he expects fundamentals for the sector to reassert themselves following a period where political debate has dominated the headlines.

BB Biotech

Strong rebound for established specialist

Review | Investment trusts | 27 Feb 2017

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.

BB Biotech

Bitesize Briefings - BB Biotech

Edison TV: | Investment trusts | 02 May 2016

In this two minute video Edison Analyst Sarah Godfrey discusses the main points of this review note on BB Biotech.

BB Biotech

Sector specialist with high distribution policy

Review | Investment trusts | 09 Feb 2016

BB Biotech (BION) seeks to achieve long-term capital growth by investing in fast-growing biotech companies. A discount management programme adopted in 2012 allows it to return 5% of its value each year as a capital distribution, resulting in an unusually high yield (6.4% at 3 February) for a fund investing in a low-yielding sector. Biotech has performed strongly and BION has beaten the benchmark NASDAQ Biotech index in three of the last five years, although it has underperformed in a sharp sell-off since the start of 2016. The fund invests globally and across the size spectrum, with a concentrated portfolio heavily weighted towards 5-8 core holdings. It is currently focused more on primary care end-markets, where the lower-cost, higher-volume model is less affected by political pressure on pricing.

BB Biotech

Deutsches Eigenkapitalforum | November 2015 1 Taking opportunities after market correction

QuickView | Investment trusts | 09 Nov 2015

BB Biotech (BION) is a Switzerland-based investment company aiming to generate long-term capital growth from innovative biotechnology companies. BION has a concentrated investment portfolio of 20-35 holdings, built around a core of five to eight positions. At 30 September there were six core holdings (two large and four mid-cap) making up 52.7% of the portfolio. Reflecting the make-up of the biotech industry, the majority of holdings (87%) are US-based, with the balance in European stocks. The portfolio is diversified by clinical focus, with the largest portion (38.9%) in oncology. Following the late-summer correction in global markets, BION has been reinvesting its substantial cash balance in promising companies at more favourable valuations.

BB Biotech

Profit from clinical innovation

Update | Investment trusts | 11 Mar 2015

BB Biotech AG (BION) is a Swiss specialist biotech investment company, with a bias towards mid-sized and larger companies generating revenues. The company targets double-digit annual returns and outperformed its NASDAQ Biotech benchmark in 2014 in what was a very strong year for the sector, posting a total return (in Swiss francs) of 75.1% versus 50.3% for the index. Inclusion in the Stoxx Europe 600 index from December 2014 reflects strong capital performance and increased liquidity. This will increase the fund's visibility to investors, while buying from passive funds may have helped the discount to narrow to its current level of c 14%.

Activa Resources

Deutsche Börse Eigenkapitalforum 2014 Research Guide

Sector Commentary: | *Multiple Sectors | 11 Nov 2014

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BB Biotech

Double-digit returns with a double-digit discount

Review | Investment trusts | 21 Jul 2014

BB Biotech AG (BION) is a Swiss-based investment company specialising in the biotechnology sector, with a focus on mid-sized and larger companies that are already generating revenues. Exposure to success stories such as Gilead, whose hepatitis C treatment Sovaldi became a record seller on its introduction earlier this year, has seen the portfolio achieve annualised gains of more than 20% over five years, yet the discount to NAV remains wide, at 20% (double the peer group average excluding BION). A 5% annual distribution policy means BION is the only biotech specialist trust with a yield, equivalent to 4.5% at 16 July.

BB Biotech

Performing biotech fund at a discount

Review | Investment trusts | 08 Jan 2014

BB Biotech AG (BION) is a Switzerland-based investment company investing in mid- to large-cap biotech companies. Its strong performance has continued during the last 12 months (BION's share price and NAV are c 16% and c 29% ahead of the benchmark NASDAQ Biotechnology Index respectively). The managers believe that new products being developed by portfolio companies could drive an acceleration of their average earnings, and M&A could enhance returns. BION's significant discount and capital distribution policy (5% cash distribution, up to 5% buybacks per year) also merit attention (see page 7).

JPMorgan Indian Investment Trust

Investment Trusts Quarterly: Asia

Sector Commentary: | - | 12 Jun 2013

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