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Principles 

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The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria and Spain. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Equity Value plus, StarCapital Multi Income, StarCapital Strategy 1 and StarCapital Dynamic Bonds.

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual report are available free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports are available free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Donner & Reuschel AG, Ballindamm 27, 20095 Hamburg, https://www.donner-reuschel.de. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

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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.

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: 23.09.2022)

Share price: CHF 52.40 (23.09.2022)

NAV: CHF 48.25 (23.09.2022)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
Share price
NAV
XNBI CHF

Rolling performance (22.09.2022)

Share priceNAVXNBI CHF
22.09.2021 - 22.09.2022-35.04%-27.04%-24.62%
22.09.2020 - 22.09.202133.94%27.59%27.59%
20.09.2019 - 22.09.202012.88%13.19%18.46%
21.09.2018 - 20.09.2019-5.80%0.02%-7.57%

Annualized performance (22.09.2022)

Share priceNAVXNBI CHF
1 year-35.04%-27.04%-24.62%
3 years-0.60%1.76%4.43%
5 years1.62%0.27%2.48%
10 years16.35%12.94%10.61%
Since Inception p.a.11.55%11.17%9.24%

Cumulative performance (22.09.2022)

Share priceNAVXNBI CHF
1M-10.23%-4.84%-4.55%
YTD-26.62%-10.64%-14.26%
1 year-35.04%-27.04%-24.62%
3 years-1.78%5.38%13.93%
5 years8.38%1.38%13.01%
10 years355.11%237.92%174.38%
Since Inception2'244.22%2'024.58%1'183.21%

Annual performance

Share priceNAVXNBI CHF
20218.34%-11.45%2.98%
202019.35%24.26%15.80%
201918.55%23.36%23.02%
2018-5.21%-14.45%-8.00%

Investment Focus

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. At least 90% of its shareholdings must be in listed companies. Positions in emerging-market biotech companies will be taken on a selective basis.
BB Biotech invests in fast-growing biotechnology companies that are developing and marketing innovative drugs. It focuses on biotech companies whose products address areas of significant unmet medical needs and that are generating above-average sales and profit growth. With an aggregate weighting of more than 90%, listed companies account for most of its portfolio investments. BB Biotech has also taken a stake in the structural growth opportunities that emerging markets offer.
We seek a thorough understanding of the activities pursued by our participations, i.e., not only the purely financial aspects of the business, but also the respective competitive environment, the innovation pipeline, patent portfolios and the market perception of each company’s products and services, to name only a few other aspects.
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, in general the top holdings should be generating both revenues and income. The portfolio’s smaller participations are companies with promising drug candidates in their pipelines. BB Biotech has deliberately chosen not to construct a portfolio of statistical relevance as it attaches importance to the depth of sector and company expertise and seeks personal access to the management of our equity interests.
The asset classes BB Biotech can invest in are stocks, equity interests in unlisted companies, corporate bonds and options on a range of underlying assets.
BB Biotech invests its capital in stocks for liquidity and risk/reward reasons. Investments in private companies can account for up to 10% of the portfolio. These positions will have a higher weighting when stock market performance is positive over a prolonged period.
Corporate bonds are a suitable investment when stock market trends are negative. Options on the stocks of portfolio companies are bought and sold at opportune times and as a means of hedging currency exposure.
Show moreShow less

Investment suitability & Risk

SRRI

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 formAG

Key data (31.08.2022, base currency CHF)

Beta1.24
Volatility36.80
Tracking error14.26
Active share82.35
Correlation0.94
Sharpe ratio0.34
Information ratio0.08
Jensen's alpha-1.45
No. of positions31

Positions

Ionis Pharmaceuticals Inc.
Argenx SE
Neurocrine Biosciences Inc.
Vertex Pharmaceuticals Inc.
Moderna Inc
Incyte Corp.
Intra-Cellular Therapies Inc.
Alnylam Pharmaceuticals Inc.
Sage Therapeutics Inc
Radius Health Inc
Agios Pharmaceuticals Inc.
Arvinas Inc.
Fate Therapeutics Inc
Myovant Sciences
Relay Therapeutics Inc.
Revolution Medicines Inc
Exelixis Inc.
Crispr Therapeutics AG
Esperion Therapeutics Inc.
Celldex Therapeutics Inc
Kezar Life Sciences Inc.
Generation Bio Co.
Beam Therapeutics Inc
Macrogenics Inc.
Mersana Therapeutics Inc
Essa Pharma Inc
Wave Life Sciences Ltd.
Scholar Rock Holding Corp.
Black Diamond Therapeutics Inc
Molecular Templates Inc
Homology Medicines Inc.
11.8%
11.5%
9.1%
9.0%
7.3%
6.9%
6.3%
5.0%
3.2%
3.0%
3.0%
2.9%
2.9%
2.4%
2.2%
2.2%
1.9%
1.8%
0.9%
0.8%
0.8%
0.8%
0.7%
0.7%
0.6%
0.5%
0.5%
0.4%
0.4%
0.3%
0.1%

Market capitalization

0 - 500mn
500mn - 1 bn
1 - 5 bn
5 - 30 bn
> 30 bn
8.3%
0.8%
22.2%
52.4%
16.3%

Breakdown by sector

Small Molecule
RNA
Antibody
Gene- and cell therapy
Protein
51.7%
24.7%
14.3%
6.3%
3.0%

Currency

USD
100.0%

Opportunities

  • Unique opportunity for European investors to access the global biotech sector, a noncyclical 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 threemember Board of Directors.
  • Attractive dividend policy; Dividend payment of 5% p.a.

Risks

  • BB Biotech 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.

The month of August was a volatile month for stock markets with geopolitical issues dominating the investor sentiment. The Nasdaq Biotech Index TR was down by 1.0% in August, BB Biotech’s net asset value was up by 3.8% (in USD) and BB Biotech´s share price decreased by 0.9% (in CHF) during the same period.

The Nasdaq Biotech Index increased substantially, by nearly 10%, in the first half of August catalyzed by the positive Phase III results announced by Alnylam in early August. These long awaited pivotal data was seen by many as the biotech event of 2022, however sector sentiment and the general stock market turned negative once again in the second half of August.

Please find below selected highlights from a few of BB Biotech´s portfolio companies:
 
Alnylam (+45.5%, in USD) announced on August 3 that the APOLLO-B Phase III study of patisiran, an investigational RNAi therapeutic in development for the treatment of transthyretin-mediated (ATTR) amyloidosis with cardiomyopathy, met the primary endpoint. The study also met the first secondary endpoint of change from baseline in quality of life compared to placebo. Patisiran also demonstrated an encouraging safety and tolerability profile, with deaths numerically favoring the patisiran arm in comparison to placebo. ATTR amyloidosis with cardiomyopathy is an increasingly recognized cause of heart failure, affecting greater than 250000 patients around the world. These patients have limited treatment options, and disease progression is common. Patisiran can improve the functional capacity and quality of life of patients living with this fatal, multi-system disease.

Myovant (+30.7%, in USD) announced on August 5 with its partner Pfizer that the FDA has approved Myfembree as a one-pill, once-a-day therapy for the management of moderate to severe pain associated with endometriosis in pre-menopausal women, with a treatment duration of up to 24 months. Myfembree also is approved for heavy menstrual bleeding associated with uterine fibroids in pre-menopausal women. Myovant and Pfizer will continue to jointly commercialize Myfembree in the US and product is available immediately.

Moderna (-19.4%, in USD) announced on August 31 that it has received emergency use authorization (EUA) from the FDA for its BA.4/5 Omicron-targeting bivalent COVID-19 booster vaccine, mRNA-1273.222. Authorization has been given for a 50 µg booster dose for adults over 18 years of age who have received either a primary series or an initial booster of any of the authorized or approved COVID-19 vaccines. The 50 µg booster dose of mRNA-1273.222 includes 25 µg of mRNA encoding for the spike protein of BA.4/5 and 25 µg encoding for the original strain of the SARS-CoV-2 virus. This vaccine provides broader protection against Omicron variants.

We are still seeing very attractive investment opportunities in the biotech sector and the investment team will continue to seek investments in biotech companies that deploy novel approaches to create breakthrough clinical benefits for patients and society.

Past performance is not a reliable indicator of future results and can be misleading. Changes in the rate of exchange may have an adverse effect on prices and incomes. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. The reference benchmark is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to the investment company, thus the performance of a benchmark is not a reliable indicator of future performance of BB Biotech it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred.Show moreShow less

  • Lead Portfolio Manager

    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.
  • Portfolio Manager

    Felicia Flanigan

    Felicia Flanigan is a Senior Portfolio Manager at Bellevue Asset Management and expert in infectious diseases and oncology. Before joining the team in 2004 she worked as a research analyst with Adams, Harkness & Hill. Previously she worked at SG Cowen in healthcare research. Felicia Flanigan received her MBA from Suffolk University, Boston, and her BA in communications from Boston College.
  • Portfolio Manager

    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.
  • Portfolio Manager

    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.
  • Portfolio Manager

    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 Chemoinformatics & Computational Drug Design from ETH Zurich and a Master in Bioinformatics from Goethe University Frankfurt.
  • Portfolio Manager

    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.
  • Portfolio Manager

    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.
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