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<p>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%.</p>

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 Biotech - High-conviction specialist with impressive record

<p>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&#8217;s managers point to lower-than-average biotech valuations as a source of support. </p>

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&#8217;s managers point to lower-than-average biotech valuations as a source of support. 

Strong rebound for established specialist

Switzerland

AEVIS VICTORIA SA operates as an investment company. The Company focuses on investments in healthcare, lifestyle, and infrastructure sectors. AEVIS VICTORIA investments includes private clinics in medical residences, ambulatory centers, and medical real estate and infrastructures.

Tecan Group AG develops, manufactures and distributes laboratory automation components and systems. The Company produces robotic sample processors, stand-alone separation and detection devices, laser scanners, integrated systems, and pumps and valves for high precision liquid handling. The products are mainly used by research and diagnostic laboratories.

Basilea Pharmaceutica AG operates as a biopharmaceutical company. The Company focuses on the research, development, and commercialization of products targeting the medical challenge of resistance and non-response to current treatment options for fungal infections, bacterial infections, and cancer.

Siegfried Holding AG provides development services and the production of active pharmaceutical ingredients (API), intermediates, controlled & standard substances, and complex formulations. The Company operates in Switzerland, Malta and the United States.

Molecular Partners AG develops and markets biopharmaceutical products. The Company develops designed ankyrin repeat protein platform therapies used in ophthalmology, oncology, inflammation, and other therapeutic treatments. Molecular Partners serves healthcare professionals and patients internationally.

Bachem Holding AG specializes in the development and manufacture of peptides and oligonucleotides. The Company provides products for research, clinical development and commercial application to pharmaceutical and biotechnology companies. Bachem Holding serves customers worldwide.

Ypsomed Holding AG is the holding company for Ypsomed Selfcare solutions, which develops and manufactures custom-made injection systems for pharmaceutical and  bio-technology companies. The systems are used by patients for the self administration of drugs. Ypsomed's products include injection pens, pen needles and motor-powered injectors.

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company uses innovative science and digital technologies to create transformative treatments in areas of great medical need. Novartis offers patent protected prescription medicine and generic pharmaceuticals and biosimilars.

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system. Roche Holding serves customers worldwide.

Lonza is a global partner to the pharmaceutical, biotech and nutrition markets. The company works with healthcare customers to develop, manufacture and commercialize medical treatments and technologies to treat patients against a range of diseases. Founded in the Swiss Alps, Lonza now operates across Europe, North America, South America, Asia and Oceania.

Mitra Keluarga Karyasehat Tbk PT engages in hospital management and business services. The Company operates hospitals located in the Greater Jakarta Area, Surabaya and Tegal.

China Traditional Chinese Medicine Co. Limited, through its subsidiaries, manufactures and sells medicine and pharmaceutical products in China.

China Traditional Chinese Medicine (570 HK)

PT Siloam International Hospitals Tbk owns and operates hospitals. The Company offers a comprehensive range of specialist medical services including laboratory services, radiology, imaging and complex surgical procedures. Siloam International operates its hospitals throughout Indonesia.

Bausch Health Companies Inc. discovers and distributes pharmaceutical. The Company develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. Bausch Health Companies serves customers worldwide.

Celltrion Pharm Inc. manufactures and sells pharmaceutical products.  The Company products inclue drugs for for hepatic diseases, digestion, diabetes, cold and fever, anti-inflammatory, and veterinary medical products.  Celltrion also provides pharmaceutical raw materials.

Topchoice Medical Investment Corporation provides dental and oral health care services.

Andon Health Co., Ltd. develops, manufactures and sells medical electronic devices for home use.  The Company's products include blood pressure monitors, blood glucose monitors, and digital thermometers.

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

LivaNova PLC operates as a medical technology company. The Company focuses on neuromodulation, as well as cardiac surgery and rhythm management. LivaNova develops medical solutions for the treatment of cardiovascular diseases.

BB Biotech AG is a closed-ended investment trust. It invests in biotech companies that operate in areas that include oncology, cardiovascular diseases, infectious diseases and autoimmune diseases.

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BB Biotech AG (BION SW)

BB Biotech - High-conviction specialist with impressive record

BB Biotech (BION) is a long-established (since 1993), Switzerland-based global investor in the innovative area of biotechnology. It is...

Edison Investment Research

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...

Edison Investment Research

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