4. Financial assets
Securities
The changes in value of securities by investment category are as follows (in CHF 1 000):
|
|
|
Listed shares |
|
Unlisted shares |
|
Derivative instruments |
|
Total |
|
Opening balance as at 01.01.2019 at fair values |
|
3 063 972 |
|
– |
|
203 |
|
3 064 175 |
|
Purchases |
|
485 239 |
|
– |
|
1 490 |
|
486 729 |
|
Sales |
|
(753 455) |
|
– |
|
(370) |
|
(753 825) |
|
Net gains/(losses) from securities |
|
723 228 |
|
– |
|
3 363 |
|
726 591 |
|
Realized gains |
|
251 993 |
|
– |
|
167 |
|
252 160 |
|
Realized losses |
|
(12 865) |
|
– |
|
– |
|
(12 865) |
|
Unrealized gains |
|
693 965 |
|
– |
|
3 196 |
|
697 161 |
|
Unrealized losses |
|
(209 865) |
|
– |
|
– |
|
(209 865) |
|
Closing balance as at 31.12.2019 at fair values |
|
3 518 985 |
|
– |
|
4 685 |
|
3 523 670 |
|
|
|
|
|
|
|
|
|
|
|
Opening balance as at 01.01.2020 at fair values |
|
3 518 985 |
|
– |
|
4 685 |
|
3 523 670 |
|
Purchases |
|
699 570 |
|
– |
|
– |
|
699 570 |
|
Sales |
|
(1 010 092) |
|
– |
|
– |
|
(1 010 092) |
|
Net gains/(losses) from securities |
|
744 042 |
|
– |
|
(2 531) |
|
741 511 |
|
Realized gains |
|
364 618 |
|
– |
|
– |
|
364 618 |
|
Realized losses |
|
(83 963) |
|
– |
|
– |
|
(83 963) |
|
Unrealized gains |
|
882 536 |
|
– |
|
– |
|
882 536 |
|
Unrealized losses |
|
(419 149) |
|
– |
|
(2 531) |
|
(421 680) |
|
Closing balance as at 31.12.2020 at fair values |
|
3 952 504 |
|
– |
|
2 155 |
|
3 954 659 |
Securities comprise the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
Number 31.12.2019 |
|
Change |
|
Number 31.12.2020 |
|
Market price in original currency 31.12.2020 |
|
Valuation CHF mn 31.12.2020 |
|
Valuation CHF mn 31.12.2019 |
||
|
Ionis Pharmaceuticals |
|
7 994 955 |
|
225 045 |
|
8 220 000 |
|
USD |
|
56.54 |
|
411.4 |
|
467.3 |
|
Moderna |
|
4 817 781 |
|
(1 962 818) |
|
2 854 963 |
|
USD |
|
104.47 |
|
264.0 |
|
91.2 |
|
Neurocrine Biosciences |
|
3 228 074 |
|
(193 074) |
|
3 035 000 |
|
USD |
|
95.85 |
|
257.5 |
|
335.7 |
|
Argenx SE |
|
944 739 |
|
(23 407) |
|
921 332 |
|
USD |
|
294.09 |
|
239.8 |
|
146.7 |
|
Incyte |
|
3 400 000 |
|
(500 000) |
|
2 900 000 |
|
USD |
|
86.98 |
|
223.3 |
|
287.3 |
|
Vertex Pharmaceuticals |
|
1 240 000 |
|
(340 000) |
|
900 000 |
|
USD |
|
236.34 |
|
188.3 |
|
262.7 |
|
Alexion Pharmaceuticals |
|
1 314 428 |
|
(20 000) |
|
1 294 428 |
|
USD |
|
156.24 |
|
179.0 |
|
137.5 |
|
Arvinas |
|
1 241 903 |
|
935 000 |
|
2 176 903 |
|
USD |
|
84.93 |
|
163.7 |
|
49.4 |
|
Fate Therapeutics |
|
– |
|
2 030 000 |
|
2 030 000 |
|
USD |
|
90.93 |
|
163.4 |
|
– |
|
Agios Pharmaceuticals |
|
3 896 954 |
|
261 948 |
|
4 158 902 |
|
USD |
|
43.33 |
|
159.5 |
|
180.1 |
|
Halozyme Therapeutics |
|
7 963 056 |
|
(3 993 056) |
|
3 970 000 |
|
USD |
|
42.71 |
|
150.1 |
|
136.6 |
|
Alnylam Pharmaceuticals |
|
1 600 000 |
|
(445 000) |
|
1 155 000 |
|
USD |
|
129.97 |
|
132.9 |
|
178.3 |
|
Crispr Therapeutics |
|
730 462 |
|
170 422 |
|
900 884 |
|
USD |
|
153.11 |
|
122.1 |
|
43.0 |
|
Sage Therapeutics |
|
1 280 104 |
|
260 000 |
|
1 540 104 |
|
USD |
|
86.51 |
|
117.9 |
|
89.4 |
|
Radius Health |
|
6 881 685 |
|
574 029 |
|
7 455 714 |
|
USD |
|
17.86 |
|
117.9 |
|
134.2 |
|
Biogen |
|
– |
|
537 000 |
|
537 000 |
|
USD |
|
244.86 |
|
116.4 |
|
– |
|
Myovant Sciences |
|
4 815 109 |
|
(58 070) |
|
4 757 039 |
|
USD |
|
27.62 |
|
116.3 |
|
72.3 |
|
Intra-Cellular Therapies |
|
2 300 000 |
|
1 238 419 |
|
3 538 419 |
|
USD |
|
31.80 |
|
99.6 |
|
76.4 |
|
Macrogenics |
|
4 519 159 |
|
296 405 |
|
4 815 564 |
|
USD |
|
22.86 |
|
97.4 |
|
47.6 |
|
Scholar Rock Holding |
|
2 634 466 |
|
(378 815) |
|
2 255 651 |
|
USD |
|
48.53 |
|
96.9 |
|
33.6 |
|
Esperion Therapeutics |
|
3 727 964 |
|
220 000 |
|
3 947 964 |
|
USD |
|
26.00 |
|
90.9 |
|
215.1 |
|
Generation Bio Co. |
|
– |
|
2 333 180 |
|
2 333 180 |
|
USD |
|
28.35 |
|
58.6 |
|
– |
|
Molecular Templates |
|
1 295 687 |
|
5 084 644 |
|
6 380 331 |
|
USD |
|
9.39 |
|
53.0 |
|
17.5 |
|
Relay Therapeutics |
|
– |
|
1 409 357 |
|
1 409 357 |
|
USD |
|
41.56 |
|
51.8 |
|
– |
|
Exelixis |
|
2 835 000 |
|
– |
|
2 835 000 |
|
USD |
|
20.07 |
|
50.4 |
|
48.3 |
|
Mersana Therapeutics |
|
– |
|
1 885 000 |
|
1 885 000 |
|
USD |
|
26.61 |
|
44.4 |
|
– |
|
Nektar Therapeutics |
|
2 620 676 |
|
– |
|
2 620 676 |
|
USD |
|
17.00 |
|
39.4 |
|
54.7 |
|
Black Diamond Therapeutics |
|
– |
|
1 390 000 |
|
1 390 000 |
|
USD |
|
32.05 |
|
39.4 |
|
– |
|
Beam Therapeutics |
|
– |
|
396 821 |
|
396 821 |
|
USD |
|
81.64 |
|
28.7 |
|
– |
|
Kezar Life Sciences |
|
1 550 669 |
|
2 982 479 |
|
4 533 148 |
|
USD |
|
5.22 |
|
20.9 |
|
6.0 |
|
Wave Life Sciences |
|
2 402 858 |
|
200 000 |
|
2 602 858 |
|
USD |
|
7.87 |
|
18.1 |
|
18.6 |
|
Homology Medicines |
|
1 612 122 |
|
125 000 |
|
1 737 122 |
|
USD |
|
11.29 |
|
17.4 |
|
32.3 |
|
Voyager Therapeutics |
|
2 680 283 |
|
– |
|
2 680 283 |
|
USD |
|
7.15 |
|
17.0 |
|
36.2 |
|
Cidara Therapeutics |
|
2 295 272 |
|
527 223 |
|
2 822 495 |
|
USD |
|
2.00 |
|
5.0 |
|
8.5 |
|
Myokardia |
|
1 264 913 |
|
(1 264 913) |
|
– |
|
USD |
|
n.a. |
|
– |
|
89.2 |
|
Intercept Pharmaceuticals |
|
696 976 |
|
(696 976) |
|
– |
|
USD |
|
n.a. |
|
– |
|
83.6 |
|
Bristol-Myers Squibb Co. |
|
800 000 |
|
(800 000) |
|
– |
|
USD |
|
n.a. |
|
– |
|
49.7 |
|
Akcea Therapeutics |
|
2 448 948 |
|
(2 448 948) |
|
– |
|
USD |
|
n.a. |
|
– |
|
40.1 |
|
Sangamo Therapeutics |
|
3 850 000 |
|
(3 850 000) |
|
– |
|
USD |
|
n.a. |
|
– |
|
31.2 |
|
G1 Therapeutics |
|
721 925 |
|
(721 925) |
|
– |
|
USD |
|
n.a. |
|
– |
|
18.5 |
|
Total shares |
|
|
|
|
|
|
|
|
|
|
|
3 952.5 |
|
3 519.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alder Biopharmaceuticals – Contingent Value Right |
|
2 766 008 |
|
– |
|
2 766 008 |
|
USD |
|
0.88 |
|
2.2 |
|
2.4 |
|
Bristol-Myers Squibb – Contingent Value Right |
|
800 000 |
|
– |
|
800 000 |
|
USD |
|
0.00 |
|
– |
|
2.3 |
|
Total derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
2.2 |
|
4.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities |
|
|
|
|
|
|
|
|
|
|
|
3 954.7 |
|
3 523.7 |
Securities are deposited with Bank Julius Baer & Co. Ltd., Zurich.