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 01.01.2020 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 |
|
|
|
|
|
|
|
|
|
|
|
Opening balance as at 01.01.2021 at fair values |
|
3 952 504 |
|
– |
|
2 155 |
|
3 954 659 |
|
Purchases |
|
955 515 |
|
– |
|
– |
|
955 515 |
|
Sales |
|
(925 467) |
|
– |
|
– |
|
(925 467) |
|
Net gains/(losses) from securities |
|
(343 662) |
|
– |
|
67 |
|
(343 595) |
|
Realized gains |
|
312 779 |
|
– |
|
– |
|
312 779 |
|
Realized losses |
|
(1 831) |
|
– |
|
(2 330) |
|
(4 161) |
|
Unrealized gains |
|
437 584 |
|
– |
|
67 |
|
437 651 |
|
Unrealized losses |
|
(1 092 194) |
|
– |
|
2 330 |
|
(1 089 864) |
|
Closing balance as at 31.12.2021 at fair values |
|
3 638 890 |
|
– |
|
2 222 |
|
3 641 112 |
Securities comprise the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
Number 31.12.2020 |
|
Change |
|
Number 31.12.2021 |
|
Market price in original currency 31.12.2021 |
|
Valuation CHF mn 31.12.2021 |
|
Valuation CHF mn 31.12.2020 |
||
|
Moderna |
|
2 854 963 |
|
(1 191 614) |
|
1 663 349 |
|
USD |
|
253.98 |
|
385.7 |
|
264.0 |
|
Argenx SE |
|
921 332 |
|
49 206 |
|
970 538 |
|
USD |
|
350.19 |
|
310.3 |
|
239.8 |
|
Ionis Pharmaceuticals |
|
8 220 000 |
|
2 012 973 |
|
10 232 973 |
|
USD |
|
30.43 |
|
284.3 |
|
411.4 |
|
Neurocrine Biosciences |
|
3 035 000 |
|
(19 600) |
|
3 015 400 |
|
USD |
|
85.17 |
|
234.5 |
|
257.5 |
|
Vertex Pharmaceuticals |
|
900 000 |
|
130 000 |
|
1 030 000 |
|
USD |
|
219.60 |
|
206.5 |
|
188.3 |
|
Fate Therapeutics |
|
2 030 000 |
|
1 671 336 |
|
3 701 336 |
|
USD |
|
58.51 |
|
197.7 |
|
163.4 |
|
Incyte |
|
2 900 000 |
|
(3 000) |
|
2 897 000 |
|
USD |
|
73.40 |
|
194.1 |
|
223.3 |
|
Alnylam Pharmaceuticals |
|
1 155 000 |
|
(45 000) |
|
1 110 000 |
|
USD |
|
169.58 |
|
171.8 |
|
132.9 |
|
Intra-Cellular Therapies |
|
3 538 419 |
|
– |
|
3 538 419 |
|
USD |
|
52.34 |
|
169.1 |
|
99.6 |
|
Arvinas |
|
2 176 903 |
|
– |
|
2 176 903 |
|
USD |
|
82.14 |
|
163.2 |
|
163.7 |
|
Agios Pharmaceuticals |
|
4 158 902 |
|
153 390 |
|
4 312 292 |
|
USD |
|
32.87 |
|
129.4 |
|
159.5 |
|
Sage Therapeutics |
|
1 540 104 |
|
1 630 000 |
|
3 170 104 |
|
USD |
|
42.54 |
|
123.1 |
|
117.9 |
|
Relay Therapeutics |
|
1 409 357 |
|
2 676 605 |
|
4 085 962 |
|
USD |
|
30.71 |
|
114.6 |
|
51.8 |
|
Biogen |
|
537 000 |
|
(37 000) |
|
500 000 |
|
USD |
|
239.92 |
|
109.5 |
|
116.4 |
|
Macrogenics |
|
4 815 564 |
|
2 460 000 |
|
7 275 564 |
|
USD |
|
16.05 |
|
106.6 |
|
97.4 |
|
Myovant Sciences |
|
4 757 039 |
|
1 365 000 |
|
6 122 039 |
|
USD |
|
15.57 |
|
87.0 |
|
116.3 |
|
Revolution Medicines |
|
– |
|
3 421 462 |
|
3 421 462 |
|
USD |
|
25.17 |
|
78.6 |
|
– |
|
Kezar Life Sciences |
|
4 533 148 |
|
385 000 |
|
4 918 148 |
|
USD |
|
16.72 |
|
75.1 |
|
20.9 |
|
Crispr Therapeutics |
|
900 884 |
|
48 700 |
|
949 584 |
|
USD |
|
75.78 |
|
65.7 |
|
122.1 |
|
Essa Pharma |
|
– |
|
5 015 814 |
|
5 015 814 |
|
USD |
|
14.20 |
|
65.0 |
|
– |
|
Scholar Rock Holding |
|
2 255 651 |
|
19 474 |
|
2 275 125 |
|
USD |
|
24.84 |
|
51.6 |
|
96.9 |
|
Radius Health |
|
7 455 714 |
|
250 000 |
|
7 705 714 |
|
USD |
|
6.92 |
|
48.7 |
|
117.9 |
|
Exelixis |
|
2 835 000 |
|
– |
|
2 835 000 |
|
USD |
|
18.28 |
|
47.3 |
|
50.4 |
|
Beam Therapeutics |
|
396 821 |
|
210 000 |
|
606 821 |
|
USD |
|
79.69 |
|
44.1 |
|
28.7 |
|
Molecular Templates |
|
6 380 331 |
|
4 411 672 |
|
10 792 003 |
|
USD |
|
3.92 |
|
38.6 |
|
53.0 |
|
Nektar Therapeutics |
|
2 620 676 |
|
– |
|
2 620 676 |
|
USD |
|
13.51 |
|
32.3 |
|
39.4 |
|
Generation Bio Co. |
|
2 333 180 |
|
1 520 000 |
|
3 853 180 |
|
USD |
|
7.08 |
|
24.9 |
|
58.6 |
|
Mersana Therapeutics |
|
1 885 000 |
|
2 250 000 |
|
4 135 000 |
|
USD |
|
6.22 |
|
23.5 |
|
44.4 |
|
Esperion Therapeutics |
|
3 947 964 |
|
530 000 |
|
4 477 964 |
|
USD |
|
5.00 |
|
20.4 |
|
90.9 |
|
Black Diamond Therapeutics |
|
1 390 000 |
|
2 050 000 |
|
3 440 000 |
|
USD |
|
5.33 |
|
16.7 |
|
39.4 |
|
Wave Life Sciences |
|
2 602 858 |
|
2 000 000 |
|
4 602 858 |
|
USD |
|
3.14 |
|
13.2 |
|
18.1 |
|
Homology Medicines |
|
1 737 122 |
|
– |
|
1 737 122 |
|
USD |
|
3.64 |
|
5.8 |
|
17.4 |
|
Alexion Pharmaceuticals |
|
1 294 428 |
|
(1 294 428) |
|
– |
|
USD |
|
n.a. |
|
– |
|
179.0 |
|
Halozyme Therapeutics |
|
3 970 000 |
|
(3 970 000) |
|
– |
|
USD |
|
n.a. |
|
– |
|
150.1 |
|
Voyager Therapeutics |
|
2 680 283 |
|
(2 680 283) |
|
– |
|
USD |
|
n.a. |
|
– |
|
17.0 |
|
Cidara Therapeutics |
|
2 822 495 |
|
(2 822 495) |
|
– |
|
USD |
|
n.a. |
|
– |
|
5.0 |
|
Total shares |
|
|
|
|
|
|
|
|
|
|
|
3 638.9 |
|
3 952.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alder Biopharmaceuticals – Contingent Value Right |
|
2 766 008 |
|
– |
|
2 766 008 |
|
USD |
|
0.88 |
|
2.2 |
|
2.2 |
|
Bristol-Myers Squibb – Contingent Value Right |
|
800 000 |
|
(800 000) |
|
– |
|
USD |
|
n.a. |
|
– |
|
– |
|
Total derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
2.2 |
|
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities |
|
|
|
|
|
|
|
|
|
|
|
3 641.1 |
|
3 954.7 |
Securities are deposited with Bank Julius Baer & Co. Ltd., Zurich.