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SHAREHOLDER LETTER

First signs of increased M&A activity due to attractive valuations

The second quarter was distinguished by a difficult macroeconomic environment and, particularly, by stubbornly high inflation. The broad market corrections that began earlier in the year continued. Biotech stocks, as measured by the Nasdaq Biotech Index, reported a loss of 9.8% in USD. There were some initial signs of a pickup in M&A activity in June, which helped the sector claw back some lost ground late in the quarter. This can be viewed as a sign that the sell-off in stock markets has gone too far and that the biotechnology sector is currently undervalued.

Performance

BB BIOTECH (SIX)

CHF 56.60

30.06.2022

Share Price Performance YTD

-22.4%

Market capitalisation

CHF 3.1 bn

Net Asset Value (NAV)

CHF 45.80

BB BIOTECH (XETRA)

EUR 57.00

30.06.2022

Share Price Performance YTD

-18.6%

Market capitalisation

EUR 3.1 bn

Net Asset Value (NAV)

EUR 45.75

BB BIOTECH (STAR)

EUR 57.10

30.06.2022

Share Price Performance YTD

-18.8%

Market capitalisation

EUR 3.1 bn

Net Asset Value (NAV)

EUR 45.75

Portfolio

Ionis Pharmaceuticals

11.8%

30.06.2022

Argenx SE

11.5%

30.06.2022

Neurocrine Biosciences

9.1%

30.06.2022

Vertex Pharmaceuticals

9.0%

30.06.2022

Moderna

7.3%

30.06.2022

Incyte

6.8%

30.06.2022

Intra-Cellular Therapeutics

6.3%

30.06.2022

Alnylam Pharmaceuticals

5.0%

30.06.2022

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