London, UK, 27 February 2017

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's managers point to lower-than-average biotech valuations as a source of support.

On 23 February, BION's shares traded at a 2.7% discount to cum-income NAV. This is narrower than the 4.2% average discount over the last 12 months, and substantially tighter than the longer-term averages, reflecting a significant narrowing from late 2015. Factors supporting the narrower discount include BION's high distribution policy (yield of c 5%) and share buyback programme, as well as consistent performance, a broader shareholder base, high levels of daily trading liquidity and inclusion since December 2014 in the Stoxx Europe 600 Index.

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