BB Biotech (BION) has continued the process of refocusing its portfolio on innovative smaller and mid-cap stocks, selling out of bigger names such as Novo Nordisk and Regeneron, and taking new positions in smaller stocks at the cutting edge of genetic medicine. The Switzerland-based fund retains a highly concentrated portfolio of c 30-35 stocks (and five to eight core holdings make up more than half of total assets), but has a broad spread of clinical indications and development stages. Lead Manager Daniel Koller says that focusing the portfolio away from the big index names allows BION to remain relevant to investors who may hold such stocks directly. The fund has a high distribution policy (funded out of capital returns) and currently yields 4.6%.Den vollständigen Artikel lesen ...
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