Along with the rest of the Biotech sector, BB Biotech had a rough first half of 2022: the fund has reported a H1 loss of CHF 533mm, a sharp reversal from H1 2021. However, we agree with BB that the biotech sell-off is overdone and that the sector is undervalued, which presents it with attractive investment opportunities. The fund is trading at a premium of only 14.5%, in line with its historical norm.

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