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HBM Healthcare Investments
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==Fees & charges: No performance fee earned in FY22== HBM Partners is paid an annual management fee of 0.75% of HBMNβs NAV plus 0.75% of its market cap, calculated and paid quarterly. Based on four quarter-ends of FY22 (to 31 March 2022), Edison Investment Research calculates ongoing charges to be 1.78% at the year-end (FY21: 1.29%), reflecting declining capital values in the second half of the year. A performance fee, equal to 15% of the excess performance above the hurdle, may also be paid if the year-end NAV per share (before accounting for any performance fee) is more than 5% above the high-water mark (the year-end NAV at which a performance fee was last paid). After a particularly strong performance from the portfolio in FY21 (with the year-end NAV standing at CHF309.25, or 45.9% above the previous high-water mark), the performance fee earned by HBM Partners was substantial at CHF120.7m (5.6% of net assets), with a further CHF8.0m in variable compensation paid to the board. However, more challenging conditions in FY22 meant the NAV ended the year some 9.5% below the current high-water mark of CHF315.27, so no performance fee has been earned in respect of the year just ended.
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