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HBM Healthcare Investments
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==Capital structure: Diverse base but thinner volumes== '''Exhibit 16: Major shareholders'''<ref>Source: HBM Healthcare Investments, as at 31 March 2022.</ref> [[File:Major shareholders.png|400px]] '''Exhibit 17: Average daily volume'''<ref>Source: Refinitiv. Note 12 months to 16 May 2022.</ref> [[File:Average daily volume.png|400px]] HBMN is structured as a closed-ended investment company with one class of share, listed on the SIX Swiss Exchange. It has 7.0m ordinary shares in issue, unchanged since the start of FY19. As shown in Exhibit 16, the fund is owned by a diverse range of shareholder types, with only one entity (Nogra Pharma Invest, which holds c 16% of the shares) having an interest of more than 3%. Exhibit 17 shows an average daily traded volume of 4,500 shares (0.06% of the share base) over the 12 months to 16 May 2022; this is down markedly from c 7,100 shares (c 0.10% of the share base) in the previous 12 months, reflecting a generally more difficult demand environment for healthcare investments, also shown in HBMNβs wider discount to NAV (see Exhibit 15).
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