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HBM Healthcare Investments
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==Peer group comparison== In Exhibit 12, Edison Investment Research shows HBMN alongside its Swiss counterpart BB Biotech and the UK-listed members of the AIC Biotechnology & Healthcare sector (all data in Swiss franc terms). With the broad healthcare equity market having markedly outperformed the biotechnology space (see Exhibit 8) in the past year, those funds less specifically focused on biotech have also performed better, with Polar Capital Global Healthcare the only fund in the peer group to have posted a positive return in the 12 months to 19 May 2022. HBMNβs NAV total return ranks second, with a small loss of 1.2%, but is comfortably in first place over three, five and 10 years. In spite of this β and an above-average dividend yield β the fundβs shares currently trade on the second widest discount to NAV in the group. {| class="wikitable" |+ Exhibit 12: Selected peer group as at 20 May 2022, in Swiss franc terms<ref>Source: Morningstar, Edison Investment Research. Note: *Performance as at 19 May 2022 based on ex-par NAV. TR = total return. Net gearing is total assets less cash and equivalents as a percentage of net assets (100 = ungeared).</ref> !% unless stated !Market cap (m) !NAV TR 1 year !NAV TR 3 year !NAV TR 5 year !NAV TR 10 year !Ongoing charge !Perf. fee !Discount (cum-fair) !Net gearing !Dividend yield |- |HBM Healthcare Investments |1,756.6 |(1.2) |49.9 |119.3 |530.2 |1.8 |Yes |(10.0) |100 |3.8 |- |BB Biotech |3,058.1 |(28.2) |(9.7) |4.1 |297.7 |1.2 |No |28.4 |113 |6.9 |- |Bellevue Healthcare Trust |1,075.7 |(16.7) |14.9 |55.4 |<nowiki>--</nowiki> |1.1 |No |0.1 |112 |4.3 |- |Biotech Growth Trust |407.0 |(39.6) |1.8 |5.6 |167.1 |1.1 |No |(2.5) |110 |0.0 |- |International Biotechnology Trust |308.2 |(9.5) |10.0 |22.9 |207.5 |1.2 |Yes |(4.7) |102 |5.3 |- |Polar Capital Glbl Healthcare |439.4 |10.5 |40.4 |55.9 |184.3 |0.9 |Yes |(8.9) |107 |0.7 |- |RTW Venture Fund |243.9 |(26.1) |<nowiki>--</nowiki> |<nowiki>--</nowiki> | <nowiki>--</nowiki> |1.9 |Yes |(9.4) |100 |0.0 |- |Syncona |1,434.9 |(2.1) |(12.4) |49.1 |<nowiki>--</nowiki> |1.6 |No |(11.2) |100 |0.0 |- |Worldwide Healthcare Trust |2,411.3 |(13.9) |20.9 |38.4 |255.6 |0.9 |Yes |(6.4) | 104 |0.7 |- |Simple average (9 funds) |1,237.2 |(14.1) | 14.5 |43.8 | 273.7 |1.3 | |(2.7) |105 |2.4 |- |HBMN rank in peer group |3 |2 |1 |1 | 1 |2 | |8 |7 |4 |}
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