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HBM Healthcare Investments
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==Fund profile: Public/private healthcare investor== HBMN is a Switzerland-based healthcare investment company that has been listed on the SIX Swiss Exchange since 2008. It began life in 2001 as HBM BioVentures, and has since evolved from a pure private equity investor focused on the biopharmaceutical sector, into a globally diversified portfolio of listed and private healthcare companies and private equity funds. Many of the listed holdings were originally private investments that HBMN’s management has continued to back following their stock market debuts. While its main aim is to achieve long-term capital growth for its investors, the fund also offers a high distribution policy, paying out c 3–5% of NAV each year. HBMN measures its performance with reference to the MSCI World Health Care Index (in Swiss franc terms). However, given the significant proportion in unlisted holdings and the lack of exposure to ‘big pharma’, investors should be prepared for the fund’s performance to differ materially from that of the index (as it did on the upside in FY21 and on the downside in FY22). In particular, its conservative approach to valuing private investments can limit the volatility of returns, although it should be noted some of these companies may be earlier-stage and therefore at higher risk of disappointing clinical outcomes. The fund publishes fortnightly NAVs, monthly summary factsheets and full portfolio valuations are available quarterly. It is overseen by a non-executive board (mainly made up of pharmaceutical industry specialists), with the fund management team being led by Chief Executive Officer Andreas Wicki and Chief Financial Officer Erwin Troxler.
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