Editing HBM Healthcare Investments
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'''Exhibit 2: Asset allocation at 31 March 2022'''<ref name=":0">Source: HBM Healthcare Investments, Edison Investment Research.</ref> | '''Exhibit 2: Asset allocation at 31 March 2022'''<ref name=":0">Source: HBM Healthcare Investments, Edison Investment Research.</ref> | ||
'''Exhibit 3: Asset allocation at 31 March 2021'''<ref name=":0" /> | '''Exhibit 3: Asset allocation at 31 March 2021'''<ref name=":0" /> | ||
As shown in Exhibits 4 and 5, HBMN is well spread geographically, with less than half of its underlying holdings based in the Americas (the higher US dollar weighting can be attributed to the base currency of funds investing internationally). In particular there is a high weighting to Asia (35%), principally in China through holdings such as Cathay Biotech, Fangzhou (formerly Jianke), the WuXi Healthcare Ventures II fund and a new investment in Hong Kong based Hutchmed China, but also in India via names including Tata 1mg and SAI Life Sciences. Europe is also well represented, with a variety of Swiss and Nordic companies among others, including the largest private holding Swixx BioPharma (7.5% of NAV), which distributes medicines in Central and Eastern Europe. The level of geographical diversification sets HBMN apart from many of its peers, which tend to have a much greater focus on the US (an average of 72.3% for the AIC Biotechnology & Healthcare peer group). | As shown in Exhibits 4 and 5, HBMN is well spread geographically, with less than half of its underlying holdings based in the Americas (the higher US dollar weighting can be attributed to the base currency of funds investing internationally). In particular there is a high weighting to Asia (35%), principally in China through holdings such as Cathay Biotech, Fangzhou (formerly Jianke), the WuXi Healthcare Ventures II fund and a new investment in Hong Kong based Hutchmed China, but also in India via names including Tata 1mg and SAI Life Sciences. Europe is also well represented, with a variety of Swiss and Nordic companies among others, including the largest private holding Swixx BioPharma (7.5% of NAV), which distributes medicines in Central and Eastern Europe. The level of geographical diversification sets HBMN apart from many of its peers, which tend to have a much greater focus on the US (an average of 72.3% for the AIC Biotechnology & Healthcare peer group). | ||
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'''Exhibit 4: Portfolio breakdown by geography'''<ref name=":1">Source: HBM Healthcare Investments, Edison Investment Research. Note: Data at 31 March 2022.</ref> | '''Exhibit 4: Portfolio breakdown by geography'''<ref name=":1">Source: HBM Healthcare Investments, Edison Investment Research. Note: Data at 31 March 2022.</ref> | ||
'''Exhibit 5: Portfolio breakdown by currency'''<ref name=":1" /> | '''Exhibit 5: Portfolio breakdown by currency'''<ref name=":1" /> | ||
Exhibit 6 shows the development of HBMN’s sector allocation over FY22, with the biggest rise (+7.9pp in synthetic biology via Cathay Biotech) and the biggest fall (-11.0% in oncology) both largely attributable to the market performance of listed holdings. The second largest increase, in digital health, comes after an external financing round substantially increased the valuation of unlisted US nurse-sourcing platform ConnectRN, now a top 10 holding. | Exhibit 6 shows the development of HBMN’s sector allocation over FY22, with the biggest rise (+7.9pp in synthetic biology via Cathay Biotech) and the biggest fall (-11.0% in oncology) both largely attributable to the market performance of listed holdings. The second largest increase, in digital health, comes after an external financing round substantially increased the valuation of unlisted US nurse-sourcing platform ConnectRN, now a top 10 holding. |