€1325.2m market cap
€190.4 last close
HBM Healthcare Investments (previously HBM BioVentures, renamed in 2012) aims to generate long-term gains through investment in private and public companies in the human medicine, biotech, medtech and diagnostics sectors, and related areas. It invests worldwide, predominantly in private companies, either directly or through funds, and many of its publicly listed holdings began as private equity investments.
HBM Healthcare Investments (HBMN) has continued to produce solid NAV and share price performance, buoyed by recent IPOs from its private portfolio (with more expected to come) and a significant revaluation of largest holding Shanghai Cathay R&D. The Switzerland-listed fund holds a blend of private and listed healthcare companies and funds, diversified by geography and clinical focus, and has significantly outperformed the MSCI World Health Care Index over one, three, five and 10 years in both share price and NAV total return terms. Despite also outperforming its peer group average, and offering a c 4% dividend yield, HBMN currently trades on a wider discount to NAV than many of its peers.