HBM Healthcare Investments (HBMN) is a Swiss investment company that invests in healthcare companies globally. Its portfolio is spread across private companies, private equity funds and public holdings, many of which began in the private portfolio. After a buoyant IPO cycle it currently has a relatively low proportion invested in private companies (14% at 31 December versus an average since inception in 2001 of 35.6%), but this is set to rise, with $17.5m already committed to two new private investments so far in 2016. HBMN invests broadly across healthcare (diversified by sector, geography and company size) rather than concentrating on the recently more volatile area of biotechnology. It has outperformed the MSCI World Health Care Index over one and three years. Each year 5-8% of NAV is expected to be returned to shareholders through a combination of share buybacks and capital distributions (current yield of 5.6%).
