HBM Healthcare Investments suffered a negative performance for the calendar year 2022 in a declining market. The net asset value per share (NAV) declined by 21.7 percent to CHF 253.59. The share price fell by a much greater 37.8 percent to CHF 201.00.
The relevant market indices in the healthcare sector showed a negative performance across the board. The broad-based MSCI World Health Care Index recorded a minus of 3.9 percent. The biotech segment, as measured by the Nasdaq Biotechnology Index (NBI) and the SPDR S&P Biotech (XBI), declined significantly more, by 9.1 per cent and 25.0 per cent respectively.
Performance for the 9 months of the financial year 2022/2023
For the first nine months of the 2022/2023 financial year ending on 31 March, the NAV decreased by 7.8 per cent. Therefore, a net loss of around CHF 155 million is expected for this period.
Notwithstanding the market-driven decline in value, the HBM Healthcare Investments portfolio remains well positioned for the market environment, which continues to be fraught with uncertainty, thanks to the balanced mix of promising private and listed companies and a high level of cash and cash equivalents of CHF 282 million.
These figures are the preliminary results based on the current status of the closing process. The December 2022 quarterly report will be published on 20 January 2023.
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