HBM Healthcare Investments AG / Key word(s): AGMEGM
Unfavourable currency developments push quarterly result into the red
HBM Healthcare Investments closed the first quarter of the 2023/2024 financial year as at 30 June 2023 with a loss of CHF 11 million. The net asset value per share (NAV) declined by 0.6 percent during this period, while the share price fell by 5.6 percent.
In investment currency, the portfolio recorded a positive result in the three months ending 30 June 2023. However, unfavourable currency developments against the Swiss franc (US dollar -2.2 percent, Chinese yuan -7.3 percent and euro -1.5 percent) reduced the NAV by a total of 3.2 percent in the reporting quarter resulting in a small loss overall.
Developments in the portfolio of private companies
Private companies burdened the quarterly result with a net CHF 6 million. This includes negative currency developments of CHF 13 million.
The following events stood out:
Developments in the portfolio of public companies
The value of public companies increased by CHF 9 million net, even though currency developments burdened the quarterly result with CHF 37 million.
Developments in the fund portfolio
The fund portfolio burdened the result in the quarter under review by about CHF 6 million, CHF 4 million of which was due to currency developments.
The portfolio remains well balanced with public companies accounting for 44 percent of consolidated assets (of which 26 percent were formerly private companies), 35 percent private companies, 9 percent funds and 12 percent cash and cash equivalents as well as other assets.
The market environment remains dominated by investor concerns about inflation, rising interest rates and a cooling economy. Currency developments also continued to create headwinds at the beginning of the quarter. For the portfolio companies, however, this challenging financing environment also offers opportunities. As the examples of Upstream Bio, Prometheus Biosciences and Chinook Therapeutics demonstrate, companies with convincing research results benefit from high demand and attractive offers in financing rounds and acquisition bids.
With the aforementioned strategic agreement with CMG, Cathay Biotech has laid a solid foundation for further growth. In addition, the loc
Overall, with a carefully selected portfolio and a solid balance sheet, HBM Healthcare Investments remains ideally positioned to take advantage of opportunities and benefit from positive market momentum.
The Quarterly Report June 2023 is available on the Company’s website.
For further information, please contact Dr Andreas Wicki on +41 41 710 75 77, or at.
End of Inside Information
|Company:||HBM Healthcare Investments AG|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1685087|
|End of Announcement||EQS News Service|
1685087 21-Jul-2023 CET/CEST