Antonio Garufi, Portfolio Manager, Astor Investment, will present their investment thesis on HBM at European Investing Summit 2016, to be held online on October 4-5. Here’s a snapshot of the investment thesis:
HBM HEALTHCARE INVESTMENTS (Switzerland: HBMN) is a Swiss investment company with a CHF 710 million market cap. It invests globally in healthcare assets, both in public companies (58% of assets) and private companies and funds (14% and 13% of assets, respectively). The healthcare sector is well positioned, underpinned by strong drivers, to deliver strong returns in the coming years. HBM gives an interesting angle to healthcare investing by giving access to a great collection of specialized assets. The company has a great track record of creating value from its private holdings through IPOs or trade sales (50+ transactions since 2004). Its public holdings have been performing well and the current portfolio has a very interesting risk reward profile. HBM is trading at a ~28% discount to NAV (greater than the historical average), although current NAV does not reflect the expected revaluation of private assets (which are mostly booked at cost) and the value potential from public investments (which are marked to market). HBM’s portfolio is well diversified among sub-sectors, but focused on high-conviction positions. Moreover, HBM has a friendly shareholder policy as it allocates 5% of resources to dividends and a share buyback program on a yearly basis.
Want to experience the in-depth presentation and ask the instructor questions about the company? Secure your seat.
Antonio Garufi is a portfolio manager at Astor Investment Advisors, based in Milan. He has more than a decade of experience in finance, of which he spent three years with J.P. Morgan in London. He then went on the buyside at Astor where he analyzed and executed investment opportunities across a number of sectors and asset classes, focusing on healthcare. He graduated from Bocconi University in 2005, where he is currently lecturer, has a Phd in Business Administration and attended the Value Investing Program at Columbia Business School.