Performance: From 1 October 2013 to 30 June 2023


Notes to the performance data

The above data has been produced from our Deloitte’s installed / validated actuarial program. Very importantly, its composition is as follows:

  • The last 29 months of performance has been our performance with the portfolio our Managing Director, Dr Charlie Williams, has constructed at HBB;
  • The period prior to September 2020, back to October 2013 (Inception) is Charlie’s performance whilst at CVC Ltd and;
  • For the intervening period when Charlie was not actively involved in markets, nor ran an actual portfolio, (end September 2020 to January 2021) the performance attributed to him was the Relevant Index (S&P Biotech Select index).
  • Performance is before fees on a weighted average basis across all client portfolios.
  • Since we invest for clients via Individually Managed Accounts (IMAs), performance net of fees varies by client depending on portfolio size and individual client cashflows.

In the 29 months or so we have been actively investing as HBB through Individually Managed Accounts (IMAs):

  • Every single established portfolio has outperformed its benchmark Index net of fees.
  • The S&P Biotech Index has suffered its most significant correction in the index’s history, with most of the ‘damage’ to the index having occurred between January and May 2022.
  • Despite this our portfolios have been highly resilient against a substantial fall on the Index. Sharpe and Sortino ratios are strong.
  • Low Co-Variance with the broader markets continues.