The Hardman Healthcare Index has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. 2017 was another successful year for the index, rising 20.3% to 437.3, and outperforming the London Allshare index, which grew 9.0% to 4,221.8. However, for the second year running, the index has trailed the performance of the AIM market, which rose 24.3% to 1049.6. Furthermore, several companies in our index increased their capital base – 21 of our 54 constituents raised new funds, three issued shares as part consideration for acquisitions, and two had share buybacks – all factors that influence the performance of the index. But even allowing for both capital increases and share buybacks, the index still increased by a creditable 11.5%.