Rhenman Healthcare tops list of global equity L/S funds
Henrik Rhenman’s Rhenman Healthcare Equity L/S has beaten over 50 other global equity funds over the past year according to data from Hedge Fund Intelligence.
The fund returned 17.19% over 12 months, and 13.33% over 3 months, the data shows.
Since launch the fund has averaged annualised return of 14.18%. The fund is up 44% to February 2012 since inception in June 2009.
The performance may not come as a complete surprise to investors who have followed Rhenman over the past decade. He returned about 800% to investors in dollar terms over 10 years to early 2008 when managing the Carnegie Global Healthcare fund.
In December he told InvestmentEurope that he was targeting specialist companies to benefit from alpha opportunities, at a time when equity prices were being depressed across the board.
He also said at the time that the bias was to go long, as there was little value in trying to short a stock such as Johnson & Johnson as a beta play. Instead he said he was looking for opportunies among smaller companies in healthcare sub-sectors such as generics, distribution, insurance, biotechnology, IT and hospital management.
The Healthcare Equity fund also relies on a scientific board that is linked to the Karolinska Institute and Uppsala University in Sweden, as well as similar institutions abroad.