Rhenman & Partners Fund Rhenman Healthcare Equity L/S Rhenman - - PowerPoint PPT Presentation
Rhenman & Partners Fund Rhenman Healthcare Equity L/S Rhenman - - PowerPoint PPT Presentation
Rhenman & Partners Fund Rhenman Healthcare Equity L/S Rhenman Healthcare Equity Long/Short Fund Fundamental instllning som stds av ett Vetenskapligt Rd Global hedgefond med lngsiktigt positiv grundsyn (nettoexponering
Rhenman Healthcare Equity Long/Short Fund
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Fundamental inställning som stöds av ett Vetenskapligt Råd
Global hedgefond med långsiktigt positiv grundsyn (nettoexponering normalt 70-150%)
Fokuserad strategi: endast hälso- och sjukvårdssektorn, oberoende av index
Årligt nettoavkastningsmål > 12%
Flerdimensionell riskdiversifiering:
- Generellt 60-80 aktiva positioner i noterade bolag
- Typisk allokering: 2/3 i USA och 1/3 i övriga världen
- 1/4 vardera i läkemedel, bioteknik, medicinsk teknik och service
- 1/3 vardera i små, medelstora och stora bolag
Portföljbolags börsvärde > 200 miljoner USD (med sällsynta undantag)
Kassaflödespositiva bolag är dominerande (vanligtvis > 80%)
Långsiktig placeringshorisont, men aktiv handel
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For more than 15 years a Scientific Advisory Board has successfully provided the portfolio manager with its enhanced knowledge of scientific rationale, clinical trials, clinical usage, products, companies and market trends. In addition, the RPAM External Board Members are actively collaborating to the research process.
Henrik Rhenman CIO / Founding Partner 25+ Years of Experience Göran Nordström CEO / Founding Partner 30+ Years of Experience 15+ Years with Rhenman Carl Grevelius Head of Sales & Marketing Founding Partner 15+ Years of Experience 7 Years with Rhenman Anders Grelsson Swedish investor relations 20+ Years of Experience 2 Years with Rhenman Compliance Outsourced to Änglarum Finanskonsult AB IT Outsourced to LC24 Sweden AB Accounting Outsourced to Viveka Luiga Ekonomibyrå AB Göran Nordström Risk Management Henrik Rhenman Member Håkan Åström Member 30+ Years of Experience 5 Years with Rhenman
- Prof. Hans Wigzell
Chairman 40+ Years of Experience 15+ Years with Rhenman Birgitta Stymne Göransson Member 25+ Years of Experience 5 Years with Rhenman Carl Grevelius Secretary Göran Nordström Member
RPAM Board Members
- Prof. Bertil Hållsten
Chairman 40+ Years of Experience 20+ Years with Rhenman
- Prof. Peter Arner
Member 30+ Years of Experience 5 Years with Rhenman
- Prof. Tomas Olsson
Member 30+ Years of Experience 5 Years with Rhenman
- Prof. Sten Nilsson
Member 30+ Years of Experience 2 Year with Rhenman Henrik Rhenman Member 25+ Years of Experience
Scientific Advisory Board
Auditor BDO Sverige AB
Unique collective wisdom in healthcare
Legal Outsourced to Hoflund Juridik AB Ellinor Hult Assistant Portfolio Manager 6 Years of Experience Camilla Hermansson Assistant 5 Years of Experience Investment and Derivatives Strategy Outsourced to Staffan Knafve Rådgivning AB 15 Years with Rhenman
SEB act as Fund Management Company & Custodian Bank Current fund AUM: 214 MEUR (296 MUSD) RPAM is supervised by the Swedish Financial Supervisory Authority
Förvaltarteam
Henrik Rhenman, Chief Investment Officer / Founding Partner (born 1957)
Over 20 years of portfolio management experience 1999 – 2008 Founder and Chief Investment Officer, Carnegie Healthcare Funds, Carnegie Investment Bank 1997 – 1999 Managing Director, Portfolio Manager, SG Cowen, Boston 1991 – 1997 Portfolio Manager, SEB Pharmaceutical Fund 1988 – 1991 Head of Research, Head of Asset Management, Hagströmer & Qviberg 1978 – 1988 Pharmacia, Alfa-Laval
Ellinor Hult, Analyst / Assistant Portfolio Manager (born 1981)
6 years experience of Equity Sales 2011 – 2012 Vice President, Non-Japan Asian Equity Sales, Samsung Securities, London 2006 – 2011 Vice President, Non-Japan Asian Equity Sales, Credit Suisse, London 2001 – 2006 Masters in Finance, Stockholm School of Economics
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Enastående avkastningshistorik - #1 i världen, +25,3%/år
Utveckling aug 1998 – apr 2008 (USD, netto efter avgifter)
- Carnegie Global Healthcare Fund
+ 799 %
- Carnegie Medical¹
+ 163 %
- Berkshire Hathaway (Warren Buffet)
+ 93 %
- MSCI Global Index
+ 40 %
- MSCI Healthcare Index
+ 20 %
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Ovanstående period hänvisar till den period som Henrik Rhenman var aktiv på Carnegie Asset Management
1) January 1999 (inception) - Apr 2008
Source: Bloomberg
Rhenman Healthcare Equity L/S
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IC1 EUR (basvaluta) YTD 2014 (apr) +/- 0 % 2013 + 55 % 2012 + 18 % 2011 + 10 % 2010 + 8 % 2009 + 13 % Sedan fondstart (22 jun, 2009) + 148 %
Rhenman Healthcare Equity L/S utsedd till "Årets Hedgefond 2013" av Privata Affärer
Ranked #1 in EuroHedge, +23.9% annualiserad avk (feb 2014)
Ranked #1 among all 94 global hedge funds in the category ”Global Equity” based
- n the fund’s
annualised compound return since inception, +23.9% Source: EuroHedge, Feb 2014
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Vetenskapligt Råd
An established portfolio management tool used over 10 years to highlight potentials and risks in clinical
- development. Quarterly official meetings. Frequent informal contacts.
Professor Bertil Hållsten, Chairman Ph.D. from Stockholm School of Economics. Professor at the Royal Collage of Forestry. Various positions at SEB in asset management and from inception until 1992 responsible for SEB Pharmaceutical Fund. Previous board member of Conpharm, Karo Bio, Meda och Skandigen. Håkan Åström Med.Dr. (h.c.), M.Sc.(Econ), Chairman of the Board for Affibody Holding AB, PledPharma AB and Tubulus AB, board member of Ferrosan Medical Devices AS. Former Chairman of the board Swedish Orphan Biovitrum AB (SOBI ), Orexo AB and Ferrosan AS. CEO of Kabi Pharmacia AB, Pharmacia AB and Astra Pharmaceutical Ltd. Numerous previous senior positions in the pharmaceutical industry. Professor Peter Arner Professor of Medicine, Karolinska Institutet. Expert in metabolism, endocrinology and internal medicine. Professor Tomas Olsson Professor of Neurology, Karolinska Institutet. Expert in autoimmunity and diseases in the nervous system. Member of the Nobel
- Assembly. Head of neuroimmunology research at the Centre for Molecular Medicine, Karolinska Hospital. President of the
International society of Neuroimmunology. Author of more than 400 scientific articles. Professor Sten Nilsson Professor of Oncology - Pathology, Radiumhemmet, Karolinska Institutet. Previously Managing Director of Radiumhemmet.
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Externa medlemmar i styrelsen
Professor Hans Wigzell, Chairman
Professor of Immunology, Karolinska Institutet. President of the Karolinska Institute between 1995–2003. Professor in the Department of Immunology at Uppsala University and Department of Immunology at Karolinska Institutet. In 1988, he became Director General of the National Bacteriological Laboratory in Stockholm. In 1990, he was elected Chairman of the EU Concerted Research Programme into AIDS vaccination and from 1990–1992 he was Chairman of the Nobel Committee for Medicine and Physiology. In 1993, he was appointed Secretary-General of the Swedish Institute for Infectious Disease
- Control. Between 1999 and 2007, he was Chief Scientific Advisor to the Swedish Government. Prof. Wigzell was Chairman
- f the Nobel Assembly at Karolinska Institutet in 2000. He has published more than 600 articles and is a member of the
editorial boards of several international journals.
Birgitta Stymne Göransson
M.Sc. Chemical Engineering/Biotechnology Royal Institute of Technology, MBA Harvard Business School. CEO of Memira Holding AB. Management consultant with McKinsey & Co. Several senior management and CFO positions in Swedish industry including: Gambro, Excorim, Telefos, Swedish Technical Attaches in Washington D.C. and Åhléns. Board member of Elekta AB.
Håkan Åström
Med.Dr. (h.c.), M.Sc.(Econ), Chairman of the Board for Affibody Holding AB, PledPharma AB and Tubulus AB, board member
- f Ferrosan Medical Devices AS. Former Chairman of the board Swedish Orphan Biovitrum AB (SOBI ), Orexo AB and
Ferrosan AS. CEO of Kabi Pharmacia AB, Pharmacia AB and Astra Pharmaceutical Ltd. Numerous previous senior positions in the pharmaceutical industry. 10
Fund facts (I)
Base currency: EUR Subscription/redemption frequency: Monthly (T-3) Soft- / hard close: MEUR 500 / EUR 1 bn Share classes: (I) Institutional class / (R) Retail class Dividends: I = Capitalization + Distribution R = Only capitalization Reporting frequency Monthly Hurdle rate: Euribor 90D
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Fund facts (II)
Legal Structure: Open-ended FCP (Fonds Commun de Placement) under Part II of the Luxembourg Law on Investment Funds (20 Dec, 2002) Fund Management Company: SEB Fund Services S.A. Fund Promoter (Sponsor): SEB Fund Services S.A. Investment Manager: Rhenman & Partners Asset Management AB (supervised by the Swedish Financial Supervisory Authority. FI ID nr: 035221) Placement and Distribution Agent: Rhenman & Partners Asset Management AB Custodian Bank and Paying Agent: Skandinaviska Enskilda Banken S.A. Prime Broker: Skandinaviska Enskilda Banken AB (publ) External Auditor: PricewaterhouseCoopers (PwC)
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Share class info (I) – One fund with 10 share classes
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Institutional, EUR Currency Minimum initial investment Minimum top-up investment Management fee Performance fee Hurdle rate Performance fee method Class IC4 (EUR) EUR 20 000 000 No minimum 0.75% 10% 5%/year Annual, individual Class IC3 (EUR) EUR 5 000 000 No minimum 1.50% 10% Euribor 90D Quarterly, collective Class IC2 (EUR) EUR 5 000 000 No minimum 1.00% 20% Euribor 90D Quarterly, individual Class IC1 (EUR) EUR 250 000 No minimum 1.50% 20% Euribor 90D Quarterly, collective Retail, EUR Class RC1 (EUR) EUR 2 500 No minimum 2.00% 20% Euribor 90D Quarterly, collective Institutional, SEK Class IC2 (SEK) SEK 50 000 000 No minimum 1.00% 20% Euribor 90D Quarterly, individual Class ID1 (SEK) SEK 2 500 000 No minimum 1.50% 20% Euribor 90D Quarterly, collective Retail, SEK Class RC2 (SEK) SEK 2 500 000 No minimum 1.50% 20% Euribor 90D Quarterly, collective Class RC1 (SEK) SEK 500 No minimum 2.00% 20% Euribor 90D Quarterly, collective Institutional, USD Class IC2 (USD) USD 6 000 000 No minimum 1.00% 20% Euribor 90D Quarterly, individual
Share class info (II) – One fund with 10 share classes
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Institutional, EUR Capitalization / Distributing Subscription/redemptio n frequency ISIN Bloomberg Lipper Reuters Telekurs Class IC4 (EUR) Capitalization Monthly (T-3), 1Y SL LU0815250997 RHHCIC4 LX 68173297 19867376 Class IC3 (EUR) Capitalization Monthly (T-3) LU0434614789 RHHCIC3 LX 68014068 10283697 Class IC2 (EUR) Capitalization Monthly (T-3) LU0417598447 RHHCIC2 LX 68121173 13336963 Class IC1 (EUR) Capitalization Monthly (T-3) LU0417598108 RHLEIC1 LX 65147588 10034579 Retail, EUR Class RC1 (EUR) Capitalization Monthly (T-3) LU0417597555 RHLERC1 LX 65147589 10034567 Institutional, SEK Class IC2 (SEK) Capitalization Monthly (T-3) LU0417598793 RHHIC2S LX 68204997 20323930 Class ID1 (SEK) Distributing Monthly (T-3) LU0417599098 RHHCID1 LX 68153820 18491109 Retail, SEK Class RC2 (SEK) Capitalization Monthly (T-3) LU0417598017 RHLSRC2 LX 68015239 10239528 Class RC1 (SEK) Capitalization Monthly (T-3) LU0417597712 RHLSRC1 LX 68014067 10239523 Institutional, USD Class IC2 (USD) Capitalization Monthly (T-3) LU0417598520 TBC TBC TBC
Contact details
Rhenman & Partners Asset Management AB Strandvägen 5A 114 51 Stockholm Sweden Phone +46 8 459 88 80 Fax +46 8 528 008 80 E-mail info@rhepa.com Website www.rhepa.com
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Disclaimer
Rhenman Healthcare Equity L/S Fund, “the Fund” is not an investment fund as defined in the European Union directives relating to undertakings for collective investment in transferable securities (UCITS). Legal information regarding Fund is contained in the Prospectus and the KIID, available at Rhenman & Partners Asset Management AB (Rhenman & Partners) webpage: http://rhepa.com/the-fund/prospectus/. This material has been prepared by Rhenman & Partners for professional and non-professional investors. Rhenman & Partners when preparing this information has not taken into account any one customer’s particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations herein are not intended to represent recommendations of particular investments to particular customers. This material is for informational purposes only and should not be construed as an
- ffer or solicitation to sell or buy units the Fund.
All securities' transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. There can be no assurance that an investment in the Fund will achieve profits or avoid incurring substantial losses. There is a high degree of risk inherent in investments and they may not be suitable for all eligible
- investors. It is possible that an investor may lose some or all of its investment. The past is not necessarily a
guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. Changes in rates of foreign exchange may cause the value of investments to go up or down. Before making an investment decision, an investor and/or its adviser should (i) consider the suitability of investments in the Fund with respect to its investment objectives and personal situation and (ii) consider factors such as its personal net worth, income, age, risk tolerance, and liquidity needs. Short-term investors and investors who cannot bear the loss of some or all of their investment or the risks associated with the limited liquidity of an investment should not invest. Due care and attention has been used in the preparation of this information. However, actual results may vary from their forecasts, and any variation may be materially positive or negative. Forecasts, by their very nature, are subject to uncertainty and contingencies, many of which are outside the control of Rhenman &
- Partners. Rhenman & Partners cannot guarantee that the information contained herein is without fault or
entirely accurate. There may be delays, omissions or inaccuracies in the information. Any dated information is published as of its date only and no obligation or responsibility is undertaken to update or amend any such information. The information in this material is based on sources that Rhenman & Partners believes to be reliable. Rhenman & Partners can however not guarantee that all information is correct. Furthermore, information and opinions may change without notice. Rhenman & Partners is under no obligation to make amendments or changes to this publication if errors are found or opinions or information change. Rhenman & Partners accepts no responsibility for the accuracy of its sources. Rhenman & Partners is the owner of all works of authorship including, but not limited to, all design, text, images and trademarks in this material unless otherwise explicitly stated. The use of Rhenman & Partners’ material, works or trademarks is forbidden without written consent except where otherwise expressly
- stated. Furthermore, it is prohibited to publish material made or gathered by Rhenman & Partners
without written consent. By accessing and using the http://rhepa.com/ website and any pages thereof, you acknowledge that you have reviewed the following important legal information and understand and agree to the terms and conditions set therein. If you do not agree to the terms and conditions in this disclaimer, do not access or use http://rhepa.com/website in any way. Products and services described herein are not available to all persons in all geographical locations. Rhenman & Partner will not provide any such products or services to any person if the provision of such services could be in violation of law or regulation in such person's home country jurisdiction or any other related jurisdiction. The units of the Fund may not be offered or sold to or within the United States or in any other country where such offer or sale would conflict with applicable laws or regulations. In no event, including (but not limited to) negligence, will Rhenman & Partner be liable to you or anyone else for any consequential, incidental, special or indirect damages (including but not limited to lost profits, trading losses and damages). The sole legally binding basis for the purchase of shares of the Fund described in this information is the latest valid sales prospectus with its terms of contract. Subscriptions cannot be received on the basis of financial reports.