Rhenman Healthcare Equity L/S

Rhenman & Partners Asset Management AB

Fund Family:

Company Programs

Strategy Description

Rhenman Healthcare Equity L/S is a global long-biased equity fund with an exclusive focus on healthcare. Because the United States is a dominant player within healthcare, the fund’s equity allocation is usually two-thirds in the United States and one-third in the rest of the world. The spread is normally roughly a quarter in each sub-sector (pharmaceuticals, biotechnology, medical technology, and service). The hedge fund’s free investment rules offer far greater opportunities compared to conventional mutual funds. The fund diversifies across company sizes, various sub-sectors and geographies to lower volatility, and has an absolute return target.

Fund Information

General Information

NHX CategoryEquities
NHX CountrySweden
Legal StructureAlternative Investment Fund
Fund DomicileLuxembourg
Minimum Investment250,000 EUR
AUM692M EUR
Inception DateJun 2009
Management Fee1.50%
Performance Fee20.00%
SFDR ClassificationArticle 8

Company Information

CompanyRhenman & Partners Asset Management AB
Investor RelationsErica Nordström Löf
AddressStrandvägen 5A
Stockholm, 114 51
Phone+46 (0)8 459 88 80
E-mail[email protected]
Websitewww.rhepa.com
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2025 7.98 7.98
2024 5.66 4.72 3.25 -4.10 1.52 2.06 3.14 5.27 -3.25 -4.58 2.51 -9.78 5.20
2023 2.02 -2.16 -2.78 3.33 1.39 1.68 -2.19 0.31 -3.00 -5.46 7.06 8.35 7.89
2022 -11.76 0.50 5.60 -4.53 -4.54 2.27 8.65 -1.06 -3.08 5.49 2.57 -6.75 -8.25
2021 1.32 0.57 3.63 1.68 -1.06 5.04 -1.38 1.95 -4.62 5.51 -8.50 9.23 12.84
2020 -4.20 -3.18 -14.76 16.99 10.92 0.78 -3.73 4.00 4.36 -2.68 6.34 4.77 17.14
2019 14.33 2.49 -1.43 -6.01 -0.61 10.06 3.07 -4.13 -5.51 6.47 12.97 5.07 40.12
2018 6.89 0.01 -1.82 -0.43 6.26 -0.31 4.32 6.86 -0.76 -11.44 4.96 -16.68 -5.15
2017 5.21 11.28 4.33 0.29 -8.98 9.79 -1.52 4.32 1.06 -1.06 5.02 1.87 34.53
2016 -18.50 -5.40 -0.22 5.03 7.05 -2.91 9.45 -2.61 1.74 -11.67 8.47 0.84 -12.01
2015 11.02 7.15 6.99 -6.16 10.08 -1.54 4.45 -10.95 -12.64 8.35 7.09 -1.60 20.09
2014 6.94 5.01 -5.34 -5.54 5.32 5.32 0.50 7.45 2.43 7.28 3.83 4.08 42.82
2013 6.29 5.44 7.75 3.39 5.39 -3.14 11.52 -0.98 4.38 -3.34 9.31 0.05 55.29
2012 5.82 1.10 3.83 0.52 -0.15 6.00 1.05 0.00 2.94 -5.16 2.81 -1.50 18.08
2011 -0.98 2.26 -0.75 3.60 5.05 -3.71 -0.83 -6.89 -0.90 6.25 1.44 5.58 9.66
2010 4.09 1.72 6.33 -4.09 -11.10 -2.14 -3.35 -0.20 7.13 2.01 3.58 5.65 8.34
2009 0.75 4.41 2.17 0.33 -6.34 4.66 7.17 13.28

Portfolio Managers

Henrik Rhenman, founding partner and chief investment officer at Rhenman & Partners Asset Management, has over 30 years of asset management experience within the healthcare sector both in Sweden and the United States. Rhenman was the founder and chief investment officer of Carnegie Healthcare Funds at Carnegie Investment Bank between 1999 and 2008. Before that, he spent two years as managing director and portfolio manager at SG Cowen and also served as portfolio manager at SEB Pharmaceutical Fund between 1991 and 1997. He studied Biochemistry from the Royal Institute of Technology and holds a B.Sc. Degree from Stockholm School of Economics.

Disclaimer

This information is intended for institutional investors only. All data including performance numbers have been supplied by the respective managers and funds. HedgeNordic in no way guarantees the accuracy of these numbers and has supplied them to you for information purposes only. This does not constitute a solicitation to buy or an offer to sell. No investment should be made without fully reviewing the associated risk factors, fees and conflicts of interest as outlined in each fund’s risk disclosure document. There may be funds which have chosen not to be listed in the HedgeNordic database and the NHX that may have better or worse performance than those in our database.

The risk of loss in investing in hedge funds can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Past results are not necessarily indicative of future results. Trade only with risk capital. Sales restrictions may apply in your jurisdiction.

Monthly Returns

Performance (VAMI)

Distribution of Monthly Returns

12 MONTH ROLLING ROR Return

Drawdown Report

No. Depth (%) Length (Months) Recovery (Months) Start date End date
Fund Index Fund Index Fund Index Fund Index Fund Index
1 -31.67% 8 20 08/2015 11/2017
2 -23.14% 4 11 09/2018 11/2019
3 -20.94% 3 2 01/2020 05/2020
4 -19.52% 5 8 04/2010 04/2011
5 -14.71% 24 3 11/2021 01/2024

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return-0.05%-0.50%0.61%0.77%0.68%
% Positive66.67%50.00%66.67%62.50%61.11%
Avg. Pos. Period5.24%5.25%3.80%3.88%3.88%
Avg. Neg. Period-9.78%-5.87%-5.43%-4.15%-4.09%
Sharpe Ratio0.11-0.180.520.660.59
Sortino Ratio-0.03-0.380.610.920.81
Monthly Volatility7.43%6.12%4.87%4.55%4.54%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 16.99%-18.50%1.40%1.91%7.98%62.77%
3 Months 30.78%-24.13%4.17%5.05%-0.14%68.28%
6 Months 47.55%-27.61%8.51%9.67%-2.96%74.32%
1 Year 77.55%-27.41%17.74%17.88%7.52%79.66%
2 Years 135.41%-14.71%38.84%28.84%20.14%92.12%
3 Years 208.79%4.15%65.09%50.92%27.45%100.00%
5 Years 363.40%17.37%133.78%120.65%55.17%100.00%

Volatility (12 Months Rolling)

CORRELATION (12 MONTH ROLLING)

AUM (EUR)

Disclaimer

This information is intended for institutional investors only. All data including performance numbers have been supplied by the respective managers and funds. HedgeNordic in no way guarantees the accuracy of these numbers and has supplied them to you for information purposes only. This does not constitute a solicitation to buy or an offer to sell. No investment should be made without fully reviewing the associated risk factors, fees and conflicts of interest as outlined in each fund’s risk disclosure document. There may be funds which have chosen not to be listed in the HedgeNordic database and the NHX that may have better or worse performance than those in our database.

The risk of loss in investing in hedge funds can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Past results are not necessarily indicative of future results. Trade only with risk capital. Sales restrictions may apply in your jurisdiction.

Strategy Description

Rhenman Healthcare Equity L/S is a global long-biased equity fund with an exclusive focus on healthcare. Because the United States is a dominant player within healthcare, the fund’s equity allocation is usually two-thirds in the United States and one-third in the rest of the world. The spread is normally roughly a quarter in each sub-sector (pharmaceuticals, biotechnology, medical technology, and service). The hedge fund’s free investment rules offer far greater opportunities compared to conventional mutual funds. The fund diversifies across company sizes, various sub-sectors and geographies to lower volatility, and has an absolute return target.

Annual Performance

Fund Information

General Information

NHX CategoryEquities
NHX CountrySweden
Legal StructureAlternative Investment Fund
Fund DomicileLuxembourg
Minimum Investment250,000 EUR
AUM692M EUR
Inception DateJun 2009
Management Fee1.50%
Performance Fee20.00%
SFDR ClassificationArticle 8

Company Information

CompanyRhenman & Partners Asset Management AB
Investor RelationsErica Nordström Löf
AddressStrandvägen 5A
Stockholm, 114 51
Phone+46 (0)8 459 88 80
E-mail[email protected]
Websitewww.rhepa.com
Social Media

Portfolio Managers

Henrik Rhenman, founding partner and chief investment officer at Rhenman & Partners Asset Management, has over 30 years of asset management experience within the healthcare sector both in Sweden and the United States. Rhenman was the founder and chief investment officer of Carnegie Healthcare Funds at Carnegie Investment Bank between 1999 and 2008. Before that, he spent two years as managing director and portfolio manager at SG Cowen and also served as portfolio manager at SEB Pharmaceutical Fund between 1991 and 1997. He studied Biochemistry from the Royal Institute of Technology and holds a B.Sc. Degree from Stockholm School of Economics.

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2025 7.98 7.98
2024 5.66 4.72 3.25 -4.10 1.52 2.06 3.14 5.27 -3.25 -4.58 2.51 -9.78 5.20
2023 2.02 -2.16 -2.78 3.33 1.39 1.68 -2.19 0.31 -3.00 -5.46 7.06 8.35 7.89
2022 -11.76 0.50 5.60 -4.53 -4.54 2.27 8.65 -1.06 -3.08 5.49 2.57 -6.75 -8.25
2021 1.32 0.57 3.63 1.68 -1.06 5.04 -1.38 1.95 -4.62 5.51 -8.50 9.23 12.84
2020 -4.20 -3.18 -14.76 16.99 10.92 0.78 -3.73 4.00 4.36 -2.68 6.34 4.77 17.14
2019 14.33 2.49 -1.43 -6.01 -0.61 10.06 3.07 -4.13 -5.51 6.47 12.97 5.07 40.12
2018 6.89 0.01 -1.82 -0.43 6.26 -0.31 4.32 6.86 -0.76 -11.44 4.96 -16.68 -5.15
2017 5.21 11.28 4.33 0.29 -8.98 9.79 -1.52 4.32 1.06 -1.06 5.02 1.87 34.53
2016 -18.50 -5.40 -0.22 5.03 7.05 -2.91 9.45 -2.61 1.74 -11.67 8.47 0.84 -12.01
2015 11.02 7.15 6.99 -6.16 10.08 -1.54 4.45 -10.95 -12.64 8.35 7.09 -1.60 20.09
2014 6.94 5.01 -5.34 -5.54 5.32 5.32 0.50 7.45 2.43 7.28 3.83 4.08 42.82
2013 6.29 5.44 7.75 3.39 5.39 -3.14 11.52 -0.98 4.38 -3.34 9.31 0.05 55.29
2012 5.82 1.10 3.83 0.52 -0.15 6.00 1.05 0.00 2.94 -5.16 2.81 -1.50 18.08
2011 -0.98 2.26 -0.75 3.60 5.05 -3.71 -0.83 -6.89 -0.90 6.25 1.44 5.58 9.66
2010 4.09 1.72 6.33 -4.09 -11.10 -2.14 -3.35 -0.20 7.13 2.01 3.58 5.65 8.34
2009 0.75 4.41 2.17 0.33 -6.34 4.66 7.17 13.28

Return Statistics

Last Month Return 7.98%
3 Month Return -0.14%
Year to Date Return 7.98%
12 Month Return 7.52%
36 Month Return 27.45%
Total Return Annualized 15.76%
Winning Months (%) 62.77%
Average Winning Month 4.89%
Average Losing Month -4.56%
Total Return Cumulative 889.96%

Risk Statistics (12M)

1 Year
Sharpe Ratio0.52
Sortino Ratio0.61
Sterling0.31
Calmar0.51
Skewness-0.86
Kurtosis0.82
Maximum Drawdown-14.63%
Correlation vs S&P 5000.72
Annualized Volatility16.87%
Annualized Down. Deviation8.86%

Risk/Return Comparison

Monthly Returns

Performance (VAMI)

Distribution of Monthly Returns

12 MONTH ROLLING ROR Return

Drawdown Report

No. Depth (%) Length (Months) Recovery (Months) Start date End date
Fund Index Fund Index Fund Index Fund Index Fund Index
1 -31.67% 8 20 08/2015 11/2017
2 -23.14% 4 11 09/2018 11/2019
3 -20.94% 3 2 01/2020 05/2020
4 -19.52% 5 8 04/2010 04/2011
5 -14.71% 24 3 11/2021 01/2024

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return-0.05%-0.50%0.61%0.77%0.68%
% Positive66.67%50.00%66.67%62.50%61.11%
Avg. Pos. Period5.24%5.25%3.80%3.88%3.88%
Avg. Neg. Period-9.78%-5.87%-5.43%-4.15%-4.09%
Sharpe Ratio0.11-0.180.520.660.59
Sortino Ratio-0.03-0.380.610.920.81
Monthly Volatility7.43%6.12%4.87%4.55%4.54%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 16.99%-18.50%1.40%1.91%7.98%62.77%
3 Months 30.78%-24.13%4.17%5.05%-0.14%68.28%
6 Months 47.55%-27.61%8.51%9.67%-2.96%74.32%
1 Year 77.55%-27.41%17.74%17.88%7.52%79.66%
2 Years 135.41%-14.71%38.84%28.84%20.14%92.12%
3 Years 208.79%4.15%65.09%50.92%27.45%100.00%
5 Years 363.40%17.37%133.78%120.65%55.17%100.00%

Volatility (12 Months Rolling)

CORRELATION (12 MONTH ROLLING)

AUM (EUR)

Disclaimer

This information is intended for institutional investors only. All data including performance numbers have been supplied by the respective managers and funds. HedgeNordic in no way guarantees the accuracy of these numbers and has supplied them to you for information purposes only. This does not constitute a solicitation to buy or an offer to sell. No investment should be made without fully reviewing the associated risk factors, fees and conflicts of interest as outlined in each fund’s risk disclosure document. There may be funds which have chosen not to be listed in the HedgeNordic database and the NHX that may have better or worse performance than those in our database.

The risk of loss in investing in hedge funds can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Past results are not necessarily indicative of future results. Trade only with risk capital. Sales restrictions may apply in your jurisdiction.

The Healthcare Sector Under Trump
13/11/2024

Stockholm (HedgeNordic) – The election of Donald Trump as U.S. President brought uncertainty to various areas of the economy, particularly in healthcare, trade, and regulation. As investors and companies await specifics on Trump’s policies, market volatility rose, reflecting widespread uncertainty about how his administration would address both domestic and global challenges. “The healthcare sector is one of the world’s most regulated sectors, and the election in the U.S. naturally has a major impact on future policy decisions,” remarks Hugo Schmidt, Portfolio Manager at Rhenman & Partners Asset Management.

“The healthcare sector is one of the world’s most regulated sectors, and the election in the U.S. naturally has a major impact on future policy decisions.”

Hugo Schmidt, Portfolio Manager at Rhenman & Partners Asset Management.

The team at Rhenman & Partners, which manages a long-biased long/short equity fund with a focus on healthcare, has identified several key discussion points from the new administration and Congress that could shape the sector. “After elections, reorganizations within government agencies are quite common,” begins Schmidt, who is part of the five-person investment team at Rhenman & Partners. “The Trump administration is expected to appoint more industry-friendly managers and officials at the agencies that regulate the healthcare sector, particularly the Centers for Medicare and Medicaid Services (CMS) and the Food and Drug Administration (FDA).”

The Biden administration previously launched a drug negotiation program within Medicare. “The Trump administration is not expected to shut down the program,” notes Schmidt. Instead, the expectation is that “the “new” CMS will have a more constructive approach to the negotiations.” If all else remains the same, this could be advantageous for pharmaceutical companies. “Another concrete area where we expect a change in stance from CMS is in reimbursements within Medicare, the federal retiree health insurance program,” continues Schmidt. During his campaign, Trump indicated a desire to improve these reimbursements, which could potentially drive an increase in healthcare consumption.

“The incoming officials at the competition authority Federal Trade Commission (FTC) are also likely to become more industry-friendly, which will lead to an improved takeover climate,” argues Schmidt. “The large pharmaceutical companies are facing major patent expirations and need to replenish their pipelines, for example, by acquiring smaller companies with innovative therapies,” he explains. Finally, the team at Rhenman & Partners anticipates that the number of uninsured Americans may rise under the new administration. “Republicans want to eliminate subsidies for Obamacare and reduce costs in Medicaid,” says Schmidt. “However, this is expected to face strong opposition, especially from the influential hospital lobby.”

“[I hope to] see reduced regulation around mergers and acquisitions, as well as a more favorable pricing negotiation scheme for pharmaceuticals, which is currently being implemented. There are certain areas that could be improved.”

Henrik Rhenman, founder of Rhenman & Partners Asset Management.

Overall, founder Henrik Rhenman hopes to “see reduced regulation around mergers and acquisitions, as well as a more favorable pricing negotiation scheme for pharmaceuticals, which is currently being implemented. There are certain areas that could be improved.” Portfolio manager Kaspar Hållsten shares Rhenman’s perspective, adding that “some of the larger pharmaceutical and medical technology companies will need to acquire new technologies to enhance their product portfolios, especially given patent expirations and other factors.” He also points out that an improved interest rate environment and deregulation “could potentially drive increased interest in smaller growth names within the sector.”

Rhenman & Partners Grows Client Engagement Team
27/09/2024

Stockholm (HedgeNordic) – A month after expanding its portfolio management team with a fourth portfolio manager, Rhenman & Partners is now strengthening its client-facing team. The healthcare-focused asset manager has appointed Mattias Hagen as Investor Relations Director, joining Erica von Bahr and Tom Josephson in their efforts to engage with investors.

Hagen joins from Carnegie Fonder, where he worked in institutional sales since early 2022. His previous experience includes roles as sales director for the Nordic region at Invesco and executive director at Goldman Sachs. His early career saw him working as a fund analyst at Skandia for more than seven years before moving to SEB Wealth Management, where he spent a decade in various roles, including as Head of Manager Research.

“It is very exciting and inspiring to join Rhenman & Partners. I see them as one of the Nordic region’s strongest niche asset managers,” Mattias Hagen comments on joining Rhenman & Partners. “I look forward to being a part of the continued development of the firm.” His recruitment is one of several key hires at Rhenman & Partners this year. Earlier in 2024, Tom Josephson joined the firm’s investor relations team, and in September, Camilla Oxhamre Cruse joined the investment team as a biopharma-focused portfolio manager. Hagen will assume his new role in October, based out of the firm’s Stockholm office.

“It is very exciting and inspiring to join Rhenman & Partners. I see them as one of the Nordic region’s strongest niche asset managers.”

Mattias Hagen

“We are very pleased that Mattias is joining Rhenman & Partners. His broad skill set and experience make him a strong addition to our organization,” says Teresa Isele, CEO of Rhenman & Partners. Mattias will be an important part of our contacts with investors, both in Sweden and internationally.”

“We are very pleased that Mattias is joining Rhenman & Partners. His broad skill set and experience make him a strong addition to our organization.”

Teresa Isele, CEO of Rhenman & Partners.

Rhenman & Partners manages the Rhenman Healthcare Equity L/S, a long-biased long/short equity fund focused on the healthcare sector. The fund is one of the largest long/short equity funds in the Nordic hedge fund industry, with €845 million in assets under management as of the end of September. Led by founder and CIO Henrik Rhenman since its inception in mid-2009, Rhenman Healthcare Equity L/S has achieved an annualized return of 16.8 percent for the share class reflected in the Nordic Hedge Index. The fund has gained 23.2 percent in the first eight months of 2024, placing it among the top-performing Nordic hedge funds this year. 

Rhenman & Partners Strengthening Their Ranks
20/08/2024

Stockholm (HedgeNordic) – Rhenman & Partners is expanding its portfolio management team with the addition of Camilla Oxhamre Cruse as the fourth portfolio manager, with a primary focus on pharmaceutical development companies. Starting in early September, Cruse will join the four-member investment team led by founder and CIO Henrik Rhenman.

Cruse has spent the last ten years in London, most recently as a senior healthcare analyst and assistant portfolio manager at Newton Investment Management. Her career also includes a seven-and-a-half-year tenure at William Blair & Company as a senior research analyst covering the global healthcare sector. Prior to her time in London, Cruse was a senior equity analyst at Carnegie Investment Bank in Stockholm, focusing on healthcare. She holds a master’s degree in biochemistry from Lund University, a doctorate in medicine from Karolinska Institute, and an MBA from Hawaii Pacific University in the United States.

“Camilla’s long international background and broad expertise in the medical field and her experience in the financial markets will be a strong addition to our organization.”

Henrik Rhenman, founder and CIO at Rhenman & Partners.

“We are very pleased that Camilla will become part of Rhenman & Partners,” says Henrik Rhenman, founder and CIO at Rhenman & Partners. “Camilla’s long international background and broad expertise in the medical field and her experience in the financial markets will be a strong addition to our organization,” he continues. “Camilla will work closely with the entire investment team, focusing on the biotech and pharmaceutical sub-sectors where we continue to see great potential.” 

“It is a company that I have followed for a long time and that has impressed me with its in-depth fundamental analysis in the healthcare sector, integrity and skillful management, which has led to a long track record of positive returns.”

Camilla Oxhamre Cruse

“I look forward to joining Rhenman & Partners,” comments Camilla Oxhamre Cruse. “It is a company that I have followed for a long time and that has impressed me with its in-depth fundamental analysis in the healthcare sector, integrity and skillful management, which has led to a long track record of positive returns,” she adds. “I am really pleased to become part of the team and to be able to contribute with my many years of analytical experience of the global pharmaceutical sector.”

Cruse will work alongside portfolio managers Kaspar Hållsten, Hugo Schmidt, and Amennai Beyeen, under the leadership of CIO Henrik Rhenman, to manage the Rhenman Healthcare Equity L/S fund. Since its launch in mid-2009, the fund has delivered an annualized return of 16.6 percent for the share class represented in the Nordic Hedge Index. The fund has gained 17.1 percent in the first seven months of 2024.

Rhenman’s Healthcare Fund Transitions to Article 8 Classification
23/05/2024

Stockholm (HedgeNordic) – Since its inception in mid-2009, the Rhenman healthcare fund has focused on investing in healthcare companies, which contribute to at least one of the UN Sustainable Development Goals following their official adoption early 2016. These companies provide products and services that promote growth in healthcare provision, drive advancements in medical treatments, and improve healthcare standards. Over the past year, the team at Rhenman & Partners has taken significant steps in formalizing and implementing its own ESG framework, tools, and processes. As a result, upon marking its 15th anniversary this May, the Rhenman healthcare fund has transitioned to become an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR).

“Rhenman & Partners has – since the start – worked to invest in a long-term sustainable and responsible manner,” says Karin Hjertén (pictured), who now serves as the Head of Sustainability at Rhenman & Partners alongside her role as Head of Communications. “Transitioning to Article 8 under SFDR does not imply a change in the overall investment strategy or investment philosophy,” she stresses. “It is rather the result of our work over the past year to leverage the portfolio managers’ deep sector and sub-sector knowledge and expertise to formalize and implement our own ESG framework, tools, and processes to support the investment team in executing the strategy.”

“Rhenman & Partners has – since the start – worked to invest in a long-term sustainable and responsible manner. Transitioning to Article 8 under SFDR does not imply a change in the overall investment strategy or investment philosophy.”

Karin Hjertén, Head of Communications and Head of Sustainability at Rhenman & Partners.

Moreover, this transition to Article 8 “also means that we will become even more transparent about our ESG work and how we promote positive social characteristics,” adds Hjertén. The Rhenman healthcare fund runs a long/short thematic equity hedge fund strategy exclusively focusing on the healthcare sector. While the long-biased equity hedge fund promotes social attributes, sustainable investments are not its primary focus, hence its classification as an Article 8 fund rather than an Article 9 fund. Under SFDR regulations, EU-marketed funds fall into one of three categories: “dark green” Article 9 funds, which prioritize sustainability or decarbonization; “light green” Article 8 funds, which advance one or more environmental, social, and governance objectives; and Article 6 funds, which lack specific ESG-related objectives.

“The companies in the portfolio either offer products or services or significantly invest in R&D that we believe contribute to achieving SDG 3: Good health and well-being.”

Hugo Schmidt, Portfolio Manager at Rhenman & Partners.

With 15 years of experience investing in the global healthcare industry, “the Rhenman healthcare fund’s sole focus is to invest in companies whose technology, research, services, etc., lay the foundation for the next generation of healthcare,” explains Hugo Schmidt, one of the three portfolio managers supporting founder and CIO Henrik Rhenman in managing the portfolio. “The companies in the portfolio either offer products or services or significantly invest in R&D that we believe contribute to achieving SDG 3: Good health and well-being,” emphasizes Schmidt. The fund’s focus, therefore, directly aligns with Sustainable Development Goal 3 (SDG 3), which aims to ensure healthy lives and promote well-being for all.

Rhenman Embracing Change Amid an Ever-Changing Healthcare Sector
17/04/2024

Stockholm (HedgeNordic) – The largest equity hedge fund in the Nordics with assets under management just shy of $1 billion, the Rhenman healthcare fund, is only months away from celebrating its 15-year anniversary. Employing a long-biased equity strategy in the healthcare sector, the fund steered by founder and CIO Henrik Rhenman has achieved an annualized return of about 17 percent since its inception. Having undergone a generational shift within both the portfolio management and operational teams, the healthcare-focused fund remains steadfast in its pursuit of capitalizing on the continued growth of the healthcare industry.

“It has been an exciting journey, to say the least. The early days were quite nerve-wracking though, to be honest,” Henrik Rhenman, the founder and CIO of Rhenman & Partners, reflects on the early days of the fund. “When we launched the fund back in 2009, we were still in the middle of the global financial crisis, the healthcare sector was out of favor and we saw a lot of volatility in those first few years,” he recalls. Yet, navigating through periods when the sector falls out of favor is an integral aspect of Rhenman’s long-term investment approach. “We are long-term investors, so we need to be tolerant during volatile times.”

“It has been an exciting journey, to say the least. The early days were quite nerve-wracking though, to be honest.”

Henrik Rhenman
Generational Shift and Sector Expertise

Rhenman & Partners has undergone a transformation in recent years, characterized by what Rhenman terms a “generational shift.” Teresa Isele assumed the role of CEO last year, bringing valuable expertise and injecting fresh energy into the team. “Teresa Isele has been a great addition to the team, and we are in a very exciting phase with lots of plans for the future,” notes Rhenman. The portfolio management team has also seen an infusion of new talent. Consisting of four members, the investment team operates under Henrik Rhenman’s oversight, who directs overall strategy and asset allocation and has the final say on all investment decisions. He collaborates with three portfolio managers – Kaspar Hållsten, Hugo Schmidt, and Amennai Beyeen.

The healthcare industry presents a multifaceted landscape for investors, with numerous sub-sectors requiring specialist knowledge to understand growth drivers and long-term prospects. “Although we operate within a specific sector, the company universe we cover is broad and complex,” Teresa Isele explains the rationale behind the sector focus of the investment team. “To ensure we are in a position to analyze the different areas of the healthcare sector, the team has been structured around the four main subsectors,” she elaborates. Each member of the investment team specializes in a distinct area, with Amennai Beyeen concentrating on biotechnology and pharmaceuticals, Hugo Schmidt on healthcare services, and Kaspar Hållsten on medical technologies.

“Although we operate within a specific sector, the company universe we cover is broad and complex.”

Teresa Isele

“The complexity of the healthcare sector is at an all-time high, and a laser-focused approach within its various subsectors is a necessity,” reiterates Kaspar Hållsten, a member of Rhenman & Partners since 2017. “The healthcare sub-sectors are highly disparate, with distinct and dissimilar characteristics,” he emphasizes. “This is what creates the need for specialization in respective sub-sectors.”

Formidable Force and Innovation

Adopting a bird’s-eye view of the industry, Hållsten underscores that “healthcare has expanded and has become a formidable force in the global economy.” The sector is one of the largest in the world, following closely behind information technology and financials. “The continued expansion of the sector will be fueled by megatrends, such as an aging global population, escalating medical needs, and an increase in healthcare expenditures,” predicts the portfolio manager. “We believe these trends should provide sustainable future growth for the sector.” Despite challenges such as access, affordability, and maintaining high-quality care, when viewed collectively, “these megatrends and challenges provide opportunities for us, as specialized healthcare investors, to find the disruptors and winners.”

“Healthcare has expanded and has become a formidable force in the global economy. The continued expansion of the sector will be fueled by megatrends…”

Kaspar Hållsten

“World demographics will continue to increase the rate of chronic diseases and obesity,” Hugo Schmidt reflects on the long-term factors influencing the healthcare industry. “Countries tend to spend more on healthcare the richer they get, in both absolute and relative terms, which should continue to be a tailwind for the sector,” he echoes Hållsten’s sentiment. New technologies and therapies will continue to solve unmet needs, considers Schmidt. While scientific innovation has been driving healthcare advancements for decades, the technological revolution in healthcare is still in its early stages. “Precision medicine, the rise of cell and gene therapies, robotic surgery and care models influenced by artificial intelligence are among the areas that we are excited about,” notes Schmidt.

“The sector has for a long time shown a remarkable ability to identify new treatments and solutions to improve quality of life for patients. We see many signs that this will continue.”

Amennai Beyeen

“The sector has for a long time shown a remarkable ability to identify new treatments and solutions to improve quality of life for patients,” highlights Amennai Beyeen, who spent 12 years at global healthcare company Novartis before joining Rhenman & Partners. “We see many signs that this will continue,” he emphasizes. “Right from the start, our focus has been on innovation. This means we have been particularly fond of the biotech segment with many small and mid-cap companies,” points out Henrik Rhenman. “Apart from exciting medical breakthroughs and strong financial results from many of these holdings, we have had more than 50 acquisitions in the fund – this is something we are pleased about.”

Sector Allocation

Rhenman’s healthcare fund maintains a highly diversified portfolio comprising about 100 holdings. However, a select dozen ‘high conviction’ ideas constitute around 40 percent of its long exposure, with the fund’s more diversified ‘core holdings’ bucket accounting for similar exposure. “To achieve superior results, we must be comfortable with taking concentrated bets where we have high conviction,” emphasizes Henrik Rhenman. Additionally, the fund maintains a diverse pool of fractional positions, ranging from 0.5 percent to one percent in portfolio weight, alongside a selection of candidate holdings. 

“High conviction holdings rarely have binary outcomes, whereas fractional positions are by nature stocks with higher risk and potential reward,” explains Beyeen. “We believe that our specialized knowledge of the sector makes us well positioned to assess, manage and take risk in both early and more mature companies.” This specialized sector expertise also informs Rhenman’s allocation decisions among sub-sectors. “Profit momentum, regulatory considerations and the perception of the stock markets participants risk sentiment are all factors that influence the sub-sector exposure decisions,” elaborates Kaspar Hållsten. Historically, biotechnology has dominated the fund’s allocation.  However, the more restrained macroeconomic environment in recent years led to a reduction in the allocation to this sub-sector.

“In the near term, interest rate policy will naturally influence the performance of healthcare stocks, particularly in the biotechnology sector, as their ability to secure external financing is dependent upon economic conditions.”

Hugo Schmidt

Indeed, there is a myriad of macroeconomic and non-macroeconomic factors impacting the pricing dynamics of healthcare stocks. “In the near term, interest rate policy will naturally influence the performance of healthcare stocks, particularly in the biotechnology sector, as their ability to secure external financing is dependent upon economic conditions,” argues Hugo Schmidt. “We would be amiss if we didn’t mention upcoming elections in the United States,” notes Schmidt. Given the dominance of the US market in the healthcare sector, healthcare policy changes and political leadership changes in the country are important for the sector. This election cycle, however, the political debate around the healthcare sector has been relatively subdued thus far.

Long-Term Prospects, Emerging Markets Exposure

However, these factors only represent short-term drivers of performance in the healthcare industry. Longer term, the healthcare industry exhibits promising potential, driven not only by trends in developed markets such as aging populations and technological advancements but also by the growing middle class and rising healthcare demand in emerging markets.

While the Rhenman fund allocates approximately 75 percent to the United States, and the remainder distributed across Europe and Asia, the fund is positioned to capitalize on the growth potential emanating from emerging markets. “Given that most companies in the US have broader exposure to emerging markets such as China, we believe we are in a good position to capitalize on that trend in the coming years,” argues Hållsten. “Today, we believe that the best way for the fund to get risk-adjusted exposure to emerging markets is through a careful selection of multinational companies.”

The outlook for the healthcare industry is promising, and Rhenman & Partners is well-positioned to capitalize on its potential. “We feel confident in our scientifically backed investment process,” concludes Beyeen. “The sector is ever-changing, and it is critical to keep pace with advances within the whole healthcare ecosystem.”

This advertorial is part of HedgeNordic’s Nordic Hedge Fund Industry Report.

Rhenman Welcomes Brummer & Partners Sales Veteran
26/03/2024

Stockholm (HedgeNordic) – After close to 18 years as an institutional sales professional at Brummer & Partners, Tom Josephson is set to join healthcare-focused asset manager Rhenman & Partners in June. Joining the ranks alongside Erica von Bahr, who is also part of the asset manager’s Investor Relations team, Josephson will focus on engaging with Nordic investors.

“We are very pleased that Tom is joining Rhenman & Partners,” announces Teresa Isele, CEO of Rhenman & Partners. “Tom’s solid background in the hedge fund industry as well as his extensive experience working with professional investors make him a great addition,” she adds. “He will be an important part in driving Rhenman & Partners’ development forward.”

“Tom’s solid background in the hedge fund industry as well as his extensive experience working with professional investors make him a great addition.”

Teresa Isele, CEO of Rhenman & Partners

Josephson joins Rhenman & Partners from Brummer & Partners, where he spent about 17 and a half years responsible for institutional investors in the Nordic region. At Brummer & Partners, he was responsible for developing new client relationships and managing existing ones to raise assets for a broad variety of hedge fund strategies and fund management companies under the Brummer & Partners umbrella. Throughout his career, he also worked at Nordea Investment Management, Goldman Sachs, Brown Brothers Harriman, and SEB.

“I am excited to join Rhenman & Partners,” comments Tom Josephson. “With their active management, they have proven that they can create attractive returns over time in a very interesting and growing sector,” he continues. “I look forward to being part of the team and to continue to build relationships with investors in the Nordics.”

“I am excited to join Rhenman & Partners.”

Tom Josephson

Rhenman & Partners manages Rhenman Healthcare Equity L/S, a healthcare-focused long-biased long/short equity fund. The fund stands out as one of the largest individual hedge funds in the Nordic hedge fund industry, with €877 million in assets under management as of the end of February. Led by founder and CIO Henrik Rhenman since its inception in mid-2009, Rhenman Healthcare Equity L/S has achieved an annualized return of 16.6 percent for the share class reflected in the Nordic Hedge Index. Rhenman manages the fund alongside a team of three portfolio managers – Kaspar Hållsten, Hugo Schmidt, and Amennai Beyeen – each specializing in different healthcare sub-sectors.

Rhenman & Partners Elevates Analysts to Portfolio Managers
01/02/2024

Stockholm (HedgeNordic) – Healthcare-focused asset manager Rhenman & Partners has promoted its two analysts, Hugo Schmidt and Amennai Beyeen, to the position of Portfolio Managers. The freshly promoted portfolio managers oversee the asset manager’s healthcare-focused long-biased equity hedge fund alongside portfolio manager Kaspar Hållsten and Henrik Rhenman, who serves as the CIO.

“I am excited to announce the promotions of Hugo Schmidt and Amennai Beyeen to Portfolio Managers at Rhenman & Partners,” Henrik Rhenman, co-founder and CIO at Rhenman & Partners, expresses his enthusiasm for the promotions. “Hugo and Amennai both have a deep understanding of the healthcare market, its dynamics and trends. Their commitment to their work and how they strive to find today’s and future winners within the space is remarkable, so these promotions are very well deserved by both.”

“I am excited to announce the promotions of Hugo Schmidt and Amennai Beyeen to Portfolio Managers at Rhenman & Partners.”

Henrik Rhenman

Each of the three portfolio managers specializes in different healthcare sub-sectors. Kaspar Hållsten focuses on the MedTech sub-sector, while Hugo Schmidt’s main responsibility lies in the Health Services sub-sector. Amennai Beyeen, with 12 years of experience at global healthcare company Novartis, is responsible for the Biotech and Pharma sub-sectors. The investment team is led by co-founder and CIO Henrik Rhenman.

Under Henrik Rhenman’s helm as CIO, Rhenman & Partners has been running Rhenman Healthcare Equity L/S since its inception in mid-2009. Employing a long-biased long/short equity approach to investing in the global healthcare industry, Rhenman Healthcare Equity L/S has delivered an annualized return of 16 percent since inception through the end of 2023. With €815 million in assets under management as of the end of December, Rhenman Healthcare Equity L/S ranks as one of the largest individual hedge funds in the Nordic hedge fund industry.

Susanna Urdmark to Depart Rhenman & Partners
21/06/2023

Stockholm (HedgeNordic) – Susanna Urdmark, co-head and senior portfolio manager of long-biased long/short equity fund Rhenman Healthcare Equity L/S, is leaving Rhenman & Partners after a six-year tenure with the firm. She will be stepping down from her role during the summer to pursue other opportunities.

“Susanna Urdmark, Co-head and senior fund manager, has decided to leave the firm after six years to pursue other opportunities,” announces the team at Rhenman & Partners. “I would like to thank Susanna for her important contribution to the fund’s successful development, and wish her all the best on the journey ahead,” says Henrik Rhenman, the founder and CIO of Rhenman & Partners. Rhenman has co-managed Rhenman Healthcare Equity L/S alongside Urdmark since she joined the asset manager in mid-2017.

“I would like to thank Susanna for her important contribution to the fund’s successful development, and wish her all the best on the journey ahead.”

Prior to joining Rhenman & Partners in May 2017, Susanna Urdmark held the position of CFO of Bluefish Pharmaceuticals, a Swedish pharmaceutical company that manufactures medical generics, for nine and a half years. She also served as a portfolio manager of Handelsbanken Asset Management’s Global Healthcare Fund and worked as a sell-side senior equity analyst covering Nordic pharma and biotech companies for Handelsbanken Capital Markets. She started her career in corporate finance at Carnegie Investment Bank before pursuing an MA in Medical Sciences at Boston University School of Medicine.

Rhenman Healthcare Equity L/S, a healthcare-focused long-biased equity hedge fund launched in mid-2009, has achieved an annualized return of 16.2 percent. With €827 million in assets under management, the fund will continue to be managed by a team of four led by Henrik Rhenman, who is supported by portfolio manager Kaspar Hållsten, as well as analysts Hugo Schmidt and Amennai Beyeen.

Healthcare Combines Defensive and Opportunistic Growth Attributes
12/04/2023

Stockholm (HedgeNordic) – The healthcare sector has long been considered a reliable defensive sector in a portfolio. 2022 was a case in point. The sector’s defensive qualities stem from the stable and growing demand for its products and services almost regardless of how the broader economy develops. The sector also combines its near-term defensive characteristics with longer-term growth attributes coming from long-term secular tailwinds such as rising standards of living and an aging population.

“People get ill independent of economic environment. Both chronic and acute illnesses have to be addressed no matter the economic outlook,” explains Susanna Urdmark, co-chief portfolio manager at Rhenman & Partners. “This creates a floor of stability for the industry that absorbs some volatility throughout economic cycles,” she elaborates on the industry’s defensive attributes.

“People get ill independent of economic environment. Both chronic and acute illnesses have to be addressed no matter the economic outlook.”

The industry’s growth attributes, meanwhile, come from a range of factors such as innovation, and product development, among others in response to secular trends such as aging populations. “Demographic trends support the continued volume growth of the industry and also the need for innovative therapeutics and technologies, which we believe will translate into incremental value creation,” argues Urdmark. “Part of our job is to look for companies and sectors that create additional growth and contribute to that incremental value creation.”

Different Dynamics Across Sub-Sectors

The broader healthcare industry is made up of multiple sub-sectors that do not move in tandem and form a desynchronized ecosystem. Each sector can be affected differently by rising interest rates, labor costs, supply chain issues, economic slowdowns, or other macroeconomic trends. Flexible and active asset managers with expertise in the industry can incorporate these dynamics into building a portfolio that maximizes the industry’s defensive nature, while also positioning for growth as economic conditions improve. “Healthcare as a whole is quite a diversified sector and the different areas can perform differently in various economic environments,” explains Urdmark.

“Healthcare as a whole is quite a diversified sector and the different areas can perform differently in various economic environments.”

“We have the possibility to allocate capital into different sub-sectors to a different degree over time depending on our top-down market assessment,” elaborates Urdmark. Individual sub-sectors were impacted in different ways by last year’s economic environment. “Most companies have been able to adjust their pricing to compensate for inflation on the cost side,” says Urdmark. Although the healthcare sector as a whole is not that highly valued, the higher interest rates as a result of central banks’ efforts to combat inflation primarily impacted the valuations of richly valued companies, according to Urdmark.

Cautious Stance

While the long-biased healthcare-focused fund under the umbrella of Rhenman & Partners tends to invest in smaller, higher growth-oriented companies over time, “last year we started to have a more ‘wait and see’ attitude, waiting for better times” by investing in more boring, larger-cap stocks with defensive qualities, according to Henrik Rhenman.

As Urdmark explains, small-cap biotech companies are the most vulnerable to slowing economic growth and rising rates, as these companies rely on capital markets to sustain future development. Rising rates and risk-off sentiment can put funding at risk. “After the banking crisis in March, the loss-making smaller-cap companies are struggling the most, as there is an increased risk to face difficulties in raising funds going forward.”

“Last year we started to have a more ‘wait and see’ attitude, waiting for better times.”

“Adjusting the allocation between different sub-sectors is just one tool that we have available to us,” says Urdmark. The team running Rhenman’s healthcare fund can also adjust the gross and net equity exposure as market conditions change. “When the Ukraine war started last February, we decided to lower our gross and net exposure because we were not sure what was going to happen,” recalls Henrik Rhenman, the founder of Rhenman & Partners. “It was genuine uncertainty and we have not come out of that somewhat more cautious positioning.”

“We reduced our exposure, not because of the implications of the war itself on the broader economy, but because the war broke out in the early stages of a broad-based recovery that was hindered by inflation and interest rates,” explains Rhenman. “As long as we are not super convinced that we have a full recovery, we will continue to maintain a more cautious stance with a lower exposure.” The team, however, is on the lookout for signs of improving market conditions to re-position the portfolio. “You certainly want inflation down! As inflation comes down, interest rates go down, equity premiums go down, growth prospects go up and financing issues become more predictable.”

Learnings from COVID-Years and Most Exiting Areas

From a top-down perspective, the long-term drivers that have supported the healthcare sector over decades – aging populations, growing spending on healthcare, and technological innovations – remain largely unchanged. The coronavirus pandemic, in particular, proved the ability of the healthcare sector to innovate and create value for society and investors. “We always knew that there was this room for innovation in the healthcare industry,” says Susanna Urdmark. “What surprised us was the speed by which that innovation happened with the speedy development of the vaccines, the antivirals, and other therapies that helped patients.”

“We always knew that there was this room for innovation in the healthcare industry.”

“Perhaps an even greater achievement was the fact that these companies could maintain focus on the other development programs as well,” emphasizes Urdmark. “All other development programs did not come to a complete stop when the focus was put on developing treatments needed to deal with the acute situation coming from the pandemic,” she elaborates.

One area of the healthcare sector that experienced a huge leap of innovation in recent years has been obesity treatment. Eli Lilly, Amgen, and Pfizer are just some of the companies aiming to compete with Danish insulin producer Novo Nordisk in a new generation of weight-loss drugs. “We have about ten percent of the fund’s exposure towards obesity treatment,” points out Rhenman.

“Since the beginning of the year, we have told our investors that this is the year we should keep our eyes on what is going on in obesity and Alzheimer’s as several new launches are lined up in these areas,” says Urdmark. Obesity treatment, for instance, has a huge addressable market “with a great medical need, very few treatment options in existence, and an abundance of new clinical data that will be presented throughout the year,” she elaborates. The obesity treatment market is expected to grow from a $2.4 billion category in 2022 to $54 billion by 2030, according to Morgan Stanley Research. “We are very encouraged by the determination of the industry to continue to innovate even in the most difficult situations.”

 

This article features in HedgeNordic’s Nordic Hedge Fund Industry Report.

Teresa Isele Starts CEO Journey at Rhenman & Partners
13/03/2023

Stockholm (HedgeNordic) – Teresa Isele has embarked on her role as CEO of Rhenman & Partners Asset Management as of this week. Healthcare-focused asset manager Rhenman & Partners announced the appointment of Isele in late 2022 as a replacement for co-founder and now-former CEO Göran Nordström, who retired at the age of 69.

“We are thrilled to welcome Teresa Isele (pictured left) as our new CEO on her first day,” the team at Rhenman & Partners announces on LinkedIn. “Teresa will focus on the company’s development both in Sweden and internationally, working closely with the board and all employees in Rhenman & Partners’ Stockholm office.”

“We are thrilled to welcome Teresa Isele as our new CEO on her first day.”

Most recently, Isele served as the CEO of SwedSec, which provides a licensing system for employees within the Swedish financial services industry. Before SwedSec, she spent about six years at AP1, Första AP-fonden, in various roles including Chief Administrative Officer, acting CEO, general counsel and head of compliance. She also served as a lawyer at EQT for four years and law firm Vinge for an additional two years.

Rhenman & Partners has been running a healthcare-focused long-bised equity hedge fund, Rhenman Healthcare Equity L/S, since mid-2009. The fund’s main share class (IC1 EUR) has generated an annualized return of 16.4 percent since June 2009. “Rhenman & Partners is well equipped for the future despite a challenging macro environment,” Teresa Isele said in October last year in a press release announcing her appointment as CEO. “I look forward to continuing the development of the business together with the highly competent employees.”

Rhenman & Partners Boosts Biopharma Expertise
20/12/2022

Stockholm (HedgeNordic) – Rhenman & Partners is expanding its five-person investment team with the hiring of Amennai Beyeen as a biopharma analyst. He joins from global healthcare company Novartis.

“We are very happy to welcome Amennai to Rhenman & Partners,” says Henrik Rhenman, co-founder and CIO at Rhenman & Partners. “Amennai’s strong background and competence from the world of research, and his experience of pharmaceutical companies where he has been able to closely follow processes from idea to finished product make him a very good addition to our investment team.”

“We are very happy to welcome Amennai to Rhenman & Partners.”

Amennai Beyeen has worked for about 12 years at Novartis, focusing on the development and launch of new drugs. He also holds a doctorate in neuroimmunology from Karolinska Institutet in Stockholm. Beyeen will join the five-person investment team running the healthcare-focused equity hedge fund Rhenman Healthcare Equity L/S. He will have a particular focus on biopharma companies and the development of new drugs and treatments.

“It is very exciting to start at Rhenman & Partners,” Amennai Beyeen comments on joining the Swedish healthcare-focused asset manager. “I am extremely impressed by the team’s deep knowledge of the healthcare sector as well as the fund’s versatile investment process, which is reflected in its strong results over the years,” he continues. “I look forward to joining this competent team and contributing with my experience from the life science sector.”

Rhenman & Partners Asset Management has been running its long-biased equity hedge fund with an exclusive focus on healthcare since mid-2009, delivering an annualized return of 17.3 percent through November 2022. The fund’s main share class (IC1 EUR) edged down 1.6 percent in the first 11 months of this year. Rhenman Healthcare Equity L/S oversees €923 million in assets under management.

CEO Succession at Rhenman & Partners
03/10/2022

Stockholm (HedgeNordic) – Rhenman & Partners Asset Management has appointed Teresa Isele as its new CEO to replace co-founder and current CEO Göran Nordström, who is retiring at the age of 69. Isele currently serves as the CEO of SwedSec and will assume her role as CEO of Rhenman & Partners in March next year.

Most recently, Isele has been serving as the CEO of SwedSec, which provides a licensing system for employees within the Swedish financial services industry. Before SwedSec, she spent about six years at AP1, Första AP-fonden, in various roles including acting CEO, general counsel and head of compliance. She also served as a lawyer at EQT for four years and law firm Vinge for an additional two years.

“We are very happy to welcome Teresa to Rhenman & Partners in the role of CEO.”

“We are very happy to welcome Teresa to Rhenman & Partners in the role of CEO,” announces Hans Wigzell, chairman of the board of Rhenman & Partners Asset Management, in a press release. “Her impressive background and expertise in the areas of both law and finance means she is well suited to lead the development work for Rhenman & Partners Asset Management going forward,” he continues. “I would also like to take this opportunity to thank outgoing CEO Göran Nordström for his invaluable contribution during Rhenman & Partners’ first 14 years,” Wigzell comments on Göran Nordström’s retirement.

“I am proud to be joining the team at Rhenman & Partners. Since the start of their journey in 2008, they have managed to create impressive results within the healthcare sector through their unique way of working, which has been recognized by numerous awards within the fund industry,” comments Teresa Isele, the incoming CEO of the Swedish asset manager running healthcare-focused equity hedge fund Rhenman Healthcare Equity L/S. “Rhenman & Partners is well equipped for the future despite a challenging macro environment. I look forward to continuing the development of the business together with the highly competent employees.”

Rhenman & Partners Asset Management has been running its long-biased equity hedge fund with an exclusive focus on healthcare since mid-2009, delivering an annualized return of 17.3 percent through August 2022. The fund’s main share class (IC1 EUR) edged down 6.2 percent in the first eight months of this year. Rhenman Healthcare Equity L/S oversees €910 million in assets under management.