1. finance
2. investing
3. funds
4. hedge fund

Rhenman & Partners Fund –
Rhenman Healthcare Equity L/S
Hälso- och sjukvårdssektorn och emerging markets
•
Oberoende prognoser ser en årlig stadig tillväxt på 5% på hälso- och
sjukvårdssektorn (ca 12% vikt i ett globalt index)
•
Hög innovationstakt och färre patentutgångar ger branschen medvind (!)
•
Makroekonomiskt en gynnsam miljö för sektorn som investering: blygsam
global tillväxt ger låga räntor och investorer söker ”growth” (ej cykliskt)
•
Sektorn erbjuder många delsektorer som inte alltid behöver samvariera vilket
ökar möjligheterna att diversifiera (läkemedel, bioteknik, medicinsk teknik och
service)
•
Emerging markets blir en allt viktigare drivkraft för den globala hälso- och
sjukvårdsmarknaden
2
Förvaltarteam
Henrik Rhenman, Chief Investment Officer
/ Founding Partner (born 1957)
Over 20 years of portfolio management experience
1999 – 2008
1997 – 1999
1991 – 1997
1988 – 1991
1978 – 1988
Founder and Chief Investment Officer, Carnegie
Healthcare Funds, Carnegie Investment Bank
Managing Director, Portfolio Manager, SG Cowen, Boston
Portfolio Manager, SEB Pharmaceutical Fund
Head of Research, Head of Asset Management, Hagströmer & Qviberg
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
3
Enastående avkastningshistorik - #1 i världen
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 %
The period above reflects the period from fund inception until Henrik’s
resignation from Carnegie in (beginning of) May in 2008
1) January
1999 (inception) - Apr 2008
Source: Bloomberg
4
Rhenman Healthcare Equity Long/Short Fund
•
Fundamental inställning stöds av ett Vetenskapligt Råd
•
Global hedgefond med positiv grundsyn (nettoexponering normalt 70-150%)
•
Fokuserad strategi: endast hälso- och sjukvårdssektorn, oberoende av index
•
Enastående avkastningshistorik
•
Årligt mål på nettoavkastningen >12%
5
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.
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.
6
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
of 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
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.
7
Fondens egenskaper
•
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 vård
– 1/3 vardera i små, medelstora och stora bolag
•
Portföljbolags börsvärde > 200 miljoner USD (med sällsynta undantag)
•
Kassaflödespositiva bolag är dominerande (vanligtvis 80%)
•
Långsiktig placeringhorisont, men med aktiv handel
8
Rhenman Healthcare Equity L/S
IC1 EUR
(efter avgifter)
YTD 2013 (Augusti)
+ 41 %
2012
+ 18 %
2011
+ 10 %
2010
+8%
2009
+ 13 %
Sedan start (juni 22, 2009)
+ 124 %
9
Rankad#1 i EuroHedge
Ranked #1 among 44 global hedge funds in
the category ”Global Equity EUR” based on
the fund’s annualised performance since
inception, +16.64% (for funds with at least
3 years performance)
Ranked #1 based on the fund’s
performance for the last 12 months,
+23.69%
Ranked #1 based on the fund’s
performance YTD 2013, +12.08%
Source: EuroHedge March 2013
Fund name
Rhenman Healthcare Equity Long/Short Fund
Brummer & Partners Zenit Fund
Egerton European Equity Fund Class C
Egerton European Equity Fund Class B
Egerton European Equity Fund Class A
Lansdowne Developed Markets Fund-EUR
Marshall Wace-MW Eureka Fund Class A1-EUR
Parus Fund-EUR
Horseman Global Fund Ltd-EUR
Lansdown Global Financials-EUR
AAM Absolute Return Fund-NOK
Feb-13
5.44%
0.45%
3.34%
3.25%
2.82%
2.39%
1.04%
-0.64%
3.73%
-0.37%
-2.34%
GLG Financials Fund Class D-EUR
Carnegie WorldWide Long/Short Fund
Frontwave Capital Limited
-0.01%
2.30%
0.26%
5.91%
9.45%
3.84%
1.91%
3.53%
0.28%
9.40%
9.32%
9.17%
jun-02
jun-03
mar-10
GLG Technology Fund Class D-EUR
Parus Fund-CHF
Jabcap Global Balanced Fund Class E
Farringdon Alpha One
4.42%
-0.68%
0.43%
-0.45%
6.02%
7.69%
14.63%
9.48%
0.43%
1.32%
6.61%
1.71%
9.09%
8.89%
8.63%
8.38%
jun-02
dec-09
may-07
dec-06
RAB Energy Fund-Class A
RAM one
Trafalgar Capital-Trafalgar Trading Fund Inc (institutional)-EUR
AlphaGen EtaCas Class B-Eur
RAM one (Cayman) Ltd
LOYS Global MH
Noster Global Value Fund
Inflection Point Investment-EUR
Sector Maritime Investment-NOK
Martin Currie ARG Global Resources Fund-EUR
Top Crystal Fund
Hedgersel
Sector Maritime Investment-EUR
Strategic Global Innovation Fund-EUR
Tenax Financial Fund-Class A
Alkimis Capital
BlackRock Natural Resources Hedge Fund-EUR
RAB Octane Fund-Class C
Focus Global Fund I
Gondwana Fund-EUR
Marathon Sub-fund 01
Tenax Financial Fund-Class D
Vitava Fund SICAV
Adriza Global FIL
CopperTree Mustang Fund Ltd-EUR
RAB Special Situations-EUR
-2.94%
0.28%
4.57%
0.12%
-0.33%
0.50%
2.06%
3.91%
-2.14%
-3.58%
-1.48%
0.46%
-2.34%
-0.58%
-0.37%
0.55%
-1.08%
-4.00%
2.30%
-3.18%
1.28%
-0.36%
-0.48%
0.09%
-1.90%
-4.60%
-21.87%
5.92%
5.42%
1.48%
4.93%
10.50%
-5.72%
12.89%
-13.41%
-9.10%
10.37%
2.06%
-13.52%
2.33%
-2.76%
5.30%
-18.95%
-24.22%
-2.42%
-4.46%
0.03%
-2.76%
-1.93%
10.06%
-9.59%
-42.02%
-2.83%
1.92%
16.72%
2.03%
1.89%
5.04%
2.72%
9.01%
-0.96%
-2.13%
1.20%
0.07%
-0.60%
2.72%
2.47%
1.91%
-0.76%
1.74%
3.22%
-1.85%
2.51%
2.48%
2.01%
3.09%
-6.62%
-2.93%
7.20%
6.26%
5.93%
5.70%
5.65%
5.24%
5.21%
4.85%
4.85%
4.38%
4.30%
3.88%
3.88%
3.44%
2.69%
2.44%
2.35%
1.94%
1.92%
1.67%
1.10%
-1.33%
-1.54%
-1.56%
-4.60%
-14.12%
jun-04
nov-02
jan-08
dec-05
sep-07
feb-06
mar-08
jul-07
dec-99
jan-05
oct-09
jun-03
dec-99
jun-08
jan-05
dec-09
dec-03
may-05
feb-01
jul-03
may-08
jun-08
sep-04
oct-07
jun-06
feb-05
Source: EuroHedge March 2013
10
Last 12 months
YTD
23.69%
12.08%
6.89%
-0.32%
13.45%
6.52%
13.08%
6.35%
11.59%
5.48%
15.62%
7.64%
10.95%
4.96%
8.56%
1.46%
15.29%
2.43%
12.18%
3.28%
4.29%
-4.18%
Annualised Compound Inception Date
16.64%
jun-09
16.08%
jun-96
14.74%
sep-94
14.50%
sep-94
14.37%
sep-94
13.48%
aug-01
13.26%
jan-98
13.02%
jan-02
12.89%
feb-01
11.77%
jul-04
9.55%
dec-05
Nordic Hedge Award
Det ursprungliga urvalet för Nordic Hedge Award bestod av cirka 130 fonder, vars förvaltare, förvaltarbolag eller fond har
sin hemvist i Norden. Fem fonder nominerades inom vardera sju olika kategorier av förvaltarstilar, där sedan en jury
bestående av sex branschexperter röstade individuellt för att avgöra den slutliga rangordningen inom respektive
förvaltarstil. Arrangör: Nordic Business Media, ägare av HegdeFonder.nu och HedgeNordic.com
11
Hälso- och sjukvårdskostnader som andel av BNP, 19602009
%
20
18
16
Canada
14
Japan
12
United Kingdom
United States
10
OECD
8
6
4
2
Source: OECD Health Data 2011
12
2008
2005
2002
1999
1996
1993
1990
1987
1984
1981
1978
1975
1972
1969
1966
1963
1960
0
Hälso- och sjukvårdskostnaderna ökar uppskattningsvis
dubbelt så snabbt som den årliga tillväxten i BNP, 2000-2009
Annual average growth rate in real health
expenditure per capita (%)
12
SVK
10
KOR
8
POL
GRC
IRL
TUR
6
CZE
GBR
DNK
MEX
ITA
ESP
FIN
CANNOR
SWE
USA
FRA
DUE
CHE
NLD
OECD
SVN
AUS
JPN
AUT
ISR
CHL
NZL
BEL
4
2
EST
HUN
ISL
PRT
LUX
0
-1
0
1
2
3
4
5
Annual average growth rate in real GDP per capita (%)
Source: OECD Health Data 2011
13
6
Prognos potentiella hälso-och sjukvårdkostnader 2040
Source: World Economic Forum 2012
14
Hälso- och sjukvårdskostnader som andel av BNP, 2011
%
Health expenditure, % of GDP
0.20
0.18
0.16
0.14
0.12
0.10
0.08
0.06
0.04
0.02
0.00
Source: The World Bank, 2013
15
Hälso- och sjukvårdssektorn överavkastning 1995-2013
16
Biotech överavkastar långsiktigt
17
Biotech har extrema möjligheter, ex. Biogen
18
AZN kort, kort position
19
Healthcare är starkt
Per 130829, the iShares S&P Global Healthcare Sector Index Fund is a subset of the
Standard & Poor's Global 1200 Index.
20
Bästa sektor globalt 2013
Per 130829, the iShares S&P Global Healthcare Sector Index Fund is a subset of the
Standard & Poor's Global 1200 Index.
21
Roche: Multipelexpansion
22
Johnson & Johnson: P/E – tal över tiden 1979-2013
23
Peaken på patentutgångar är passerad
Source: Citi
24
Emerging markets
• Bidraget betydelsefullt till den globala hälso- och
sjukvårdsmarknaden
• Expansion av statliga sjukförsäkringar är ett viktigt tema.
Kina, Ryssland och Brasilien är särskilt viktiga
• Ökad BNP, kroniska sjukdomar, tillgång till sjukvård, demografi,
är viktiga makrotrender som stödjer efterfrågan
• Kina ställer om från infrastrukturinvesteringar till konsumtion.
Prioriterade områden: Hälsovård, miljö och utbildning
25
Emerging Markets det stora bidraget till tillväxt i sektorn
Source: Citi
26
UBS prognos för den globala läkemedelsmarknaden
Health, WHO, IMF, US Census Bureau, Bureau of Labor Statistics, US Patent and Trademark Office, UBS (with permission)
27
Emerging markets (E7) stora bidrag till tillväxten
28
E7 ökning av försäljning 2008-2020, Kina största bidragsgivare
29
Emerging Markets – Kina den viktigaste marknaden
China Total Healthcare Expenditure
700
600
USD, bn
500
400
300
200
100
0
2008A
2009A
2010A
2011A
2012E
Source: KMPG et al.
30
2013E
2014E
2015E
2016E
Generika är halva marknaden i emerging markets
31
Emerging Markets har betydelse för företagens resultat
32
Stark ökning av diabetes förekomst i Asien
33
Diabetes – kraftig ökning Emerging markets
34
Novo Nordisk
35
Fem frågetecken vi kommer att få leva med
- Kommer en Grand Bargain i USA påverka läkemedelsindustrin?
- Generella prisreduktioner i Europa på Orphan Drugs?
- Ny våg av oro för biogenerika om ett par år?
- Kommer Kina att etablera sig på allvar inom bioteknik?
- När kommer konkurrensen att öka till följd av det stora antalet
nya moderna mediciner?
Varför 2013 sannolikt blir ett bra år för sektorn
•
•
•
•
•
•
•
•
•
”As January goes so goes the year”
Innan året är över har budgetfrågorna fått sin lösning!
Healthcare har All Time High, dvs ”breaking out”
Macroekonomiskt en gynnsam miljö; lagom låg tillväxt
Låga värderingar (JNJ P/E 15.6)
Hög innovationstakt och färre patentutgångar
Fortsatt stark tillväxt i emerging markets och Europa stabiliseras
Obamacare implementeras 2014!
”Utilization” i USA kommer att successivt stiga
37
Månadsbrev -Månadsmöte
Du som vill ha vårt månadsbrev kontakta mig, [email protected] eller
[email protected]
Vi har ett möte varje månad, First Thursday med Henrik Rhenman och Henrik
Mitelman där inbjudan sker via månadsbrevet, hjärtligt välkommen!
Har du frågor om fonden, kontakta mig, [email protected] eller mobil
0703-744 320.
38
Rhenman Healthcare Equity L/S
Appendix
39
Kapital under förvaltning
40
Fond fakta
Base currency:
EUR, no hedge
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
Benchmark:
Euribor 90D
41
Struktur
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):
Investment Manager:
SEB Fund Services S.A.
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)
42
Risk management
Liquidity constraints
Individual equity positions maximum 25% of ADV (average daily volume) for 75%
of portfolio
Stop-loss
After -6% NAV in a single month => reduce risk
VAR (Value at Risk)
Target max 3%/day (95% confidence interval)
43
En fond- flera fondklass alternativ
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
EUR
2 500
No minimum
2.00%
20%
Euribor 90D
Quarterly, collective
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
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, EUR
Retail, EUR
Class RC1 (EUR)
Institutional, SEK
Retail, SEK
44
Disclaimer
Rhenman Healthcare Equity L/S Fund, “the Fund” is not an investment fund as defined in the European
By accessing and using the http://rhepa.com/ website and any pages thereof, you acknowledge that you
Union directives relating to undertakings for collective investment in transferable securities (UCITS). Legal have reviewed the following important legal information and understand and agree to the terms and
information regarding Fund is contained in the Prospectus and the KIID, available at Rhenman & Partners conditions set therein. If you do not agree to the terms and conditions in this disclaimer, do not access or
Asset Management AB (Rhenman & Partners) webpage: http://rhepa.com/the-fund/prospectus/.
use http://rhepa.com/website in any way.
This material has been prepared by Rhenman & Partners for professional and non-professional investors. Products and services described herein are not available to all persons in all geographical locations.
Rhenman & Partners when preparing this information has not taken into account any one customer’s
Rhenman & Partner will not provide any such products or services to any person if the provision of such
particular investment objectives, financial resources or other relevant circumstances and the opinions and services could be in violation of law or regulation in such person's home country jurisdiction or any other
recommendations herein are not intended to represent recommendations of particular investments to
related jurisdiction. The units of the Fund may not be offered or sold to or within the United States or in
particular customers. This material is for informational purposes only and should not be construed as an any other country where such offer or sale would conflict with applicable laws or regulations.
offer or solicitation to sell or buy units the Fund.
In no event, including (but not limited to) negligence, will Rhenman & Partner be liable to you or anyone
All securities' transactions involve risks, which include (among others) the risk of adverse or unanticipated else for any consequential, incidental, special or indirect damages (including but not limited to lost profits,
market, financial or political developments and, in international transactions, currency risk. There can be trading losses and damages).
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
The sole legally binding basis for the purchase of shares of the Fund described in this information is the
investors. It is possible that an investor may lose some or all of its investment. The past is not necessarily a latest valid sales prospectus with its terms of contract. Subscriptions cannot be received on the basis of
guide to the future performance of an investment. The value of investments may fall as well as rise and financial reports.
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.
45