- Advertisement -

Related

Sticking to the Core

- Advertisement -

Stockholm (HedgeNordic) – Stockholm-based asset manager Rhenman & Partners, best known for its healthcare-focused fund Rhenman Healthcare Equity L/S, has put its second vehicle, Rhenman Global Opportunities L/S, into liquidation. The fund managed by Staffan Knafve has struggled to step out of the shadows of its multiple-award-winning sister fund since launching in September of 2016.

“Rhenman Global Opportunities L/S is put in liquidation and capital is returned to investors,” according to an announcement by Rhenman & Partners. “The decision to liquidate the sub-fund Rhenman Global Opportunities L/S is primarily because the value of the sub-fund’s total net assets is deemed to be the minimum level for the sub-fund to be operated in an economically efficient manner,” writes a notice to the unitholders of Rhenman Global Opportunities L/S. The fund had SEK 64 million or a little over €6 million under management at the end of October. “In addition, the preconditions for raising capital to the sub-fund are not deemed to be in place,” according to the notice to unitholders.

“Rhenman Global Opportunities L/S is put in liquidation and capital is returned to investors.”

After booking a 25.2 percent-return for 2019, Rhenman Global Opportunities L/S fell by 23 percent year-to-date through the end of October. The retail share class of the high-conviction global long/short equity fund accumulated a cumulative loss of about 20 percent since launching in 2018 through October of this year. Rhenman Global Opportunities L/S relied on a strategy combining a fundamental top-down approach with thorough bottom-up analysis to build a relatively concentrated portfolio of 40 positions. The fund used to maintain a long-bias with a net market exposure in the range of 50 percent to 90 percent.

“A final NAV-calculation for Rhenman Global Opportunities L/S will take place on December 4,” writes the notice to unitholders. “Liquidation proceeds will be transferred to each relevant unitholder on December 7,” the notice adds. “With this note we want to thank all investors who have been invested in Rhenman Global Opportunities L/S.”

“With this note we want to thank all investors who have been invested in Rhenman Global Opportunities L/S.”

Following this fund liquidation, Rhenman & Partners continues to run the strong-performing healthcare-focused, long-biased long/short equity fund, Rhenman Healthcare Equity L/S. The fund managed by Susanna Urdmark and Henrik Rhenman has generated an annualized return of almost 19 percent since launching in mid-2009 through the end of October this year.

Subscribe to HedgeBrev, HedgeNordic’s weekly newsletter, and never miss the latest news!

Our newsletter is sent once a week, every Friday.

Eugeniu Guzun
Eugeniu Guzun
Eugeniu Guzun serves as a data analyst responsible for maintaining and gatekeeping the Nordic Hedge Index, and as a journalist covering the Nordic hedge fund industry for HedgeNordic. Eugeniu completed his Master’s degree at the Stockholm School of Economics in 2018. Write to Eugeniu Guzun at eugene@hedgenordic.com

Latest Articles

Nordic CTAs Bounce Back as Trends Strengthen

The NHX CTA Index rebounded strongly in August, supported primarily by gains in currencies and equity markets. Most managers and sub-strategy groups finished the...

AI Isn’t the Transformation. Your Hedge Fund Operating Model Is.

By Ashish Shrestha, Senior Solutions Consultant at MAIA Technology: Artificial intelligence is moving quickly from experimentation towards implementation across the hedge fund industry. For...

Volt Diversified Alpha Posts Second-Best Month

Volt Diversified Alpha Fund delivered an estimated 5.8 percent gain in August, its second-best monthly performance since launching in early 2017, as its systematic...

The Lifecycle of a Trade: Where Nordic Managers Win or Lose Their Edge

Placing the trade is the easy part, but it is only as good as everything around it. The edge is rarely won at the...

Diversification is Easy to Buy, Hard to Get: The Liquid Alternatives Test

By Luc Dumontier, CIO Global Asset Management, iM Global Partner: Rarely have global portfolios carried such concentrated exposure to a single bet. US equities...

Unlocking a Third Active Lever

By Steven Braun at Newfound Research and Return Stacked® Portfolio Solutions: Long-only active management traditionally has two levers for generating excess returns. The first...

Allocator Interviews

In-Depth: Diversification

- Advertisement -

Voices

Request for Proposal

- Advertisement -