Rhenman & Partners Fund Rhenman Healthcare Equity L/S

Transkript

1 Rhenman & Partners Fund Rhenman Healthcare Equity L/S

2 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

3 Förvaltarteam Henrik Rhenman, Chief Investment Officer / Founding Partner (born 1957) Over 20 years of portfolio management experience 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 Vice President, Non-Japan Asian Equity Sales, Samsung Securities, London Vice President, Non-Japan Asian Equity Sales, Credit Suisse, London Masters in Finance, Stockholm School of Economics 3

4 Enastående avkastningshistorik - #1 i världen Utveckling aug 1998 apr 2008 (USD, netto efter avgifter) Carnegie Global Healthcare Fund % Carnegie Medical¹ % 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 ) January 1999 (inception) - Apr 2008 Source: Bloomberg 4

5 Rhenman Healthcare Equity Long/Short Fund Fundamental inställning stöds av ett Vetenskapligt Råd Global hedgefond med positiv grundsyn (nettoexponering normalt %) Fokuserad strategi: endast hälso- och sjukvårdssektorn, oberoende av index Enastående avkastningshistorik Årligt mål på nettoavkastningen >12% 5

6 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

7 Externa medlemmar i styrelsen Professor Hans Wigzell, Chairman Professor of Immunology, Karolinska Institutet. President of the Karolinska Institute between 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 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 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

8 Fondens egenskaper Generellt 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

9 Rhenman Healthcare Equity L/S IC1 EUR (efter avgifter) YTD 2013 (Augusti) + 41 % % % % % Sedan start (juni 22, 2009) % 9

10 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, % (for funds with at least 3 years performance) Ranked #1 based on the fund s performance for the last 12 months, % Ranked #1 based on the fund s performance YTD 2013, % Source: EuroHedge March 2013 Fund name Feb-13 Last 12 months YTD Annualised Compound Inception Date Rhenman Healthcare Equity Long/Short Fund 5.44% 23.69% 12.08% 16.64% jun-09 Brummer & Partners Zenit Fund 0.45% 6.89% -0.32% 16.08% jun-96 Egerton European Equity Fund Class C 3.34% 13.45% 6.52% 14.74% sep-94 Egerton European Equity Fund Class B 3.25% 13.08% 6.35% 14.50% sep-94 Egerton European Equity Fund Class A 2.82% 11.59% 5.48% 14.37% sep-94 Lansdowne Developed Markets Fund-EUR 2.39% 15.62% 7.64% 13.48% aug-01 Marshall Wace-MW Eureka Fund Class A1-EUR 1.04% 10.95% 4.96% 13.26% jan-98 Parus Fund-EUR -0.64% 8.56% 1.46% 13.02% jan-02 Horseman Global Fund Ltd-EUR 3.73% 15.29% 2.43% 12.89% feb-01 Lansdown Global Financials-EUR -0.37% 12.18% 3.28% 11.77% jul-04 AAM Absolute Return Fund-NOK -2.34% 4.29% -4.18% 9.55% dec-05 GLG Financials Fund Class D-EUR -0.01% 5.91% 1.91% 9.40% jun-02 Carnegie WorldWide Long/Short Fund 2.30% 9.45% 3.53% 9.32% jun-03 Frontwave Capital Limited 0.26% 3.84% 0.28% 9.17% mar-10 GLG Technology Fund Class D-EUR 4.42% 6.02% 0.43% 9.09% jun-02 Parus Fund-CHF -0.68% 7.69% 1.32% 8.89% dec-09 Jabcap Global Balanced Fund Class E 0.43% 14.63% 6.61% 8.63% may-07 Farringdon Alpha One -0.45% 9.48% 1.71% 8.38% dec-06 RAB Energy Fund-Class A -2.94% % -2.83% 7.20% jun-04 RAM one 0.28% 5.92% 1.92% 6.26% nov-02 Trafalgar Capital-Trafalgar Trading Fund Inc (institutional)-eur 4.57% 5.42% 16.72% 5.93% jan-08 AlphaGen EtaCas Class B-Eur 0.12% 1.48% 2.03% 5.70% dec-05 RAM one (Cayman) Ltd -0.33% 4.93% 1.89% 5.65% sep-07 LOYS Global MH 0.50% 10.50% 5.04% 5.24% feb-06 Noster Global Value Fund 2.06% -5.72% 2.72% 5.21% mar-08 Inflection Point Investment-EUR 3.91% 12.89% 9.01% 4.85% jul-07 Sector Maritime Investment-NOK -2.14% % -0.96% 4.85% dec-99 Martin Currie ARG Global Resources Fund-EUR -3.58% -9.10% -2.13% 4.38% jan-05 Top Crystal Fund -1.48% 10.37% 1.20% 4.30% oct-09 Hedgersel 0.46% 2.06% 0.07% 3.88% jun-03 Sector Maritime Investment-EUR -2.34% % -0.60% 3.88% dec-99 Strategic Global Innovation Fund-EUR -0.58% 2.33% 2.72% 3.44% jun-08 Tenax Financial Fund-Class A -0.37% -2.76% 2.47% 2.69% jan-05 Alkimis Capital 0.55% 5.30% 1.91% 2.44% dec-09 BlackRock Natural Resources Hedge Fund-EUR -1.08% % -0.76% 2.35% dec-03 RAB Octane Fund-Class C -4.00% % 1.74% 1.94% may-05 Focus Global Fund I 2.30% -2.42% 3.22% 1.92% feb-01 Gondwana Fund-EUR -3.18% -4.46% -1.85% 1.67% jul-03 Marathon Sub-fund % 0.03% 2.51% 1.10% may-08 Tenax Financial Fund-Class D -0.36% -2.76% 2.48% -1.33% jun-08 Vitava Fund SICAV -0.48% -1.93% 2.01% -1.54% sep-04 Adriza Global FIL 0.09% 10.06% 3.09% -1.56% oct-07 CopperTree Mustang Fund Ltd-EUR -1.90% -9.59% -6.62% -4.60% jun-06 RAB Special Situations-EUR -4.60% % -2.93% % feb-05 Source: EuroHedge March

11 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

12 Hälso- och sjukvårdskostnader som andel av BNP, % Canada 14 Japan 12 United Kingdom United States 10 OECD Source: OECD Health Data

13 Annual average growth rate in real health expenditure per capita (%) Hälso- och sjukvårdskostnaderna ökar uppskattningsvis dubbelt så snabbt som den årliga tillväxten i BNP, SVK ITA DNK MEX FRA DUE CHE PRT IRL NZL GBR BEL ESP FIN CAN NOR SWE USA JPN AUT ISR ISL NLD OECD LUX AUS HUN Annual average growth rate in real GDP per capita (%) Source: OECD Health Data CHL SVN CZE KOR TUR POL GRC EST 13

14 Prognos potentiella hälso-och sjukvårdkostnader 2040 Source: World Economic Forum

15 Hälso- och sjukvårdskostnader som andel av BNP, % Health expenditure, % of GDP Source: The World Bank,

16 Hälso- och sjukvårdssektorn överavkastning

17 Biotech överavkastar långsiktigt 17

18 Biotech har extrema möjligheter, ex. Biogen 18

19 AZN kort, kort position 19

20 Healthcare är starkt Per , the ishares S&P Global Healthcare Sector Index Fund is a subset of the Standard & Poor's Global 1200 Index. 20

21 Bästa sektor globalt 2013 Per , the ishares S&P Global Healthcare Sector Index Fund is a subset of the Standard & Poor's Global 1200 Index. 21

22 Roche: Multipelexpansion 22

23 Johnson & Johnson: P/E tal över tiden

24 Peaken på patentutgångar är passerad Source: Citi 24

25 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

26 Emerging Markets det stora bidraget till tillväxt i sektorn Source: Citi 26

27 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

28 Emerging markets (E7) stora bidrag till tillväxten 28

29 E7 ökning av försäljning , Kina största bidragsgivare 29

30 USD, bn Emerging Markets Kina den viktigaste marknaden 700 China Total Healthcare Expenditure A 2009A 2010A 2011A 2012E 2013E 2014E 2015E 2016E Source: KMPG et al. 30

31 Generika är halva marknaden i emerging markets 31

32 Emerging Markets har betydelse för företagens resultat 32

33 Stark ökning av diabetes förekomst i Asien 33

34 Diabetes kraftig ökning Emerging markets 34

35 Novo Nordisk 35

36 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?

37 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

38 Månadsbrev -Månadsmöte Du som vill ha vårt månadsbrev kontakta mig, eller 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, eller mobil

39 Rhenman Healthcare Equity L/S Appendix 39

40 Kapital under förvaltning 40

41 Fond fakta Base currency: Subscription/redemption frequency: Soft- / hard close: Share classes: Dividends: EUR, no hedge Monthly (T-3) MEUR 500 / EUR 1 bn (I) Institutional class / (R) Retail class I = Capitalization + Distribution R = Only capitalization Reporting frequency Benchmark: Monthly Euribor 90D 41

42 Struktur Legal Structure: Fund Management Company: Fund Promoter (Sponsor): Investment Manager: Placement and Distribution Agent: Custodian Bank and Paying Agent: Prime Broker: External Auditor: Open-ended FCP (Fonds Commun de Placement) under Part II of the Luxembourg Law on Investment Funds (20 Dec, 2002) SEB Fund Services S.A. SEB Fund Services S.A. Rhenman & Partners Asset Management AB (supervised by the Swedish Financial Supervisory Authority. FI ID nr: ) Rhenman & Partners Asset Management AB Skandinaviska Enskilda Banken S.A. Skandinaviska Enskilda Banken AB (publ) PricewaterhouseCoopers (PwC) 42

43 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

44 En fond- flera fondklass alternativ Institutional, EUR Currency Minimum initial investment Minimum top-up investment Management fee Performance fee Hurdle rate Performance fee method Class IC4 (EUR) EUR No minimum 0.75% 10% 5%/year Annual, individual Class IC3 (EUR) EUR No minimum 1.50% 10% Euribor 90D Quarterly, collective Class IC2 (EUR) EUR No minimum 1.00% 20% Euribor 90D Quarterly, individual Class IC1 (EUR) EUR No minimum 1.50% 20% Euribor 90D Quarterly, collective Retail, EUR Class RC1 (EUR) EUR No minimum 2.00% 20% Euribor 90D Quarterly, collective Institutional, SEK Class IC2 (SEK) SEK No minimum 1.00% 20% Euribor 90D Quarterly, individual Class ID1 (SEK) SEK No minimum 1.50% 20% Euribor 90D Quarterly, collective Retail, SEK Class RC2 (SEK) SEK No minimum 1.50% 20% Euribor 90D Quarterly, collective Class RC1 (SEK) SEK 500 No minimum 2.00% 20% Euribor 90D Quarterly, collective 44

45 Disclaimer Rhenman Healthcare Equity L/S Fund, the Fund is not an investment fund as defined in the European By accessing and using the 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: use 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 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. latest valid sales prospectus with its terms of contract. Subscriptions cannot be received on the basis of financial reports. 45

46

47