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From Benedicte Gravrand, Geneva: Hedge fund manager John Borzilleri of Boston-based GRT Capital Partners talks to Opalesque about the difficulties and opportunities in fundamental health care investments.

GRT Health Care Fund The fund uses a fundamental approach to investing, characterised by in-depth due diligence and analysis to generate returns in excess of the U.S. equity market. This long/short fund will seek growth and value across all market capitalizations and sub-sectors of the health care industry, including therapeutics, devices, health-care services. It has annualised 11.52% since inception in August 2003 and was down 2.46% in August 2007.

A doctor turned hedge fund manager “It is a value-oriented fundamental fund (whereas) I think a lot of the other health-care funds have a momentum style,” Mr. Borzilleri said. “I have made decent positive returns both on the long-side and the short-side of the portfolio. The fund is quite hedged, it has averaged 30 to 40% net long throughout its duration. My breadth of experience, from having been a doctor, a sell-side analyst, a portfolio manager and now a hedge fund manager prepares very well for the management of health care funds. I got into the investment world because I have always enjoyed it, I have a lot of family and friends who are in the investment world… after spending 7 years training in medicine, I realised that I love the science and......................

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