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From Benedicte Gravrand, Opalesque London:
Since inception in March 2009, the BB Alpha Health, a Cayman-registered Long/Short healthcare fund, has returned 14.99% net (up to end-February 2010) with 8.6% annualized standard deviation, resulting in a Sharpe Ratio of 1.7, with the largest winner contributing only 1.3%. The fund aims to generate 12-20% net returns with a 10-12% standard deviation.
It was launched by Bellevue Capital, a part of the Zurich-based independent financial group Bellevue Group. The group recently closed the financial year 2009 with a loss of CHF95.1m due to “extraordinary depreciation and value adjustments.” But the asset management arm reported operating income of CHF22.6m in 2009 (compared to CHF10.5m the previous year).
Kevin Reeder, who was a portfolio manager for GVO Asset Management in Zurich, and who in 2004 co-founded Silvergate Capital Management, a L/S equity hedge fund specializing in healthcare, and Matthew Fox, who previously was an analyst at Washington-based EJF Capital, are the portfolio managers.
BB Alpha Health is a true hedge fund, claims Bellevue, that focuses exclusively on Alpha, not Beta.
The portfolio, which is constructed from a bottom-up basis using a fundamental research process, capitalizes on the disconnect between Wall Street and the medical community. It is global and limits US securities to 75% of its gross exposure. It also focuses on single-product companies rather than conglomerates, an...................... To view our full article Click here
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