Rhenman & Partners Asset Management AB — 13F Portfolio

Rhenman & Partners Asset Management AB is a Stockholm-based specialist investment manager focused primarily on global healthcare and life sciences equities. Founded in 2008 by portfolio manager Henrik Rhenman and co-founder Carl Grevelius, the firm is best known for its Rhenman Healthcare Equity Long/Short strategies, which invest across pharmaceuticals, biotechnology, medical technology, and healthcare services globally. The firm operates under authorisation from the Swedish Financial Supervisory Authority (Finansinspektionen) and manages capital for institutional investors, family offices, and other professional clients. Rhenman & Partners appears in the U.S. regulatory landscape as a foreign institutional investment manager filing Form 13F under CIK 0001599882. These filings capture the long U.S.-listed equity positions over which the firm exercises investment discretion, primarily healthcare-related issuers held within its long/short healthcare strategies. The 13F disclosures do not reflect short positions, derivatives, or non-U.S. holdings, all of which are material to the full portfolio construction. Within an allocator-focused 13F analytics platform, the firm’s filings can be assembled into a structured 13F History that documents the evolution of its U.S. healthcare exposures over time. Those regulator-sourced holdings then provide the factual foundation for any holdings-based analysis, which can be extended via a Portfolio Simulator or Backtesting Service to create a reconstructed Historical Track Record for the reportable U.S. equity sleeve, always as a secondary lens to the firm’s own reporting and offering documents.

Rhenman & Partners pursues a fundamental, research-intensive, long/short equity strategy with a dedicated focus on global healthcare and life sciences. The flagship Rhenman Healthcare Equity L/S strategies invest across the sector’s full value chain—large-cap pharmaceuticals, mid- and small-cap biotechnology, medical technology and devices, diagnostics, and healthcare services—seeking to exploit structural growth, innovation cycles, and company-specific catalysts. Investment decisions are made bottom-up, with detailed analysis of clinical pipelines, regulatory dynamics, competitive positioning, intellectual property, and management quality. The portfolio typically combines: - Core long positions in established pharmaceutical and medtech companies with robust cash generation and diversified product portfolios. - Higher-beta longs in biotechnology and specialty pharma names with significant upside linked to clinical or regulatory milestones. - Short positions in structurally challenged or overvalued companies, used both to express negative views and to manage sector and factor exposures. The overall stance is net long, but the long/short structure allows the team to moderate gross and net exposure as sector conditions change. Turnover is moderate: core holdings may be maintained for years, while more tactical biotechnology or event-driven positions are actively traded around clinical trial readouts, approvals, or reimbursement decisions. Because Rhenman & Partners is a sector specialist, the 13F dataset offers a particularly clear view of its implementation choices within U.S. healthcare. Analysis of 13F Portfolio Composition across quarters typically reveals: - Persistent allocations to major U.S. and global healthcare franchises listed in the U.S. - A meaningful roster of biotechnology and specialty pharma holdings that evolves with the clinical and regulatory pipeline. - Balancing across sub-industries (pharma, biotech, medtech, services) as the team calibrates risk and opportunity within the sector. When these quarter-end holdings snapshots are run through a Portfolio Simulator and normalized to a user-defined notional, allocators can construct a holdings-based historical replication of the long U.S. healthcare sleeve’s capital trajectory. That reconstruction provides an independent view of how the firm’s stock selection in U.S.-listed names has contributed to long-term compounding behavior, set against the backdrop of global healthcare benchmarks and broader equity markets.

Rhenman & Partners Asset Management AB (CIK 0001599882) occupies a distinct niche in the 13F universe as a Stockholm-based, healthcare-only long/short equity manager. Its filings reveal a concentrated sector focus across pharmaceuticals, biotech, medtech, and healthcare services, implemented through a blend of core defensive holdings and higher-beta, event-driven positions. The resulting U.S. equity sleeve is structurally exposed to the innovation and regulatory cycles that define global healthcare, with volatility and drawdown characteristics that can diverge markedly from broad equity benchmarks. Within an advanced 13F analytics platform, the firm’s regulatory filings can be used to: - Track 13F Portfolio Composition across time, highlighting how exposure to different healthcare sub-industries and specific issuers has evolved through various clinical, regulatory, and macro regimes. - Build a holdings-based Historical Track Record for the disclosed U.S. long book using a Portfolio Simulator or Backtesting Service, yielding a normalized capital trajectory that can be compared with healthcare and broad-market indices. - Quantify downside and variability characteristics—including Max Drawdown Depth and the broader Volatility Profile—to understand how the U.S. healthcare sleeve has navigated sector booms and busts. - Summarize risk-adjusted outcomes via Sharpe Ratio, derived from Performance Backtests Online or similar tools, to assess how effectively the long U.S. portfolio has converted sector risk into long-run equity growth. Because Form 13F reflects only the long U.S.-listed equity component of Rhenman & Partners’ global long/short strategies, these analytics should be integrated with a qualitative understanding of the firm’s use of shorts, leverage, and non-U.S. positions. The central diagnostic question for allocators is how the manager’s specialized healthcare exposure—when traced through its 13F History and reconstructed capital behavior—responds to shifts in regulation, drug pricing policy, innovation cycles, and interest-rate regimes, and whether that regime sensitivity aligns with the role they expect this sector-focused strategy to play within a broader portfolio.

The risk profile of Rhenman & Partners is dominated by its pure-play focus on healthcare and life sciences and its use of a long/short equity structure. At the strategy level, risk is shaped by clinical-trial outcomes, regulatory decisions, drug pricing debates, patent cycles, and innovation trends—especially within biotechnology—alongside general equity market dynamics. Within the narrower lens of 13F-reported U.S. longs, key risk characteristics typically include: - Sector concentration: Nearly all reportable positions are in healthcare-related issuers, which exposes the sleeve to sector-specific shocks such as adverse clinical news clusters, regulatory interventions, or sudden changes in sentiment toward drug pricing and biotech. - Sub-sector and factor risk: A notable allocation to biotechnology and growth-oriented healthcare names introduces sensitivity to risk appetite, interest rates, and innovation cycles; large-cap pharma and medtech positions partially offset this with more defensive and income-generating characteristics. - Single-name event risk: Individual biotech or specialty pharma holdings can experience extreme price moves around clinical or regulatory events, contributing to elevated idiosyncratic volatility versus diversified market indices. By transforming Rhenman & Partners’ sequence of 13F filings into a continuous value series for the disclosed U.S. long book—rescaled to an arbitrary starting capital—allocators can estimate realized variability and summarize it as a Volatility Profile. This helps highlight whether the reconstructed sleeve has historically exhibited significantly higher variability than broad U.S. equity benchmarks, consistent with the inherent volatility of healthcare and biotech, or whether diversification across sub-industries has tempered swings. The same reconstructed series allows examination of downside dynamics. Measuring Max Drawdown Depth during episodes such as biotech bear markets, regulatory scares, or broad equity selloffs provides a concrete sense of the potential capital contraction associated with the U.S. long sleeve. For a sector-specialist manager, these drawdowns can be pronounced, even if partially mitigated at the total-strategy level by short positions and risk overlays that are not visible in 13F data. Comparisons with relevant healthcare or broad equity indices also support the calculation of risk-adjusted outcomes such as Sharpe Ratio, which relate the U.S. long sleeve’s incremental growth to its realized variability over time. Interpreted correctly—as describing only the long, U.S.-listed component of a global long/short portfolio—these metrics offer allocators a disciplined way to gauge the trade-off between sector-driven opportunity and volatility.