The Rhenman Healthcare Equity Long/Short fund has become the second top-performing long/short equity fund in quick succession to remove soft-close limitations.
However, according to a shareholder note seen by Citywire Selector, the fund is reopening as of January 10 with assets having dropped back to below €450 million.
In a statement, a spokesperson for Rhenman & Partners Asset Management said: ‘This means that both new and existing unitholders can invest in the fund until the fund´s assets reach €1 billion when RHE L/S, in accordance with the prospectus, will be closed completely for the purchase of fund shares to all investors (hard close).’
Both funds have strong three- and five-year absolute returns, with the BlackRock fund top over the three years to end of November 2016 with the Healthcare Equity Long/Short fund sitting third. This is with the pair sitting first and second, respectively, on a five-year basis.
The Rhenman Healthcare Equity Long/Short fund has encountered a more difficult 12 months, however. It currently sits 168 out of the 181 funds tracked by Citywire, having lost 14.1% in euro terms, while the average fund in the sector lost 4.2%.