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Second major L/S fund reopened to investors

Second major L/S fund reopened to investors

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.

The fund, which is managed by Henrik Rhenman, was soft-closed in November 2015 after exceeding its pre-defined capacity constraints of €500 million.

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).’

This marks the second large-scale long/short fund to re-open after the BSF European Opportunities Extension fund. This fund had been closed in mid-2014 but has since seen assets decline.

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%.

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