Latest news
04/19/12: After being ranked #1 among 52 hedge funds in the category “Global Equity EUR” in the latest issue of EuroHedge, Henrik Rhenman has been interviewed in The Hedge Fund Journal.
01/02/12: On January 2 Henrik Rhenman was interviewed by Sveriges Radio P1 Ekonomiekot. Please listen to the interview by clicking on the link below:
04/13/11: On April 1 (no fooling!), the Swiss investment bank UBS upgraded the European pharma sector to overweight, based on several reasons, one being that leading indicators are rolling over in major western markets and the fact that leading indicators and pharma has a negative correlation. Valuations are attractive, profit momentum is stabilizing and fund managers are underweight the sector. Valuations are close to its lowest in 20 years and last time valuations were this low, 1993-94, the sector outperformed the market with 130% the coming years. To match the low valuations cash-flows should decrease with 12%/year during 2013 and 2020. If cash-flows instead increases with a more reasonable 3.5%/year, the sector should have more than 80% upside, according to UBS. Profit momentum will from now on improve as healthcare reforms in the US and Europe are behind us. UBS prefers the European companies as they have better exposure to emerging markets.