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Sustainability related disclosures

This website disclosure is made in accordance with the EU Disclosure Regulation (2019/2088) regarding sustainability-related disclosures in the financial sector (the “SFDR”) and its Delegated Regulation 2022/1288 (the “Delegated Regulation”).


Rhenman Healthcare Equity L/S (“the Fund”), is a long/short thematic equity hedge fund with the sole focus to invest in the healthcare sector. The financial product focuses on four sub-sectors:

  1. Pharma
  2. Biotech
  3. Medtech and
  4. Services

This financial product promotes social characteristics, but does not have sustainable investments as its objective.

Through its investments, the financial product promotes the following social characteristics:

1) Supporting companies whose technology, research, services, etc., lay the foundation for the next generation of healthcare, and thereby contribute to achieving the United Nations Sustainable Development Goal (“UNSDG”) #3: Good health and well-being.

2) Not investing in companies with a core business model that is deemed to do significant harm or has/risks having unacceptable adverse impacts on good health and well-being and/or society. This means excluding companies that either:

  • Derive more than 5 % of their total revenues from the production or distribution of 1) conventional weapons, 2) commercial gambling, 3) tobacco, 4) fossil fuels, 5) pornography and 6) alcoholic beverages; are known to have any involvement in controversial weapons; or
  • Are in severe and/or systematic breach of internationally recognised conventions and norms regarding the environment, human rights, labour law and anti-corruption.

Rhenman & Partners’ approach to integrating sustainability and minimizing the principal adverse impacts of our investment decisions comprises three main strategies, (1) inclusion, (2) exclusion and (3) ongoing dialogue.

The Fund expects that at least 50% of the Sub-Fund’s total allocation will comprise of long positions in healthcare equities that are aligned with the Sub-Fund’s social characteristics, calculated as: direct investments in equities aligned with the social characteristics of the Sub-Fund divided by the gross exposure of the Sub-Fund. Moreover, a minimum of 20% of the total allocation of the Sub-Fund shall be in sustainable investments, as defined in article 2.17 of SFDR, and determined using the Portfolio Manager’s three-step-test. This ratio is calculated as: direct investments in equities categorized as sustainable investments divided by the gross exposure of the Sub-Fund.

ESG factors (risks and opportunities) are considered for all direct equity investments, potential and existing. Rhenman & Partners uses its own pre-trade assessment tool to analyze potential investments and confirm that all investments are in line with Rhenman & Partner’s Policy for Responsible Investments and the binding elements of the Fund. External quantitative data as well as in-house sector expertise are combined to analyze risks and opportunities from a sub-sector perspective. The Portfolio Manager’s conclusions are then used as basis in the Portfolio Manager’s decision-making processes.

Rhenman & Partners use Clarity.AI as well as Bloomberg for quantitative data. The data using Clarity.AI comprises both reported data as well as estimates. The investment team’s deep sector knowledge and experience of company analysis are key aspects.

All investments are screened and monitored both pre- and post-trade. If Rhenman & Partners is made aware of a specific case where a company is acting contrary to our expectations in relation to environmental or social issues, Rhenman & Partners will also evaluate whether an active dialogue should be initiated to influence the company in a positive direction or if not, whether a divestment should be considered. However, Rhenman & Partners does not systematically exercise voting rights at general meetings.

No reference benchmark has been designated for the purpose of attaining the social characteristics of the financial product.