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Redmile Group’s Top Q4 Moves as Its Long Positions Show Gains of 20% in 2015

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Redmile Group is a San Francisco-based investment firm managed by Jeremy Green, which primarily focuses on the healthcare sector. Redmile has an equity portfolio worth nearly $1.34 billion as of the end of 2015, while approximately 96% of this portfolio comprises healthcare equity investments. Although Redmile Group is not widely-known in the hedge fund industry, the performance of its long positions is outstanding. The data compiled by Insider Monkey show that the fund’s 29 long positions in companies with a market capitalization of at least $1 billion generated a weighted average return of 26.8%, based on the size of those positions at the beginning of each quarter. Even though Redmile Group’s actual returns may differ significantly from our calculations, individual investors could have generated this return by simply examining the fund’s quarterly 13Fs. Without further ado, let’s proceed to the discussion of Redmile’s top moves carried out during the final quarter of 2015.

At Insider Monkey, we track around 730 hedge funds and institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see more details about our small-cap strategy).

Jeremy Green
Jeremy Green
Redmile Group

To begin with, Redmile Group lifted its position in Amicus Therapeutics Inc. (NASDAQ:FOLD) by 1.95 million shares or 23% during the fourth quarter, ending the year with a stake of 10.28 million shares valued $99.72 million. The biopharmaceutical company focuses on the development of advanced therapies for the treatment of devastating rare and orphan diseases. The shares of Amicus Therapeutics Inc. (NASDAQ:FOLD) are down by 26% over the past 12 months, mainly owing to a delay in the filing process for FDA approval of its product migalastat HCI for the treatment of Fabry disease. However, the company successfully submitted marketing authorization application (MAA) to the European Medicines Agency (EMA) for approval of migalastat in Fabry patients with amenable genetic mutations. The review of the MAA for migalastat is still in progress, while Amicus Therapeutics anticipates an opinion from the Committee for Medicinal Products for Human Use in early 2016. A total number of 23 hedge funds from our system were invested in Amicus at the end of December, accumulating 39.20% of the company’s outstanding common stock. Joseph Edelman’s Perceptive Advisors reported owning 15.24 million shares of Amicus Therapeutics Inc. (NASDAQ:FOLD) in its latest 13F filing.

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