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For this valuation post, I wanted to talk about a valuation method that is making its way out of academia and into the real world, a method that is gaining popularity in the world of portfoliomanagement. Projected Book Value of Equity at the end of the 15 years = from the proforma balance sheet that we developed in our DCF post.
The multi-manager hedge fund model is simple: Raise $10-20 billion, borrow at the fund level to take this to $50-$100 billion, and then allocate this capital to dozens of internal teams. Beta-Neutral Portfolios: For example, if the S&P 500 goes up or down by 5%, your team’s portfolio should move by ~0%.
The firm uses passive and active strategies, often deviating from its reference portfolio based on the macro environment. You’ll also spend time supporting existing portfolio companies and reviewing their results. and supporting your PortfolioManager ’s ideas and requests.
2) Portfolio Concentration The average biotech hedge fund has a concentrated portfolio because it takes significant time and resources to monitor each position. Finally, there are also newer/startup biotech hedge funds, often spun off from existing multi-managers.
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