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How Did Q1 Hedge Fund Top 20 Returns Compare to Other Quarters?


  • We previously analyzed the 36 life science hedge funds to determine which smid-cap biopharmas were in the most Top 20s

  • See our previous Pro article HERE

  • Now we have analyzed the Q1 performance of these companies and compared it to previous quarters

  • See our full article HERE after subscribing. learn more here!

Hedge Fund Q1 Performance

We previously analyzed the 36 life science hedge funds to determine which smid-cap biopharmas were in the most Top 20s. As we have reached the end of Q1 2023, we have analyzed the returns from these companies in Q1 '23 and compared those to returns in Q3 and Q4 2022.

See our full BPIQ forum for all companies in at least 5 hedge fund Top 20s and their returns in recent quarters.

Also see our last hedge fund analysis HERE.

See Table 1 for 20 of the companies in at least 6 hedge fund Top 20s and returns for the last three quarters. See our full forum for returns from all 39 companies in at least 5 of the hedge fund Top 20s. As we can see, most companies in the most Top 20s saw good returns in Q3 and/or Q4. But many have struggled in Q1 2023. This makes sense as XBI was down 8.18% from Dec 30, 2022 to March 31, 2023.

Table 1. Top 20 companies in most Q4 2022 hedge fund Top 20s - quarterly performance

The top move in Q3 came from VRNA that moved 144% and was in 11/36 hedge fund Top 20s. The top move in Q4 came from MDGL that moved 347% and was in 8/36 hedge fund Top 20s. The top move in Q1 2023 came from SGEN that moved 58% and was in 6/36 of the hedge fund Tops 20s. Unfortunately, those companies that did very well in Q3 and Q4 (and were likely in many hedge fund Top 20s because of recent or upcoming important readouts) have had a hard start to the year. As the whole market has seen a difficult Q1 2023, it was great to still see several companies moving so positively.

See Table 2 for the average returns from these 20 companies in each quarter, as well as how these returns compared to XBI and IBB.

Table 2. Average returns per quarter for Top 20 companies



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