Ghost Tree Partners Outperforms With These Biotech Shorts

Ghost Tree Partners, the biotech-focused hedge fund, returned -8.6% in March, outperforming the broader market but underperforming the rest of the hedge fund industry. The HFRI Fund Weighted Composite index fell 8.3% during the first three months of the year. For more up-to-date hedge fund content, and exclusive access to value-focused hedge fund managers, check out Hidden Value Stocks. According to the firm’s first-quarter letter to investors, Ghost Tree spent much of the second half of the first quarter “making various portfolio adjustments with a keen focus on capital protection and reducing systematic risk.” In the unprecedented market panic that evolved…