A Big Month for Biotech (and OWL)

July Recap

The Biotech group led the OWL managers in July, driven by an 8-bagger in Abivax that we highlight below. China also had a good month, continuing a strong year of performance. Both Brazil and India had a tough month in July, although Brazil maintains the highest YTD performance of all our groups. Read to the bottom for several major new features that were added to OWL as well!

As a reminder, the table below is based on our “OWL Groups” – curated lists of over 500 managers frequently found in leading allocators’ portfolios. These lists are categorized by geography, sector, and style, enabling our users to easily monitor groups of managers and their underlying disclosed holdings.

For our users, last Friday’s newsletter included a list of managers that had the best and worst performance in July. Of the 20 managers on that list with the best performance, 15 of them are focused on healthcare or biotech, and 7 of them are invested in Abivax, a clinical-stage biotech company that was up 800%+ in July after announcing positive Phase 3 trial results for a drug treating ulcerative colitis. In Friday’s newsletter, we also shared our estimates of each manager’s profits in the stock.

Abivax Stock Price

OWL’s position alerts notified our users when the managers noted above initiated and added to their positions, and also when Adage exited its short position in Abivax this past April, a decision that they’re likely happy with today!

New Product Features

AI-Powered Managers Tags

We’re excited to announce that manager tags are now live on OWL.

On the manager dashboard, users can now filter by 81 detailed tags across asset class, geography, sector, market cap, and sub-strategy - making OWL’s manager search even more powerful and targeted.

With these new filters, users can now run searches like:

1. Small/mid-market buyout managers in Europe with over $200 million AUM

2. U.S.-based long/short equity managers with low turnover, concentrated portfolios, and high alpha on long positions

3. Early-stage VCs in San Francisco with no disciplinary disclosures filed with the SEC

4. Global small- and mid-cap public equity managers with high estimated returns and AUM under $2 billion that offer Separately Managed Accounts

5. Crypto-focused managers across asset classes and geographies

6. Infrastructure managers, filterable by specific cities and countries

7. And much more!

Tags appear on every manager profile and are also fully integrated into OWL’s map view, enabling users to run location-specific searches with ease.

This launch is one of several AI-powered projects in the works at OWL. We combined the capabilities of large language models with OWL’s proprietary data to generate and apply over 35,000 tags in an automated, scalable way. As with any AI system, there may be bugs or edge cases - please flag any issues you notice or suggest new tags you would like to see.

As always, what’s live today is just the starting point. These tags will improve over time as our data, models, and feedback loops improve.

Service Provider Data

Today we also launched service provider data for every manager in OWL. This includes both current and historical relationships with administrators, custodians, auditors, prime brokers, and third-party marketers.

You can find this information by clicking “Service Providers” on the main manager card or via the dedicated view in the left-hand menu.

This unlocks two key capabilities for allocators:

1. Track changes in service providers over time.
   For ops and investment due diligence, you can now assess whether a manager has changed auditors, custodians, or other key partners. Soon, changes like these will also be included in OWL’s email alerts.

2. View service provider exposure across your portfolio.
   In My Portfolios under the “Managers” view, there’s now an option to view all service providers used by any custom group of managers. If this feature had existed in early 2023, you could’ve identified exposure to Silicon Valley Bank across your managers with a single click.

This is the first step in expanding OWL’s operational intelligence tools — with more to come.

Other News/Events

• Behind Michael Gelband and $11 billion hedge fund ExodusPoint's strong year (using OWL data!)

• Brown University Secures $500 Million Loan After Warning of Financial Issues

• Qube to Merge Two Hedge Funds Into a Pool Worth Over $20 Billion

• RWJBarnabas Health’s Kathleen Jacobs Is Building up PE, Eyeing Overseas Assets

• Vinci Compass in talks to acquire hedge fund Verde

• Former Johns Hopkins CIO Joins Colorado Family Office

• Josh Resnick’s Jericho on Fire With Back-to-Back Breakout Months

• Commonfund OCIO Eyes Opportunities in Microcaps, EM

• Carrhae Capital to launch $700m China-free EM strategy

• Jain Global by the numbers: A look at the hedge fund's rollercoaster first year

• Stanford Looks to Sell $500 Million in Bonds in Rush to Secure Financing

• James Heard’s Decision to Shutter His Long-Short Fund Pays Off

• Wood Next’s Julie Lawson on Building a Lean Single Family Office

• Emory Hiring Director of Investments, Real Estate and Real Assets

About Old Well Labs

OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.

Disclaimers

Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.

This newsletter and the material on the Old Well Labs platform are for informational purposes only and should not be considered investment advice or a recommendation of any particular security, manager, or strategy. Old Well Labs shall not be liable for any investment gain or loss that may occur from the use of this material. No part of this material may be reproduced in any form or used in any publication without express written permission from Old Well Labs.