HealthCor Management, L.P.

Fundamental Healthcare Investment Manager

Established 2005

About Us

HealthCor is an experienced value based investor that is dedicated to identifying global healthcare and life science equity securities that are mispriced.

HealthCor Management, L.P.'s ("HealthCor") two co-founders, Joe Healey and Art Cohen, have an extensive career of equity investing in the sector through numerous market cycles and have co-invested together for over 15 years as a team.  From its base in New York City, HealthCor launched its long-short equity hedge fund strategy on September 1, 2005.

Since then, HealthCor has leveraged its security selection expertise across a platform of healthcare focused products.  HealthCor became registered with the Securities Exchange Commission as an investment adviser on March 30, 2012 under the U.S. Investment Advisers Act of 1940, as amended.

Investment Approach

HealthCor uses a bottom-up fundamental research driven approach to security selection.

HealthCor’s investment professionals  leverage their specialized knowledge of key medical, scientific, regulatory and intellectual property data with a bottom-up fundamental research driven approach to security selection.  Idea generation is catalyst driven and every position is judged on its own ability to generate profits consistent with its risk reward profile. The firm is characterized by intensive financial analysis and places a premium on strong balance sheets, cash flow, top line organic growth and earnings revisions as well as management teams that seek to grow shareholder value. HealthCor takes into account industry themes such as utilization, consolidation, and regulatory activity when investing and concentrates in high conviction names which demonstrate margin of safety attributes.



The firm invests on a balanced basis across the sector where it organizes itself around the major sub-sectors of:
Pharmaceuticals
Medtech
Biotech
Services

Strategy

HealthCor’s investment strategies have different risk reward objectives consistent with their mandates. The long-short equity strategy for example, seeks to achieve superior risk-adjusted returns through investments in equity and equity-related instruments and has demonstrated a proven ability to preserve capital in down markets. The strategy employs a modest amount of leverage and a large short portfolio predominantly consisting of stock specific ideas each intended to generate profits.   All HealthCor strategies benefit from the same rigorous bottom-up fundamental research process focused on generating the best ideas for security selection while employing a disciplined and structured approach to portfolio management. In addition, HealthCor acts as a sub-adviser to several multi-manager mutual funds and a UCITS fund. Separately, HealthCor's affiliate, HealthCor Partners Management, L.P., manages a private equity strategy which is a separately registered entity.

Idea generation is catalyst driven and every position is judged on its own ability to generate profits consistent with its risk reward profile.

Executive Committee & Senior Management

Arthur Cohen, CFA
Co-Founder & Portfolio Manager
Joseph Healey, CFA
Co-Founder & Portfolio Manager
Avi Horev
Senior Partner & Portfolio Manager

Arthur Cohen, CFA, Co-Founder & Portfolio Manager

Co-Founder and Portfolio Manager of HealthCor. Prior to HealthCor, Art was a Portfolio Manager at S.A.C. Capital Advisors, LLC (“SAC”) from January 2000 through March 2005 together with Joe Healey. Prior to SAC, from 1995 to 2000, Art was responsible for healthcare investments as a Managing Director at Tiger Management. Prior to Tiger, from 1993 to 1995, Art was a VP and Investment Officer at JW Seligman, a VP at Bank of New York from 1991 to 1993, and an Assistant Portfolio Manager/Analyst of the MSB Fund from 1987 to 1991. Art graduated from the University of Virginia in 1983 with a B.A. in Commerce and received his M.B.A. in Banking and Finance from Hofstra University in 1986.

Joseph Healey, CFA, Co-Founder & Portfolio Manager

Co-Founder and Portfolio Manager of HealthCor. Prior to HealthCor, Joe was a Portfolio Manager at S.A.C. Capital Advisors, LLC (“SAC”) from January 2000 through March 2005 together with Art Cohen. Prior to SAC, from 1997 to 2000, Joe was a Healthcare Portfolio Manager at Kingdon Capital Management, and from 1992 until 1997 was an Analyst and Portfolio Manager at Dreyfus Corporation. Joe also served as a First Lieutenant in the U.S. Army Medical Service Corp at the Walter Reed Army Medical Center from 1988 to 1992. Joe graduated from Boston University in 1988 with a B.A. in Biomedical Engineering and received his M.S. in Technology Management from the University of Maryland in 1993.

Avi Horev, Senior Partner & Portfolio Manager

Senior Partner and Portfolio Manager of HealthCor. Avi joined HealthCor at the time of its launch in 2005. From 2003 to 2005, Avi worked with Art and Joe’s team as a medical device research analyst at S.A.C. Capital Advisors, LLC (“SAC”). Prior to working at SAC, Avi was employed as a healthcare equity research analyst at JP Morgan from 1997 to 2003. Avi graduated with a B.S. in Finance from Lehigh University in 1997.
Lori Price
Director of Research
Christine Clarke
Chief Financial Officer
Nasine Dam
Director of Technology
Anabelle Perez Gray
General Counsel & Chief Compliance Officer

Lori Price, Director of Research

Lori joined HealthCor in 2008. Prior to HealthCor, Lori was a Managing Director and Global Head of Health Care Services/Senior Equity Analyst at JP Morgan Chase & Co, Inc. Prior to JP Morgan, she was Managing Director and Senior Health Care Services Analyst at CIBC World Markets/Oppenheimer & Co, Inc., Senior Analyst at Seidler Amdec Securities, Inc., and Senior Vice President at Houlihan, Lokey, Howard & Zukin, Inc. Lori graduated from UCLA Graduate School of Management in 1982 with a B.A. in Economics and received her M.B.A. in Finance and Marketing in 1984.

Christine Clarke, Chief Financial Officer

Christine joined HealthCor in October 2006 as Controller.  In July 2007, Christine was promoted to Chief Financial Officer. Prior to joining HealthCor, Christine was the Controller at Narragansett Management, L.P. for two years where she was responsible for accounting and operational duties of several onshore and offshore vehicles.  Christine also managed relationships with prime brokers, fund administrators and auditors.  From 2000 until 2004, Christine was an Assurance Senior Associate at PricewaterhouseCoopers, LLP where she conducted audits of investment management clients. Christine received a B.S. in Accounting from Fordham University in 2000 and is also a Certified Public Accountant.

Nasine Dam, Director of Technology

Nasine joined HealthCor in 2009. Prior to joining HealthCor, Nasine served as an Assistant Vice-President at Banc of America Securities in their Prime Brokerage division. There he oversaw the day to day technical operations of New York, Boston, Texas, and London Hedge Fund clients.  Prior to Banc of America Securities, he was a Trade Floor Support Specialist at BNP Paribas. Before venturing to Manhattan, Nasine spent his earlier career working out of Boston at State Street Global Advisors as a PC engineer from 2003 until 2004.  He also supported Putnam Investments’ trading floor as a Desktop Support Specialist from 2001 through 2002.  Nasine started his career at Fleet Boston Financial Group as a Technical Analyst supporting the company’s trading floor from 2000 until 2001. Nasine received a B.S. in Business Administration from Northeastern University in 2000.

Anabelle Perez Gray, General Counsel & Chief Compliance Officer

Anabelle joined HealthCor in 2013. Prior to joining HealthCor, Anabelle served as Legal Counsel at Man Investments, a multi-platform global alternatives manager. Prior to Man Investments, Anabelle served as Director, Deputy General Counsel and Chief Compliance Officer at Financial Risk Management’s New York adviser (later purchased by Man Investments) where she ran the U.S. compliance program and conducted diligence on hedge fund managers. Anabelle began her legal career in 2002 at Hughes Hubbard & Reed where she was a corporate associate and then went on to Katten Muchin Rosenman LLP where she focused on hedge fund formation.  Prior to that, Anabelle was a journalist. Anabelle graduated from the University of Delaware in 1996 with a B.A. in English and also received her M.S. in Publishing from New York University in 1999. She received a J.D. in 2002 from Boston College Law School.
Arthur Cohen, CFA
Co-Founder & Portfolio Manager

Arthur Cohen, CFA, Co-Founder & Portfolio Manager

Co-Founder and Portfolio Manager of HealthCor. Prior to HealthCor, Art was a Portfolio Manager at S.A.C. Capital Advisors, LLC (“SAC”) from January 2000 through March 2005 together with Joe Healey. Prior to SAC, from 1995 to 2000, Art was responsible for healthcare investments as a Managing Director at Tiger Management. Prior to Tiger, from 1993 to 1995, Art was a VP and Investment Officer at JW Seligman, a VP at Bank of New York from 1991 to 1993, and an Assistant Portfolio Manager/Analyst of the MSB Fund from 1987 to 1991. Art graduated from the University of Virginia in 1983 with a B.A. in Commerce and received his M.B.A. in Banking and Finance from Hofstra University in 1986.
Joseph Healey, CFA
Co-Founder & Portfolio Manager

Joseph Healey, CFA, Co-Founder & Portfolio Manager

Co-Founder and Portfolio Manager of HealthCor. Prior to HealthCor, Joe was a Portfolio Manager at S.A.C. Capital Advisors, LLC (“SAC”) from January 2000 through March 2005 together with Art Cohen. Prior to SAC, from 1997 to 2000, Joe was a Healthcare Portfolio Manager at Kingdon Capital Management, and from 1992 until 1997 was an Analyst and Portfolio Manager at Dreyfus Corporation. Joe also served as a First Lieutenant in the U.S. Army Medical Service Corp at the Walter Reed Army Medical Center from 1988 to 1992. Joe graduated from Boston University in 1988 with a B.A. in Biomedical Engineering and received his M.S. in Technology Management from the University of Maryland in 1993.
Avi Horev
Senior Partner & Portfolio Manager

Avi Horev, Senior Partner & Portfolio Manager

Senior Partner and Portfolio Manager of HealthCor. Avi joined HealthCor at the time of its launch in 2005. From 2003 to 2005, Avi worked with Art and Joe’s team as a medical device research analyst at S.A.C. Capital Advisors, LLC (“SAC”). Prior to working at SAC, Avi was employed as a healthcare equity research analyst at JP Morgan from 1997 to 2003. Avi graduated with a B.S. in Finance from Lehigh University in 1997.
Lori Price
Director of Research

Lori Price, Director of Research

Lori joined HealthCor in 2008. Prior to HealthCor, Lori was a Managing Director and Global Head of Health Care Services/Senior Equity Analyst at JP Morgan Chase & Co, Inc. Prior to JP Morgan, she was Managing Director and Senior Health Care Services Analyst at CIBC World Markets/Oppenheimer & Co, Inc., Senior Analyst at Seidler Amdec Securities, Inc., and Senior Vice President at Houlihan, Lokey, Howard & Zukin, Inc. Lori graduated from UCLA Graduate School of Management in 1982 with a B.A. in Economics and received her M.B.A. in Finance and Marketing in 1984.
Christine Clarke
Chief Financial Officer

Christine Clarke, Chief Financial Officer

Christine joined HealthCor in October 2006 as Controller.  In July 2007, Christine was promoted to Chief Financial Officer. Prior to joining HealthCor, Christine was the Controller at Narragansett Management, L.P. for two years where she was responsible for accounting and operational duties of several onshore and offshore vehicles.  Christine also managed relationships with prime brokers, fund administrators and auditors.  From 2000 until 2004, Christine was an Assurance Senior Associate at PricewaterhouseCoopers, LLP where she conducted audits of investment management clients. Christine received a B.S. in Accounting from Fordham University in 2000 and is also a Certified Public Accountant.
Nasine Dam
Director of Technology

Nasine Dam, Director of Technology

Nasine joined HealthCor in 2009. Prior to joining HealthCor, Nasine served as an Assistant Vice-President at Banc of America Securities in their Prime Brokerage division. There he oversaw the day to day technical operations of New York, Boston, Texas, and London Hedge Fund clients.  Prior to Banc of America Securities, he was a Trade Floor Support Specialist at BNP Paribas. Before venturing to Manhattan, Nasine spent his earlier career working out of Boston at State Street Global Advisors as a PC engineer from 2003 until 2004.  He also supported Putnam Investments’ trading floor as a Desktop Support Specialist from 2001 through 2002.  Nasine started his career at Fleet Boston Financial Group as a Technical Analyst supporting the company’s trading floor from 2000 until 2001. Nasine received a B.S. in Business Administration from Northeastern University in 2000.
Anabelle Perez Gray
General Counsel & Chief Compliance Officer

Anabelle Perez Gray, General Counsel & Chief Compliance Officer

Anabelle joined HealthCor in 2013. Prior to joining HealthCor, Anabelle served as Legal Counsel at Man Investments, a multi-platform global alternatives manager. Prior to Man Investments, Anabelle served as Director, Deputy General Counsel and Chief Compliance Officer at Financial Risk Management’s New York adviser (later purchased by Man Investments) where she ran the U.S. compliance program and conducted diligence on hedge fund managers. Anabelle began her legal career in 2002 at Hughes Hubbard & Reed where she was a corporate associate and then went on to Katten Muchin Rosenman LLP where she focused on hedge fund formation.  Prior to that, Anabelle was a journalist. Anabelle graduated from the University of Delaware in 1996 with a B.A. in English and also received her M.S. in Publishing from New York University in 1999. She received a J.D. in 2002 from Boston College Law School.

Governance

HealthCor has  an Advisory Committee as part of its ongoing effort to align interests and pursue best practices that benefit its stake holders.

The Advisory Committee is an additional layer of oversight and corporate governance with respect to the management of the hedge fund strategy and is comprised of four industry experts who are independent of HealthCor.

The Advisory Committee’s industry experts have extensive experience in the areas of:

Hedge Fund Law
Accounting
Manager Research
Due Diligence
Corporate Governance

HealthCor, as well as HealthCor Offshore GP, LLC (the General Partner of the hedge fund strategy), works with the Advisory Committee to provide it with information necessary to enable the Advisory Committee to make informed decisions.

In addition, HealthCor  recognizes the risk and benefits that responsible investing adds to returns and thus integrates Environmental, Social and Governance (ESG) considerations into its investment process.



The firm's co-founders have co-invested in healthcare and life sciences through numerous market cycles together for over 15 years.

Giving Back

HealthCor’s values go beyond strong productive teamwork in the workplace and extend to organizations where the firm feels it can have an impact.

HealthCor, through an affiliated entity, HealthCor Foundation Trust, strongly believes in supporting the communities where we work and live and the community interests of our employees.  Through the HealthCor Foundation Trust Matching Gift Program, employees can double the impact of their charitable giving by leveraging the firm’s support.  To date the firm has donated to over a 100 charities.

Additionally, these values are exemplified in the work by the HealthCor Foundation Trust which helped to fund the Young Scholars’ Academy for Discovery & Exploration’s student library which opened in early 2015. The HealthCor Foundation Trust also awards donation opportunities to eligible charities as prizes to the winners of employee-wide athletic competitions (charities are selected by the competition winners).

Contact Us

For inquiries, please contact Lori Price, Director of Research, by completing the form below:

HealthCor Management, L.P.

Carnegie Hall Tower
152 West 57th Street
New York, NY 10019

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Tel: 212.622.7800
Fax: 212.898.1193