Krensavage Asset Management, LLC

Krensavage Asset Management LLC (KAM) is an investment adviser registered with the SEC since 2013, specializing in a concentrated, value-oriented approach focused on the healthcare sector. Established in 2008, KAM manages approximately $203 million in regulatory assets under management. The firm serves as the discretionary investment manager for various funds, including Krensavage Partners, Krensavage Offshore Fund, and Krensavage Partners Too. KAM's investment strategy involves buying undervalued healthcare securities and selling overvalued ones, with a focus on fundamental analysis and long investments. The firm typically limits long positions to 20% and shorts to 8% of the portfolio, maintaining a concentrated portfolio of 10 to 20 longs and 5 to 15 shorts. KAM charges a quarterly management fee of 0.5% of net asset value and may waive or reduce fees at its discretion. The firm does not participate in wrap fee programs and does not accept other forms of compensation. KAM's investment philosophy emphasizes risk management, avoiding leverage, and maintaining liquidity in the portfolio. Clients of KAM have minimum initial investment requirements for the funds, with Krensavage Partners Too requiring a minimum of $1 million. The firm acts as a fiduciary, providing tailored investment advisory services based on each fund's objectives. KAM's investment strategies and risk factors are detailed in the funds' confidential private placement memoranda.