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.
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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 in March, Ghost Partners remained focused on finding "well-defined idiosyncratic...
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