Here's the drugs/biotech "short portfolio" of Barr-Rosenberg, a so-called "market-neutral" fund:
DRUGS -- 5.9%
12,800 Advanced Magnetics, Inc.*...... 44,800
12,100 Algos Pharmaceuticals Corp.*... 297,963
22,000 Alkermes, Inc.*................ 599,499
18,500 Amylin Pharmaceuticals,
Inc.*........................ 19,656
14,600 Anesta Corp.*.................. 329,413
1,800 Anika Therapeutics, Inc.*...... 9,450
18,000 Aphton Corp.*.................. 292,500
15,600 Arqule, Inc.*.................. 72,150
9,000 Aviron*........................ 182,250
20,100 Bio-Technology General
Corp.*....................... 119,972
22,400 Biocryst Pharmaceuticals,
Inc.*........................ 142,800
10,500 Cel-Sci Corp.*................. 20,344
21,900 Celgene Corp.*................. 350,400
5,400 Centocor, Inc.*................ 199,463
26,800 COR Therapeutics, Inc.*........ 266,325
18,600 Creative Biomolecules, Inc.*... 43,013
5,900 Cygnus, Inc.*.................. 44,250
2,100 Emisphere Technologies,
Inc.*........................ 18,900
13,600 Gilead Sciences, Inc.*......... 618,799
28,400 Guilford Pharmaceuticals,
Inc.*........................ 323,050
26,100 Human Genome Sciences, Inc.*... 905,343
13,000 Icos Corporation*.............. 438,750
26,400 Imclone Systems, Inc.*......... 445,500
35,900 Immune Response Corp.*......... 316,369
3,900 Inhale Therapeutic Systems,
Inc.*........................ 105,788
18,400 Interneuron Pharmaceuticals,
Inc.*........................ 52,900
40,700 Isis Pharmaceuticals, Inc.*.... 366,300
16,100 Lifecore Biomedical, Inc.*..... 139,869
25,600 Ligand Pharmaceutical, Inc.,
Class B*..................... 209,600
29,200 Magainin Pharmaceuticals,
Inc.*........................ 45,625
27,100 Martek Biosciences Corp.*...... 152,438
See accompanying notes to the financial statements.
43
BARR ROSENBERG SERIES TRUST
MARKET NEUTRAL FUND
SCHEDULE OF SECURITIES SOLD SHORT (CONTINUED) -- MARCH 31, 1999
- --------------------------------------------------------------------------------
SHARES MARKET VALUE
- ------- ------------
COMMON STOCKS (CONTINUED)
DRUGS (CONTINUED)
21,100 Molecular Biosystems, Inc.*.... $ 56,706
10,600 Myriad Genetics, Inc.*......... 95,400
13,500 NEO RX Corporation*............ 20,672
16,700 Neose Technologies, Inc.*...... 228,581
4,200 Neurogen Corp.*................ 44,888
26,000 Northfield Laboratories,
Inc.*........................ 286,000
26,800 Noven Pharmaceuticals, Inc.*... 123,950
21,100 NPS Pharmaceuticals, Inc.*..... 158,250
5,300 Orphan Medical, Inc.*.......... 38,425
10,700 OSI Pharmaceuticals, Inc.*..... 53,500
21,200 Pharmacyclics, Inc.*........... 349,800
21,900 Protein Design Labs, Inc.*..... 329,869
18,200 Research Frontiers, Inc.*...... 129,675
19,500 Sangstat Medical Corp.*........ 241,313
5,300 Sonus Pharmaceuticals, Inc.*... 39,750
5,700 Sugen, Inc.*................... 109,369
12,600 Synaptic Pharmaceuticals
Corp.*....................... 86,625
12,400 Theragenics Corp.*............. 86,800
19,600 Transkaryotic Therapies,
Inc.*........................ 622,299
19,700 Triangle Pharmaceuticals,
Inc.*........................ 210,544
4,000 Twinlab Corp.*................. 37,500
7,200 U.S. Bioscience, Inc.*......... 78,300
29,500 Vertex Pharmaceuticals,
Inc.*........................ 744,874
22,800 Vical, Inc.*................... 233,700
11,700 Xoma Ltd.*..................... 35,831
21,000 Zila, Inc.*.................... 79,406
------------
11,695,506
------------
Matched against their long portfolio:
DRUGS -- 5.2%
17,300 Agouron Pharmaceuticals,
Inc.*....................... 978,531
1,410 Allergan Specialty
Therapeutics, Inc., Class
A*.......................... 14,100
20,100 Alpharma, Inc., Class A....... 788,925
18,200 Ambi, Inc.*................... 21,613
10,600 Biopool International,
Inc.*....................... 7,950
18,200 Biosite Diagnostics, Inc.*.... 182,000
27,000 Cambrex Corp.................. 597,375
25,700 Diagnostic Products Corp...... 623,225
36,700 Gensia Sicor, Inc.*........... 103,219
300 Genzyme Corp.*................ 15,131
1,329 Genzyme Molecular Oncology*... 4,984
5,300 Hi-Tech Pharmacal Co.,
Inc.*....................... 17,225
8,900 Hycor Biomedical, Inc.*....... 9,178
29,200 Idexx Laboratories, Inc.*..... 698,975
32,200 Immulogic Pharmaceutical
Corp.*...................... 60,375
8,000 IVC Industries, Inc.*......... 6,500
84,100 Mallinckrodt, Inc............. 2,239,162
34,850 Medicis Pharmaceutical*....... 1,045,500
31,000 Medimmune, Inc.*.............. 1,834,812
1,200 Millenium Pharmaceuticals,
Inc.*....................... 37,500
2,090 New Brunswick Scientific,
Inc.*....................... 9,732
5,600 PDK Labs, Inc.*............... 25,200
12,100 Quidel Corp.*................. 24,200
4,900 Regeneron Pharmaceutical
Inc.*....................... 32,463
41,600 Roberts Pharmaceutical
Corp.*...................... 863,200
3,700 Schein Pharmaceutical,
Inc.*....................... 48,100
-------------
10,289,175
-------------
Can't say I see any rhyme or reason as to how they chose whether to be long or short any particular stock.
No great sums in any one stock, but maybe enough to hurt some of the thinly traded third tiers for a while.
I'm not sure just how many of these sorts of funds are out there.
Peter |
