Integral is a healthcare focused alternative investment manager that was founded in 2019 by Jay Rao, MD, JD. The firm seeks to deliver attractive risk-adjusted returns through an absolute return strategy that invests across the pharmaceutical, biotechnology, medical device and healthcare service sub-sectors. Our mission is to drive long-term value for clients and support transformative healthcare innovation by investing in companies that align with our disciplined, research-driven approach. Integral is a Registered Investment Adviser with the US Securities and Exchange Commission (SEC).
We anticipate that healthcare will continue to be an important part of the world economy, and the rapid pace of technological advancement and the complexity of the subject matter will require expert insights to analyze securities. We seek opportunities by taking a holistic view of the industry, identifying the key drivers of the investment debate.
We seek to invest in differentiated, actionable ideas based on our scientific and financial research process, and to generate consistent, idiosyncratic excess returns.
Repeatable, structured analysis combining top-down and bottom-up fundamental reviews of securities
Combination of thematic, relative value and event trades using liquidity, market cap, event path and complexity of analysis as key drivers for sizing; diverse set of ideas across subsectors and market caps
Strict adherence to portfolio guidelines, coupled with daily monitoring of risk categories; low net exposure at each subsector with active gross exposure management
Integral investment professionals have decades of combined experience focused on the healthcare sector, and maintain the medical, scientific and legal knowledge necessary to perform detailed analysis of companies. Integral is 100% employee owned.
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Our strategy is designed to produce a consistent return profile over the long term, while preserving capital via low net exposure at each sub-segment, with minimal drawdowns and focused risk management.
