ABOUT US

Asymmetry Capital Management, L.P. is a San Francisco-based alternative asset management firm founded in 2012 by Scott Kay, a 20-year veteran of healthcare investing. We utilize a data-driven primary research process to identify and invest in out-of-consensus healthcare companies that we believe have both asymmetric return profiles and near-term valuation catalysts. Our differentiated investment process and focus on fundamental shorts seek to produce a return stream for investors that is both unique and repeatable over the long term. Asymmetry seeks to deliver high risk-adjusted returns, low correlations to both broad market and healthcare indices and lower volatility.

A LETTER FROM OUR FOUNDER

When I decided to launch Asymmetry, it was the culmination of a dream that brought me full circle to a family history of entrepreneurship and healthcare. My grandfather owned pharmacies in Brooklyn, NY and my parents were entrepreneurs. My grandfather wasn’t alive to see me accept my first job at Pfizer, a pharmaceutical company, but he would have been proud to know I had continued in the sector to which he dedicated his life. Having grown up watching my father and grandfather invest in the stock market, I developed a passion for investing alongside theirs, this ultimately led me to Wall Street as a healthcare analyst. I was fortunate to be able to integrate the two interests that have been a driving force in my life: healthcare and investing.

 

I have always been competitive and drawn to complex problem solving. Healthcare investing allows me to exercise both of these traits. I wake up every day thankful I am able to do what I love on behalf of our investors, partners and the team we have assembled at Asymmetry.

 

Healthcare is unique among the sectors compromising the global economy. What other sector offers the opportunity to advance peoples well-being and happiness, fulfills a basic human need, comprises so many diverse sub-sectors and encompasses so much complexity? Many of the businesses we invest in save lives and make products that enhance day-to-day living. Businesses that do not fulfill their promises to patients, customers and shareholders are firms we bet against.

 

The success of Asymmetry rests on our ability to deliver, for our partners and investors, attractive investment returns over the long-term while effectively managing risk. Investment success is not easily measured month-to-month or even year-to-year as we operate in a dynamic and volatile industry. Recognizing that different views on valuation inevitability become reconciled over a longer horizon, and that in the short-term market pricing is often inefficient, led me to develop Asymmetry’s founding investment principals and philosophy:

 

  • A structured, rigorous, and iterative process provides both a strong foundation upon which to build and a guiding light from which to navigate forward.

 

  • Company fundamentals must, over time, drive asset valuations.

 

  • Portfolio diversification can both enhance returns and mitigate risk.

 

  • Portfolio liquidity offers both a margin of safety if an exit strategy is necessary, as well as the opportunity to capitalize on positive fundamental developments.

 

  • Just like a successful athlete, investing success is about doing the work. There are no short cuts. It is a constant process and it can be grueling. But, I have found few other things as satisfying as identifying an idea, validating it through one’s own efforts and then being objectively rewarded when others recognize the value of what you uncovered.

 

We have built an institutional asset management business that reflects the entrepreneurship, pride of ownership and high standard we hold as the sacred responsibility entrusted to us by our partners and investors. The concept of fiduciary responsibility is one we have always taken seriously and is an overarching principal in how we manage our business and investments. This is what guides us as a steward of our clients’ capital. Thank you for your continued partnership and trust.

 

Respectfully,

 

 

 

 

 

Scott C. Kay

CIO and Founder

 

Scott Kay, Founder & CIO

 

Scott Kay, CIO, founded Asymmetry Capital Management in 2012. He began his career at Pfizer Inc., then joined Banc of America Securities, LLC, where he covered major pharmaceuticals. He was promoted to Senior Global Pharmaceuticals Analyst and was ranked “Best Up and Comer” by Institutional Investor. In 2003, he joined Andor Capital Management, a diversified long/short equity hedge fund, covering specialty and large-cap pharmaceuticals. When Andor closed, he became a Founding Partner and the Therapeutic Sector Head at Partner Fund Management (PFM), a San Francisco-based long/short equity hedge fund. After 7 years at PFM, he left in 2011 to launch Asymmetry.

 

Scott received his B.S. in Marketing, with a finance concentration, from the State University of New York at Oswego.

 

OUR TEAM

Chris Zellner, Founder, COO & CCO

 

Chris Zellner, Founding Partner, COO, and CCO, joined Asymmetry in 2012. Chris has over 25 years of financial services experience and has worked for The New York Stock Exchange (NYSE), Morgan Stanley, Lehman Brothers, Merrill Lynch and Bank of America Merrill Lynch. He has a diverse background in financial services, having worked in Prime Brokerage, Equity Derivatives, and Equity Capital Markets. Chris also created the NYSE’s IPO listing business.

 

Chris received his B.S. and M.B.A. from the Stern School of Business at New York University.

 

Cindy Goldsmith, CFO

 

Cindy Goldsmith, CFO, joined Asymmetry in 2013. Previously, Cindy was the Manager of Hedge Fund Administration and Accounting Manager for Forward Management, and the Controller of Kensington Investment Group (acquired by Forward in 2009), where she was responsible for the accounting, taxes and administration of over 10 hedge funds. She was also a Manager at Kenneth Leventhal & Co, a public accounting firm.

 

Cindy received her B.S. in Accounting from the University of California, Berkeley.

 

Zarak Khurshid, Senior Life Sciences Analyst

 

Zarak Khurshid, Senior Life Sciences Analyst, joined Asymmetry in 2016. He covers all non-therapeutic healthcare sectors, which includes medical technology, devices, tools, diagnostics, labs, healthcare IT and services. Previously, Zarak worked as the Senior Vice President of Equity Research at Wedbush Securities PacGrowth Life Sciences, Caris & Company and as a Research Analyst at Pacific Growth Equities, LLC. He began his career in industry, working for Aurora Biosciences and Cytokinetics Inc.

 

Zarak received his B.A. in Economics and B.S. in Bioengineering from the University of California, San Diego.

Akiva Felt, Senior Therapeutics Analyst

 

Akiva Felt, Senior Therapeutics Analyst, joined Asymmetry in 2016. He covers global therapeutics, which includes major pharma, specialty pharma, generics and biotechnology. Previously, Akiva worked as a Senior Research Analyst at Oppenheimer & Co. and Wedbush Securities PacGrowth Life Sciences.

 

Akiva received his B.S. in Biomedical Engineering from Washington University and M.A. in Biotechnology from Columbia University.

Michael Manifesto, Investment Analyst

 

Michael Manifesto, Investment Analyst, joined Asymmetry in 2014. He covers all healthcare sub-sectors supporting the Senior Analysts and the CIO.  Previously, Michael worked as a Junior Analyst at Forward Management.

 

Michael received his B.S. in Business Administration, with a finance concentration, from California Polytechnic State University.  Michael passed all three levels of the CFA exam on his first attempt.

Sharene Badiola, Vice President of Operations

 

Sharene Badiola, Vice President of Operations, joined Asymmetry in 2015. Previously, Sharene worked with the Investments team at Forward Management (acquired by Salient Partners in 2015). She began her career in retail management.

 

Sharene received her B.A. in Communications with a minor in Business at the University of California, San Diego. Sharene is a Notary Public commissioned in San Francisco, CA.

"In God We Trust -

  All Others Must Bring Data"

 - William E. Deming, American Engineer,

 Statistician, & Management Consultant

CONTACT

For general inquiries or for more information,

please send us an email:

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We are located at:

 

101 California Street, Suite 1725

San Francisco, CA 94111

 

Main: (415) 801-4600

 

Email: info@asymmetrycapital.com

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    A LETTER FROM OUR FOUNDER

    Click to View

    When I decided to launch Asymmetry, it was the culmination of a dream that brought me full circle to a family history of entrepreneurship and healthcare. My grandfather owned pharmacies in Brooklyn, NY and my parents were entrepreneurs. My grandfather wasn’t alive to see me accept my first job at Pfizer, a pharmaceutical company, but he would have been proud to know I had continued in the sector to which he dedicated his life. Having grown up watching my father and grandfather invest in the stock market, I developed a passion for investing alongside theirs, this ultimately led me to Wall Street as a healthcare analyst. I was fortunate to be able to integrate the two interests that have been a driving force in my life: healthcare and investing.

     

    I have always been competitive and drawn to complex problem solving. Healthcare investing allows me to exercise both of these traits. I wake up every day thankful I am able to do what I love on behalf of our investors, partners and the team we have assembled at Asymmetry.

     

    Healthcare is unique among the sectors compromising the global economy. What other sector offers the opportunity to advance peoples well-being and happiness, fulfills a basic human need, comprises so many diverse sub-sectors and encompasses so much complexity. Many of the businesses we invest in save lives and make products that enhance day-to-day living. Businesses that do not fulfill their promises to patients, customers and shareholders are firms we bet against.

     

    The success of Asymmetry rests on our ability to deliver, for our partners and investors, attractive investment returns over the long-term while effectively managing risk. Investment success is not easily measured month-to-month or even year-to-year as we operate in a dynamic and volatile industry. Recognizing that different views on valuation inevitability become reconciled over a longer horizon, and that in the short-term market pricing is often inefficient, led me to develop Asymmetry’s founding investment principals and philosophy:

     

    • A structured, rigorous, and iterative process provides both a strong foundation upon which to build and a guiding light from which to navigate forward.

     

    • Company fundamentals must, over time, drive asset valuations.

     

    • Portfolio diversification can both enhance returns and mitigate risk.

     

    • Portfolio liquidity offers both a margin of safety if an exit strategy is necessary, as well as the opportunity to capitalize on positive fundamental developments.

     

    • Just like a successful athlete, investing success is about doing the work. There are no short cuts. It is a constant process and it can be grueling. But, I have found few other things as satisfying as identifying an idea, validating it through one’s own efforts and then being objectively rewarded when others recognize the value of what you uncovered.

     

    We have built an institutional asset management business that reflects the entrepreneurship, pride of ownership and high standard we hold as the sacred responsibility entrusted to us by our partners and investors. The concept of fiduciary responsibility is one we have always taken seriously and is an overarching principal in how we manage our business and investments. This is what guides us as a steward of our clients’ capital. Thank you for your continued partnership and trust.

     

    Respectfully,

     

     

     

     

     

    Scott C. Kay

    CIO and Founder

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