Healthcare-focused fund Blue Jay Capital Management, managed by Paul Sinclair, has disclosed its equity portfolio for the reporting period of March 31 in a 13F filed with the U.S. Securities and Exchange Commission. The fund posted an impressive 12% return during the first quarter, significantly outperforming the S&P 500 ETF (SPY), which rose by a mere 0.9% during the same period. Blue Jay Capital’s portfolio at the end of that strong quarter included a total of 21 positions valued at $285.04 million. The investor acquired stakes in 11 new companies during the quarter, including Endo International plc (NASDAQ:ENDP), Alkermes Plc (NASDAQ:ALKS), Akorn Inc. (NASDAQ:AKRX) and Impax Laboratories Inc (NASDAQ:IPXL).
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The top new holding of Blue Jay Capital is represented by Endo International plc (NASDAQ:ENDP), a $15 billion market cap global specialty pharmaceutical company. Blue Jay Capital held 175,000 shares of the company worth $15.70 million at the end of the first quarter. New product revenue and strategic M&A transactions boosted the company’s revenues for the first quarter by 52% to $714 million versus $471 million in the same quarter last year. Endo International plc (NASDAQ:ENDP) posted adjusted diluted earnings per share from continuing operations of $1.17 versus $0.75 in the same quarter of 2014. The company’s performance is reflected in its shares, which have gained 18% year-to-date. Billionaire Larry Robbins holds a large stake of 6.85 million shares in Endo as of the end of 2014.
Next up is Alkermes Plc (NASDAQ:ALKS), in which Blue Jay Capital holds a stake which contains 235,000 shares valued at $14.33 million. Ireland-based Alkermes Plc (NASDAQ:ALKS) is a biopharmaceutical company that focuses on central nervous system diseases and has a market cap of $8.8 billion. Alkermes Plc (NASDAQ:ALKS) believes that it possesses one of the most exciting late-stage pipelines of CNS medicines in the industry and is on track to initiate a pivotal development program in 2015. The company plans to launch Aripiprazole lauroxil later this year, which is a long-acting atypical antipsychotic for schizophrenia. Alkermes Plc (NASDAQ:ALKS) recently reiterated all of its financial expectations for 2015 while reporting total revenues for the first quarter of $161.2 million versus $130.2 million year-over-year. The company posted a GAAP net loss of -$30.7 million, or -$0.21 per share, compared to a loss of -$24.4 million, or -$0.17, in the same quarter a year ago. Other investors with big positions in the company include Bihua Chen’s Cormorant Asset Management, which held 450,000 shares at the end of 2014.
