PURA VIDA INVESTMENTS, LLC

PURA VIDA INVESTMENTS, LLC is a healthcare-focused hedge fund manager based in New York, NY. Founded by Efrem Kamen, the firm concentrates on the global healthcare and life sciences complex, investing across biotechnology, pharmaceuticals, medical devices, healthcare services, and related tools and diagnostics. Pura Vida manages capital for institutional and other sophisticated investors through long/short and related strategies, seeking to exploit mispricings around clinical, regulatory, and corporate events. As an SEC-registered investment advisor, Pura Vida acts as a discretionary manager and fiduciary for its clients. The firm appears in the U.S. regulatory system as an institutional investment manager filing Form 13F under CIK #1590144. These filings provide quarterly, position-level snapshots of the manager’s reportable long holdings in U.S.-listed equities and certain equity-like instruments, offering a partial view of the firm’s healthcare exposure. Short positions, options and other derivatives, most non-U.S. listings, and intra-quarter trading activity are not disclosed in 13F reports. On a 13F analytics platform, all historical filings tied to CIK #1590144 can be consolidated into a continuous 13F History for Pura Vida Investments, LLC. This enables allocators to study the structure and evolution of the firm’s disclosed long book in a systematic way, independent of any proprietary reporting.

Pura Vida Investments, LLC pursues a fundamental, research-intensive long/short strategy dedicated to healthcare and life sciences. The investment process combines deep scientific and clinical diligence with company-level financial analysis and an understanding of healthcare policy and reimbursement trends. The firm typically focuses on: - Biotechnology and pharmaceuticals, where binary or highly asymmetric outcomes are driven by clinical trial data, regulatory decisions, competitive dynamics, and commercial execution; - Medical devices and diagnostics, where adoption curves, clinical utility, and reimbursement frameworks shape long-term economics; - Healthcare services and payor/provider models, including managed care, specialty services, and technology-enabled delivery platforms; - Life science tools and contract service providers that benefit from secular growth in R&D and biopharmaceutical outsourcing. The strategy is catalyst- and event-driven: Pura Vida seeks situations where upcoming milestones—such as Phase II/III readouts, FDA advisory committee meetings, PDUFA decisions, label expansions, reimbursement rulings, or corporate events (M&A, spin-offs, capital raises)—are likely to cause a material repricing of a company’s securities. Positions can be long or short, and the firm often expresses views across the capital structure using equities and, where appropriate, derivatives. Portfolios are typically concentrated in a finite number of high-conviction names, with meaningful weights in top positions where the team believes it has a differentiated view of probability-weighted outcomes and risk/reward. Exposure often tilts toward small- and mid-cap companies, where information inefficiencies and limited sell-side coverage can be more pronounced. Within the Form 13F dataset, this approach manifests as a focused list of U.S.-listed healthcare equities and, occasionally, healthcare-focused ETFs or other listed vehicles. A holdings-based examination of Pura Vida’s 13F Portfolio Composition across quarters allows allocators to see how the firm allocates capital across subsectors (biotech, pharma, medtech, services), market-cap segments, and individual situations as clinical and corporate event calendars evolve. A Portfolio Simulator or Backtesting Service can be used to convert this 13F history into a long-only, 13F-based replication of the disclosed long book—recognizing that this replication omits the short and derivatives overlays that are integral to the live strategy.

PURA VIDA INVESTMENTS, LLC is a New York–based, healthcare-specialist hedge fund whose regulatory footprint under CIK #1590144 provides a recurring, position-level view of its U.S.-listed long-equity ideas. While the firm’s true edge lies in exploiting complex clinical, regulatory, and corporate events across both long and short books, its 13F filings offer a consistent, rules-based record of one side of that activity. By aggregating these filings into a unified dataset, an analytics platform can construct a 13F-based Historical Track Record that mirrors a portfolio holding Pura Vida’s disclosed long positions between quarter-ends. Examining this reconstructed capital trajectory alongside changes in 13F Portfolio Composition—across biotech, pharma, medtech, and services, as well as shifts in single-name concentration—helps allocators understand how the long U.S.-listed sleeve has navigated different healthcare and market regimes. Overlaying diagnostics such as Max Drawdown Depth and a holdings-derived Sharpe Ratio provides additional context on the variability and risk-adjusted characteristics of this 13F-implied, long-only shadow portfolio. Explored through a Portfolio Simulator and related Performance Backtests Online, these tools supply an independent, public-data-driven lens on Pura Vida’s disclosed holdings. The key open question for allocators is how the regime sensitivity inferred from this 13F-based reconstruction—across biotech booms and busts, regulatory and pricing cycles, and broader risk-on/risk-off episodes—compares with the behavior of Pura Vida Investments, LLC’s complete, hedged healthcare strategy once short exposure, derivatives, and intra-quarter position management are taken into account.

The risk profile of Pura Vida Investments, LLC is characteristic of a specialist healthcare long/short manager with concentrated exposure to idiosyncratic and event-driven outcomes. Key underlying risk drivers include: - Scientific and clinical risk: Trial results can be binary or highly skewed, with success or failure materially impacting valuation. - Regulatory and reimbursement risk: FDA and other regulatory decisions, as well as payer coverage and pricing dynamics, can sharply reprice companies and entire therapeutic categories. - Single-name and concentration risk: High conviction and sector specialization often entail sizable positions in a limited number of companies, increasing sensitivity to company-specific news. - Sector and style risk: As a healthcare specialist with meaningful exposure to biotech and growth-oriented innovators, the strategy can underperform during periods of broad rotation away from healthcare or high-duration growth assets. Through the 13F lens, only long U.S.-listed positions are visible. To quantify the observable characteristics of this sleeve, an allocator can treat each 13F report as a quarter-end portfolio snapshot and run Performance Backtests Online to construct a synthetic, long-only capital path that holds the disclosed names between filings. From this reconstructed series, one can estimate: - Volatility and equity beta versus healthcare and broad equity indices; - Drawdown behavior, summarized by Max Drawdown Depth for the long-only replication; - A holdings-derived Sharpe Ratio as a summary measure of risk-adjusted outcomes for this 13F-based, unhedged stream. These metrics should be interpreted with important caveats. Form 13F does not reveal short positions, options strategies, or other hedging instruments that Pura Vida may use to manage downside or factor exposures, nor does it capture intra-quarter trading around events. As a result, any volatility profile or drawdown analysis based solely on 13F replication describes the behavior of a hypothetical long-only portfolio, not the full, hedged risk posture of the firm’s actual healthcare long/short strategy.