Market returns moderate in face of anaemic global growth

Marcus Bogdan, CIO Asia Pacific

An observable theme throughout FY16 has been the continued buoyancy in healthcare, infrastructure and property trusts. The healthcare sector returns were supported by the defensive nature of earnings and favourable industry characteristics. Whereas the infrastructure and property trust sector returns were bolstered by investors seeking comfort in companies offering stability... Show More

Deflationary pressures showing across multiple industries

Marcus Bogdan, CIO Asia Pacific

Recent visits to companies in the UK, France and Singapore highlight that deflationary pressures are evident across industrial companies, health care, resources as well as supermarkets. The resource and energy sectors on multiple fronts face the downdraft of lower commodity prices and excess supply. At this stage, there seems little... Show More

Challenging headwinds warrant caution on Australian Banks

Marcus Bogdan, CIO Asia Pacific

A common investment theme running through each of our model portfolios has been a deliberate underweight position in the Australian major banks. This has supported our significant performance against the ASX 200 benchmark over the last twelve months, yet challenging headwinds continue to warrant a cautionary stance. A recent paper... Show More

Woolworths under pressure from Aldi

Marcus Bogdan, CIO Asia Pacific

The Australian grocery industry is experiencing both structural and cyclical headwinds, making operating conditions for supermarkets particularly challenging. It is abundantly clear that the discounters, most particularly Aldi, have been far more successful in challenging the incumbents’ business models than anticipated. Aldi has not only offered lower prices but has... Show More

Site visit to Ramsay Healthcare's UK and French operations

Marcus Bogdan, CIO Asia Pacific

A key highlight during the quarter was the opportunity to travel to the UK and France. The purpose of our trip was principally to glean greater insight into the five industry themes of Energy, Health care, Resources, REITS and Supermarkets. This included a two-day briefing by Ramsay Health Care (ASX:RHC),... Show More

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