We initiated a short position in Telstra in February 2017, premised on rising mobile & broadband competition, which was likely to impact on Telstra’s growth outlook. Rising 10-yr bond rates make it a double-whammy for Telstra, which we also view as a bond-proxy. Show More
Ramsay Healthcare (RHC) is a core structural short in the AIM Global High Conviction fund. The five bear points we have consistently pointed to are: Show More
Over the course of 2016, we provided insight into the competitive dynamics and aggregate prospects of several industry sectors, from financial markets to supermarkets, listed on the Australian stock market. Show More
The healthcare industry is always evolving, and new therapies drive ongoing growth over and above the growth from the ageing demographic. However, it’s important that investors recognise that the sector’s growth doesn’t necessarily translate equally to each participant, for example, when new therapies displace incumbents. Three particular drivers of change... Show More