After a stellar performance in 2015 shares in Blackmores have been volatile in 2016. We have been somewhat skeptical about the supplements industry, however, we recently met with management and came away feeling like we may have underestimated how big of a growth market China could be over the coming decades. China has a strong history of using herbal medicine so culturally the products are widely accepted. Data presented to us by Blackmores clearly shows that produce from Australia and New Zealand is the most desirable with local consumers. We think at current levels Blackmores looks attractive and have started to accumulate shares. Our monthly update including commentary on Blackmores (starts at 3.25) is in the video below.



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