Deflationary pressures showing across multiple industries
Marcus Bogdan, CIO Asia Pacific
Canaccord Genuity Asset Management
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 abatement in these pressures. Further capex cuts are expected and pressure may be placed on progressive dividend policies, most notably BHP. The health care sector is facing increased pressure from cash strapped governments, but remains well placed to grow volumes supported by both further outsourcing from the public system, and the growing need of an ageing population that require more health services. In general, business remains challenging. There are winners but they are few in number. From an Australian investment perspective Macquarie Bank, Ramsay Health Care and Westfield feel like they remain well placed at both a company and industry level. By contrast, the operating environment for banking, resources and supermarkets faces continued cyclical and structural headwinds.
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Marcus Bogdan is Chief Investment Office of Canaccord Genuity Asset Management, and joined the business in August 2013. Marcus has a diverse range of skills and 20 years of experience in the Financial Services Industry. He started his career as an Analyst at McIntosh Securities/Merrill Lynch where he covered the miscellaneous industrial sector as well as emerging companies. In Funds Management, he was a Portfolio Manager at Cooper Investors working on their Australian Equity Portfolio where he specialised in the Retail, Transport and Industrial sectors. In Wealth Management, Marcus has worked at Credit Suisse in International Equities and as Senior Vice President at Morgan Stanley where he advised High Net Worth clients and Family Offices.
Marcus is a graduate of the University of Melbourne holding degrees from the Arts, Business & Economics and Law faculties. Most recently, Marcus attained the University of Melbourne’s Law Masters Degree specialising in Securities Regulation and Corporate Law in Asia. Marcus is a Fellow of the Financial Services Institute of Australia and a graduate of the Australian Institute of Company Directors.
Marcus Bogdan, CIO Asia Pacific
Chief Investment Officer, Asia Pacific
Canaccord Genuity Asset Management
Marcus Bogdan is Chief Investment Office of Canaccord Genuity Asset Management, and joined the business in August 2013. Marcus has a diverse range of skills and 20 years of experience in the Financial Services Industry. He started his career as an...
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Marcus Bogdan, CIO Asia Pacific
Chief Investment Officer, Asia Pacific
Canaccord Genuity Asset Management
Marcus Bogdan is Chief Investment Office of Canaccord Genuity Asset Management, and joined the business in August 2013. Marcus has a diverse range of skills and 20 years of experience in the Financial Services Industry. He started his career as an...
Expertise
No areas of expertise
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