Growing headwinds appearing in healthcare
Marcus Bogdan, CIO Asia Pacific
Canaccord Genuity Asset Management
A key theme in the recent reporting season was the persistent low growth faced by a range of industries including banking, manufacturing and resources/energy. Since inception in 2014, our portfolios have maintained an underweight position to both banks and resources. For both sectors, the return profile for capital, earnings and dividends remains challenging. Despite a meaningful rebound in commodity prices over the last quarter, the headwinds of excess supply across the key commodities of coal, iron ore and oil seem likely to remain for the foreseeable. The structural deterioration occurring in the resources sector was duly recognised by the dramatic rebasing of the dividend policies of BHP Billiton and Rio Tinto. Yet growing pressures appear to be mounting in the health care sector as well, which over recent years has been a bastion of well supported growth. While an ageing demographic is underpinning volume growth in diagnostic and hospital services, there is recognition by governments at both a federal and state level that the cost of delivering these services will need to be closely monitored.
Never miss an update
Enjoy this wire? Hit the ‘like’ button to let us know.
Stay up to date with my current content by
following me below and you’ll be notified every time I post a wire
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...
Expertise
No areas of expertise
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
Comments
Comments
Sign In or Join Free to comment