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), which focused on their operations in France and the UK. Ramsay’s footprint in the French health sector is materially significant, with around 30% of Ramsay’s total revenue expected from France (via a controlling interest in Generale de Santee). A key driver of Ramsay’s motivation in greatly expanding its operational footprint into the French health care market rests with its favourable long-term demographic characteristics. Currently, more than 50% of Generale de Santee’s core market is over sixty years of age. With France’s population forecast to increase by 2.5 million over the next fifty years, coupled with an ageing demographic base, the core market for private health providers is getting bigger. Quarterly Report in full here: (VIEW LINK)


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