The SG Hiscock fund manager explains why he’s not worried about Ozempic and names the telecom stock he thinks is flying under the radar.
Hamish Tadgell is portfolio manager of SG Hiscock’s High Conviction Fund based in Melbourne that manages $2.5 billion in assets.
It’s important to recognise Glucagon Like Peptide drugs have been around for a while and have not been considered efficacious enough to see commercial take-up and be reimbursed for weight loss. New trials are seeking to show greater clinical benefit from using GLP-1 drugs in reducing the risk of major cardiovascular events and OSA .
There was also clear evidence higher labour and interest costs are starting to bite. This saw operating margins contract modestly and aggregated earnings downgraded by about 6 per cent. Post pandemic, and with the surge in interest in artificial intelligence, there has also been an acceleration in cloud migration, data processing capacity and, with it, demand for high-quality data centre space, which is supportive for the likes of NextDC, and again, Infratil.China’s recent economic data has been unequivocally weak. Negative year-on-year inflation, the lowest monthly loan growth to the real economy since 2006, declining property prices … the list goes on.
Our preference has been to play commodities through the high-quality diversified producers and more industrial exposures leveraged to volume over price, like Seven Group Holdings and Qube which provides logistics and export container services to the commodities sector, including all the major lithium producers.
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