27/02/2025 09:22

Revisiting healthcare stocks as investors become more defensive

We recently sold CSL and HLS out of the MM Active Growth Portfolio, leaving us with no healthcare exposure to this ~9% sector of the ASX200. Hence, we are carefully looking for attractive risk/reward opportunities in companies in the space we like.

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21/02/2025 09:57

Active Growth Portfolio – Amendments

MM are making several changes to the Active Growth Portfolio today

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11/02/2025 17:05

CSL Limited (CSL) $256.96

CSL –4.95%: The share price reaction today was indicative of the messy result delivered by CSL, with a few moving parts to cover below, though they did say they are on track to achieve FY guidance, which is for revenue growth of 5-7% (on a constant currency basis ) and adjusted net profit growth of 10-13% (CC basis).

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24/01/2025 09:25

CSL Ltd (CSL) $270

Healthcare Goliath CSL has drifted 4% lower this month, not a great result in a strong market. Ironically, Goldman recently reinstated CSL as Buy with a $325.40 target, but the markets are not listening yet.

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19/11/2024 09:17

CSL Ltd (CSL) $272.45

On Monday, CSL fell to levels not seen since April as an "if in doubt, stay out" attitude appeared to dominate the ASX healthcare giant  - CSL is now down 5% year-to-date, compared to the ASX200, which is up +9.3% before dividends.

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22/08/2024 09:25

CSL Ltd (CSL) $308.49

We discussed CSL in detail earlier in the month following its FY24 results and forward guidance, concluding that we intend to hold the $149bn giant but would only add to our 6% position in the Active Growth Portfolio if it pulled back below $280.

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14/08/2024 09:01

CSL Limited (CSL) $294.78

SL is an Australian success story, with a market capitalisation of $142bn making up a significant 6.6% of the ASX200 (3rd behind CBA & BHP). Whatever way cut it, CSL is an important company for all Australian equity investors.  Don’t hold CSL when it’s rallying and it's hard to beat the index, but when CSL comes under pressure, having a low or no weighting will dramatically help relative returns.  We know that relative returns are only one piece of the puzzle, but it is a concept that should be understood, providing a foundation to measure performance i.e. if we can do 2% above the index over 10 years, $1m goes to nearly $3m vs $2.45m (based on 9% annual index return).

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13/08/2024 17:09

CSL Limited (CSL) $294.79

Softer profit guidance implies weaker margins which has been an area of concern. The share price reaction is ‘about right’ for this guidance. We’ll cover CSL in more detail tomorrow morning.

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08/08/2024 09:45

CSL Ltd (CSL) $304.41

We bought back into CSL in April after a long and unpopular hiatus from the world-class blood-plasms business. At this stage of the economic cycle, we are keen on both the Healthcare Sector and CSL; going into next week's result, all of the reasons we are long remain in play.

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19/06/2024 09:38

Active Growth Portfolio – Amendment

We are adding to a position in the Active Growth Portfolio

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