Cordis Global Medical Technology Fund
Cordis Global Medical Technology Fund is an Australian unit trust of actively-managed global listed companies which design and manufacture medical devices to treat critical chronic diseases.
The Cordis Global Medical Technology Fund pairs rigorous investment analysis with built-for-purpose MedTech insights. The insights are provided by the Medical Advisory Panel (MAP) and Medical Device Industry Specialists (MDIS) to form a key competitive advantage when investing in the highly technical and complex medical technology sector.
The MAP and MDIS are working teams comprised of highly qualified physicians, translational researchers, clinical engineers, and medical technology executives. The aggregate of their global networks and inimitable clinical insights provides a critical input to the portfolio management team’s process, that we believe is not replicated anywhere else in the investment industry. The MAP and MDIS are a fundamental part of our team not just a resource to be called for comment, creating a highly integrated structure that places us in a position to be exceptional at what we do.
- Active management: investments are actively managed to focus on generating capital growth.
- In-house sector expertise: Cordis’ investment process incorporates a Medical Advisory Panel.
- Returns: aims to provide consistent risk-adjusted returns across different market cycles.
- Capital growth: potential for capital growth through the Fund’s exposure to predominantly offshore investments in the medical technology sector.
The Fund’s investment portfolio is actively managed by a dedicated Portfolio Management Team, utilising both external company research and internally being advised by the Cordis Global Medical Advisory Panel (“Medical Advisory Panel”), comprised of leading clinical practitioners in chronic disease and experts on medical devices.
The Medical Advisory Panel bring decades of personal experience in clinical practice, academic research and the development and utilisation of medical technology. They add depth and experience to the investment process and provide insights that may assist Cordis in the investment selection process of the Fund.
The Fund follows a fundamental long-only active strategy. Cordis runs a high conviction actively managed specialised portfolio, limited to between 20-40 stocks selected from the medical technology sub-sector of listed global healthcare companies.
Cordis is a benchmark unaware long-term, buy and hold investor investing in companies with demonstrable growing markets for their products. The Investment Manager utilises both top-down and bottom-up analysis to select stocks.
The Investment Manager employs an integrated investment process, combining the internal and external “top-down” and “bottom-up” research by the Cordis Portfolio Management Team, with the added value of its global Medical Advisory Panel, identifying and researching companies in an iterative and cyclical process, rather than a linear fashion.
The investment process integrates top-down analysis of the medical technology sector taking into account disease types and corresponding technology solutions, with the unique input of the Medical Advisory Panel, to determine the medical devices and corresponding company stocks which Cordis believes should outperform over the long-term.
Cordis then use in-depth fundamental bottom-up research, using financial and company data, focusing on return on invested capital, free cash flow, quality of management teams and sustainability of economic moats, or ‘barriers to entry’, including, for example, the quality, commitment and sustainability of existing patents on devices and manufacturing processes, research and development, global product distribution, franchise and product support, doctor’s training and commitment to individual procedures and devices, in order to identify the highest quality businesses among those short-listed.
Asset allocation
It is intended that the Fund will hold a minimum of 20 stocks and a maximum of 40, with the weighting of a single company not exceeding 25% of net asset value of the Fund (NAV).
The Fund may hold cash, up to 10% of NAV, principally in US Dollars, to be held by the Custodian and sub-Custodian.
For efficient portfolio management purposes, and to be as fully invested as possible through the equitising of cash, the Fund may gain exposure to financial indices relevant to the Medical Technology industry through the use of exchange traded funds. Up to 10% of NAV may be held in the aggregate of exposure to exchange traded funds and the Fund’s cash holdings.
Research - To view our Research Report, please go to Documents.
Platforms
Click here to view our current Performance.
The Cordis Global Medical Technology Fund was launched by a team of professional investors, leading clinical physicians, and medical device industry specialists to capitalise on the specialised sub-sector of listed global companies which make medical devices that provide treatments for critical chronic disease.
The Fund provides an investment opportunity for clients targeting resilient long-term growth in a defensive sector of the market.
James formerly the Chief Investment Officer at U Ethical Investors, having worked for over 20 years in global equities investing. He has been involved at all levels of equities analysis, with a proven track record of consistently strong investment performance over rolling three year periods. James brings a wealth of experience in asset management to our team given his significant skill set.
Qualifications: B Eco and Politics (Monash University)
Jacob joined Cordis at its inception as an equity analyst, quickly becoming an instrumental part of the portfolio construction process. He has 10 years of experience analysing companies and as a stockbroker, after beginning his career in the Equity Team at Deutsche Bank in Sydney, where he covered both domestic and international Healthcare companies as a part of the local sales team. Jacob has a Bachelor of Commerce and Engineering with Honours from the University of Sydney and is also a Chartered Financial Analyst (CFA).
Qualifications: BComm/BEng (Hons) (Syd), CFA
Michael is an active clinical engineer for medical device start-ups and a Founder and shareholder of Cordis. Michael has 10 years of global industry experience in Healthcare Informatics and Cardiovascular Device Technology.
His industry experiences span senior management and technical roles with major medical technology companies, giving him invaluable insight into the companies we concern ourselves with.
Qualifications: BSc (JCU) MIT (QUT) MBA (QUT)
Donal has over 35 years of experience in the medical device/healthcare sector – initially as a senior executive in the global cardiovascular and medical devices industries and more recently as a Non-Executive Director. He was global President for Cordis Cardiology, a division of Johnson & Johnson’s Cordis Corporation. He was previously the European President of the Cardiovascular Group of Baxter Healthcare, now Edwards Lifesciences and formerly a director of Cochlear. Donal is currently on the Board of Directors of several Healthcare and Medical Device companies, including Fisher & Paykel Healthcare, Mesoblast and NIB Health Funds.
Qualifications: BE (University College Dublin), MBA (Manchester)
Michael is one of the founding partners of Cordis Asset Management. He is currently a Professor of Surgery & Surgical Director of Structural Heart at the Ohio State University Wexner Medical Center. Michael has a special interest in elderly and high-risk patients, anaortic off-pump coronary bypass surgery, transcatheter and open-heart valve surgery, minimally invasive heart & lung surgery, and electrophysiological device implants (e.g. pacemakers, defibrillators, and CRT). He has authored or co-authored more than 130 scientific publications in peer-reviewed journals, multiple book chapters and has been active in international clinical trials and first-in-man procedures and device trials. Professor Vallely is an Industry Advisor with the McKinsey and a consultant to Medtronic and other medical technology firms.
Qualifications: MBBS PhD (Syd), FRACS
Thomas has over 25 years’ experience in Wealth Management and Asset Management, at Bankers Trust, Merrill Lynch, Bell Potter and Next Financial before Co-founding Mason Stevens in 2011. As Managing Director of Mason Stevens, Thomas worked across the Asset Management and Wealth Management business and was responsible for driving its distribution into the advisory channels. In 2019, he became Co-Chief Investment Officer. Over the last 2 decades he has advised Family Office, HNW clients and worked closely with Advisory groups on managing investments across all asset classes. He currently is the Chair of Investment Committee for Norwest Asset Management, and is a director of private investment advisory firm Tenix Capital.
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