PORTFOLIO CONSTRUCTION
Integrated Investment Approach
At Cordis we employ a highly integrated investment process, combining the added value of our Medical Advisory Panel with the day-to-day operations of the Investment Team in a cyclical, rather than linear, fashion.
We narrow down our Investible Universe to concentrate only on the highest quality companies in Medical Technology, with our focus on life-threatening chronic disease. Using the unique insights from our Medical Advisory Panel as key inputs here, we determine the most critical areas of Healthcare and understand the key macro factors impacting valuations. We aim to identify trends and opportunities in the MedTech landscape earlier than our peers through these unique insights.
We then use fundamental bottom-up research, to ultimately choose a portfolio, usually consisting of between 20 and 25 stocks, which we believe are primed to outperform over the long-term. Through the lens of our Quality Filter we focus on device technology & innovation, market size & share, pricing power & margins, revenue growth and management quality. If a company fits our definition of quality, we will then calculate the price point at which we see value, using our own internal price targets, paired with external broker research. Through this approach, we strive to own high quality businesses at reasonable prices.


INVESTMENT PROCESS
Integrated Investment Process
The investment team structure for The Fund comprises 3 complementary elements: Each of the 3 groups plays a separate but integrated role in the investment decision making process.
The investment business activities are structured such that the Investment Committee is responsible for setting the investment strategy with significant insights from the Medical Advisory Panel on the trends in healthcare, chronic disease treatments, relevant types of devices, including those accepted as mainstream and growing, those being developed and those being superseded and declining from use. The Portfolio Management team is responsible for the implementation of the investment strategy.

