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relevant types of devices, including those accepted as mainstream and growing, those being developed and those being superseded and declining from use.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.

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Professor Michael Mack

MD, MACC 

Cardiovascular Surgery, Texas

Mike is a cardiovascular surgeon and the Director of the Cardiovascular Service Line at Baylor Scott & White Health System, Chairman of the Board of Baylor Scott & White Research Institute in Dallas, Texas and co-chair of the Heart Valve Collaboratory. He has been in practice since 1982 and performed thousands of cardiac surgeries, of which well over 4,000 have involved heart valve procedures. He is one of the key global figures at the forefront of Transcatheter Aortic Valve Replacement (TAVR), having been a pioneer since the early days of this life-changing procedure. Michael has also authored or co-authored over 750 publications in peer-reviewed journals. He sat on the Board of the American College of Cardiology Foundation from 2015-2019 and has previously served as President of the Society for Thoracic Surgeons, Thoracic Surgery Foundation for Research and Education, Southern Thoracic Surgical Association and the International Society for Minimally Invasive Cardiothoracic Surgery.

Professor John Fraser

MBChB, PhD, FRCP, FFARCSI, FRCA, FCICM

Intensive Care, Device VC Brisbane

John is a medical disruptor, who started Australia’s largest multi-disciplinary research group - Critical Care Research Group - based in the country’s largest cardiothoracic centre in the region, The Prince Charles Hospital. He has built a team of more than 80 leading clinicians, engineers, scientists and economists with global links – connected to all of the major cardiothoracic hospitals across Queensland, Australia, and the world. He has been a serial entrepreneur working with leaders in medicine, engineering, science and industry in a truly global network of mature collaborations. He simultaneously runs Australia’s first ever international Centre for Research Excellence in Bionic Hearts and Lungs. Professor Fraser has published over 400 peer-reviewed publications (including NEJM, Circulation, Lancet, AJRCCM, JACC) and has earned in excess of $41 Million AUD in competitive grants.

Donal O’Dwyer

BE (University College Dublin), MBA (Manchester)

Executive Director and Chairman of Investment Committee

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.

Tim Fortin

BA (Western University, London, Ontario), GAICD

Investment Committee Former MD of Medtronic in ANZ

Tim is an international business leader with 30 years of diversified experience as a member of executive leadership teams at two global MedTech conglomerates, Medtronic and Boston Scientific. He has a proven track record of delivering results, substantially increasing revenues and operating profit across Australia & New Zealand, the Asia Pacific region and globally.

Stephen Roberts

BComm (UTS), GMQ (UNSW), MBA (Insead), GAICD

Non Executive Director, Investment Committee

Stephen has 30 years’ experience in leadership roles across globally recognised blue-chip investment, superannuation and financial services companies at CEO or Senior Executive level. He is currently Chairman of Growth Farms Ltd, a Non-Executive Director of AMP Superannuation Limited and Longreach Wealth Pty Ltd, a Member of the Supervisory Board of Pyrolyx AG, Germany and a Member of the Leadership Council of Social Ventures Australia. He was formerly CEO of Mercer Investments Asia Pacific and Russell Investment Consulting in Australia. Stephen brings a wealth of experience in investment consulting and asset management to our Board given his significant senior executive and non-executive board experience across Asia Pacific. Stephen has proven track record of successfully leading people and organisations through period of exceptional growth and change.

Tom Bignill

Non Executive Director and Director of Marketing and Distribution 

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.

Andrew Inwood

BEcon (Syd)

Andrew Inwood is the founder of the CoreData Group and brings with him deep knowledge of the financial services industry. CoreData is a financial services research and consulting business which owns CoreData and CoreData Research and has operations in Australia, the UK, the USA and the Philippines. He focuses on the area of Behavioural Economics, with a particular interest in the process of trust transfer between individuals and corporations.

Megan Inwood

BSc, LLB and LLM (Syd)

General Counsel and Company Secretary 

Megan has over 30 years of legal experience and is currently a legal contractor for AMP Australia. Prior to AMP, she acted as legal counsel for Zurich Financial Services Australia and Macquarie Group for twenty years, across various financial services businesses. Formerly, she has practised as a tax lawyer for KPMG and Touche Ross.

Rudi Engelbrecht

MSC Comp Sci (Pretoria), BSC Comp Sci (Pretoria)

Director of Operations

Rudi is the Founder and Managing Director for Paradigm Global Solutions, which designs innovative technology and administrative solutions for financial services. He is also a co-founder and joint-CEO for Latus Solutions. Prior to this, he acted as a director and Chief Technology Officer for Equinox and Tradestream in South Africa.

Melissa Vincent

BComm (Curtin) Micro Masters (Digital Marketing) (Curtin) Graduate Certificate in Finance (UWA) Post Graduate Diploma of Acting from Drama Studio London.

Marketing Coordinator

Melissa’s experience in marketing and communication over the past 5 years expands over the Finance, Wellness and Arts industries, working in Australia and the United Kingdom.

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Simon Ford

BE (Syd) MBA (Chicago) MSc (LSE) DFS (AFMA) GAICD

Managing Director

Simon has over 40 years’ experience in portfolio, wealth and investment management in Sydney, London and Chicago with ANZ, Credit Suisse, J.P. Morgan and Mercantile House. He is a former Portfolio Manager for ANZ Optimix and Head of Alternative Investments for ANZ Wealth. Simon is currently a Trustee at the Centenary Foundation for Medical Research at Royal Prince Alfred Hospital in Sydney. He is a former Managing Director of Credit Suisse, Head of Alternative Investments for Asset Management, Co-Head of the European Pension Advisory and Structuring Group, Co-Head of Fund-Linked (Hedge Fund) Products, Global Head of Commodity Marketing and former Director of Advice for Life Pty Ltd, Capricorn Financial Advisors Pty Ltd, Financial Lifestyle Solutions, the London Gold Fixing and on the Markets Committee of the UK National Association of Pension Funds Investment Council. 

Email - simon.ford@cordisam.com

Jacob Celermajer

BComm/BEng (Hons) (Syd), CFA

Senior Equity Analyst

Jacob has 5 years of experience analysing companies and as a stockbroker, after beginning his career in the Equity Team at Deutsche Bank in Sydney. 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).

Michael Cartmill

BSc (JCU) MIT (QUT) MBA (QUT) 

Medical Device Specialist

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.

James Cook

B Eco and Politics (Monash University)

Investment Committee

James is 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.

Professor Michael Vallely

MBBS PhD (Syd), FRACS 

Founder and Chairman of the Medical Advisory Panel

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.

Professor David Celermajer

AO, MBBS, MSC, PhD, DSC, FAHA, FRACP, FAA

Cardiologist, Sydney

David is an experienced Advisor and Investor in the Medical Devices area. He is the Founder of Corvia Inc (a Boston based cardiac devices company) and the Founder and Chief Medical Officer of the Brain Protection Company. He is a former University Medallist in Medicine from the University of Sydney, Rhodes Scholar and since 2014, has been an Officer of the Order of Australia. He has been involved in supporting and advising many successful MedTech companies, in Australia and the USA, over the last 20 years. David is Professor of Cardiology and Head of the Discipline of Cardiology at The University of Sydney and an Academic Cardiologist at Royal Prince Alfred Hospital. In addition to these roles, David is also the Clinical Director of the Heart Research Institute and serves on the Board of Directors of Heart Kids Australia. He has been a Fellow of the Australian Academy of Science since 2006 and a Fellow of the Australian Academy of Health and Medical Science since 2018. David sits on the Editorial Boards of many of the world’s leading Cardiology Journals, including the European Heart Journal, the Journal of the American College of Cardiology and Heart. He has published over 400 papers, with career citations of over 60,000 and an H-index of over 100. In recognition of this, he was awarded the inaugural Charles Blackburn Medal from the University of Sydney in 2019, for outstanding Clinical Research.