Trading Updates 03/09/2019
Trading Update - 3 September 2019
Purchased: UDG Healthcare and Legal & General Multi-Asset Target Return Fund.
Purchased: UDG Healthcare
UDG Healthcare is a leading global healthcare support services company, operating predominantly in North America and Western Europe. Following the sale of legacy Irish drug distribution operations, the company is refocusing on higher margin, faster growing medical packaging and commercial and medical services. Sharp, the medical packaging division, is a defensive business with attractive growth prospects, underpinned by a number of industry tailwinds. New drug approvals are increasing in the US while more stringent regulatory requirements and packaging complexity are accelerating the trend towards outsourcing to skilled third parties. The commercial and medical services business, Ashfield, provides a broad range of services to pharmaceutical and biotechnology companies ranging from outsourced sales and patient support services to strategic consulting, commercial analytics and communications. With a robust balance sheet, strong track record of sensible capital deployment and leading positions in attractive end markets, we believe UDG Healthcare is undervalued and well positioned to deliver attractive returns to shareholders.
Purchased: Legal & General Multi-Asset Target Return Fund
The Legal & General Multi-Asset Target Return Fund has been purchased across the Risk Managed Fund Range. The Fund is a diversified absolute return strategy that seeks to leverage the broad range of capabilities of Legal & General Investment Management to create a differentiated portfolio of trade ideas. The Fund aims to generate returns of UK Base Rate + 5% per annum over rolling three-year periods while limiting the drawdown and correlation with equities.
Cornelian Investment Team