Derek Taner is the lead portfolio manager for a bottom-up equity fund that invests in a sector that is heavily influenced by top-down macro considerations such as ageing populations in the developed world and increasing income levels in emerging markets.
For example, he describes the “disproportionate” amount of this rising income spent on healthcare by the emerging market middle class as a hugely positive theme for him and the companies he is able to invest in.
The traditional growth investor is used to limited opportunities in a low inflation/interest rate/economic growth environment – although the ones that are available have done very well, thank you, over the past four or five years – yet healthcare as Taner argues, offers growth drivers that are very separate to GDO growth.
So is he running an equity fund? Or a healthcare fund? Listen in to find out…
