Foto cedidaEuan Munro, CEO de Newton, parte de BNY Mellon IM. . Euan Munro, nombrado nuevo consejero delegado de Newton
Newton Investment Management (Newton), part of BNY Mellon Investment Management, announced in a press release the appointment of Euan Munro as its chief executive officer (CEO), subject to Financial Conduct Authority (“FCA”) approval in the UK.
Munro will join Newton on June 23 and will report to Hanneke Smits, CEO of BNY Mellon IM. With an investment career that spans three decades, most recently, he was CEO of Aviva Investors and a member of the global executive committee for seven years. Under his leadership, Aviva Investors was transformed into a leading UK asset manager with total assets under management growing significantly. Prior to this, Munro was head of global multi-asset and fixed interest investing at Standard Life Investments.
Commenting on the appointment, Smits claimed to be “delighted” that Munro is joining the firm, as he is “an exceptional leader” with a proven track record in the investment industry. “His investment credentials and extensive experience leading one of the UK’s larger asset managers with a presence in the institutional, intermediary and retail markets, are highly relevant to Newton and we look forward to warmly welcoming him soon”, she added.
Munro recognized that this is an exciting time to be joining Newton, as, in his view, it’s a global asset manager full of talented people, high quality investment solutions and a strong heritage in responsible investment. “I’m looking forward to building upon this strong foundation and continuing to enhance Newton’s investment offering to help clients achieve their goals”, he said.
Andrew Downs will continue as Newton’s interim CEO until Munro joins the company and receives approval from the FCA, and then will resume his role as chief operating officer. Downs assumed the role of interim CEO in August when Smits began her transition to CEO of BNY Mellon Investment Management.
Preqin predicts that the alternatives industry will hold 17.16 trillion dollars by the end of 2025, wich means a Compound Annual Growth Rate (CAGR) of 9.8% and an overall 60% increase.
In its research series Future of Alternatives 2025, the firm points out that private equity and private debt will be the biggest drivers of growth, respectively increasing their assets by 16% and 11% annually. In that sense, private equity will be the fastest-growing asset, coming to account for around half of the total alternatives industry by the end of 2025, increasing up to 9.11 trillion dollars. Meanwhile, private debt will go from 848 billion dollars at the end of 2020 to 1.46 trillion.
Other asset classes are predicted to see slower growth, but all are set to expand in size over the next five years. For example, real estate assets will grow from 1.05 trillion dollars to 1.24, while hedge funds will increase from 3.58 trillion dollars to 4.28 in the same period.
Regionally, Preqin reveals that Asia-Pacific will be a key driver of global growth: with assets under management focused on the region increasing by a CAGR of 25%, they are set to hit almost 5 trillion dollars by the end of 2025. That said, North America will still hold half of total global alternatives and in five years it will have 8.6 trillion dollars in assets.
“Private markets are a core part of the investment landscape, and have seen an incredible rate of growth in size and influence in recent years. The fundamentals are strong: alternatives funds keep offering investors strong, uncorrelated long-term returns, even through the sustained low-interest rate environment and volatile market cycles of recent years”, says David Lowery, Head of Research Insights at Preqin.
Investors in turn have been committing more and more capital to alternatives, and, in his view, this is unlikely to slow in the coming years. “In fact, our model shows that growth will continue, buoyed by an uptick in private equity activity and booming participation in Asia-Pacific. It’s a very exciting time to be a part of the industry”, he concluded.
Foto cedidaCaroline Gibert is Head of ESG at Flexstone Partners. Flexstone Partners Appoints Caroline Gibert as New Head of ESG
Flexstone Partners, an affiliate of Natixis Investment Managers, has appointed Caroline Gibert as Head of ESG to further enhance its sustainability approach. In this newly created role, Gibert will lead Flexstone Partners’ ESG strategy at both a firm and portfolio level, responsible for strategy, policies, data collection, reporting, and processes.
In a press release, the asset manager explained that they follow an inclusive approach with a diverse and value-driven team dedicated to tackling social, environmental and governance issues. “In 2020, we worked on a concrete approach to reinforce our ESG engagement and new thinking on how to use responsible investment to benefit both our clients and company as a whole”, commented Gibert.
Flexstone Partners employees has selected four Sustainable Development Goals in order to guide its role as a “citizen firm”. Above all, its aim is to continue contributing to the protection of the environment (goal 13); promote social equality and opportunity (goals 4 & 5); and enhance diversity and inclusion (goal 8).
The firm has also reshaped its proprietary ESG analytical and reporting tools to implement an active approach throughout its investment process. “Our mission is to deliver attractive risk adjusted long term performance to our clients. The objective of ESG integration is to enrich our mission by making sure all portfolio managers and underlying companies are well-placed to develop a sustainable business model”, said Eric Deram, Managing Partner at Flexstone.
Gibert will be supported by a working group with interdisciplinary responsibilities to ensure a consistent ESG integration across the firm. They have set three concrete objectives have been set: to produce dedicated ESG reports to each client and a Global ESG report; to reach a target for women to represent 40% of the investment teams by 2030; and to become a neutral carbon company by 2050. “We will also work actively and take part in initiatives in the investment industry to drive changes and find new ways of investing capital”, concludes Gibert.
The asset manager highlighted that the appointment is a new step in its “ESG journey”. Giber’s new function will come in addition to her current role of head of investor relations and business development, working hand in hand with Flexstone’s clients to adapt dedicated ESG reports to their own values and guidelines.
Pixabay CC0 Public Domain. BNP Paribas manifiesta su intención por adquirir el 100% de Exane
FE fundinfo has announced in a statement the acquisition of the consulting and research house CSSP (Center for Social and Sustainable Products AG) to expand its ESG capabilities.
Specifically, the fund data and technology provider has acquired all of CSSP’s share capital, including its yourSRI.com platform which provides ESG screening and labels on thousands of funds. As part of the deal, CSSP founders Oliver Oehri and Christoph Dreher will co-head the ESG product group at FE fundinfo.
“At a time when ESG investing and reporting is rapidly becoming the major consideration for the investment industry, our acquisition of CSSP will enable us to expand upon our driving principle of connecting and supporting the global fund industry, through both a deep understanding of the market and the provision of clear, accurate and transparent data and reporting“, said Philipp Portmann, Head of Business Development & Strategy at FE fundinfo.
In his view, Oehri’s and Dreher’s vision of how important ESG investing will become, alongside their ambition to support investors to make better informed decisions, “clearly matches” their own.
The transaction will bring another important capability to FE fundinfo’s existing range of services, which help fund managers and distributors access accurate data and fulfill their regulatory obligations. The firm highlights that, as ESG due diligence requirements and reporting standards become more formalized in 2021, including the forthcoming introduction of the sustainable finance disclosure regulations (SFDR) across Europe from March 2021, they will continue to work with clients to meet these changes.
Meanwhile, Oehri and Dreher claimed to be “delighted” to be joining the FE fundinfo team at a pivotal moment in the evolution of ESG investing. “The reporting on extra-financial criteria has gained in importance in recent years and investors are rightfully asking for multi-dimensional risk assessments at portfolio level to effectively measure the corresponding exposure. Our services and bespoke solutions, that have been trusted by hundreds of clients, provide a holistic overview of the ESG profile”, they added.
Foto cedidaGuy Wagner, director general de BLI.. Banque de Luxembourg unifica sus unidades de gestión de activos
BLI – Banque de Luxembourg Investments, the asset manager of Banque de Luxembourg, and Conventum Asset Management, fund management company for third-party fund initiators and also subsidiary of the bank, have announced in a press release that they are combining their activities with effect from 1 January 2021.
This operation means that BLI will manage the 60 employees that constitute the workforce of the two entities, under the leadership of Guy Wagner, its Managing Director. Services to third-party fund initiators will be offered by BLI under the Conventum TPS (Third Party Solutions) brand.
“The merger of the two companies will enable us to enhance our expertise as a portfolio management company and provider of services for third-party funds, and share the necessary investments to strengthen our operational, technical and control systems,” explained Wagner.
The asset manager pointed out that this merger will strengthen its positioning by “capitalizing on the combined skills, expertise and systems of Conventum Asset Management and BLI”. It also revealed that their ambition is to continue to develop a full range of offers within two key business lines: portfolio management services and investment fund management company services for third-party initiators.
Michèle Biel, Director of Conventum Asset Management, highlighted that by pooling the resources of both companies, the new entity will enable them to combine their respective expertise in the best interests of or current and future clients. “The teams’ formidable experience will be the foundation for the development of our business in a constantly-evolving market and regulatory environment”, she added.
Pixabay CC0 Public Domain. Morningstar Indexes lanza un nuevo índice de género para mercados desarrollados
Morningstar announced the launch of the Morningstar® Developed Markets ex-Japan Gender Diversity Index℠, designed to provide exposure to developed market companies exhibiting strong gender diversity policy and practices.
In a press release, the firm pointed out that investor demand for ESG has increased drastically in the last decade, driving the need for these types of indexes. In this case, it will be powered by the data and scoring methodology of Equileap, a global provider of data and insights on gender equality for investors. More specifically, the constituents of the new index are weighted according to 19 gender equality criteria, including gender balance across the workforce, the gender pay gap, paid parental leave, and anti-sexual harassment policies.
The Japan’s Government Pension Investment Fund (GPIF), the world’s largest pension fund with approximately 1.5 trillion dollars in assets under management as of June 2020, has adopted the index as its benchmark to invest.
“During a tumultuous year consumed by a global health and economic crisis in which research shows working women pay a disproportional toll, transparent practices and policies that advance gender representation should be top of mind for companies. We are thrilled to be working with Equileap and GPIF on a meaningful endeavor that we believe will have the potential to not only act as a catalyst to shape corporate behavior but also help investors achieve their financial goals”, said Ron Bundy, president of Morningstar Indexes.
This launch is in line with the white paper published by Morningstar and Equileap “Investing Inclusively: Building Shareholder Value Through Gender Diversity.” The report highlights that companies that foster gender diversity and create inclusive cultures are tapping into the potential of the full population and are positioned to benefit from the effects of cognitive diversity. In this sense, “they are not only advancing the cause of human rights but also have the potential to maximize shareholder value”.
The index is derived from the Morningstar Developed Markets ex-Japan Large-Mid Index, which includes large and mid-capitalization equities from the U.S., Canada, Western Europe, Israel, Australia, Hong Kong, New Zealand, and Singapore. “In addition to providing a similar risk/return profile to the broad market, it is built to provide exposure to publicly traded companies with strong gender diversity policies embedded in their corporate culture and that ensure equal opportunities to employees, irrespective of their gender”, Morningstar concluded.
Pixabay CC0 Public Domain. El departamento Federal de Finanzas de Suiza (FDF) levanta las restricciones al Reino Unido
Polar Capital has reached an agreement to acquire 100% of Dalton Capital, the parent company of Dalton Strategic Partnership, for 15.6 million pounds (around 20.85 million dollars). This UK based boutique asset manager had 1.24 billion pounds (1.68 million dollars) in assets under management as at 15 December 2020.
In a press release, Polar Capital stated that the acquisition has “a strong strategic rationale” with its growth and diversification strategy and adds “a leading European investment team” to its existing European Income team. It also provides the group with broader wholesale and institutional distribution into Europe, particularly in the German market.
The deal excludes the Velox Fund, which is on the Dalton platform, but includes the Melchior European Opportunities Fund and the existing Luxembourg SICAV umbrella which will aid the group’s product range for international distribution.
The transaction reaches 15.6 million pounds split between the initial consideration of 8.3 million of which 7.8 million will be paid in cash from Polar Capital’s existing resources and half a million pounds in Polar Capital shares. Afterwards, there will be a deferred cash consideration of 7.3 million pounds, payable 12 months after completion, with the amount being linked to the value of assets under management at the time.
A strategic fit for 2021
“The acquisition of Dalton Strategic Partnership is further delivery of our growth and diversification strategy and is an excellent strategic, geographic and cultural fit with our existing business. It delivers greater scale, new capabilities and an expanded distribution reach in Europe, as well as highly experienced investment teams with a good track record. This acquisition will also provide Polar Capital with its first Luxembourg SICAV”, said Gavin Rochussen, CEO of Polar Capital.
Meanwhile, Nick Mottram, CEO at Dalton, claimed to be “delighted” to be joining the group and pointed out that they have long been impressed by their strong client focus, proposition and growth aspirations. “It is a good cultural fit for us and that was important when we were looking to join a larger group, as we wanted to ensure we retained investment autonomy over our funds”, he commented.
Also, he pointed out that the managers of their two key investment strategies, David Robinson and Leonard Charlton, are “committed and enthusiastic” about the acquisition and the opportunity it will provide “to further develop their investment propositions to the benefit of their investors”.
The transaction is expected to complete in Q1 2021 with a transition of the DSP business onto the Polar Capital platform during Q2 2021.
Pixabay CC0 Public DomainAntoine Onfray, nuevo director financiero de Tikehau Capital.. Antoine Onfray, nombrado director financiero de Tikehau Capital
Tikehau Capital, the alternative asset management and investment group, has announced in a press release the appointment of Antoine Onfray as Chief Financial Officer. In this position, he will be responsible for developing and implementing the group’s financial strategy and will report to Henri Marcoux, Deputy Chief Executive Officer of the firm.
Onfray began his career in 2007 in the General Inspection department of Société Générale. Between 2010 and 2016, he was Head of Financing and Treasury and Head of Investor Relations at Unibail-Rodamco-Westfield and he was then named Deputy Chief Financial Officer at Eurosic. Prior to joining Tikehau Capital, Onfray was Group Deputy CEO of Paref, a listed real estate group, where he arrived at 2017 as Chief Financial Officer.
“We are delighted to welcome Antoine, who brings a wealth of expertise in the financial function of listed groups. He will be a major asset in the growth dynamic of Tikehau Capital, whose solid financial structure with 2.8 billion euros shareholders’ equity, contributes directly to the achievement of the Group’s strategic objectives,” said Henri Marcoux, Deputy CEO of Tikehau Capital.
Foto cedidaAdrie Heinsbroek, director de sostenibilidad de NN Investment Partners.. NN Investment Partners nombra a Adrie Heinsbroek director de sostenibilidad
NN Investment Partners (NN IP) has announced in a press release the appointment of Adrie Heinsbroek as Chief Sustainability Officer, as of 1 January 2021. In this newly created role he will advise the Board on sustainability matters and challenges, and their implications for the entire organization.
Heinsbroek will be responsible for bringing external developments that shape the operational surroundings and society, such as increased regulations and climate change, directly to the Board. He will also advise on NN IP’s own footprint and the further implementation of its responsible investing approach in its strategies. He will continue to report to Arnoud Diemers, Head of Innovation and Responsible Investing Platform, and will additionally take on a direct advisory role to Satish Bapat, CEO of NN IP.
The asset manager believes that Heinsbroek will help them remain “at the forefront of global sustainability and ESG developments”. In their view, his appointment enables NN IP to leverage on his knowledge and experience whilst setting priorities and make decisions for the future.
“As a responsible investor, we aim to improve both our clients’ returns and the world we live in. We do this by looking beyond financial performance, because the people we work for and with, represent more than just the investments we manage. The announcement illustrates our strong commitment as a responsible investor”, said Satish Bapat.
Heinsbroek joined NN IP in February 2017 as Principal Responsible Investment and has over 20 years of experience in the field of sustainability and ESG integration.
At the beginning of last September, I met by video conference with the Grifols (GRF) Investor Relations Team. We talked about accelerating immunoglobulin sales in developed markets such as the US, Canada, and some European countries. GRF produces and sells immunoglobulins for intravenous and subcutaneous administration, and they are used in part to treat diseases of patients with Primary Immunodeficiency (PIDD).
During the last week of September, I conversed with an American hedge fund manager, as we are both research contributors to Seeking Alpha (SA). In that conversation, the manager recommended Koru Medical Systems (KRMD), highly penalized by the market, but the underlying business was excellent. KRMD is an American manufacturer of low-price subcutaneous infusion devices for delivering immunoglobulin therapies in chronic diseases such as primary immunodeficiencies (PIDD), chronic inflammatory demyelinating polyneuropathy (CIDP), and others.
PIDD is a diverse group of genetic disorders caused when some immune system components (especially cells and proteins) do not work correctly.
Does it sound familiar? I repeat, patients with PIDD
Thanks to the investment in GRF and the good prospects for the immunoglobulin business, I decided to do more research on KRMD.
Its business model is very attractive due to its high recurring income component, a consequence of the fact that on many occasions, a patient with PIDD must treat for all life. Also, the maintenance and the purchase of accessories generate recurring income and high switch costs, a consequence of the fact that a machine can often only use spare parts of the same brand.
So what are the main drivers of future growth?
1. Diagnose more PIDD and SID patients
PIDD (primary immunodeficiencies) is a group of more than 400 rare genetic diseases that cause a malfunction of the immune system. These diseases affect one in every 2,000 people, 60% of cases diagnosed during childhood, and up to 10% detected at birth in countries with the corresponding screening program. According to different academic studies, globally, there are 650,000 people diagnosed and 6M who have not yet been.
Most of the people diagnosed with PIDD are in the US, specifically 500,000 of whom 130,000 receive some immunoglobulin (Ig) therapy. Of these 130,000, 35,000 are receiving subcutaneous Immunoglobulin (SCIg); therefore, there is the possibility of converting 95,000 patients from intravenous (IVIg) to subcutaneous (SCIg). PIDD therapies represent an annual recurring income per patient of $ 750, according to data from Koru Medical.
Sometimes due to external factors (those that are not caused by genetics), people develop what is known as secondary immunodeficiency (SID). As a result, patients can undergo repeated rounds of antibiotics and hospitalization for treatment. SIDs are much more common than primary (genetic) immunodeficiencies.
Chronic inflammatory demyelinating polyneuropathy (CIDP) is a rare neurological disorder that causes inflammation of the body’s nerves. Although your immune system generally keeps you healthy by fighting germs, your immune system does not recognize parts of your nerves and attacks them. Over time, this can cause gradual weakness, numbness, and loss of feeling in the arms and legs. If left untreated, CIDP can cause permanent nerve damage. CIDP therapies represent an annual recurring income per patient of $ 1,500, according to data from Koru Medical.
2. Increased adoption of subcutaneous therapies
Many reasons explain the preference for subcutaneous vs. intravenous, both by patients and doctors. Some of them are: 1) It can be self-administered at home without the help of a nurse, 2) fewer side effects in a patient with low blood pressure, 3) flexibility in scheduling injections, 4) gradual adsorption of the Immunoglobulin, 5) does not require premedication, 6) the patient can continue to perform their tasks while injecting and 7) higher frequency of administration (weekly) in SGIg.
Although SCIg therapy is more expensive in terms of price per gram than IVIg, some studies indicate that over a year, a patient generates an average savings of $ 10,000.
3. Medical devices and self home administration
There are three different SCIg infusion systems, mechanical, electronic, elastomeric, and push. Mechanics are the cheapest, and this is the segment where Koru Medical operates. The electronics inject a constant flow. They are programmable, but their sale price is higher, and they require batteries and some previous training from the patient. We will analyze in more detail the mechanical pumps and a semi-electronic one.
3.1) FREEDOM60 from Koru Medical Systems: Completely portable syringe infusion system, without the need for electricity or batteries and operates at a constant and safe pressure. The FREEDOM60 pump could use for almost any subcutaneous or intravenous administration in a standard 60 ml syringe.
3.2) Crono S-PID 50 from IntraPump: The newest, high volume ambulatory infusion pump for subcutaneous drug therapies always with a prescription. It combines high technology with an innovative design. It’s small and light, accurate, and has the flexibility to change flow rates during an infusion with ease, making it ideal for home therapy. Its use with 50 ml dedicated syringe. There is also a Crono Super PID pump designed for pediatrics with reliable 10, 20, and 100ml syringes.
3.3) EMED Technologies SCIg60 Self-Powered Pump: Utilizes a reusable constant pressure mechanical pump monitored by the VersaRate flow controller. This disposable device allows the physician and patient to adjust the inflow flow better. Today, this device is still pending clearance from the FDA.
In mid-November, and after speaking with the company’s management, it was clear that Koru Medical was present in a business with excellent growth potential and located in the right segment (subcutaneous immunoglobulins). However, I still had three questions to answer:
A. Was there a margin of safety?
B. What is the best medical device for administering SCIg?
C. Is the business model scalable outside the US?
To answer the first and most straightforward of the three questions, we must make a rough assessment of the business. We know that Koru Medical’s strategic plan is to reach $ 50M in sales by 2022, a gross margin of 70%, and organic and annual sales growth of + 20%. We propose the fundamental valuation based on two methods, and for simplicity, we do not include the clinical trials and international segments (Less than 20% of total sales).
1) Company guidance
Growth of 15% for 2020, 20% for 2021 and 25% for 2022, less than company guidance. In the gross margin, we started from 68% in 2020 to 70% in 2022. We think the company will reduce its salary cost to 40% of total revenue, which implies an Ebit margin of 23% in 2022. To estimate the target value, we applied 5x sales or 25x profits to reach a theoretical value of 6.35 dollars. At the current trading price (3.90 dollars on November 11), we obtained an upside potential of over 60% for estimates below the company’s target.
2) Total addressable market (TAM) in the US
FREEDOM60 use in 35,000 subcutaneous patients, but there are 130,000 intravenous patients. Therefore, Koru Medical has the opportunity to convert an additional 95,000 patients. If we perform the same calculation for CIDP, we see the possibility of converting 4,750 patients. If we estimate that Koru Medical will capture 30% of the market opportunity in PIDD and 15% in CIDP, we achieved target sales of 51.3 million dollars, a figure very much in line with the company’s strategic plan. Applying the valuation multiples above, we obtained a target price of 7.65 dollars or a potential upside of 96%.
Because of the assessment achieved, there is no doubt that we obtained a sufficient margin of safety, but we still had to answer two more questions. Most fundamental analyzes end at this point or much earlier. Even at DRACO GLOBAL, we go one step further, and we need to contrast the information we have obtained from the company, analysts, or colleagues.
Information Contrast
At DRACO GLOBAL, we do not make an act of faith. We believe what the company, a report, or an analyst tells us; Instead, we contrast the information with those who best know your product or service (Clients, suppliers, distributors, etc.). On this occasion, we got in touch with BarcelonaPID Foundation and we talk to your president and pediatric immunologist, Pere Soler Palacín.
The PID Foundation is a non-profit organization founded in 2014 as the initiative of a group of professionals dedicated to pediatric patients with Primary Immunodeficiencies (PID) and their families. Its objective is to promote the knowledge, study, research, and dissemination of PIDs and the complications derived from these diseases.
As president of the foundation and with more than 25 years of experience in IDPs, Dr. Soler extended information to our study with the following words:
• There is a wide variety of PID diseases, and some are more or less common and more or less serious.
• More typical in children, but it can also occur in adults.
• Treatment for PIDs can reduce the number and severity of conditions and help children and adults lead as everyday lives as possible.
• Immunoglobulin treatment is the essential treatment for many of these PIDD, helping protect against a wide range of infections and reduce autoimmune symptoms.
• Dr. Soler confirms that they mostly use the subcutaneous route due to: less need for injections, self-administration at home with prior instruction to the patient, faster administration, fewer side effects, and lower QoL.
• Artificial plasma could be a very long-term option, but today it is not possible in any case.
• SIDs (secondary) is also an exciting opportunity, although there is still a lot of work.
While talking to Dr. Soler, I convinced that I had found a great investment idea, but when I asked him about existing medical devices, his answer left me blank.
• From 2006 to 2009, they used the typical low-cost mechanical pump called the Infusa T1 from Physan. In his experience, the infusion pump did not generate a constant flow. It was easily clogged and made it difficult to administer medication. In 2009, they chose to change their supplier to InterPump, the company that owns the Crono S-PID 50 device. This device significantly reduced the problems related to tube occlusion and drug inlet fluidity. Its size is smaller, and its design is lighter, making it ideal for home therapy and providing complete freedom for the patient to administer medications at any time of the day without interrupting daily life or leisure activities.
After this revelation, I went to the InterPump website and began to read testimonial comments that had used both devices and just confirmed everything that Dr. Soler told me.
Finally, I asked Dr. Soler if there was any explanation why FREEDOM60 used more than Crono S-PID 50 in the US, and according to his opinion:
• The fact that healthcare is private and expensive encourages you to buy low-cost devices like FREEDOM60. On the other hand, healthcare subsidies in Europe and Spain and the cost is not the main problem.
Finally, I understood that the investment thesis could be valid in the US as long as the current health system continues but not in Europe. A part of Koru Medical’s future growth is international expansion, Europe included. Still, after Dr. Soler’s revelation, my opinion changed radically to the point that I am rethinking my investment in Koru Medical Systems.
There is always the possibility that Koru Medical will consolidate the market and buy another company, and why not one of its best competitors. InterPump (Crono) is a small Italian company and does not trade on the stock exchange. You never know if the owner would be willing to sell it. In the release of the 3Q20 results, the CEO of Koru Medical spoke that they are always attentive to the M&A possibilities offered by the market and that after the June capital increase, they could use the $ 32M they have in the box.
In this article, I wanted to show how we analyze and contrast the DRACO GLOBAL information before investing, especially in small companies. Unfortunately, it is not a common practice in the sector, but in DRACO GLOBAL we try to do it.
PS: I want to publicly thank Dr. Soler for his time, his kindness and encourage people to read this article and go to the PID Foundation website.
Column by Quim Abril, President and Portfolio Manager of Draco Global Sicav at Gesiuris AM.
