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Knockin’ on healthcare’s door: finding value in an industry under the knife

Home / Press Centre / Knockin’ on healthcare’s door: finding value in an industry under the knife

Mitch Reznick, CFA, Co-Head of Credit and Head of Credit Research
Geoffrey Wan, CFA, Credit Analyst
09 January 2018
Credit

Valuations in the US public hospital sector are looking attractive, and that’s led us to reassess the investment opportunities within the US high-yield healthcare universe. But a highly selective approach is needed. New research by Mitch Reznick, Co-Head of Credit and Geoffrey Wan, Credit Analyst at Hermes Investment Management looks at the factors causing volatility as well as the opportunities in this market.

Mitch and Geoffrey, said: “Although the sector is often viewed as defensive and non-cyclical, hospitals in the US are facing a structural, secular shift. US healthcare spend per capita is the third highest in the world, at around 18% of annual GDP. However, by most metrics the quality of healthcare in the US is not viewed as commensurate with this level of spending. As such, scrutiny of insurers and patients’ demands for lower costs have driven a move away from the fee-for-service model that healthcare providers are familiar with to a model that demands value and quality in exchange for payment.”

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Mitch Reznick, CFA Co-Head of Credit and Head of Credit Research Mitch joined Hermes in February 2010 as head of research on the Hermes Credit team. Prior to this he was co-head of credit research for the global credit and hybrids team at Fortis Investments. Other roles at Fortis included portfolio manager of European high yield funds, based in London, and senior credit analyst, based in Paris. Before this he worked as an associate analyst in the leveraged finance group at Moody’s Investors Service in New York. Mitch earned a master’s degree in International Affairs at Columbia University in New York City and a Bachelor’s degree in History at Pitzer College, one of the Claremont Colleges in California. He is a CFA charterholder; a member of the Capital Markets Advisory Committee of the IFRS Foundation, the Association for Financial Markets in Europe High Yield Investor Committee, and the Credit Advisory Committee for the PRI; and a workstream member of the UK-China Green Finance Task Force.
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Geoffrey Wan, CFA Credit Analyst

Geoff joined Hermes in 2017 as a credit analyst covering healthcare, utilities, capital goods, REITs and services. Prior to this, he was a credit analyst at CreditSights, specialising in OEMs and suppliers in the automotive sector and building the firm’s high yield coverage. Before making the move to credit, Geoff worked as a research analyst at ICAP, where he was responsible for publishing commodities and shipping research, with a focus on the dry freight sector. Geoff graduated with a BSc in Mathematics and Economics from the London School of Economics, and he is a CFA charterholder. Geoff is a native Cantonese speaker.


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