Ellume was the first rapid antigen test provider to get FDA approval in the US, but most Australian fund managers cannot invest in the Brisbane-based COVID-19 home testing manufacturerIt is one of the companies in the SGH Medical Technology Fund, which can invest in almost the entire spectrum of medical innovators, co-managed by SG Hiscock portfolio manager Rory Hunter.
“I loved making the money and really wanted to stay in the industry,” he recalls. At the end of the internship, he was offered a full-time role.“I had to really sell it to my parents to not go to university but actually go into industry and develop myself that way over three years,” he says. “So that’s what I did.”
He moved to Australia in 2016 and in his first year was fortuitously introduced to DMP Asset Management boss Harry Cator.“We went to lunch, got along very well, and he called me up the next day and offered me a job as an analyst,” says Hunter. “Over the next few years, he really mentored me into an understanding of markets, and he taught me lots.”, Hunter joined Adrian Di Mattina in the emerging companies team.
He places a lot of emphasis on optimising liquidity in a portfolio made up of some less liquid and unlisted companies.It is no surprise, then, that the smaller side of the portfolio has been hitting the fund the hardest in the past few months, with bond yields weighing on the market’s more speculative companies yet to make a profit.
“They’re generating about 70 per cent of their revenue from the US market, and the demand for medical devices and technology, design and manufacturing is expected to double by 2025. “The current standard practice is you go into hospital for seven nights while they monitor you for seizures. Seer has a solution which allows you to test from home. It saves patients money and saves hospital beds too, and it’s reimbursable through Medicare.“They’ve just completed a funding round to give them a launch pad into the US market, starting in Texas, which alone is four times the size of the Australian market.
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