To build our clients’ portfolios, we start at the company level with a rigorous fundamental, bottom-up research process. But often, industry forces can be just as important as company attributes. Competition, economic cyclicality, government regulation, and seasonality can impact portfolio returns just as much as company attributes, such as quality of management, superior products, or financial condition. Companies in the pharmaceutical industry have a history of utilizing a balanced approach to capital allocation where they both invest significantly in new product development AND pay sustainable dividends with consistent share repurchase activity. There are various forces at play within the industry that make this possible.
In this episode, we sit down with Frank Pinkerton, a member of our Equity Research Team, to discuss why the pharmaceutical industry has been such a good place to invest over time. In addition to being available on our website, we are pleased to announce that our podcasts are available on Spotify, Apple Music, or wherever you get your podcasts.
Please reference our related Perspectives post for more detail:
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This material is distributed for informational purposes only. The opinions expressed are those of Crawford. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Crawford investment strategy. Material presented has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy.
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