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2019-inreview
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Welcome to Magellan’s inaugural magazine
‘in review’

experts in global investing

Two perspectives on

MAGELLAN

Hamish Douglass, Chairman, CIO and co-founder of Magellan Financial Group, and CEO Brett Cairns swapped roles about a year ago.
They discuss the different perspectives they now have on the company.
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OUR STOCK PICKS

Yathavan Suthaharan on Xcel Energy
YATHAVAN
SUTHAHARAN
ON XCEL ENERGY

Xcel Energy is a US provider of electricity and gas across the mid-west of the US. Xcel Energy is a promising investment because it’s ambitious capital Investment plans mean the company is likely to achieve its long-term earnings objective of 5% to 7%. The explanation of how Xcel Energy can meet this goal lies with the regulation surrounding utilities in the US. In short, the easiest way for a utility to increase earnings is to spend more on capital works.

   Read more in the magazine

Hannah Dickinson on Pepsico
HANNAH
DICKINSON
ON PEPSICO

You might think the PepsiCo investment case is about soft drinks. PepsiCo's jewel, however, is the snacks division that provides two-thirds of its revenue and help make the stock one of the more resilient investments in a world where many Big Brands are struggling against e-retailing and private labels. Pepsi's advantages include that people buy snacks on impulse, its size gives its negotiating power over retailers and its fleet of trucks give it control over product supply and placement.

   Read more in the magazine

David Chambers on Apple
DAVID
CHAMBERS
ON APPLE

Apple's success is based on the iPhone and iPhone-related services, which generated about 80% of Apple’s revenue in fiscal 2018. For all of Apple’s success, people warn that there are few consumer hardware vendors that maintain competitive advantages over time. Yet Apple is unlikely to lose relevance as Blackberry and Nokia phones did because Apple’s extensive ‘ecosystem’ effectively makes the purchases of Apple devices a form of subscription payment to access the platform.

   Read more in the magazine

John Wylie on HCA
JOHN
WYLIE
ON HCA

HCA Healthcare is the largest and most-advantaged hospital operator in the US. HCA cares for 26 million patients each year, eight million emergency visits and 220,000 baby deliveries. HCA has the largest or second-largest market share in 19 of the 20 states where it has built networks. HCA’s structural advantage has been driven by four key attributes: its hospitals are in fast-growing areas; it is well run; it serves privately insured patients; and it operates about 2,000 sites of care.

   Read more in the magazine

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