News

22 Nov 18

Trading Halt for Samsung Biologics

Recently, the Korean Securities and Futures Commission ruled that Samsung Biologics committed accounting fraud in 2015 to inflate its profit prior to its IPO in 2016 and fined the company $7 million. Currently, the shares of Samsung Biologics are under a trading halt until the authorities decide on the fate of the company.

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15 Oct 18
Case Study

Hugel - Forever Young

Hugel Inc (“Hugel”) is a large-cap South Korean cosmetics company selling Botulax (well known as “Botox”) and Dermal Filler in Korea (30% of total sales), and exports to countries such as Japan and Latin America. We are betting on a company that disrupted the Korean staid-old Botox industry and grew from 0% to 38% of the market over the last decade while still maintaining healthy margins.

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24 Sep 18
antike Schreibmaschine
Press

Interview: Entrepreneurial Investing in Healthcare

Werner Engelhardt on the potential of Healthcare Investments

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03 Sep 18
Case Study

Medikit - Finding the Pot of Gold

Medikit is a major manufacturer in vascular access and interventional medical devices. As in the case with EM Systems, Medikit has practically no sell-side coverage and files exclusively in Japanese. As such, this gem of a business has flown under the radar of larger institutional investors.

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06 Aug 18
Case Study

Shire - On the Verge of a Merger

Shire Plc is a UK listed diversified specialty pharma and rare disease company with dominant position in niche markets. 67% of its revenues come from US and the remaining third from Europe and Japan. In March 2018, Japan's largest pharma company, Takeda, proposed a merger to Shire, which might prove beneficial to us if accepted.

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02 Aug 18
Werner Engelhardt, Fondsmanager
Press

„I see Myself as an Entrepreneurial Investor“

During the talk with Hauck & Aufhäuser, Werner Engelhardt explains, what he thinks about artificial intelligence, chances on the Indian healthcare market and Amazon's pharma aspirations.

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09 Jul 18
Case Study

Strides Shasun - Betting on the Dark Horse

Strides Shasun (“Strides”) is an Indian mid-cap generics manufacturer with a focus on United States and Australia. While the business sells the lion’s share of formulations in regulated markets (71%), almost a third of sales falls into institutional sales (20%), which include drugs for HIV, Malaria and Hepatitis C, and Emerging markets (9%).

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04 Jun 18
Case Study

Sinopharm Group - Market Leader in a Stable Environment

Sinopharm is China’s largest pharmaceutical distributor with the country’s most extensive pharmaceutical distribution network. As the industry shifts from a fragmented to a more oligopolistic competitive landscape, the company has been the primary winner of the trend with its market share more than doubling in a decade.

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07 May 18
Case Study

Jubilant Life Sciences - A Misunderstood Long-Term Compounder

The Indian company Jubilant Life Sciences Limited is a market leader in radio pharma and orphan drugs. Since most investors focus on the chemical sector, Jubilant is repeatedly underestimated by them. While the stock has performed well since it hit its multi-year low in 2013/2014, we still view it as an attractive investment.

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03 May 18
antike Schreibmaschine
Press

Interview: "Value isn't boring"

In his interview with Geldmagazin, Werner Engelhardt explains Lacuna's investment strategy and the appeal of the healthcare business as investment focus.

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03 May 18
Press

5 Questions: Financial Developments

How is the financial market developing? Are we facing a new stock market crash?Werner Engelhardt states his view on the short and mid term developments in the financial sector.

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24 Apr 18
antike Schreibmaschine
Press

FondsEcho-Column Analysis: Asia Pacific Fund

Gerd Bennewirtz analyses the Lacuna Asia Pacific Fonds in his weekly FondsEcho-Column.

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12 Apr 18
antike Schreibmaschine
Press

Citywire: "Fundsboutique Realigns Strategy"

In an interview with Citywire explains Werner Engelhardt his investment strategy of this past months.

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12 Mar 18
Case Study

Sirtex Medical - A 50% Premium M&A Buyout Case

Sirtex Medical is an Australian producer of medical devices for the treatment of cancer. During the past years it was severely undervalued by the market. Using our Wounded Eagle framework, we could estimate a reliable internal value for Sirtex and find a valuable stock for us.

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07 Mar 18
Event

FONDSprofessionell Congress Vienna

March 7th & 8th 2018

Meet the Lacuna fund management team there

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01 Mar 18
antike Schreibmaschine
Press

Plattform Life Sciences:"There is an Alternative!"

In an article with the Life Sciences magazine, Werner Engelhardt explains chances and alternatives when investing in healthcare.

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15 Feb 18
Press

FundAward for Lacuna Asia Pacific Health Fund

Lacuna Asia Pacific Health Fonds was awarded with the €uro FundAward again.

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24 Jan 18
Event

FONDSprofessionell Congress Mannheim

January 24th & 25th 2018

Meet the Lacuna fund management team there

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17 Nov 17
Press

Back to the roots

Werner Engelhardt talks to Wirtschaftszeitung about his philosophy, past successes und setbacks.

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01 Nov 17
Case Study

EM Systems - Strong Business at a Bargain Price

EM Systems is the biggest software provider for Japanese pharmacies. Simultaneously, EMS provides two attributes we value very much when analyzing companies: loyal, returning customers and a solid track record.

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21 Jul 17
Windpark Hohenzellig von oben
Press

Interview Wirtschaftszeitung: "Canada has always been investor-friendly"

Helen Platis, Director of Lacuna Canada talks to Wirtschaftszeitung about investment opportunities and renewable energies in Canada.

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