Andy Acker - Empty Rooms: Investing in Biotech at Janus Henderson (Capital Allocators, EP.274)
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
4.7 • 841 Ratings
🗓️ 6 October 2022
⏱️ 51 minutes
🧾️ Download transcript
Summary
Andy Acker is a Portfolio Manager at our anchor sponsor, Janus Henderson Investors, where he manages the firm's healthcare strategies. Janus Henderson is a global asset manager with $300B in assets under management, and Andy oversees the firm's Global Life Sciences strategy and its Biotechnology strategy. Biotech stocks have been crushed despite significant advances in drug development, making it a proverbial empty room with only specialists and contrarians left standing.
Our conversation starts with Andy's path to becoming a healthcare investor, scientific innovation over his time at Janus Henderson, translation of science into commercial success for businesses, and the 90/90 rule for how stocks behave. We then turn to his investment process across filtering ideas, research, assessment of management teams and commercial success, portfolio construction, trading around names, and private crossover investing. We close with Andy's perspective on opportunities and risks to the space from here, and green shoots he sees that might fill seats in the empty room.
Transcript
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| 0:00.0 | Hello, I'm Ted Sides, and this is Capital Allocators. |
| 0:10.2 | This show is an open exploration of the people and process behind capital allocation. |
| 0:16.3 | Through conversations with leaders in the money game, we learn how these holders of the keys to the |
| 0:21.8 | kingdom allocate their time and their capital. You can join our mailing list and access premium |
| 0:27.8 | content at capital allocators.com. All opinions expressed by TED and podcast guests are |
| 0:35.0 | solely their own opinions and do not reflect the opinion of capital |
| 0:37.7 | allocators or their firms. This podcast is for informational purposes only and should not be relied upon |
| 0:42.5 | as a basis for investment decisions. Clients of capital allocators or podcast guests may maintain |
| 0:47.6 | positions and securities discussed on this podcast. On today's show, we'll discuss another |
| 0:54.0 | empty room, an opportunity ignored by most investors |
| 0:57.8 | because they either don't want to or can't participate. |
| 1:01.9 | My guest is Andy Acker, a portfolio manager at our anchor sponsor, Janice Henderson Investors, |
| 1:08.3 | where he manages the firm's health care strategies. |
| 1:11.6 | Janice Henderson is a global asset manager with $300 billion in assets under management, |
| 1:17.1 | and Andy oversees the firm's global life sciences strategy and its biotechnology strategy. |
| 1:23.8 | Biotech stocks have been crushed despite significant advances in drug development, making it a proverbial empty room with only specialists and contrarians left standing. |
| 1:35.0 | Our conversation starts with Andy's path to becoming a health care investor, scientific innovation over his time at Janice Henderson, translation of science into commercial success for businesses, |
| 1:45.9 | and the 90-90 rule for how stocks behave. We then turn to his investment process across |
| 1:52.3 | filtering ideas, research, assessment of management teams in commercial success, portfolio |
| 1:57.8 | construction, trading around names, and private crossover investing. |
| 2:02.4 | We close with Andy's perspective on opportunities and risks to the space from here, and green |
| 2:08.2 | shoots he sees that might fill seats in the empty room. |
... |
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