CSL: 9 managers increased positions and 6 reduced them
Centennial Asset Management initiated a position in CSL (ASX:CSL) as part of a shift toward defensive large caps. Matthew Kidman notes healthcare has regained favour globally, and CSL's earnings appear resilient after a reset. He views it as a mature business and a sensible defensive holding for now rather than a long-term compounder.
Ellerston Capital exited CSL (ASX:CSL) after a strong recovery, taking profits on a position that contributed 9% in October. Ellerston bought CSL when it was out of favour at $92.56 per share and about 10 times earnings. The stock has since risen 75% this financial year and more than doubled from its June lows. Ellerston cites CSL as an example of a contrarian investment that recovered after sentiment had been extremely bearish.
