Added 3% to Ryman Healthcare @ NZD 13.
Increased conviction in their Australia growth prospects where they literally don’t have any serious competition because a lot of the Australian retirement village operators are really property developers who are hesitant to take on age care operational risk in the scandal-prone Australia age care sector.
Ryman is hence very uniquely positioned to grow in a huge market for a long period of time. And Ryman charges 20% deferred management fee while competitors charge north of 30%.
How often do you find the lowest cost operator who is also the highest quality operator in a sector with VERY VERY long growth runways.