Stock story


CSL was founded in 1916. Since then, it’s undergone many acquisitions and mergers, and now operates under four divisions: CSL Behring, CSL Plasma, CSL Seqirus, and CSL Vifor. Some of its noteworthy achievements include the early production of insulin treatment for diabetes in 1932, the rapid production of a polio vaccine in 1956, pioneering treatment to protect blood and plasma from HIV infection in 1983, and the world’s first development of the HPV vaccine from 1994-2005.

Why we like them

CSL is an innovative company operating in a consolidated industry with proven success defending threats from competing products. 

Its core blood plasma business has a long history of steadily compounding earnings. In the near term, the growth of the blood plasma business could be even stronger from a combination of recovering volumes, increasing yields and optimising donor payments. 

We have confidence in the quality of the CSL management, in particular their ability to derive value out of acquisitions over the long-term.