The following segment was excerpted from this fund letter.
We initiated positions in Alcon (ALC), the largest ophthalmic surgical device company and second largest vision care company in the world. Alcon started trading in April after being spun out from pharmaceutical manufacturer Novartis, where Alcon spent close to a decade as a subsidiary.
We think Alcon has attractive prospects for sustainable double-digit earnings growth, driven by several near-term and long-term company-specific and secular trends. First, Alcon has a leading global share in advanced technology intraocular lens (ATIOL) but it has yet to launch a