Fund Manager Summary
The fund managers believe that the outlook for Ramsay Health Care Ltd presents significant opportunities, particularly following the recent cessation of discussions with the KKR consortium regarding a takeover proposal. In their opinion, this development, while disappointing, does not diminish the potential for value creation within the company. They note that Ramsay, as the largest private hospital operator in Australia, has a robust operational base with over 70 hospitals and day surgery units across Australia and a strong global presence. The fund managers emphasize that value unlock opportunities remain, including portfolio simplification and potential capital management strategies. They assert that the Ramsay management and board still possess a range of alternatives to maximize shareholder value.
Source: Trading View
Commentary From The Managers
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Clime Investment Management
5 Dec 2025
Unknown
Summary
- Clime Investment Management continues to hold Ramsay Health Care Ltd (RHC.ASX) following their recent AGM update.
- Reported growth in earnings from the core Australian business for the first quarter of FY26.
- Notable revenue indexation exceeding cost indexation, indicating better compensation from private health insurers.
- Completion of the review of Ramsay Sante, with findings to be announced before the financial result in February 2026.
- Despite last week's rally, RHC is viewed as good value due to improving fundamentals.
- New management is correcting previous capital misallocations, enhancing the company's outlook.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Clime Investment Management
5 Dec 2025
Unknown
- Clime Investment Management continues to hold Ramsay Health Care Ltd (RHC.ASX) following their recent AGM update.
- Reported growth in earnings from the core Australian business for the first quarter of FY26.
- Notable revenue indexation exceeding cost indexation, indicating better compensation from private health insurers.
- Completion of the review of Ramsay Sante, with findings to be announced before the financial result in February 2026.
- Despite last week's rally, RHC is viewed as good value due to improving fundamentals.
- New management is correcting previous capital misallocations, enhancing the company's outlook.
Summary
Akambo
24 Nov 2025
$31.90
- Akambo initially invested in Ramsay Health Care Ltd due to a yield increase to around 4% when shares fell to $34.
- The investment was motivated by Ramsay's announcement to spin off its French hospital operator, Sante.
- Subsequent struggles to sell the debt-laden Sante have led to shares declining to around $31, a decade low.
- Akambo acknowledges that the decision to buy based on divestment prospects was a mistake.
- Despite challenges, Akambo continues to hold Ramsay due to its ownership of most hospitals, providing significant asset backing.
Summary
Clime Investment Management
30 Sept 2025
$31.73
- Ramsay Health Care (RHC) experienced a 6% decline in September, following a disappointing August full-year profit result.
- The profit result indicated a moderate pace of earnings improvement expected in the coming year.
- Clime Investment Management retains its position in RHC due to limited downside risk.
- The company's hard asset backing from its freehold hospital footprint in Australia supports this view.
- There is an expectation that RHC will resolve its shareholding in its currently loss-making France business.
Summary
Tyndall Asset Management
31 Aug 2025
$34.53
- Tyndall Asset Management notes that Ramsay Health Care detracted from performance in August.
- Concerns arose following the FY25 results.
- Investor focus has been on the rebasement of the Joondalup contract.
- Tyndall Asset Management continues to monitor developments closely.
- The fund manager remains engaged due to the potential long-term value.
Summary
Clime Investment Management
31 Aug 2025
$34.53
- Ramsay Healthcare (RHC.ASX) detracted from performance over August, falling 13% for the month.
- The stock is now flat over calendar year 2025.
- Weakness was attributed to FY25 financial results falling short of expectations in core Australian and UK private hospital businesses.
- Outlook commentary indicated that ongoing demand is being met with ongoing cost inflation, impacting earnings improvement.
- Clime Investment Management continues to hold Ramsay Healthcare as a leading private hospital operator.
- The company is making positive, albeit gradual progress in improving operational delivery.
- Ramsay is also addressing past poor capital allocation decisions.
Summary
Perpetual Asset Management
31 Aug 2025
$34.53
- Ramsay Health Care detracted from performance in August with a decline of –12.6%.
- Full-year results showed a sharp decline in net profit and weaker earnings across key geographies.
- Domestic operations are facing volume softness and sustained wage pressures, with cost inflation outpacing tariff indexation.
- Offshore operations, including Ramsay Santé and UK mental health services, have underperformed, with financing costs adding to the challenges.
- The closure of most psychology clinics reflects structural shifts in care delivery.
- Near-term earnings visibility is constrained by operating cost headwinds and weaker offshore margins.
- However, Ramsay’s strong hospital network, targeted transformation initiatives, and exposure to rising healthcare demand provide a supportive backdrop for recovery over time.
- Perpetual Asset Management continues to hold Ramsay Health Care due to its long-term potential despite current challenges.
Summary
Sterling Managed Investments
31 Aug 2025
$34.53
- Ramsay Health Care (RHC.ASX) detracted from performance in August, falling 13% for the month.
- Current performance is flat over calendar year 2025.
- Weakness followed FY25 financial results that fell short of expectations in core Australian and UK private hospital businesses.
- Outlook commentary indicated ongoing demand met with cost inflation, impacting earnings improvement.
- Sterling Managed Investments continues to regard RHC as a leading private hospital operator.
- The company is making positive, gradual progress in improving operational delivery.
- Efforts are also focused on addressing past poor capital allocation decisions.
Summary
Tyndall Asset Management
31 July 2025
$38.77
- Ramsay Health Care underperformed in August following the FY25 results.
- Investor concerns focused on the rebasement of the Joondalup contract.
- The contract reset has led to a reduction in near-term profitability.
- Questions have arisen regarding Ramsay’s reliance on public hospital contracts to support earnings.
- Tyndall Asset Management continues to hold due to long-term growth potential despite short-term challenges.
Summary
Clime Investment Management
30 June 2025
$36.69
- RHC is an owner and operator of private hospitals across Australia, the UK, and Europe.
- Clime Investment Management views RHC as entering a recovery phase.
- Competitors are exiting the industry, providing RHC with growth opportunities.
- Management is addressing past poor capital allocation and investment decisions.
- The current share price is less than half of KKR's bid in 2022, indicating potential undervaluation.
- The market may be overlooking the intrinsic value of RHC's freehold Australian hospital network.
Summary
Tyndall Asset Management
31 May 2025
$37.80
- Ramsay Health Care (RHC) outperformed in May.
- Performance was driven by Healthscope's entry into receivership.
- The market viewed this as a major positive for RHC.
- Removal of Healthscope's capacity helps alleviate oversupply issues in the private hospital sector.
Summary
Clime Investment Management
31 May 2025
$37.80
- Ramsay Health Care (RHC) contributed positively to performance during the month.
- Investor confidence improved due to positive industry feedback.
- Ongoing growth in private hospital activity is noted.
- RHC is facing wage pressures for nursing staff.
- Improving utilisation across RHC's facilities is encouraging.
- Clime Investment Management remains constructive on RHC’s long-term fundamentals.
- There is an opportunity to exit unwanted assets from their international portfolio.
Summary
Clime Investment Management
30 Apr 2025
$33.26
- Clime Investment Management notes that RHC modestly detracted from performance, falling 2.5% in a strong market.
- The decline occurred despite an aggressive sell-off early in the month following 'Liberation Day'.
- There was no fundamental newsflow on RHC during April.
- Media reports focused on uncertainty regarding peer Healthscope’s ownership and viability.
- Clime Investment Management continues to see RHC as well positioned to improve earnings in its Australian hospital business.
- The new management team is expected to address prior poor capital allocation decisions for overseas operations.
Summary
Allan Gray
8 Apr 2025
$33.25
- Allan Gray continues to hold Ramsay Health Care due to its extensive network of hospitals and healthcare facilities across Australia, the UK, and Europe.
- The company has faced significant cost inflation that has impacted its profitability, particularly in Australia and Europe.
- Despite recent challenges, long-term fundamentals for private hospitals remain strong, driven by a growing and ageing population.
- Ramsay’s high-quality hospital portfolio underpins its valuation, with substantial intrinsic value even in the current market.
- There are signs of improvement in operational metrics, such as increased medical episodes requiring hospital treatment.
- Ramsay’s management is actively pursuing operational improvements and tightening capital expenditure.
- Risks include rising healthcare costs and potential shifts in demand towards day surgery.
- Allan Gray believes the current price of Ramsay Health Care offers a buffer against risks faced by the company.
Summary
Pengana Capital Group
31 Mar 2025
$34.13
- Pengana Capital Group views Ramsay Health Care as an opportunity to invest in a leading private hospital group at a low point in earnings.
- The company’s main competitor is facing significant challenges due to a weak balance sheet, private equity ownership, and dissatisfied landlords.
- There is an expectation of industry restructuring, which may lead to reduced operating capacity.
- This potential restructuring could be advantageous for Ramsay, as it operates in a high fixed cost industry, allowing for increased operating leverage with improved capacity utilization.
Summary
Contract Asset Management
31 Mar 2025
$34.13
- Contract Asset Management initiated a position in Ramsay Healthcare (RHC) after its exit from the S&P/ASX Top 50.
- RHC has faced operational challenges during the pandemic but is currently undergoing a turnaround.
- As Australia’s largest private hospital operator with a significant presence in Europe and the UK, RHC is focusing on its core hospital business.
- The company is also working on margin improvement under new management.
- The sale of Ramsay Sime Darby Healthcare has strengthened its balance sheet.
- There is a potential sale of Ramsay Sante (Europe) that could further enhance earnings.
- While long-term healthcare fundamentals remain positive, cost pressures and the pace of profitability recovery are concerns for some investors.
- Having followed RHC for an extended period, Contract Asset Management is confident in its potential for improved earnings and share price.
Summary
Clime Investment Management
31 Jan 2025
$33.74
- RHC was a detractor to performance over the month.
- The stock remained flat while the broader market rose 5%.
- Sentiment towards RHC remains negative.
- Media coverage highlights ongoing tensions between private health insurers and private hospitals.
- Clime Investment Management continues to monitor these developments closely.
Summary
Clime Investment Management
31 Dec 2024
$34.54
- Clime Investment Management notes that RHC detracted from performance over the month.
- Despite reiterating guidance for profit growth in FY25 at the late November AGM, negative sentiment remains.
- The industry faced challenges, highlighted by Healthscope requiring capital injection from its owner.
- Clime Investment Management contacted Ramsay and confirmed that all Australian hospitals are profitable.
- This profitability is partly due to RHC owning a majority of its hospitals freehold, unlike Healthscope, which operates on a leasehold basis.
Summary
Clime Investment Management
31 Oct 2024
$40.17
- Clime Investment Management bought RHC.
- RHC is an owner and operator of private hospitals across Australia, the UK, and Europe.
- Following a prolonged period of poor capital allocation and earnings pressure during the COVID era, the fund manager believes RHC is entering a recovery phase.
- The fund manager notes that competitors are exiting the industry, providing RHC with opportunities for growth.
- RHC management is addressing past poor decisions regarding investments in offshore markets.
- At $41 per share, which is less than half the price that KKR bid in 2022, the fund manager thinks the market is overlooking the intrinsic value of RHC's freehold Australian hospital network.
Summary
Equity Trustees Asset Management
30 Sept 2024
$41.62
- Equity Trustees Asset Management notes that the recovery in earnings post-Covid has been slower than expected.
- The company has faced challenges due to a poor reimbursement and inflated cost environment.
- There are ongoing risks to earnings including higher costs and lower tariffs, particularly affecting French operations.
- Domestic hospital activity, especially in psychiatric and maternity segments, has been less than anticipated.
- With a new CEO starting in early September 2024, there is a risk of earnings being rebased as Australian margins may be permanently lowered.
Summary
Blackwattle Investment Partners
31 May 2024
$47.11
- Blackwattle Investment Partners notes that the Healthcare sector was the greatest detractor for the Fund.
- A long position in Ramsay (RHC.AX) negatively impacted performance due to cost pressures and subdued patient numbers.
- Pricing growth remains limited, particularly in France and the UK.
- Post month end, a resolution between the private sector and Government provides multi-year certainty in tariff levels.
- This resolution could lead to a restructure of ownership, aiding in reducing the company’s debt load.
- Blackwattle remains constructive on Ramsay.
- Expectations are set on increased payer rates with local insurers and a resolution of the underperforming French business.
- These factors should ultimately lead to material improvements in returns for Ramsay, a leading private hospital operator with assets difficult to replicate.
Summary
Cooper Investors
30 Sept 2023
$51.18
- Cooper Investors initiated a position in Ramsay Health Care Ltd (RHC) during the quarter.
- RHC is categorized within their Stalwarts investments.
- The private hospital sector faced challenges due to COVID-19 restrictions on elective surgeries in 2020.
- RHC collaborated with the government to address pandemic-related challenges.
- Although restrictions have lifted, the recovery in elective surgery volumes has been slower than anticipated.
- Ongoing disrupted operating rhythm affects industry profitability.
- RHC has experienced share price underperformance as a result.
- Cooper Investors sees adequate Risk-Adjusted Value Latency to mitigate uncertainty about elective surgery recovery timing.
- Private hospitals provide about 60% of all surgical services in Australia, making RHC a vital player in the healthcare landscape.
- The investment thesis is based on the eventual recovery of elective surgery volumes.
- RHC's strategy includes Brownfield expansion and asset sales to reduce foreign operational exposure.
- Improving balance sheet quality is a focus through asset and/or property sales.
Summary
Montgomery Investment Management
31 Aug 2023
$51.45
- Montgomery Investment Management sold their investment in Ramsay Health Care (ASX:RHC) due to a significant decline in share price.
- The decline followed the withdrawal of a takeover bid by KKR, a large private equity organisation.
- The position existed in the portfolio prior to the transition to Australian Eagle Asset Management.
- The share price had previously risen due to the takeover bid, but the withdrawal led to a sharp fall.
- As a result, the investment was disposed of at lower levels during the portfolio transition.
Summary
L1 Capital
30 Sept 2022
$57.28
- Ramsay Health Care shares fell in September following the cessation of discussions with the KKR consortium on its proposal.
- The proposal was originally valued at $88 cash per share, indicating a potential premium for shareholders.
- L1 Capital views Ramsay as the largest private hospital operator in Australia, with over 70 hospitals and a strong presence in global markets.
- Although the collapse of the takeover offer is disappointing, L1 Capital believes it highlighted several catalysts for value realisation.
- These catalysts include portfolio simplification and unlocking value from Ramsay's Australian property portfolio.
- Capital management opportunities are also seen as potential value drivers for the company.
- L1 Capital continues to hold Ramsay due to ongoing value unlock opportunities that management and the board can pursue.
- They have a range of alternative options available to maximise value for shareholders moving forward.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"While the recent collapse of the KKR bid for Ramsay Health Care is disappointing, it seems the real value catalysts—like portfolio simplification and property optimization—remain tantalizingly within reach, suggesting that the journey to unlock shareholder value is far from over."
Last Updated: 24 Nov 2025
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Frequently Asked Questions
Who is investing in Ramsay Health Care Ltd Fully Paid Ord. Shrs (ASX:RHC)?
Fund managers including L1 Capital, Cooper Investors, Blackwattle Investment Partners, Equity Trustees Asset Management, Pengana Capital Group, Contract Asset Management, Allan Gray, Montgomery Investment Management, Clime Investment Management, Tyndall Asset Management, Perpetual Asset Management and Akambo have invested in Ramsay Health Care Ltd Fully Paid Ord. Shrs (ASX:RHC).
Why do fund managers invest in Ramsay Health Care Ltd Fully Paid Ord. Shrs?
Fund managers invest in Ramsay Health Care Ltd due to its position as the largest private hospital operator in Australia and its extensive global presence. Despite recent share price declines following a halted takeover bid, they see potential for value creation through portfolio simplification, property asset optimization, and capital management strategies. Fund managers believe that the company's management can still pursue alternative avenues to enhance shareholder value.
What happened to Ramsay Health Care Ltd Fully Paid Ord. Shrs (ASX:RHC)?
Fund managers are investing in Ramsay Health Care Ltd due to its strong hospital network and potential for recovery, despite recent underperformance driven by concerns over profitability and operational challenges. While the company has faced issues such as declining net profits, cost inflation, and difficulties in divesting its French operations, its ownership of most hospitals provides solid asset backing. Fund managers believe that Ramsay's targeted transformation initiatives and exposure to rising healthcare demand could support long-term growth.