The CSL Ltd (ASX: CSL) share price is up 0.82% in afternoon trading at $250.25 a share.
If the S&P/ASX 200 Index (ASX: XJO) healthcare stock can hold onto these gains, this will mark the sixth consecutive day CSL has closed in the green.
Yet, despite having gained 8.5% since market close on 30 October, the CSL share price remains down 19% since 13 June.
Some of that pressure has come amid a broader market sell-down, with the ASX 200 down 2% over that period.
The CSL share price has also faced headwinds over investor concerns about potential competition from Novo Nordisk's weight loss drug Ozempic. Ozempic, it turns out, may be effective at treating kidney disorders and other related illnesses, which could impact CSL's business and revenue.
Imge source: Getty Images
Why this fund manager is 'happy to now be long'
Yet, portfolio manager at Ellerston Capital Chris Kourtis shrugged off the market's concerns about the longer-term impact Ozempic may have on the CSL share price.
As The Australian Financial Review reports, Kourtis compares these worries with the market's overreaction to the potential impact on Harvey Norman Holdings Ltd (ASX: HVN) shares when Amazon launched its operations in Australia in 2017.
Despite his reputation as a contrarian investor, Kourtis is still happy to invest in blue chip stocks. So long as the price is right.
"Whether you're a value manager or a growth manager or a quant, I guarantee there are certain names that everyone owns," he said.
"We don't own a lot of those names," Kourtis added. "But there are a couple I've invested in recently that have been smoked, absolutely pulverised, and we're happy to now be long on a couple of those."
With the CSL share price down 19% since mid-June, the ASX 200 healthcare stock counts among those he's now happy to own.
"Back in July, I said CSL was an expensive defensive," Kourtis explained. "But now, for the first time in a long time, it's no longer an expensive defensive. It's screening really cheap."
In October, CSL offered some uplifting FY 2024 guidance at the company's annual general meeting. Among the highlights, management is forecasting year-on-year revenue growth of 9% to 11%.
How has the CSL share price performed longer-term?
The CSL share price is down 10% over the past 12 months.
Longer-term, the ASX 200 healthcare stock is up 31% over five years.
