STATE OF PLAY

Forbes - - INVESTING - DR. GROWTH

buf­falo funds’ el­iz­a­beth Jones once prac­ticed medicine. Mak­ing di­ag­noses with in­com­plete in­for­ma­tion honed her de­duc­tive rea­son­ing—a boon to buf­falo’s $2 bil­lion Dis­cov­ery fund. She hunts for com­pa­nies mired in mega­trends (con­tain­ing spi­ral­ing health­care costs, say). her fund re­turned 25% in 2017. three picks:

IL­LU­MINA

It once cost $2.7 bil­lion to se­quence the hu­man genome, but this $40 bil­lion be­he­moth has it down to $1,000; its nova Seq se­quencer may drive an­other big drop. Jones finds it fairly priced on ex­pec­ta­tions that it’ll se­quence 5 mil­lion genomes by 2022.

WAGEWORKS

this ad­min­is­tra­tor of health-sav­ings and flex-spend­ing ac­counts is down be­cause of a mi­nor ac­count­ing re­state­ment. Jones ex­pects the dust to clear, and if the econ­omy turns, laid-off HSA clients can go on wage works man­aged co­bra plans.

REPUB­LIC SER­VICES

over 70% of this garbage hauler’s res­i­den­tial fleet is au­to­mated. bur­geon­ing Uber-like digital ser­vices should help repub­lic win share from smaller firms.

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