Our Investment Process

As the global workforce expands and, through economic growth and technological advancement, becomes progressively more productive, global disposable income continues to rise. This provides growing opportunities for those firms that provide products and services that consumers need and want. This theme aims to harness this trend by investing into global consumer staples businesses that provide everyday essentials, from breakfast cereals and toothpaste to household goods. It also includes investment in consumer discretionary companies, which focus on wants over needs; including luxury goods companies, entertainment and streaming services and travel.

Over the last decade, emerging markets have been the fastest growing economies in the world, as they follow the blueprint established by more developed regions – this covers China, India, Africa and Latin America and frontier markets such as Vietnam. Given the strong demographic trends, fast improving education and hugely aspirational consumer base, there will be many opportunities across a broad range of sectors for decades to come. This theme captures increasing demand for energy and materials as cities are developed to support the migration from rural areas to urban spaces. It also aims to benefit from the aspirational wants and needs of the growing middle classes through the consumption of western goods and services.

As the growing global population ages, healthcare demand is rising, with existing infrastructure systems and providers being put under increasing pressure. Through this theme we look to invest into business that support people living longer and healthier lives, as well those that offer efficiencies that can help relieve the burden on healthcare systems and government budgets. To gain diverse exposure, we invest in a range of companies – from pharmaceutical and diagnostics businesses that focus on research and development to manufacturers of medical devices and surgical tools that enable production processes and healthcare delivery.

Perhaps the most wide-reaching mandate of all, the technology and innovation theme is dynamic and ever evolving. The theme includes traditional technology such as computing systems and applications, which increase connectivity and communication among people and devices, facilitating the exchange of information and ideas globally. It also includes emerging technologies - from artificial intelligence and machine learning to robotics - which have the potential to increase productivity and efficiency across a broader range of sectors such as healthcare, education, and entertainment.

The world faces a structural challenge, which, without doubt, will create opportunities. Not only has our population grown, but we have also changed the way we live – moving from the countryside to urban areas, increasing our emissions and our overall consumption. This has placed pressure on already limited resources like energy, water and food. This theme aims to benefit from changes over the coming decades as we shift to more sustainable solutions to how we live; moving towards cleaner, renewable energy sources and more efficient processes.