Our themes provide valuable inputs which help us to achieve long-term perspective and navigate a world in flux. They can alert the members of our investment team to the new opportunities that change creates, and can help us to identify the emerging risks that could impair the value of investments.

Beyond often rigid classifications

Themes allow investors to look beyond often rigid classifications such as sectors or countries of domicile, and enable a more holistic perspective.

Themes begin and end with deep fundamental research. We leverage the capabilities of our multidimensional research platform to identify and investigate key areas of interest, some of which, through further detailed research, lead to the creation of specific themes.

The process that we follow when identifying and considering themes combines research generated from the bottom up, which harnesses insights from the deep company-specific research that our fundamental analysts conduct, with top-down analysis that explores far-reaching macroeconomic trends and their implications.

Our themes distil insights from across the firm, help to shape our research agenda, and drive the creation of new and innovative thematic products.

Our themes continue to evolve in line with the significant changes we are seeing across the globe.

Current themes

Our themes continue to evolve in line with the significant changes we are seeing across the globe. Our micro and macro thematic groups, which comprise key analysts and portfolio managers from across the firm, meet regularly to determine changes to our thematic research framework. They consider new thematic concepts, proposals for removing or retiring existing themes, and the affirmation of existing themes.

The themes currently comprise:
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Five micro theme groups: internet of things, smart everything, tectonic shifts, picture of health and natural capital. The underlying themes capture the key technological, social and environmental trends which we believe will present investment opportunities.
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Five macro themes, which encapsulate geopolitical and economic shifts. These are big government, China influence, financialisation, great power competition and human capital. Within each of these areas, we have defined a number of sub-themes which allow us to better coordinate and focus our research around key developments that we believe will shape markets over the coming years.

As sustainability is a driver of many current economic trends, sustainability-focused ideas can be incorporated in our themes. We also define a broader set of economic activities linked to sustainability, which are part of our sustainable investment philosophy.

Your capital may be at risk. The value of investments and the income from them can fall as well as rise and investors may not get back the original amount invested.

These opinions should not be construed as investment or other advice and are subject to change. This material is for information purposes only. Any reference to a specific security, country or sector should not be construed as a recommendation to buy or sell investments in those countries or sectors. Please note that holdings and positioning are subject to change without notice.