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WHERE WE FOCUS

01. Disruption

The world changes fast, and many successful companies today may be replaced 10 years from now by companies that don’t yet exist. We focus on understanding long-term shifts in business economics, as the market evolves in response to advances in technology, emerging industries, and changing consumer behavior. By investing in these expected shifts, we benefit from opportunities that arise when the market underestimates the pace of change. Indeed, the market may especially underestimate how quickly technology can cause rapid shifts in “business as usual.”

02. Trends

Some significant changes happen gradually, over the course of decades. Many observers can see these changes coming but might not realize how the world will be transformed in response. We focus on understanding long-term growth in profits, as aided by forces such as demographics and/or resource scarcity. By identifying these gradually moving trends, we benefit from anticipating the effects.

Some examples of potential megatrends that may reshape the markets include:

​•Aging populations causing shifting consumption patters.
•A growing population requiring more efficient use of resources.

03. Sustainability

We seek exposure to companies with sustainable business practices, such as strong human capital management and sound corporate governance, sustainable investing may provide a way to invest in a strategy that reflects a disciplined evaluation of these considerations. We align our objectives to longer-term trends. We employ active research and analysis to determine which companies have strong sustainability characteristics alongside long-term market performance.

Some examples of themes within this category include:

•​Companies that are responding to consumer demand for sustainable practices or are focused on delivering innovative solutions.
• Companies that identify and target business opportunities in underserved areas.
• Companies committed to incorporating best-in-class governance through aspects such as board composition and oversight, management incentives, allocation of capital, and shareholder-friendly policies.

04. Differentation

Our strategy is built around unique insights that don’t fit into the categories listed previously and are different from a traditional investment process using market capitalization as a basis. We focus on which types of companies make attractive investments, backed by empirical evidence and ongoing research. By investing in a differentiated insight solution, we gain exposure to companies sharing some characteristics that may give them an advantage over the long term.

Some examples of a differentiation include:

• Focusing on companies still led by their founders.
• Focusing on companies using higher spends of capital expenditures and where they are allocating those investments.

05. Outcomes

We pursue a specific outcome in an overall investment, in connection with a particular economic or market theme. We seek additional exposure to market segments and companies that have historically performed well during times during a recession or high and rising inflation.

We focus on providing lower volatility of returns or to reduce the impact of market downside, by investing in companies that have historically been less volatile or performed better during turbulent market conditions.

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