Theme Investing
The structural shifts shaping the next decade.
Long-term thematic strategies focused on climate transition, healthcare innovation and digital infrastructure — the trends that will define value creation through 2040.
Long-term thematic strategies focused on climate transition, healthcare innovation and digital infrastructure — the trends that will define value creation through 2040.
A real theme is multi-decade, capital-intensive and supported by demographic or regulatory tailwinds. Most "themes" are none of these.
Our thematic strategies focus on a small number of long-duration structural shifts — areas where capital, policy and innovation align over a 10 to 20-year horizon. We avoid trend chasing, narrow narratives and the fashion of the moment.
Each theme is built bottom-up: a global research universe is mapped, the value chain is decomposed, and 40 to 60 high-quality businesses are selected — each held with the same conviction discipline as our flagship equity portfolios.
Six tests every prospective theme must pass.
A theme has to play out over 10+ years. Trends with shorter horizons belong in cyclical strategies.
Real themes require real capex. That capex is what locks in long-duration return for invested companies.
Government policy, regulation or demographic shift must support the theme — and persist.
A genuine universe of public companies that benefit. Not three names and a story.
KPIs that track the theme's development over time. We measure, not assume.
Themes that conflict with our sustainability framework do not enter the programme.
Patience pays. So does selection.
A multi-year process — by design.