Insights

Inflation is more than just an acceleration of prices; it is bad for economic growth and prosperity. We disagree with consensus that cyclical stocks –financials, industrials and commodities – are the best defense against inflation. Instead a portfolio of quality stocks can be the right approach.

Portfolio manager Ramiz Chelat discusses valuations, structural growth trends, opportunities in semiconductors, and ESG.

Portfolio manager Jin Zhang addresses inflationary pressures and helps investors navigate Chinese and Latin American markets.

Portfolio Manager Brian Bandsma discusses regulations in Chinese tech companies, inflation and valuations.

Portfolio Manager Donny Kranson discusses the stimulus package, normalization after COVID, and the impact of inflation.

Portfolio Manager David Souccar explores the risks of hedging inflation with cyclicals and commodities and how quality companies can withstand inflationary pressures.

CIO Matthew Benkendorf discusses business models with pricing power that can defend against inflation.

The trend is your friend, the saying goes. But it’s important to really know your friends – some of them you’ll never see again, others will stay with you for a lifetime. We believe the megatrends we focus on, and the resulting investment themes such as smart farming, robotics or cloud computing, will be the ones that will last.

10 million lab animals undergo tests with severe pain each year. Over time, companies have aligned with customers. The near-term exit for lab animals relies on regulators. A 2021 breakthrough in China shows progress. But the underlying driver is remarkable advances in technology. Management views and outlook in this blog.