We have broad exposure and are well-positioned in our portfolios to leading companies exploiting AI technology. The question is: When will AI repeat the pattern of internet development in terms of earnings growth?
Heat pumps currently only represent approximately 13% of all heating systems in Europe and around 5% in the US, indicating significant growth potential.
We conclude that equity investors may suffer during times of high inflation but in recent history, equities have indeed worked as a hedge against inflation.
History shows that high-quality companies typically perform well when global economic growth slows. Even recessions come to an end, and then it’s good to be in a position that has a longer-term perspective.
In 2022, the energy crisis, the war in Ukraine, inflation, and elevated food prices dominated the economic landscape and caused a significant decline in the bond and stock markets. However, the consumption of luxury goods was remarkably resilient.
Japan continues to be demographically challenged but is a global power house in our identified mega-trend of Productive and Digital Society with robot technologies, global MedTech champions, and high-tech components and materials providers.
The 20th National Congress of the Chinese Communist Party (aka. the Party Congress) has ended, and the overarching conclusion is that China is essentially set to be ruled by one man, with the Xi Jinping Dynasty having begun in earnest.
For the past few years, increased geopolitical tensions and disruption of supply chains have driven the global realignment of supply chains closer to the country of consumption.
We are currently witnessing the beginning of a prolonged structural energy crisis caused by a poor understanding of what energy is and a lack of knowledge of our dependence on fossil fuels.
As India emerges from the pandemic, we are witnessing early signs of an emerging led recovery.