We like to be in business with honorable and astute people and with companies who look to the long-term when defining success. This requires a responsible approach to the environment.

At the core of our assessment we form a view on normal returns on equity p.a., stretching out into the future.

Preferred tailwinds:

> resource efficiency/circular economy, incl. water as a resource

> provision of basic human consumables (e.g. food, P&C insurance)  

> consolidation opportunities as leader in fragmented markets

> favourable exposure to demographic trends, incl. exposure to emerging markets growth

> “Blue Oceans” where the product creates the market

> modern sales and distribution channels such as Amazon, social media

> internet of things (e.g. home and factory automation) and artificial intelligence

> clean electrification of energy and transport

> beneficiary of measures to slow down climate change

> cyber security market (e.g. IT services) 

> virtual network effects, data collection or data commercialisation

> on-shoring