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Thematic investing takes a different approach. It rejects the notion that a benchmark is the optimal starting point for creating an investment strategy and instead focuses on “big picture” secular growth trends in the world. Thematic investing takes a step back from the traditional processes of constructing a portfolio where investment risk is measured in terms of deviation from a benchmark, and instead asks a more fundamental question: which businesses and industries will likely be a good place to invest for the next 10 to 20 years?

Thematic investors understand that powerful long-term structural changes are occurring in the world. If they can correctly identify these trends and build a portfolio of companies likely to be beneficiaries, while avoiding those which will be negatively impacted, they may be able to outperform the standard indices over a normal business cycle. In this paper we explore the concepts behind thematic investing, what makes it a compelling investment proposition, and how it can provide a well differentiated satellite for clients with a multi-year investment horizon.