Our Thematic Approach

Thematic investing is an approach that seeks to identify and capitalize on emerging economic, political, and social trends that are likely to have significant and long-lasting implications for important sectors of the economy and financial markets. These trends can put powerful tailwinds behind our investment selections, and can put equally strong headwinds in front of others. The use of this approach can improve the probabilities of adding value to portfolios, while providing a margin of safety from cyclical market downturns.

The following are examples of some themes we are currently incorporating in our investment thinking:

• Running on Empty: Oil and Water
• Living to Age 100
• Emerging Markets/Emerging Middle Classes
• Feeding the World
• Green, Clean and Sustainable