When it comes to investing in global equities, it pays to become a specialist.
The firms we invest in our thematic portfolios have several distinguishing features. First, thematic companies operate in the most dynamic areas of the economy - sectors whose prospects are being transformed by megatrends.
Second, they are specialists. We concentrate investments in specialist companies whose revenue growth is tied to the evolution of a particular theme, which we measure with our proprietary gauge of thematic “purity”. This is because we are mindful of avoiding the ‘conglomerate discount’ - a valuation penalty that's applied to larger, more complicated businesses.
Third, the companies we invest in have underappreciated cash generation capabilities. Our research shows that the market persistently overestimates how quickly the cash flow of these companies fades: an anomaly that we aim to exploit.
Our ability to identify such distinctive investments stems from our own specialist expertise. Our investment managers are specialists in the themes they manage. They are definitely not generalists but very focused investors. We like to say they “know a lot about little”, combining the role of both analyst and portfolio manager.
Teamwork is crucial, so we ensure each portfolios is overseen by at least two investment managers. A rigorous investment process is essential too. A commonly agreed process provides the arena for clear debate and sound decision making.
Our entire thematic process is built on identifying the Ciscos of the future.
Both strategies are benchmark agnostic and genuinely active, with a high active share and high conviction in their approach. Tracking their performance versus a market index in the shorter term is a bit limiting, but in the long term they should benefit from not having to cleave to a backward-looking index of past winners.
Our entire thematic process is built on identifying the Ciscos of the future, and we remain confident that our approach leaves us well placed to outperform the main global equity indices over the long term.
Important legal information
The Pre-Contractual Templates (PCT) when applicable, the Key Information Document (KID), as well as the Prospectus must be read before any decision to invest. The Prospectus (in English and in French), the PCT when applicable, the KID (in French and in Dutch), as well as the latest annual and semi-annual reports (in English and French) are available free of charge at our financial Belgian agent CACEIS Belgium S.A., 86C /b320, Avenue du Port, 1000 Bruxelles or at the management company, Pictet Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, L-2226 Luxembourg, as well as in digital format at www.assetmanagement.pictet.
The summary of investors rights is available here and in French and in Dutch at www.assetmanagement.pictet under the heading "Resources", at the bottom of the page.
The list of countries where the fund is registered can be obtained at all times from Pictet Asset Management (Europe) S.A., which may decide to terminate the arrangements made for the marketing of the fund or compartments of the fund in any given country.
The NAV are available at www.beama.be.
Claims and Mediation Service: For any claim you can contact Pictet Asset Management (Europe) S.A., Compliance Department, 6B, rue du Fort Niedergruenewald, L-2226 Luxembourg or the Consumer Mediation Service (Service de Médiation pour le Consommateur), North Gate II, Boulevard du Roi Albert II 8 in 1000 Bruxelles or at www.mediationconsommateur.be. The Mediation Service may suggest solutions for the settlement of the dispute. In the absence of agreement on the proposed solutions, each party may bring proceedings before the competent courts.
This marketing material is issued by Pictet Asset Management (Europe) S.A.. It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of, or domiciled or located in, any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. Pictet Asset Management (Europe) S.A. has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future.
Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional.
The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less than originally invested.
This marketing material is not intended to be a substitute for the fund’s full documentation or any information which investors should obtain from their financial intermediaries acting in relation to their investment in the fund or funds mentioned in this document.
The investment guidelines are internal guidelines which are subject to change at any time and without any notice within the limits of the fund's prospectus.
The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice. Reference to a specific security is not a recommendation to buy or sell that security. Effective allocations are subject to change and may have changed since the date of the marketing material.
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