Ending the race to the bottom: China’s anti-involution reforms explained
China’s pursuit of anti-involution policies is unlocking new pathways for sustainable, long-term economic growth in more technologically advanced and higher value-added industries. The government is persuading companies to eliminate inefficient operations and supports consolidation to create stronger players, providing robust businesses with the opportunity to thrive in a rationally competitive environment and ultimately guiding China […]
In for free revisited
As value investors, we are always on the lookout for a bargain but there are occasions when the market puts such a low valuation on a business, that you are essentially paying nothing for one part of it. By buying at a discount, this strategy builds in a ‘margin of safety’ and whilst in the […]
Biodiversity investing in practice: Identifying the leaders in the transition
In our previous piece on the foundations of biodiversity investing , we explored the durability of the biodiversity transition as a structural growth driver, and the depth and diversity of the investable universe. In this follow-up piece, we examine specific investment examples, showcasing companies across our four investment themes . These leaders not only highlight […]
Navigating market currents: Utilities are more than an interest rate play
As interest rates in the US, Europe, the UK and Brazil appear to have peaked, we examine how the global listed utilities sector could behave if these interest rates were to come down. It has long been considered that the dynamics of interest rates and yield curves were the primary drivers of sector performance. Investors […]
Good things come to those who wait
When equity markets fixate on a single narrative, quality businesses are often unduly punished, creating opportunities for disciplined, value-driven investors. Occasionally, however, entire sectors can fall under the shadow of a controversy, dragging down all, including sector leaders. As patient income investors, we see this as an opportunity to upgrade the quality of our investments […]
Show me the money
Breaking the ice In January 1908, just outside of Paris, a child fell into the river Seine. The front page of the February 2nd edition of The New York Times reported that the child was playing by the banks of the river but had come too close to the edge and fallen in, condemned to […]
Europe’s defence resurgence: Mapping the opportunities
Global defence spending has surged in recent years amid escalating regional conflicts, driving a strong rally in Emerging Markets Aerospace Defence stocks – see Chart 1. This is particularly evident in Europe, where countries are embarking on a multi-year rearmament cycle in response to shifting geopolitical realities. With member states committing to ambitious spending targets, […]
Beyond the ‘Not so magnificent 17’
Why patient-centric health care companies are proving resilient As we have discussed in our most recent article – Health care: A once-in-a-decade valuation opportunity? – the MSCI ACWI Health Care Index has underperformed the wider market over the past year. In the year to the end of September 2025, the Index declined by 7.5% (in […]
On the road in…China
Colin Liang, Head of China Research, and Tianyu Xiang, Analyst, report from their recent research trip to China.Key takeaways from their visit include: Anti-Involution: The Chinese government has introduced anti-involution policies to combat deflationary pressures, aiming to support stronger long-term economic recovery. The solar industry has been identified as a key sector in advancing this […]
Harnessing reform as a catalyst for growth: Vietnam and Mexico
Economic reform programmes are creating new and sustainable sources of value across overlooked emerging markets. In our insights series, Harnessing reform as a catalyst for growth [1], we focus on markets where meaningful improvements in transparency, market liberalization and governance are paving the way for economic transformation. In this context, Vietnam and Mexico stand out. Both […]