Our thematic approach

Our thematic approach

Themes are the key to understanding which companies will excel and why.

We build and manage this fund around a small number of themes.

To identify these themes, we analyze global trends, problems, and potential solutions—for example, the rise of e-commerce and payment processing or the emergence of 5G and the Internet of Things.

We then look for companies that have traits that mean they’re likely to see durable growth from this theme. These traits might be structural qualities that let them outmaneuver competitors, or other qualities that make them disruptors.

Learn more about why we focus on durable growth

Of course, we also look at companies outside of our themes with qualities that support durable growth.

Our themes tend not to change in the short term because they hold up over time — except when events like the global COVID-19 pandemic happen. In that case, we look at not only the shorter-term beneficiaries but also the broader movements likely to unfold over the long term, such as evolutions in diagnostic testing and patient care.


The appeal of experiences has become more widespread after the pandemic lockdowns in 2020. This demand, combined with higher levels of personal savings, should help a number of businesses grow at above-market rates for an extended period of time.

The experience

As Amazon continues disrupting business models and industries, we're identifying companies with niche products and services that seek to create a competitive edge.


More retail brands are selling through their own store or websites. This controlled distribution can offer distinct advantages and is our preferred go-to-market strategy.


As screen time becomes a core aspect of daily life, some providers stand to enjoy considerable longer-term growth.

screen time

A decade ago, we noticed that how people see their pets had changed. Rover wasn't just there to fetch slippers anymore—he was a bona fide family member—providing certain sectors and companies with long-term advantages.

of pets

Patients' genetic makeup will become integral to diagnosis, treatment, and therapy — and some companies are well positioned to see ongoing growth from it.


With more than 80 million mobile phone peer-to-peer payment users in the United States alone, electronic money transfers, e-commerce transactions, and one-button checkout are taking share from cash and physical credit card payments—and giving companies with certain structural advantages an edge.

e-Commerce and
payment processing

Self-driving vehicles are only in the testing phase; the opportunity for semiconductor companies to supply these markets is already growing at above-market rates.

Autonomous and
electric vehicles

Most companies now recognize that digital marketing's essential for growth—and their investments are driving growth in data-driven tools on social media, mobile applications, email, search engines, and websites.


5G technology will improve wireless speeds and let users connect to more devices at once, facilitating the Internet of Things. The rapid growth in connected devices and systems will drive carriers to invest rapidly in 5G networks.

5G connectivity and
the Internet of Things

COVID-19 has driven major changes in consumer-purchasing preferences, human communication, and workflows. We are identifying companies across a multitude of industries that will be beneficiaries once the dust settles.


The demand for cloud computing is on the rise as more businesses find it essential to transition their on-site information technology systems to the cloud.

Our philosophy is simple: growth potential, but make it durable.