EM countries currently spend around 6% of their GDP on healthcare, compared to 15% for developed countries1. As demographics shift to an aging population who are growing wealthier, we expect the GDP spend to increase and this theme to expand.
The strategy owns the world’s second-largest bicycle manufacturer. Cycling became a popular- and non-polluting – mode of transport during the pandemic. The team sees value in this Taiwanese company, whose strong value chain has resulted in a dominant global brand which competitors will find hard to rival.
