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The portfolio managers take more time talking about the investments topics such as a product attractive to the investor. Inés del Molino, director of Accounts of Schroders for Spain and Portugal, who recently participated in a forum on ABC-Funds Sociedty on this matter, analyzes the themes for the betting the multinational management of assets, and expected changes in the sector as a result of the pandemic.
How do you differentiate a fad from a megatrend?
For us, fashion has a component of short-term and superficiality that the conflict radicalemente to a megatrend, whose fundamental characteristics should be that the tendency to be effective for at least the next decade and that it is something really disruptive, which implies an irreversible change.
How do you identify Schroders, the themes correct?
In the first place, we consider whether the issue is driven by human ingenuity into the innovation to address the imbalances of the world. When we have identified the potential issues, the we evaluate using a number of criteria:
1. It is essential that the topics have longevity and, therefore, must be of a structural nature in place of fashion cyclical or of short duration. In this regard, it is often very useful to look at what we call the “history of the future” because many of the topics for future and more powerful are those who have driven innovations in the past. In fact, since ancient times, human ingenuity has helped to transform the world and the way in which we live and work with innovations in areas such as manufacturing, consumer behavior, health care and entertainment.
2. The topics also need to have a potential for growth in its valuation. We invest in concrete actions, not abstract issues.
3. Finally, the topics we choose should also have a universe of stocks to select, that is neither too narrow nor too broad. If they are too narrow, depriving the manager the flexibility to chart your way through the topics in evolution. If they are too large, they lack the accuracy that customers are looking for when they invest in a particular topic.
what is it that most attracts the customers to invest in megatrends?
The thematic investment is increasingly attractive because it provides an exposure to active long-term issues potent and long-lasting that are transforming our planet and our everyday lives. This type of investment allows clients to invest with precision in the trends that are important to them. In fact, as they have strengthened the emotional and intellectual connections of the clients with the themes, the thematic funds are becoming more and more a part of the thinking of the investors. Through these funds, investors may be exposed to fewer companies known within the long-term issues, whose prospects of growth are still not recognized in their contributions and are, therefore, undervalued.
What are the main themes for the bet on Schroders?
The subjects that have a particular resonance for us include climate change, urbanization, disruption, energy transition, innovation in healthcare, innovation in the manufacture and changing styles of life.
what Is the climate change the issue that the more customers it attracts?
Without a doubt, one of the megatrends most relevant. In fact, we launched our strategy Schroder ISF Global Climate Change for over 13 years and think that it is more topical than ever. It is true that before the Covid19 all over the world talked about climate change and started to realize of their potential effects on all aspects of our life, including our investments. Governments, in Europe at least, are still committed to the cause, even linking EU support to the implementation of green policies or energy transition. The rest of the market players (asset managers and investors) do not seem to have strayed from this cause.
do you Expect changes in the investment subject, because of the Covid-19?
we Think that the Covid is acting primarily as an accelerator of trends which were already in place and that are coming out reinforced with the pandemic. The way you work, for example, has clearly changed thanks to teleworking. In fact, the working distance will become a permanent feature for many of us. In this context, companies that facilitate this practice or those that opt for the software will be driven its growth prospects in the long term, even after it has stabilized the current increase in demand. Moreover, the situation of confinement has created the need to join platforms, interactive video for you to socialize online. This form of communication will become a routine part of our lives. At the same time, another trend that has been accelerated by the virus has been the payment through electronic systems. In general, a powerful convergence of technologies such as artificial intelligence, quantum computing, and the Internet of things will drive disruptive innovations in the financial technology, communications and many other industries during this crisis. But, the most important thing is that will remain once this crisis is resolved.
How do you expect to live the traditional investment with the investment theme?
we Believe that the thematic investment through equities can coexist perfectly in a diversified portfolio with investment from the traditional sectors or regions for example. The key is to understand what issues and what companies we are exposed to achieve a diversification real, so that we are not unwittingly exposed more of what we would like to risk too specific. The investment theme allows you to expose ourselves to certain topics that we believe will be the growth drivers of the future, however, by very powerful that these topics, do not operate in a vacuum. The profitability of the investment themes may be influenced by other variables, such as the wider economic environment and the ups and downs of certain investment styles in the markets.
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