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Are you an investor or a speculator? Put another way, there are different styles of investment; some seek steady accumulation over time from collecting dividends, rents or interest, while others focus on seeking quick returns from price variations. Thematic investing, which focuses on broad, long-term trends, best suits the investor, rather than the speculator, and matches the longer-term time horizon of most institutions and the majority of private investors in equities.

Over the last decade, themes have appeared increasingly frequently in investment commentary – as soon as a trend materialises, it seems that someone wants to classify it as a theme and allocate stocks to it. Legalising cannabis, crypto currencies, space exploration or WFH are all novel trends but do they really fit with a long-term, thematic investment approach?

Themes need to be built in at the basic design phase of an equity strategy. Conventional design subdivides a portfolio by geography. But despite forensic expert analysis of macroeconomic variables in each country, there is little evidence that regional asset allocation adds much value. Indeed, most of the large listed companies today are multi-national and span several regions. Even if their customers are in one country, their supply chains and competitors may stretch around the world and across the internet. Trying to attribute national characteristics to predict companies’ performance often exposes a frustrating mis-match. On the other hand, allocating to a range of global themes can provide a structure to better plan portfolio strategy.

A longer-term investment horizon begs the question ‘how will the world change by 2030?’. No crystal ball is needed to predict that technology will continue its rapid development, or that the response to climate change and biodiversity loss will gather greater momentum, or that rising life expectancy will expand an ageing population. Such inexorable secular trends would seem to offer greater certainty on which to base the portfolio strategy.

The purpose of a theme is to identify investments that have a higher probability of achieving growth and good investment returns over time. Under the large headline trends lie many exciting sub-themes. But beware, some strong growth trends don’t make good investment themes. For example, for the last 15 years or so, we have seen rapid growth in the number of solar panel installations. Yet the Société Générale SOLEX Global Solar Energy Equities Index fell 80% in the ten years to the start of this year when the index was suspended. Manufacturing solar panels has been a cut-throat business and is now dominated by Chinese manufacturers with scale and state support advantages. Just spotting growth is no substitute for good detailed financial analysis.

A strong investment theme helps an analyst to consider the underlying business drivers that can make a company prosper over time. It helps differentiate the likely long-term winners from the losers. It helps establish conviction in the investment for the long term and overcome the psychological anchoring to shorter-term performance that prevents many investors from seeing the full potential in a long-term investment. A theme puts greater focus on specific corporate growth drivers rather than the macro or cyclical factors that affect a region.

Where do we see the strongest themes?

Yes, technology stocks have performed well, but for good reason: Digitalisation fundamentally alters the competitive landscape. Covid-19 has accelerated digital adoption and ‘dematerialisation’ and the benefits will accrue not just to the FAANGs, but to a fast-growing ecosystem of mid-sized companies that provide the essential tools to gain competitive advantage. Artificial intelligence is bringing natural language processing and machine learning so that machines can comprehend, see and learn. Automation will transform the relationship between people and technology, boosting our creativity, speed, precision and productivity. Medicine will also start to deliver amazing advances from the ability to process enormous quantities of data and fix single faulty genes.

Asking how the world will change by 2030 leads us to conclude that it will be technology and human ingenuity that seek to fix many of the large challenges we face, from climate change to biodiversity loss. These will need a social and cultural shift too, the early signs of which are underway in the new espousal of conservation: less, not ever more, consumption is the solution to many environmental challenges. Greater awareness of ESG is itself creating new themes.

Whilst economic growth in the developed world is badly affected by the pandemic, standards of living for billions of poorer people will continue to improve. Many will shift to a middle-class lifestyle over the 2020s. This is driving powerful underlying shifts in consumption, like diet change. And, as longevity improves everywhere, populations will see increasing proportions of elderly people – the population of over 65 year olds will double by 2050. Ageing drives many different consumption patterns and service needs, and offers a plethora of commercial growth prospects.

Themes work both ways – they also help identify investments to avoid. The share prices of many ‘blue-chips’, like Citigroup, Marks & Spencer or General Electric, are all lower today than 25 years ago. Studying the long-term disruptive forces affecting businesses can help steer away from industries struggling to generate sustainable growth. For the speculator they may offer short-term value but the outlook for many established business models will remain challenging – from oil companies to banks, high street retailers to car manufacturers, there are many casualties of change.

Looking past the pandemic, the trend of global economic growth in the decade ahead looks to be much slower. Demographic trends are playing a key role; since the end of the WW2, the world population has more than tripled in one lifetime. Quite simply, every year more people earning salaries and spending made activity in the economy expand. For investors, it was a strong tide that lifted all boats. But whilst lower-income regions including Africa, India and some other Asian countries will continue to add new workers, the developed world no longer has a growing workforce. Only the over-65 population is expanding.

A new normal of slower growth changes the investment choice from more or less growth to growth versus decline. Investors need an investment process that helps them differentiate. Constructing a portfolio based on broad, inexorable themes makes increasing sense for any investor planning for the decade ahead.

More thinking from Sarasin

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1 July 2020

Is your portfolio ready for the post-COVID world?

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What type of investor are you?

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This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

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This website and the information contained within is for Irish resident charities only and not for distribution outside Ireland. If you are not an Irish resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside Ireland and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside Ireland and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions..This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK resident charity only and not for distribution outside the UK. If you are not a UK resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK residents only and not for distribution outside the UK. If you are not a UK resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions..This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

Who can use this site

This website and the information contained within is for South African residents only and not for distribution outside South Africa. If you are not a South African resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South African residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

What type of investor are you?

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

Who can use this site

This website and the information contained within is for Irish residents only and not for distribution outside Ireland. If you are not an Irish resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

Who can use this site

This website and the information contained within is for Irish resident charities only and not for distribution outside Ireland. If you are not an Irish resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside Ireland and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside Ireland and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK residents only and not for distribution outside the UK. If you are not a UK resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK resident charity only and not for distribution outside the UK. If you are not a UK resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions..This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions..This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

Who can use this site

This website and the information contained within is for South African residents only and not for distribution outside South Africa. If you are not a South African resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South African residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

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