In a world of low growth, macro economic uncertainty and high equity market valuations we consider that at present the number of investment opportunities, even for a global equity investor are incredibly scarce. We do however see pockets of value, with the IT sector being one example. In recent times, the established IT global powerhouses have been out of favour, with the market fearing that cloud computing will erode their economic moats. Yet, in most cases, we believe their competitive position and revenue opportunities will actually be enhanced.