In a perfect world, we would identify a particularly attractive thematic, identify the best companies exposed to those themes through company meetings and our own internal research, and then let the rest of the market play catch up. In practice, however, sometimes our long-term themes persist while the ability to find attractive investment opportunities at the stock level does not. For example, our exposure to the continued growth in the ageing population has been at zero for some time because while one sub-sector is fully valued the other has been hit with regulatory uncertainty. Clearly, this isn’t stopping the global population from getting older on average each year, so we wait patiently for better opportunities to arise.