Our June 2014 annual investor reports looks at six key investing themes and provides commentary on our current outlook for global markets

Our June 2014 annual investor reports looks at six key investing themes and provides commentary on our current outlook for global markets. Themes we are currently investing in include: US Interest Rates - in our view, it is likely that US interest rates will normalise over the next 2 years. The Move to a Cashless Society - there continues to be a strong secular shift from spending via cash and cheque to cashless forms of payments such as credit cards, debit cards, electronic funds transfer and mobile payments. US Housing - a recovery in new housing construction, together with investment in existing housing stock, should drive a strong cyclical recovery in companies exposed to the US housing market. We have also identified attractive opportunities in Internet / e-Commerce, Technology / Software and Emerging Market Consumption Growth. Further detail in our annual investor letter is available here. (VIEW LINK)