发布时间：2021-12-22
传承宝典 | 主题投资：根据长期趋势配置财富
导读
主题投资（Thematic investing）采用前瞻性的方式管理财富。它是指根据表现出长期结构性增长特性，且不太可能受到短期波动影响的一些趋势，来进行资本配置。这些超级大趋势会进一步派生出更为细致的投资主题，我们寻找这类主题进行投资，并将其放到我们的全球主题投资组合（GTIP）中。
本文内容由雷梭勒家族办公室根据Stonehage Fleming投资管理合伙人尼古拉斯·曼吉诺斯（Nicholas Mandrinos）的文章编译整理，版权归原作者所有。
高净值家族和财富缔造者们倾向于采取这种长期策略进行投资。我们的理想客户画像是，他（她）能够根据主题思考问题，希望其资本配置符合超级大趋势，耐心且对风险的容忍度更高。从其自身性质而言，主题投资专注于把握未来趋势并获利。因此，它受到投资者群体中占比越来越大的千禧世代的欢迎。
过去几年来，主题投资的受欢迎程度明显提升。据安盛投资管理亚洲有限公司（AXA IM）报告中所阐述的Broadridge的一项研究显示，截至2020年末，全球主题基金的资产管理规模达到了5200亿欧元。自2018年以来，全球资产便以每年37%的速率增长，至2020年，主题基金市场规模增长了77%。投资者们正在越来越多地采用主题投资策略，以取代或补充更为传统的依据基准的投资方式，从而能够打破行业和地理范围的限制。
我们发现了六个超级大趋势，让我们能够聚焦于最具吸引力的几大投资主题。根据这些超级大趋势，我们找到了几个增速最快的利润池，这些利润池得益于经济与社会发展的多方面支持，且涵盖领域广泛，包含多个投资主题。这几个超级大趋势分别是：社会进步、自动化、数字时代、绿色经济、医疗保健创新，以及不断演变进化的消费习惯。
主题过滤-信号灯系统构成了我们研究过程的关键。它让我们能够根据一套常见的标准来评估投资主题。这些常见的标准包括市场条件、估值以及增长潜力。该信号灯系统的一个重要作用是，它能帮我们避免因主题的采纳快于或慢于预期而过于乐观或悲观。
安全性选择和资本配置是我们研究过程中必不可少的组成部分。我们与专攻各自主题或行业领域的资深基金经理合作，进行全面深入的研究。为挑选合适的基金经理，我们会像对待所有的投资那样，以同样严格而细致的方式对这些基金经理做尽职调查。投资组合中的每一个头寸都有其作用，我们想让投资主题和超级大趋势成为驱动基金业绩的关键因素。
Original English Text
By: Nicholas Mandrinos
Thematic investing: allocating capital to long-term trends
Thematic investing is about employing a forward-looking approach to managing money. It means allocating capital to trends that exhibit long-term structural growth and are unlikely to be constrained by short-term shocks. These megatrends give rise to the more granular investment themes that we are looking to invest in as part of the Global Thematic Investment Portfolio (GTIP).
This long-term approach to investment is attractive to families and wealth creators. Our ideal client is one who thinks thematically, wants to align their capital to megatrends, has patience and a higher risk tolerance. By its nature, thematic investing is focused on capitalising on future trends. As such, it resonates well with millennials who are an increasing percentage of the investor universe.
Thematic investing has been experiencing a significant rise in popularity over the last few years. Research from Broadridge discussed in a report by AXA IM shows that thematic funds globally reached AUM of EUR 520bn by the end of 2020. Assets have grown at an annual rate of 37% since 2018 and in 2020 the thematic market grew by 77%. Increasingly investors are turning to thematic investing to substitute or augment the more traditional benchmark aware methods, breaking free from the narrow constraints of sectors and geographies.
We have identified six megatrends that enable us to focus on the most attractive investment themes. They help us find the fastest growing profit pools where there is support from multiple pillars of economic and societal development and in areas broad enough to contain multiple investable themes. These megatrends are Societal Advancement, Automation, Digital Age, Green Economy, Healthcare Innovation and Evolving Consumer.
A crucial part of our process is our thematic filter - traffic light system. It enables us to assess investment themes based on a common set of criteria such as market conditions, valuations and growth potential. An important attribute of the traffic light system is that it helps us avoid pitfalls such as succumbing to excess hype or despair when adoption is faster or slower than expected.
Security selection and capital allocation are a vital part of our process. We thoroughly research and partner with skilled, expert fund managers who are specialists within their themes or sectors. The due diligence process for selecting these managers follows the same detailed and rigorous approach we take with all our investments. Each position in the portfolio has a role, we want the investment themes and megatrends to be the key drivers of performance.
本文转载自雷梭勒家族办公室，如有侵权，敬请告知删除。
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