Philosophy

In 2015, The Asia Pacific Region was home to 46% of the world’s middle class.

We believe that by 2030 that figure will have grown to nearer 65% for three simple reasons:

Strong average GDP growth above 6% for the last 8 years leading to rising incomes ¹
Literacy in Asia having risen from 50% to over 80% in the last 10 years ²
Asian urban population expected to rise by 50% by 2050 to 3.5bn people ³

We aim to invest in the best companies globally that are exposed to this growth in wealth, either though strong brands, technology or by being in industries with high barriers to entry.

The Global Middle Class in 2015 and a prediction for 2030

Source: Brookings Institution

We don’t invest in well developed countries like Korea, Taiwan, Hong Kong or Singapore whose growth is driven by exports. Our focus is in the developing economies where growth in spending is shifting from necessities to discretionary items and services. Emerging Asia is where this tectonic shift in consumption is happening, creating a great environment for us to invest.

¹World Bank ² World bank ³ UN report

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