Manager insights – Lawrence Burns

Key Points

• Drawdowns are inevitable in long-term investing
• Our contentions remain about structural changes from continued digitisation, the intersection of biology and technology, and the energy transition
• We invested in Climeworks, Upside Foods and PsiQuantum, which we think have a chance of becoming tomorrow’s outliers
• We remain optimistic about the power of radical innovation to enable a small number of companies to drive stock market returns