www.lazardassetmanagement.com
Open in
urlscan Pro
3.230.35.6
Public Scan
Submitted URL: https://fun.riadatabase.com/MDAxLVFZVy01NTgAAAGE3kawB-pG86byg4u_DuIYoOtermqJfhVeOfA-jkaQOKXqWNZT7_FiowlLgY54FLwsNeeOLBA=
Effective URL: https://www.lazardassetmanagement.com/us/en_us/research-insights/the-current/thematic-investing?utm_medium=display-eblast&utm_source=R...
Submission: On June 07 via api from CH — Scanned from DE
Effective URL: https://www.lazardassetmanagement.com/us/en_us/research-insights/the-current/thematic-investing?utm_medium=display-eblast&utm_source=R...
Submission: On June 07 via api from CH — Scanned from DE
Form analysis 2 forms found in the DOM
<form class="mt3 fl input-field checkbox ng-pristine ng-valid">
<label class="w-100 w-80-ns ph2 ph0-ns flex pointer" ng-click="vm.toggleRememberState($event)" ng-keydown="vm.toggleRememberState($event)">
<span class="checkbox__img checkbox__img_unchecked checkbox__img_checked" ng-class="{'checkbox__img_unchecked': !vm.remeberSelection, 'checkbox__img_checked': vm.remeberSelection}" tabindex="0"></span>
<input type="checkbox" class="sr-only" tabindex="-1">
<p class="regular-sans light ng-binding" id="remember-check-box" ng-bind-html="vm.checkboxLabel.body | sanitize">Save my location preferences and remember me for later use. Read our
<a href="us/en_us/cookie-policy?cn=us&lan=en_us" target="_blank">Cookie Policy</a></p>
</label>
<div class="notice__actions-wrapper">
<button class="button button_blue notice__accept-btn" ng-class="{'button_loading': vm.waitingForResponse}" ng-click="vm.acceptTerms()">
<!-- ngIf: !vm.waitingForResponse --><span ng-if="!vm.waitingForResponse" class="ng-binding ng-scope">Accept & Continue</span><!-- end ngIf: !vm.waitingForResponse -->
</button>
<a class="dotted button-link notice__cancel-link ng-binding" ng-click="vm.cancel($event)" ng-keydown="vm.cancel($event)" role="button" tabindex="0">
Cancel
</a>
</div>
</form><form class="login-modal__left-column ng-pristine ng-valid">
<div>
<div class="input-field">
<label class="label label_small login-modal__label-first ng-binding" for="login_email-modal"> Email </label>
</div>
<div class="input-field">
<input type="text" class="input_medium ng-pristine ng-untouched ng-valid" id="login_email-modal" ng-class="{'has-error': isFormSubmitted && (!isResponseValid || !login.email)}" ng-model="login.email">
</div>
</div>
<div>
<div class="input-field">
<label class="label label_small ng-binding" for="login_password"> Password </label>
</div>
<div class="input-field">
<input type="password" class="input_medium ng-pristine ng-untouched ng-valid" id="login_password" ng-class="{'has-error': isFormSubmitted && (!isResponseValid || !login.password)}" ng-model="login.password">
</div>
</div>
<div class="input-field checkbox">
<label ng-click="toggleKeepMeLoggedIn($event)" ng-keydown="toggleKeepMeLoggedIn($event)" class="pointer">
<div class="checkbox__img checkbox__img_unchecked checkbox__img_inline checkbox__img_checked" ng-class="{false:'checkbox__img_unchecked', true:'checkbox__img_checked'}[isKeepMeLoggedInChecked($index)]" tabindex="0"></div>
<input type="checkbox" class="sr-only" tabindex="-1">
<div class="login-modal__keep-logged-cb ng-binding">Keep me logged in</div>
</label>
</div>
<div>
<a class="login-modal__forgot-link pv2 ng-binding" ng-click="openForgotModal($event)" ng-keydown="openForgotModal($event)" tabindex="0">
Forgot your Password?
</a>
</div>
<div>
<button html-anchor-change="" class="button button_medium button_inline button_contact login-modal__login-btn ng-binding" ng-class="{'button_loading': waitingForResponse}" ng-click="formSubmit($event)" ng-keydown="formSubmit($event)"> Log In
</button>
</div>
<!-- ngIf: (!isFormValid && isFormSubmitted) -->
</form>Text Content
Skip to Main Content United States Change Select Country English Language: English Contact Us Access My Content My Content Sign Out Client Login Search site About About About * Overview * History * Assets Under Management * Careers * Contact Us Investments Investments Investments * Emerging Markets * International Equity * US Equity * Fixed Income * Multi-Asset * View All Platforms Funds Funds Funds * Mutual Funds * Closed-End Fund * Offshore Funds Sustainable Investing Sustainable Investing Sustainable Investing * Our Approach * Collective Responsibility * Impactful Ownership * Continuous Innovation * Research & Insights * Demystifying Sustainability Research & Insights Research & Insights Research & Insights * Featured * The Current * Lazard Insights * Outlooks * Investment Research * Perspectives * Multimedia * Fundamental Focus * Podcast Retirement Retirement Retirement * Active Retirement * DC Rising Financial Advisors Institutional Investors Individual Investors -------------------------------------------------------------------------------- EXPLORE THE CURRENT Home The Great Rotation The Collapse of the Momentum Growth Trade Taking On Volatility: Solutions in Fixed Income Sustainability Realities of Decarbonization Start to Sink In The Value of Independent ESG Research Thematic Investing Investing in the Outlier Era Digital Revolution: Driving Opportunities in Healthcare Another Way to Seek to Diversify for the Future The China Conundrum Don’t Count China Out Yet The Opportunities Investors May Be Overlooking in Xi’s China THEMATIC INVESTING A FOCUS ON THE FORCES THAT MAY RESHAPE THE WORLD SCROLL TO EXPLORE Video Player is loading. Play Video Pause Unmute Current Time 0:03 / Duration 0:20 Loaded: 100.00% 0:03 Stream Type LIVE Seek to live, currently behind liveLIVE Remaining Time -0:17 1x Playback Rate Chapters * Chapters Descriptions * descriptions off, selected Captions * captions settings, opens captions settings dialog * captions off, selected Audio Track * default, selected Picture-in-PictureFullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaque Font Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall Caps Reset restore all settings to the default valuesDone Close Modal Dialog End of dialog window. Close Modal Dialog This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. The markets of 2032 are likely to be as different from those of 2022 as the world of 2012 was to today. But how can investors seek to position themselves for what comes next? For many, the answer is to approach markets in a new way, through thematic investing. THE CURRENT Thematic Investing 5 min read Nine years ago, the well-known Harvard psychologist Daniel Gilbert and other scientists published a paper that posited something called the end-of-history illusion. Their research showed that people tended to underestimate how much they would change over the next decade, while acknowledging how profoundly their preferences, values, and even personalities had changed over the past 10 years. Assuming that history ends in the current moment can have all kinds of consequences: spending money on things you will no longer value in the future, for example, or failing to save enough money for retirement or emergencies. As the authors of the paper put it, “People may believe that who they are today is pretty much who they will be tomorrow, despite the fact that it isn’t who they were yesterday.” “People may believe that who they are today is pretty much who they will be tomorrow, despite the fact that it isn’t who they were yesterday.” Jordi Quoidbach, Daniel T. Gilbert, and Timothy D. Wilson in Science magazine, 2013 A growing chorus of investors are wary of making similar mistakes in financial markets: in other words, failing to adequately account for the potential for profound structural change that makes markets look much different tomorrow than they do today. For these investors, one potential answer is to invest in the idea of change itself. Thematic investing, or investing in long-term shifts that show promise to alter current market trends and assumptions, has expanded rapidly over the last 10 years (Exhibit 1). Exhibit 1: Growth in Thematic Investing As of 31 March 2021 Source: Morningstar Of the themes that have attracted investors’ interest of late, sustainability is at the top of the list, according to Morningstar. As we will discuss more fully in the Sustainability section, there seems to be good reason for that. World leaders are setting more ambitious carbon emissions targets and placing an increasing focus on biodiversity, companies and investment firms are being pressed to make aggressive emissions reductions of their own, and consumers and the general public are more sensitive than they once were to corporate missteps that harm the environment or harm employees, customers, and the communities in which they operate. It seems quite likely that in the future those that took early and decisive steps to become more resilient to the risks of climate change and other environmental changes may reap rewards while those that were slow to act or ignored the problem face greater risks that in turn could negatively affect valuations and results. Outside of sustainability, themes that are broadly related to technology are the center of most investor interest (Exhibit 2). Robotics, automation, connectivity, artificial intelligence, big data, digital health, and fintech are all areas that many people seem to believe comprise the next wave of technological revolution. Connectivity promises to make possible an internet of things that generates huge amounts of data, which can in turn be processed by companies that have an edge in data analysis software and artificial intelligence. Computers that are smarter and faster thinkers than human beings promise to unearth patterns and insights that humans may have missed. Meanwhile, watching the emergence of increasingly smart and agile robots in the midst of the greatest global labor shortage in recent memory makes it easy to imagine where the potential is in robotics and automation. Finally, digital health and fintech represent two industries that we believe stand to be substantially changed by many of these trends. Exhibit 2: Outside ESG, Tech-Related Themes Command Investors’ Interest Data as of 31 December 2019 Source: Morningstar Thematic investments can and do serve a variety of purposes in a diversified investment portfolio, but what they have in common is a specific point of view on one or multiple major changes that seem to be building to a crescendo. They are focused on the future, and not on the present. Single-theme strategies are often used to diversify other holdings or get more concentrated exposure to a long-term trend. As we argue in “Investing in the Outlier Era,” multi-theme strategies are in our view worthy of adoption as an overall framework for analyzing the financial markets. The more commonly accepted framework, indexing to benchmarks, anchors strategies firmly in the past, as we have previously written. Benchmarks are weighted by market capitalization, which in turn encapsulate past and current performance. Our Global Thematic Equity team does not believe either is a good indicator of future returns and therefore form a poor reference point for building a portfolio. In the pieces that follow, our investment teams explore several different aspects of thematic investing: They are independent from another and their views vary, but each offers a valuable perspective on this fast-growing part of the marketplace. INVESTING IN THE OUTLIER ERA If the last two years have taught us anything, it’s that once-in-100-year occurrences are now routine. It’s also shown, however, that companies with an intense focus on long-term dominance can find themselves in a better position to weather even the most unexpected of changes—like, for example, a pandemic. Explore How to Capitalize on this Trend DIGITAL REVOLUTION: DRIVING OPPORTUNITIES IN HEALTHCARE Healthcare has lagged other industries in digital progress, but that is changing rapidly. The increasingly clear promise of digital medicine, in our view, is a more democratic, personalized, decentralized healthcare system that with any luck will both allow for longer and healthier lives and create a long-term investment opportunity that we see as on par with the semiconductor revolution. Explore How to Capitalize on this Trend ANOTHER WAY TO SEEK TO DIVERSIFY FOR THE FUTURE The growing amount of data that is available to investors and, more importantly, the skill and ability to properly analyze and apply that data, is making it possible to efficiently create highly targeted, differentiated thematic portfolios. Using data as a key tool in portfolio construction allows both for the potential both for surprise and for uncorrelated returns to traditional equity and fixed income approaches. Explore How to Capitalize on this Trend PreviousNext The Value of Independent ESG Research Investing in the Outlier Era ... 1 2 3 4 5 ... This document is provided by Lazard Asset Management LLC or its affiliates (“Lazard”) for informational purposes only. Nothing herein constitutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service or investment product. Investments in securities, derivatives and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard’s local regulatory authorizations. The Lazard entities that have issued this document are listed below, along with important limitations on their authorized activities. Australia: Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 12 Gateway, 1 Macquarie Place, Sydney NSW 2000, which is licensed by the Australian Securities and Investments Commission to carry on a financial services business. This document is intended for wholesale investors only. Canada: Issued by Lazard Asset Management (Canada) Inc., 30 Rockefeller Plaza, New York, NY 10112 and 130 King Street West, Suite 1800, Toronto, Ontario M5X 1E3, a registered portfolio manager providing services to non-individual permitted clients. Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre, PO Box 506644, Dubai, United Arab Emirates. Registered in Dubai. International Financial Centre 0467. Authorised and regulated by the Dubai Financial Services Authority to deal with Professional Clients only. EU Member States: Issued by Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, D-60311 Frankfurt am Main. Hong Kong: Issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), Suite 1101, Level 11, Chater House, 8 Connaught Road Central, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities only on behalf of “professional investors” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation. Korea: Issued by Lazard Korea Asset Management Co. Ltd., 10F Seoul Finance Center, 136 Sejong-daero, Jung-gu, Seoul, 100-768. People’s Republic of China: Issued by Lazard Asset Management. Lazard Asset Management does not carry out business in the P.R.C and is not a licensed investment adviser with the China Securities Regulatory Commission or the China Banking Regulatory Commission. This document is for reference only and for intended recipients only. The information in this document does not constitute any specific investment advice on China capital markets or an offer of securities or investment, tax, legal or other advice or recommendation or, an offer to sell or an invitation to apply for any product or service of Lazard Asset Management. Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., 12 Marina Boulevard, #17-01 Marina Bay Financial Tower 3, Singapore 018982. Company Registration Number 201135005W, which provides services only to “institutional investors” or “accredited investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore. Switzerland: Issued by Lazard Asset Management Schweiz AG, Usteristrasse 9, CH-8001 Zurich. United Kingdom: Issued or approved by Lazard Asset Management Ltd., 50 Stratton Street, London W1J 8LL. Registered in England Number 525667. Authorised and regulated by the Financial Conduct Authority (FCA), providing services only to persons classified as eligible counterparties or professional clients under the rules of the FCA. United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112. * Privacy Notice * Relationship Summary (SEC Form CRS) * Terms of Use * Cookie Policy * FINRA Brokercheck * * * United States | English English The Firm * About Us * History * Assets Under Management * Sustainable Investing * Careers * Lazard Ltd Investments * Platforms * Mutual Funds * Closed-End Fund * Retirement * UCITS Funds * Dynamic Portfolio Solutions Contact Us * Locations * Contact Form * Our Teams Resources * Research & Insights * Document Library * Client Login ©2022 Lazard LLC ©2022 Lazard Asset Management LLC. English -------------------------------------------------------------------------------- Confirm or Change your Location Location United States Change If you are not a United States investor, then the following pages are not directed at you. By continuing you agree to the Terms Of Use of this site. Save my location preferences and remember me for later use. Read our Cookie Policy Accept & Continue Cancel Our Cookie Usage We use cookies on our site in order to tailor our content to your needs. By continuing to use this site, you give us consent. Read our Cookie Policy for more details. Continue Log in to view your Bookmarks & Preferences -------------------------------------------------------------------------------- Email Password Keep me logged in Forgot your Password? Log In Don't have an Account? Sign up to save your Bookmarks & Preferences Sign Up Looking for your Client Login? Log Into your Client Account here Need help? For additional help, please visit our Contact Us page Create an Account -------------------------------------------------------------------------------- Want to Bookmark Content? Create an account to keep track of your interests and save your preferences for the site Create an Account & Continue Only 3 simple questions Already have an account? Log in here Professional Use Only -------------------------------------------------------------------------------- Are You a Professional? The Following information is only appropriate for Professional Investors. If you are a professional investor, please change your professional role in Account Preferences. We will redirect you to the content after you make the necessary changes. Account Preferences Go Back to the Homepage Professional Use Only -------------------------------------------------------------------------------- The Following information is only appropriate for Professional Investors. By clicking accept, you confirm that you have read the professional Terms of Use and can legally access this content. Accept and Continue Go Back to the Homepage Professional Use Only -------------------------------------------------------------------------------- The Following information is only appropriate for Professional Investors. If you are a professional investor, please change your professional role in Account Preferences. We will redirect you to the content after you make the necessary changes. Go Back to the Homepage