163. Investing in a market that gives you grey hair

“My fund is up over 20% in the past year, but it's been the sort of bull market that gives you grey hair,” said James Thomson, manager of Rathbone Global Opportunities fund. In this podcast, James tells us that US companies are growing profits more than four times faster than the rest of the developed world. He talks about his top ten holdings including Alphabet, owner of Google and YouTube, “the king of search, online advertising spend, and my daughter's favourite venue for videos about how to make slime and squishies.” He also tells us why Costco will blossom “in a world of rapid consumer goods inflation.”
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Rathbone Global Opportunities is a global growth fund looking to buy innovative companies that have flown under the radar of the main market. It aims to identify global themes and invest in them early. It has been managed by James Thomson since 2003 and his high conviction strategy has proven itself over many years. James is not afraid to admit his weaknesses or past errors – a refreshingly honest approach, which allows him to concentrate on his core strengths.

What’s covered in this podcast:

  • How the manager defines ‘growth’ companies
  • Why growth strategies have struggled in recent times
  • How the fund has fared over one year and the manager’s thoughts on markets in 2022
  • Why the fund has 90% in large caps
  • Why the fund is invested predominantly in US and European companies
  • The make-up of the top 10 holdings including the “king of search”, “mission-critical software”, “one of the best retailers in the world” and the first bank the manager has invested in for five years
  • Why the manager likes Sartorius Stedim Biotech, the German medical equipment company
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