'Here are the companies to choose between financiers and industrialists'

Geopolitical tensions create uncertainty. In capital markets, uncertainty manifests itself as volatility, during which markets tend to trade inefficiently, which can create opportunities. As bottom-up managers with a long-term horizon, we do not base our thesis on macroeconomic or geopolitical dynamics, nor do we try to predict the direction or magnitude of these forces, but we remain active during these periods to take advantage of short-term price dislocations that can present interesting trading opportunities.

Short-term volatility can present interesting trading opportunities when stocks trade above or below our price targets for reasons that have nothing to do with the fundamentals and long-term growth potential of a company. This applies both to new ideas and to names we already own in our portfolio.

We do not have a sectoral approach. We actively look for interesting stocks across the entire equity market, which leads to over- or underweights that may differ from other growth managers. While most managers favour IT and communication services, our strategy underweighs these two sectors, while we overweight financials, industrials and healthcare. This is not because we like or dislike these sectors, but only because of where we find the best companies.

Kkr, a private equity firm and alternative asset manager, has a solid business model with recurring revenues, attractive margins and robust free cash flow. Its unique strategy is to invest alongside outside investors using its balance sheet and track record. Kla Corporation plays a key role in semiconductor manufacturing. Their solutions improve quality and yield by inspecting, testing and measuring circuits on smaller substrates. This sustainable business advantage reduces costs and waste and contributes to the company's growth rate. Uber has a dominant position in the mobility market, coupled with growth potential in the delivery and transportation sectors. Brand reinforcement and proprietary data collection create opportunities for advertising partnerships and logistics optimisation. Arthur J. Gallagher, a global insurance brokerage and risk management company, its mission-critical value proposition supports businesses in the mid-market and technical sophistication enables effective competition against smaller brokers. Airbnb: a travel platform, it connects travellers with short-term accommodation hosts. Their marketplace is beneficial for both homeowners and travellers have access to cheap and personalised options. The sustainable tourism model also has measurable environmental benefits.