'Nokia now becomes an attractive option'

Among the many segments offering structural growth prospects in the technology sector, IT security stands out. It is consistently ranked as a top investment priority by information system managers, with spending growth exceeding overall IT expenditure due to expanding risk areas, increasingly sophisticated cyber attacks and rising breach costs. Rising geopolitical tensions also make cyber security a priority for nations. Despite the recent volatility affecting Ia-related stocks, this technology continues to represent a great opportunity. Although we are still in the early stages of Ia adoption, applications such as advanced Ia systems (Agentic Ai systems) are already demonstrating their impact on organisations' business processes. As companies continue to explore and implement Ia-based solutions, we anticipate sustained growth and innovation in this area.

We use a diversified alpha strategy that captures multiple technology trends and adapts to various macroeconomic phases. We focus on deep tech companies with high barriers to entry and leading market positions, enabling them to capture a huge share of their growing market. Our high conviction approach targets the most promising segments of technology value chains.

Yes, we integrate ESG criteria throughout our analysis and investment process, which results in strong sustainability credentials, including an ESG AA rating from Msci Esg. We exclude companies involved in gross human rights abuses or other violations of UN Global Compact principles, in line with established international standards. By combining technological innovation with sustainable practices, we aim to realise not only low-risk investments, but also opportunities in companies that are driving positive environmental and social change, ultimately fostering long-term growth and a positive contribution to our society.

Nokia benefits from improved investments in telecommunications, particularly in fixed network infrastructure, making it an attractive option. Palo Alto Networks demonstrates the success of its platformisation efforts in IT security, where budgets exceed overall IT spending. The company has a strong position in high growth areas such as cloud security and Siem (security information and event management). Broadcom offers growth potential through the expansion of potential customers beyond its $60-90 billion serviceable market and the growing demand for application-specific integrated circuits (Asic), driven by the growth of Ia inference.