�۶���Ƶ

In a digitalized era where humans work and compete with machines, learning will increasingly have to focus on flexibility, creativity and innovation, interpersonal skills, and mastery of technology. As knowledge gets outdated sooner and working lives grow longer, the university is no longer the final point of acquiring skills, as the need to learn will stretch into retirement. While we expect the overall education market to grow at a high-single-digit rate over the next decade, private education will expand even more rapidly as the public sector lags the rise in demand. The market for e-learning, for-profit postsecondary education, language learning, and test preparation should experience a high teens rate of growth. In education, we see investment opportunities in public and private markets in education technology (“edtech”) and ancillary services, and companies that have a superior record in training and developing their employees. Investing in education aligns with the United Nations' Sustainable Development Goal (SDG) 4 – Quality Education. Related opportunities include businesses that provide education content and technology services; providers of education finance; and companies that own, develop, and manage learning infrastructure, such as student housing.

Patients will take more financial responsibility for their health in the future. As “health consumers,” they will prioritize staying healthier for longer, transforming healthcare from an episodic service to a lifelong process of managing and maintaining their health. A more technology-driven healthcare ecosystem will enable this shift, opening up new ways to manage health. Digital disease management offers a glimpse of tomorrow’s personalized approach to chronic disease. The telemedicine boom points to a shift in the location of care, as remote technology facilitates more efficient treatment paths and fewer hospital visits. In healthcare, we consider investment opportunities in public and private markets through companies developing technologies or services that enable change (“enablers”), those that can use it to enhance their market positions (“beneficiaries”), and transformational technologies (“moonshots”). This investment area aligns with UN SDG 3 – Good Health and Well-Being.

Millennials and Generation Z will move into their peak earnings years and likely benefit from wealth transfer. These cohorts are broadly more conscious of their social and environmental impact. They often value experiences more than material ownership. Companies that produce goods and services that cater to these generations’ social and environmental values are likely to benefit. Furthermore, companies that provide new consumer experiences through technologies like augmented and virtual reality (AR and VR) can offer attractive investment opportunities. In happiness and consumer preferences, we focus on the opportunities resulting from more socially conscious and digitally savvy consumers – sustainable brands and digital entertainment like AR, VR and esports. Within consumer preferences, the opportunities in sustainable brands align with UN SDG 12 – Responsible Consumption and Production.