DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.31January2019GlobalEquityResearchThematicResearchGlobalEquityThemesTHEMETheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverincisivecross-sectorandcross-borderthematicinsightsforourclients.ResearchAnalystsEugeneKlerk442078834678eugene.klerk@credit-suisse.comRichardKersley442078880313richard.kersley@credit-suisse.comBaharSezerLongworth442078834315bahar.sezer@credit-suisse.comFinWilliams442078831734findlay.williams@credit-suisse.comInvestingforGrowth5.0Thisfiftheditionofourprimerforthematicinvestinghighlightstheprospectsofeightthemesthatwebelieveofferstructural'GDP-plus'top-linegrowth.Themacrocyclesuggeststhatsuchgrowthremainsascarcecommodity.Wealsoreviewourtwocoreinvestmentapproaches,oneusingCreditSuisseHOLT®andonebasedonouranalysts'keyselections(our'Thematic30').■QualityandMomentumdriveourthemeandstockselection.Ourmostpreferredthemesare'BigData','HealthyLiving'and'Ageing'.'Infrastructure'and'NewEnergy'remainourtwolowest-rankedthemes,although'Infrastructure'wouldberankedthirdifvaluationwasincluded.■Themeinvesting.OursystematicapproachofpickingHOLT’sabove-averageQualityandMomentumcompanieswithinourthreetop-rankedthemesoutperformedtheMSCIACWorldindexby790bpsin2018,takingthetotaloutperformancesinceNovember2014to3860bps.■Webelieverobustgrowthwithupsidecanbefoundinourtech-relatedthemes.Relativetoglobalequities,(consumer)techcompaniestendtohave:i)superiorgrowth,ii)netcashpositions,iii)bettermarginsandcashflowreturns,iv)lowheadcount,andv)pricingpower.■Themesinfocusare'TheAsianconsumer',whichwebelieveshouldp...
