Roadmaps are incorrect most of the time, but they are useful to find direction, but one has to be open-minded to change route if road conditions or weather forecasts change substantially. The next 10-15 years investment returns will not be like the past 20-30 years that was fuelled by ever lower interest rates. The underlying sales growth has declined from 12% in early 1990s to around 4% in the last few years.
The forward pace of returns will be closer to the 4% revenue growth and hence lower than the 8% stock market annual return investors have been accustomed to since the 1980s. The main thing that can surprise on the upside is higher productivity growth, which can fuel higher returns in segments and companies that embrace digitalization, renewable energy and advanced healthcare solutions
Investment roadmaps, updates and themes are found below. AC Vision Fund investors get the monthly update with the performance and roadmap update.
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2020 and 2021 roadmap updates