A Message From The Fund Manager,
James Sanders

Dear Investor,

Welcome to the Green Ash Horizon Fund, a global equity strategy designed to offer exposure to secular growth themes, by investing in the leading companies of the future. There are two key premises underpinning the strategy:

Firstly, that the secular megatrends that have dominated the investment landscape over the last decade will accelerate due to technological and social developments. These include inflection points in artificial intelligence, political and social will behind decarbonisation, lasting changes in how we work and live following the pandemic, and the maturation of several overlapping technologies enabling revolutions in automation, transportation, healthcare, and industry.

Secondly, that there is a synergy between the investment themes of the future and the drive to advance Environmental, Social, and Governance (ESG) considerations through capital allocation. Investors increasingly demand higher ESG standards from their investee companies, and in many cases technology itself is providing solutions to these issues.

The strategy seeks to identify the paradigm shifts in the technology of tomorrow by closely following scientific research within academia and industry today, with a particular focus on general purpose accelerants such as artificial intelligence and genomics, which have a broad impact across multiple fields and industries. From this we construct themes from publicly listed stocks. At security level, we conduct rigorous quantitative and qualitative analysis to assess individual stock fundamentals and valuations, as well as integrating a best-in-class ESG screening approach into the stock section process.

We strongly believe that the years ahead will see unprecedented change, as artificial intelligence continues its path of exponential improvement and new capabilities emerge across modalities. Unusually for frontier technologies, much of the value will accrue to large incumbents, who have spent tens of billions building out the infrastructure needed to support the coming AI revolution. This is makes gaining exposure generally accessible to investors via daily liquid vehicles such as the Horizon Fund, while still retaining scope for outsized gains by investing a portion of the fund in nascent technologies early on.

We encourage those interested to review the materials on our website, especially the white paper section, where we publish in-depth research on high impact technologies, such as Quantum Computing, Genomics and Artificial Intelligence.

Please do get in touch if you’d like to discuss the strategy in more detail.

Regards,

James Sanders