Ted Franks

Impossible whoppers and impossible valuations


Your correspondent isn’t a regular visitor to Burger King. I’m not sure I’ve been into one in this millennium. But there is one on London’s Tottenham Court Road, about 500 yards from our office. And I’m hoping to go soon.

The reason? Read more …

Seb Beloe

The social determinants of health


Inequalities in health and consequent life expectancy are clearly visible between countries. As of 2015, average life expectancy in Japan was just under 84 years, while in Sierra Leone it was just over 50. But there are also massive differences in life expectancy within countries and even within cities. There is, for example, a 14-year gap in male life expectancy between the richest and poorest areas of Glasgow[1]. Read more …

Ted Franks

Bringing buildings out of the background


Buildings are a big deal for climate change. The International Energy Agency (IEA) thinks they are responsible for up to 40% of global emissions. That number includes both the construction and use of buildings.

The situation may get worse before it gets better. The pace of global urbanisation is staggering. The IEA forecasts that we will add 230 billion square metres of new construction in the next 40 years. That’s the same as adding a whole new Paris every week. Read more …

Ty Lee

It may be a cliché but it is true; prevention is better than cure


I recently went to a talk titled ‘Fantastic yeasts and where to find them’ by Professor Matthew Fisher[1] of Imperial College London. It was part of the first ever Great Exhibition Road Festival[2] in London. As it was a science festival, I expected to learn how yeasts can be used in scientific discovery and various applications.

Read more …

George Latham

Money at Work: Bringing Impact to Life


As you enter our building you are greeted with a neon version of a Dalai Lama quote: “If you think you are too small to have an impact, try going to bed with a mosquito in the room”. Strictly speaking he said “to make a difference”, but either way the point is clear. Every person and every pound can make an impact. Read more …

Ted Franks

Why we do need experts


These are tough times for global policy making around sustainability. The rise of nationalism is challenging cooperation. Social media is changing how politics works. Inequality and poverty are causing real anger and soaking up political capital.

Even five years ago it was considered sensible to base policy on evidence. Now we’re told, “we don’t need experts”.

Read more …

Seb Beloe

Prosperity with Purpose: positioning portfolios in a carbon-challenged world


In January, a relatively unknown Swedish 16-year-old school girl, known for striking on Friday in the name of climate change, addressed economic leaders in Davos with what has become known as the “our house is on fire” speech. A few days earlier, Jeremy Grantham pledged $1 billion towards fighting climate change.

As the year unfolded, the world saw an estimated 1.4 million children striking globally in March, and in April Mark Carney, Governor of the Bank of England, wrote an open letter on climate related-financial risks. Most recently, The Guardian has replaced ‘climate change’ with ‘climate emergency, crisis or breakdown’ and ‘global heating’ in place of ‘global warming’.

The world is listening, but on an individual level understanding what one can do is often overwhelming, particularly in the sphere of investing. Money can be invested so that it makes a difference, but navigating the jargon is confusing. Read more …

Ty Lee

  • Varian is a global leader in the field of radiation therapy with around 50% market share.
  • The radiation therapy market is a growing market, driven by an increasing cancer rate globally and increasing adoption of radiation therapy in emerging markets.
  • Varian is a very innovative company, driving business growth through successful product launches and gaining market share.
  • It is well positioned to expand into adjacent fast-growing markets to sustain its future growth through its R&D effort and acquisitions.

1 in 2 people will be diagnosed with cancer in their lifetime and nearly half of cancer patients have radiation therapy at some point during their cancer treatment. Read more …

Ted Franks

Fire and protest


In the UK, April is a month usually associated with rain showers. This April, not-so-much. Rainfall was 71% of the 1981-2010 long term average[1]. The monthly average temperature was 1.0° Celsius above the long term mean of 8.4°. These deviations are not particularly startling by the standards we are becoming used to in the era of climate change. But they were enough to produce some more reminders of the future we face.

Read more …

Ted Franks

Defending ESG: Hotdogs vs Ice Cream


ESG is a widely used term. But what does it mean in practice and how does it relate to impact investing? Fund Manager Ted Franks observes Kraft Heinz’s attempted takeover of Unilever and compares their ESG performance.

Read more …

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