Citywire Selection verdict: Jan Luthman and Stephen Bailey use a global thematic process to structure their fund. A hefty overweight in heathcare is matched by an underweight in consumer goods. They currently hold a third of the portfolio in financials and around 14% per cent of the fund is invested directly in international companies. Both short- and long-term performance is robust although the fund tends to lag behind the market when cyclical stocks rally. This duo offer a defensive approach to investing with a bird’s eye view of the global economy.