Citywire Selection verdict: Jan Luthman and Stephen Bailey use a global thematic process to structure their fund. They currently hold more than a quarter of the portfolio in financials with a hefty overweight in heathcare. Around 10 per cent of the fund is invested directly in international companies. Both short- and long-term performance is robust although the fund tends to be behind the market when cyclical stocks rally. This duo offers a defensive approach to investing with a bird’s eye view of the global economy.