risks.

The following risks may be materially relevant but may not always be adequately captured by the summary risk indicator and may cause additional loss: Concentration risk, Emerging market risk and Active management risk.

glossary.

Golden Age

Investing in opportunities offered by tomorrow’s socially constructive economy

 

Stretched public finances, changing consumer habits and unsustainable healthcare systems are pain points acting as catalysts for systems change, driving the shift to a socially constructive economy and creating investment opportunities.

affordability, accessibility, wellbeing.

A rethink of the world’s social systems has become imperative. As shifting demographics outpace infrastructure development, these systems have become strained to the breaking point. Addressing this requires moving to a new model focused on affordability, accessibility and wellbeing. 

We see investment opportunities emerging in areas such as private pension schemes, broader access to financial services, a shift to preventive healthcare, and an increased focus on leisure and lifestyle experiences – with digitalisation as the key enabling technology. 

Healthcare crisis 
Rising government health spending as a share of GDP4

investment philosophy and strategy.

System-change investing asks where trends are leading to inescapable pain points, triggering inflection points towards superior economic systems that will restructure value chains, profit pools and equity markets. 

We understand trends around ageing populations, generational shifts and the rise of new consumers in fast-growing economies. With Golden Age, we ask where these trends are straining capacity to the point where a rethink of social systems is unavoidable. As our daily lives become less affordable, new models that can deliver personalised goods and services accessibly and at scale will redefine economic norms. 

our assumptions around the socially constructive transition
 

  • policy action drives modifications of unhealthy products, and a change in eating habits to limit foods high in fat, salt and sugar 
  • affordable housing and affordable, more sustainable consumer products become the norm
  • healthcare spending shifts to prevention, tackling underlying risk factors, general wellbeing and pay-for-cure models 
  • markets become more demand-led, personalised and customisable, enhancing experiences, products and services 
  • we transition from reliance on state-provided pensions and health schemes, to employer-funded and private alternatives 
  • work-life balance and leisure activities become more important 
  • connectivity brings another billion people into digital networks, widening access to services 
  • digital privacy, online safety and cybersecurity increasingly become core societal needs 
  • financial technology provides more cost-efficient, cloud-based, cashless systems that make better use of data and widen reach. 

 

The Golden Age strategy seeks to:

 

why us?

our approach.5

investment team6.

LOcom_AuthorsAM-Vondenbusch.png

Christian Vondenbusch
Co-PM Golden Age
& Global Fintech 
 

locom/_legacy/images/experts/LOcom_AuthorsAM-VanOeorle
Jeroen van Oerle
Co-PM Golden Age
& Global Fintech 
locom/_legacy/images/experts/LOcom_AuthorsAM-MacDonald-Brown
Nicholette MacDonald-Brown
Head of Sustainable Equities, Co-CIO Equities
LOcom-AuthorsAM-Menges.png

Pascal Menges
Client Portfolio Manager

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1 Based on projections for Australia, Canada, China, India, Japan, the Netherlands, UK and US. World Economic Forum (2017). We’ll Live to 100 – How Can We Afford It? 60+ Key Data Breach Statistics for 2025. Spacelift.
3 World Health Organization. `Saving Lives, spending less: the case for investing in noncommunicable diseases’, 2021.
4 Government health spending as a share of GDP, 1880 to 2023, Our World in Data. Data source: OECD Health Expenditure and Financing Database (2024); OECD (1993); Lindert (1994)
5 Source: LOIM. For illustrative purposes only.
6 Source: LOIM. Data as of June 2025. Teams are subject to change

insights.

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Can China transition to a high-income economy without the favourable demographic tailwinds that helped shape the preceding four decades?

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A demographic deficit will have far-reaching consequences that also present a number of potential growth opportunities.

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The depletion of the workforce in the largest economies will have economic consequences, affecting inflation, healthcare and pensions reforms, and societies.

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Digitalisation and long term trends
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Trends investing enables investors to capture the opportunities presented by these forces, in the form of sustainable long-term returns.

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A number of long-term trends are reshaping the global landscape. These structural trends can provide rich and varied sources of potential outperformance.

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Why trends investing makes sense

At Lombard Odier, we believe that investors can capture the opportunities presented by mega-trends and mega-challenges through a trends-based approach to investment.  

important information.

This document is a Corporate Communication and is intended for Professional Investors only

This document is a Corporate Communication for Professional Investors only and is not a marketing communication related to a fund, an investment product or investment services in your country. This document is not intended to provide investment, tax, accounting, professional or legal advice.

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This document is approved at the date of the publishing. The Company is clustered within the Lombard Odier Investment Management Division (“LOIM”) of Lombard Odier Group which support in the preparation of this document and LOIM is a trade name.

Any opinions or forecasts provided are as of the date specified, may change without notice, do not predict future results and do not constitute a recommendation or offer of any investment product or investment services.

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The contents of this document are intended for persons who are professionals and who have been vetted by LOIM and assessed as suitable to the investment matters set out in this document and in respect of whom LOIM has received an assurance that they are capable of making their own investment decisions and understanding the risks involved in making investments of the type included in this document or other persons that LOIM has expressly confirmed as being appropriate recipients of this document. If you are not a person falling within the above categories, you are kindly asked to either return this document to LOIM or to destroy it and are expressly warned that you must not rely upon its contents or have regard to any of the matters set out in this document in relation to investment matters and must not transmit this document to any other person. This document contains the opinions of LOIM, as at the date of issue or completeness of the information contained in this document, nor does it accept any liability for any loss or damage resulting from its use. All information and opinions as well as the prices indicated may change without notice.

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