Lessons from a fund that has beaten the market for 50 years

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Could the underlying philosophy of the fund be under some threat? Jonsson doesn’t think so. “We’ve been through so much that would seem like deglobalisation over our history … and the theme has been unchanged and remains equally valid.” She points out that the nature of trade has changed radically over the past five decades, most notably as trade in physical goods has been replaced by trade in digital goods and services. Efficiency over resilience Indeed, the list of the New Perspective Fund’s top holdings reads like a who’s who of the global tech sector: Microsoft, Meta Platforms, Broadcom, chipmaker...