Stand: 30.06.2021 Since the start of the year, investors have been focusing on improving economic fundamentals by switching to cyclicals and so-called reopening trades. Corporates are currently seeing the best margins, with continued demand as the world reopens, and the macro picture continues to improve, while both fiscal and monetary tailwinds remain robust. Markets discount that we are setting ourselves up for a good economic recovery. With our trends approach, we continue to focus on long-term secular trends that should drive sustainable and secular earnings growth for the companies that are exposed to them. We still consider the four trends we have selected as relevant or even strengthened under current circumstances. We remain in an era in which we will be able to cure most diseases at lower costs, make financial services cheaper and more accessible to all and on top of that increase our labor productivity sustainably. Stocks that provide the tools and technology for this will grow revenues and cash flows faster and for longer than the market expects.