Tap into the key long-term growth trends with these resilient performers
A professional investor tells us where he’d put his money. This week: Zehrid Osmani, portfolio manager, Martin Currie Global Portfolio Trust, picks three favourites.


The following three stocks are from very different industries, but their characteristics demonstrate resilience throughout economic cycles, and each is driven by long-term growth themes in our framework of three megatrends: demographic changes, future of technology, and resource scarcity.
Ferrari’s growth driver
Ferrari (Milan: RACE) has a well-known brand, enviable pricing power and a loyal customer base built on a strong franchise. Many of its cars sell out before production even begins.
Ferrari is well positioned to benefit over the next decade from the growth of the middle class in emerging markets, where the number of high-net-worth individuals is increasing most rapidly. In the electric-vehicle sector, Ferrari has entered the hybrid market. Its first hybrid car, the SF90 Stradale, was the company’s best-selling model until the recent launch of its SUV. The group is aiming to unveil its first fully electric model in 2024.
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Most of Ferrari’s revenue and profits come from the US and Europe. However, the company is growing its presence in emerging markets, especially China. The new Purosangue SUV is a step towards expanding its business in the Chinese luxury-vehicle market, where both luxury and comfort are in demand. Consumers’ interest in the SUV has far exceeded initial expectations, with a rapidly lengthening order book.
Linde: the link to a low-carbon future
Industrial gases are essential across many sectors, and Linde (Frankfurt: LIN) is a global leader in this field. This diversity of markets can provide stability in volatile economic cycles, as we have seen recently. Furthermore, the company is seeking to diversify into markets that are less exposed to the vagaries of the global economic backdrop. These include healthcare and the food and beverage sectors. For instance, Linde was a significant supplier of medical-grade oxygen during the emergency phase of the pandemic.
A major player across the entire hydrogen value chain, Linde looks ideally positioned as its customers seek low-carbon energy sources. This is a long-term opportunity, likely to give the company a fillip into the late 2020s. As the opportunities will be capital-intensive, forming partnerships will be the key to success. Linde is already one of the largest operators in green hydrogen, using electrolysis technology powered by renewable energy sources such as wind or solar.
It currently operates 80 hydrogen electrolysers in a joint venture with ITM Power.
Ahead in the cloud
Microsoft (Nasdaq: MSFT) is a firm that demonstrates leadership in technology and is developing practical applications in the realms of cybersecurity, gaming and new areas of artificial intelligence (AI).
With more and more corporate assets migrating online, demand for cloud services has increased. This can also heighten susceptibility to cyberattacks. Microsoft’s cloud services are one of its fastest-growing segments, with the Azure Cloud business recently topping the firm’s sales growth across all divisions.
In the gaming sphere, its “Game Pass” offers online access to PC and Xbox games. At the end of 2022, PC Game Pass subscriptions had increased by 159% year on year, with 20 million people now using the service to stream games. Microsoft is also well positioned to capture the rapidly increasing focus on AI, notably through its position within the enterprise market.
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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.
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