The TM Cerno Global Leaders fund invests in a diverse array of global businesses that the managers believe will occupy leadership positions in their sectors for the next ten years or more.
The portfolio has very little overlap with other quality equity strategies. Below is a selection of three quite different businesses that we believe are poised for growth as we emerge from the pandemic next year.
Nervous systems for cars
Despite many articles suggesting that there is a growing reluctance to own motor vehicles (particularly among the younger generation), the car is not dead. Aptiv (NYSE: APTV) focuses on revolutionising the architecture of vehicles.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Architecture in this context is conceived as the “brain and nervous system” required to enable autonomous driving. The electrical power consumption of cars has risen sixtyfold since 1995, while signal distribution speeds (in essence, how rapidly power and data move through the vehicle) have risen by a factor of 20. Yet today’s vehicle data, signal and power distribution systems rely on decades-old technology.
Self-driving vehicles of the future need to have the networking capability to move vast amounts of data from the vehicle’s “eyes and ears” (sensors) to the “brain” (computing platform) for analysis and decision making. Aptiv has expertise in both key domains, from connectors and distribution systems to advanced software for passenger safety. The company is the leading provider of such “nervous systems” with a 25% share of the overall market.
PPG Industries (NYSE: PPG) is one of the world’s largest coatings companies and the only truly global supplier. Its diversified product portfolio touches a broad swathe of the economy, from specialised, high-performance industrial applications, to consumer architectural paints.
Much of the portfolio involves selling to business customers, which means that quality, consistency and timeliness of service are critical. This in turn limits the potential for disruption from budding competitors.
As the world shifts from internal combustion engines to electric vehicles, the coatings developed by PPG will be integral to the proper functioning of battery packs, boosting the value of PPG’s content per vehicle by two to four times. PPG’s return on capital is more than twice that of its European peer, AkzoNobel.
Profit from a return to the pub
The pandemic has caused significant headwinds for Heineken’s (Amsterdam: HEIA) business, which revolves around social drinking.
Earnings forecasts have been revised down by more than 50% since the start of the year, reflecting this lower demand. However, while some consumer behaviours have been altered by the pandemic, human beings are creatures of habit – we will all return to pubs and bars in time.
Despite its near-term travails, the company operates in a consolidated market, which is enjoying ever-increasing demand. Heineken’s scale in distribution is a key advantage, particularly in emerging markets, and its brand has by far the greatest global reach. While beer is an industry characterised by a vibrant start-up scene, most brands migrate towards one of the big brewers once a certain scale is reached.
-
The most influential people of 2025Here are the most influential people of 2025, from New York's mayor-elect Zohran Mamdani to Japan’s Iron Lady Sanae Takaichi
-
Millions of parents are missing out on up to £720 a year in extra pension cash – are you affected?A mum who narrowly missed out on the pension boost said she “never knew the government rule existed” and wants other parents to use it
-
8 of the best properties for sale with indoor gymsThe best properties for sale with indoor gyms – from a four-storey mews house in London’s Knightsbridge, to a 1920s Arts & Crafts house in Melbury Abbas, Dorset
-
Top stock ideas for 2026 that offer solidity and growthLast year’s stock ideas from MoneyWeek’s columnist and trader, Michael Taylor, produced another strong performance. This year’s stocks look promising too
-
Market predictions for 2026: Will Dubai introduce an income tax?Opinion My 2026 predictions, from a supermarket merger to Dubai introducing an income tax and Britain’s journey back to the 1970s
-
Stock markets have a mountain to climb: opt for resilience, growth and valueOpinion Julian Wheeler, partner and US equity specialist, Shard Capital, highlights three US stocks where he would put his money
-
The steady rise of stablecoinsInnovations in cryptocurrency have created stablecoins, a new form of money. Trump is an enthusiastic supporter, but its benefits are not yet clear
-
SRT Marine Systems: A leader in marine technologySRT Marine Systems is thriving and has a bulging order book, says Dr Michael Tubbs
-
Goodwin: A superlative British manufacturer to buy nowVeteran engineering group Goodwin has created a new profit engine. But following its tremendous run, can investors still afford the shares?
-
A change in leadership: Is US stock market exceptionalism over?US stocks trailed the rest of the world in 2025. Is this a sign that a long-overdue shift is underway?
