A global leader in thematic investing,

backed by rigorous reason, research and risk management.

Global Thematic Partners is an asset management firm dedicated to thematic investment, with a track record of more than 15 years. Our unconstrained, fundamentally-driven equity strategies provide institutions, distributors, pension plans and foundations access to unique long-term wealth creation opportunities underpinned by innovative thinking, deep research and disciplined process.

Decorative statues

Philosophy and approach

The GTP Advantage

Successful thematic investing requires having a bottom-up roadmap. We believe that only thorough and independent research, coupled with appropriate risk management, can result in long-term investment outperformance. We dissent, avoid group-think culture and demand proof. If we can quantify a hypothesis – we will. If we can test it – we will.

  • Investor-Led

    A 100% employee-owned firm, fostering incentive alignment and independence.

Strategy performance is at the core of our business, but it is only the starting point of a long-term partnership. GTP's clients benefit from three key sources of value added:

Investment Alpha

High-conviction positioning to capitalize on insights generated by our unconstrained research agenda.

Intellectual Alpha

Differentiated perspectives and open dialogue on key issues that impact clients' thinking across their activities.

Operational Alpha

Resources, support and execution that rival those of much larger peers, carried out by a nimble and experienced team.

Our Guiding Beliefs

Structural change is non-linear

Human factors are critical

Valuable, inimitable assets can be mispriced

Looking beyond 12 months yields rewards

Looking beyond the next 12 months yields rewards

Uncertain timing creates opportunities

Forecasting the un-forecastable is futile 

Unconventional thinking can yield new insights

Unconventional thought yields new insights

Some things never change

GTP offices

Investment Process

Thematic Investment

Our themes form the foundation of our research agenda

Traditional sector and geographic classifications are merging and fading, while naive theme-based investing can fall prey to thematic traps. 

Thematic Investment

GTP's thematic approach forecasts highly probable long-term outcomes to capitalize on major developments which materially shift cash flows and valuation.

Research Process

Incorporating thematic insights into bottom-up research

Research Process

Our competitive advantage in fundamental research and due diligence derives from our scope, which is truly global; our patience, as our themes provide numerous diversified sub-strategies; and our relationships, with frequent company meetings and information exchange with influential thought leaders around the world.

Portfolio Construction

A clear process from theme to invested portfolio

Distinct catalysts, chronologies and milestones exist for each of our themes, providing fundamental diversification to our portfolio holdings. Each of our strategies employs a disciplined, methodical and transparent portfolio construction and risk management approach, without relying overly on historical data or assumption-laden quantitative models.

Portfolio Construction Process

We employ a structured post-mortem assessment, review and validation framework to continuously improve our portfolio management capabilities and deploy new features to our investment process. 

Responsible Investing

A multi-level approach to ESG

Responsible Investment

Comprehensive monitoring, engagement and follow-up is central to our investment process and conducted directly by the investment team. Many of our themes speak directly to key topics in responsible investing. To learn more, download our white paper on Thematic Investing and ESG Integration in the Perspectives section below.

PRI Signatory
  • Thematic Investment
  • Research Process
  • Portfolio Construction
  • Responsible Investing

A multi-level approach to ESG

Comprehensive monitoring, engagement and follow-up is central to our investment process and conducted directly by the investment team. Many of our themes speak directly to key topics in responsible investing. To learn more, download our white paper on Thematic Investing and ESG Integration in the Perspectives section below.

PRI Signatory

Investment strategies

GTP manages four strategies which – drawing from a common philosophy and thematic research process – can each occupy a unique place in a client's portfolio allocation, and address different risk and return objectives. 

GTP Strategies

Discrete Themes Functioning as Diversified Sub-Strategies

US$ Trillion
Global Debt Earning Negative Yield (1)

Billion People
Income Under US$5,000 Per Capita (2)

Trillion Gigabytes
Genetic Data in the Human Body (3)


(1) Source: Bloomberg as of 20 August 2019
(2) Source: GTP estimates
(3) Source: Grigoryev, Yevgeniy. "How Much Information is Stored in the Human Genome?" BiteSizedBio.

Global Thematic Equity Strategy

We believe developments in economics, social science, culture and – above all – natural science are highly non-linear; all come with inflection points which can take trend followers by surprise.

  • Global Thematic Equity is an unconstrained strategy that seeks to benefit from a dynamic basket of themes which will meaningfully influence the valuation and cash flows of select companies worldwide.
  • Linear forecasting and naïve extrapolative views rarely capture actual economic, scientific, cultural, and behavioral developments. A thematic roadmap thus provides a superior tool to reveal a hierarchy of certainty over the next 5 years.
  • Our thematic “driver models" lead to a distinctly different set of assumptions for one or more of the following factors: units, margins, implied discount rates and ultimately expected share price performance. This is the Variant Perception which forms the core of our investment thesis. We search for emerging sigmoid characteristic functions in industries, economic data, technology and behavioral patterns before they are identified by others and incorporated into market expectations.
Global Thematic Equity Strategy

Long Duration Equity Strategy

  • Most investment research focuses on what will change. Rather than speculating on the next move in difficult-to-forecast trends (which can be more conjecture than science) or chasing current investment fads (which can quickly unwind), LDE focuses on what is least likely to change.
  • We have identified several absolute intrinsic values which we believe are fundamental to human behavior, and which have stood the test of time across societies. These values form the basis of our securities selection and form a higher-conviction basis for investment compared to historical screening.
  • Investments which combine long-duration operating businesses with conservative financial management are more forecastable and face lower fundamental risks as compared to the broader universe – yet often lie outside traditional "quality" screens.
Long Duration Equity Strategy

Bottom Billion Strategy

  • We believe that the most compelling growth opportunity today lies not with the much-studied emerging middle class, but with the pre-emerging: the billions of individuals at the bottom of the global income pyramid, who today earn less that US$5,000 per capita per year on a PPP basis.
  • These individuals – whom we term the “Base of the Pyramid” (BoP) or the “Bottom Billion” – represent a US$5 trillion market opportunity annually
  • The movement of the Bottom Billion up the income pyramid from the ranks of the “poor” to the “upper-poor”, and eventually the middle class, represents a powerful structural theme that is highly unlikely to be derailed by market cycles in developed economies.
  •  The Base of the Pyramid also offers a unique opportunity for investors to have a positive social impact at large  scale.
Bottom Billion Strategy

Digital Health Strategy

  • Advances in artificial intelligence and next-generation therapeutics are finally reaching a tipping point in their application to health care, due to improvements in data availability, cost, and regulatory regimes.
  • The result will be radical changes in the delivery and outcomes of treatment and prevention activities worldwide – a potential boon to life expectancy, but also a wealth shortfall risk for pension plans and retirees.
  • DH seeks to capitalize on the health care revolution in a sector-agnostic way, by gaining concentrated exposure to attractively-valued firms driving the paradigm shift in the health ecosystem.
Digital Health Strategy

Perspectives

Forward-Looking Risk Management

Forward-Looking Risk Management

How GTP's risk assessment and management approach avoids the pitfalls of over-reliance on historical correlations and returns.

Thematic Investing & ESG Integration

Thematic Investing & ESG Integration

Debunking common misconceptions about ESG and exploring how GTP's approach facilitates deep research and engagement on SRI issues.

Generating Insights From Big Data

Generating Insights in the Age of Big Data

What machine learning and artificial intelligence have to contribute to our fundamental investment process.

People

Our diverse investment team has been managing thematic equity portfolios with a global perspective since 2003. Our analysts hail from Europe, China and the Americas and collectively speak 10 languages. GTP's investment function is backed by a world-class business operations, trading and support team, as well as partnerships with leading service providers.

Our offices are located in New York City and Potsdam (Berlin), Germany.

Investment Team

Oliver Kratz, Co-Founder

Portfolio Manager, Global Thematic Equity
Portfolio Manager, Long Duration Equity

Portfolio Manager, Bottom Billion


Educated in Boston, Frankfurt and Prague, Oliver earned his PhD, M.A.L.D and BA focusing on international law and economics, international finance and Russian securities at Tufts University’s Fletcher School of Law and Diplomacy.

He began his career in asset management at Bankers Trust in New York in 1996, specializing in frontier markets. After losing their building on 9/11, his team moved to Midtown Manhattan and he became the head of global alpha emerging markets at the newly acquired firm Scudder Investments. In 2003, he became the portfolio manager of Global Thematic Investments at Deutsche Asset Management Americas. In 2010, he co-founded GTP in New York, focusing solely on global thematic investing. Oliver’s long-term interest is to study the decay of trends and societies, but only to uncover what may have lasting value.

Oliver authored Frontier Emerging Markets Security Analysis and Price Behavior 20 years ago – a Wolters Kluwer book that, at the time, brought empirical rigor to frontier securities analysis. Oliver spends his time between New York, Berlin, and other locations that warrant a more disciplined inquiry and analysis in a relentless pursuit of finding mispriced investments. 

Terrence Gray

Portfolio Manager, Bottom Billion


Terrence received dual bachelor degrees in Finance and French Literature from Boston College, studying in Boston, Paris and Hangzhou. He began his career at Scudder Stevens and Clark as an analyst in Emerging Markets Equities, and went on to become a Portfolio Manager for various mandates, including Emerging Markets, Asia, Global Small Companies and various country funds.

Terrence lived in Singapore for several years and has traveled extensively, researching investment opportunities in over fifty countries. Terrence joined Global Thematic Partners to develop and launch the Bottom Billion Strategy, and brings his extensive experience in Emerging and Frontier equities to the investment team.

Jian Tao

Portfolio Manager, Bottom Billion


Jian Tao grew up in China and earned his master degree in International Economics at Fudan University in 2000. He began his career at Ping An Insurance Group in 2000 and later joined Booz Allen (Shanghai) in 2004, focusing on corporate strategy in the financial and consumer industries at both firms.

After completing his MBA at the University of Michigan’s Ross School of Business in 2008, Jian joined the Global Thematic team at Deutsche Asset Management, and transitioned to GTP during the firm's spin-off in 2010. He is now a Portfolio Manager for the Bottom Billion Strategy. Having witnessed China’s ongoing economic transition, Jian is interested in leveraging insights from China to look for investment opportunities in bottom billion countries. He also specializes in the global consumer and insurance industries for the Global Thematic Equity Strategy. He is a CFA Charterholder and a China Certified Public Accountant.

Ralf Oberbannscheidt, Co-Founder

Head of ESG

Portfolio Manager, Global Thematic Equity

Portfolio Manager, International Thematic Equity


Born and raised in Germany, Ralf received his MBA in International Finance and Emerging Markets from the University of Trier, and an MBA in Global Business from the Monterey Institute of International Studies (now Middlebury).

Ralf was an analyst and later a Portfolio Manager for telecoms, utilities and media at Deutsche Asset Management in Frankfurt, and subsequently managed global and SRI  focused portfolios. At GTP, Ralf was responsible for the Global Agribusiness strategy and is currently a Portfolio Manager for the Global and International Thematic Equity Strategies.

As a fervent believer in early childhood education, Ralf co-founded a not-for-profit preschool in Manhattan.

Ryan Hutchinson

Portfolio Manager, Global Thematic Equity

Portfolio Manager, Digital Health


Ryan received his bachelor's degree in Finance from Syracuse University and began his asset management career in 1999 at Scudder Investments, which was later acquired by Deutsche Bank.

While at Deutsche Asset Management, Ryan covered Technology, Media and Telecom companies as a member of the firm’s technology global sector research team, and was appointed as a Portfolio Manager for the DWS Communications Fund.

Ryan joined GTP at its founding in 2010 as a senior analyst, and became a Portfolio Manager of the Global Thematic Equity strategy in 2016 and the Digital Health Strategy in 2019. Ryan’s interests include natural sciences, technological progress, and human behavior; he prefers to spend his free time outdoors.

Stefan Wimmer

Portfolio Manager, Digital Health


Stefan graduated from the University of Mannheim with a Master of Science in Management and a Bachelor of Science in Business Administration. He obtained parts of his degree from the Asian Institute of Management in Manila, Philippines and the University of the Sunshine Coast in Queensland, Australia. He is a CFA Charterholder.

Born and raised in the Black Forest, Germany, Stefan has been influenced by a region which throughout its history has met structural change with ingenuity and reorganization. Stefan began his career as a sell-side analyst at Bankhaus Metzler in Frankfurt, the second oldest bank in Germany and a leading local equities broker. At Metzler, he covered industries undergoing fundamental change: media, retail and healthcare.

In 2015, Stefan joined Global Thematic Partners in New York as a Research Analyst, covering various industries and thematic research areas. In 2018, he moved to GTP's office in Germany and became a Portfolio Manager of the Digital Health Strategy in early 2019.

Team meeting

Victor Rosenblit

Head of Thematic Research


Victor grew up in Latvia, living through the transformative period of the break-up of the Soviet Union and transition from a planned to market-based economy. Upon completion of graduate degrees in mathematics and economics in the United States, he worked in telecom finance at Verizon and decision science at Citigroup.

After completing his MBA with concentrations in strategy and analytic finance at the University of Chicago, Victor began his career in equity investing at Deutsche Asset Management, where he was a research analyst for emerging and global markets portfolios. Victor joined GTP at its founding in 2010 as a research analyst, and became Head of Thematic Research in 2016. He is a global generalist with broad investment experience across sectors and geographies.

Markus Polleichtner

Research Analyst


Markus graduated with an M.Sc. degree from the University of Mannheim with additional studies in Sydney and Paris. He began his career in Investment Banking and worked in M&A for 5 years, first in Frankfurt and later in London, where he also met his wife. Together they started an ecommerce company, which is still running. 

Markus joined GTP in January 2017. He has a keen interest in financial markets and particularly enjoys analyzing more complex investment cases. Outside of work he likes to challenge himself in various sports, such as freeride skiing and tennis.

Huseyin Turan

Research Analyst


Born in Turkey, Huseyin earned his master’s degree in finance at Sabanci University. He started his career as a sell-side research analyst at Unlu & Co, an independent and leading investment bank in Istanbul. In 2015, he moved to Switzerland for family reasons and passed his CFA exams.

In October 2016, Huseyin relocated to Germany to work as an investment analyst at HPC, the family office of Hasso Plattner, co-founder of SAP. In 2019, Huseyin joined GTP as a Research Analyst. He lives in Potsdam with his wife and two children. He is a CFA and CAIA charterholder.

Photo of research analysts

Relationship Management

Klaus Tanner

Head of Client Relations


After growing up in Spain, Austria and Germany, Klaus received his Diploma in Economics from the University of Frankfurt.

Having previously completed an apprenticeship in banking, Klaus rejoined Georg Hauck & Sohn, Bankiers, a private bank, in research & institutional investment advisory. Soon thereafter, he moved to the United States to establish a subsidiary for the bank’s institutional advisory activities, before joining Dresdner Bank, where he spent the majority of his career, most recently as Head of Equities in the US at Dresdner Kleinwort Wasserstein.

Klaus joined the Global Thematic team at Deutsche Bank in 2009 as Head of Client Relations, and has continued in that role since the inception of GTP.

Team meeting

Jordan Boslego

Head of Client Thematic Solutions


Hailing from Boston, Jordan graduated from Harvard College with a double concentration in Economics and Statistics with High Honors, and a citation in French. He is a PhD candidate in the Management department at Boston University's Questrom School of Business, where his research focuses on the intersection of financial innovation, corporate governance, and corporate strategy.

Prior to joining the Global Thematic Equities team at Deutsche Asset Management, Jordan began his career in the natural resources investment banking group at J.P. Morgan. He joined GTP at its inception and has served in various research, portfolio management and risk management roles. Jordan is a MathWorks Certified MATLAB Professional and a CFA Charterholder.

Peter Crays


Peter Crays has been with Global Thematic Partners since its founding in 2010. Prior to GTP, he served as a research analyst on the Global Thematic Equity team at Deutsche Asset Management (2003-2010) as well as a Portfolio Manager of Global Thematic Equity at Scudder Investments (2000-2003).

Previously, Peter was Vice President of Research at IBES International, where he led the effort to establish and link a global database of sell-side company financial estimates to buy-side investment models that is still recognized today as an industry-standard. Peter has an MBA from Fordham University and an undergraduate degree in Finance from Bryant University.

Business and Operations

Michael Colón, Co-Founder

Chief Operating Officer​
Chief Financial Officer


Prior to the founding of GTP, Michael served in various capacities as a Chief Operating Officer, including COO of Deutsche Asset Management in the U.S. (2005-2010) and COO of the Private Client and Global Equities Divisions of Deutsche Bank in the U.S. (1999-2005).

Prior to his executive roles with Deutsche Bank, Michael was a management consultant in New York, serving clients in the banking and brokerage industry, including Merrill Lynch, CSFB and First USA. He began his career in the Financial Advisory Services practice of Coopers & Lybrand in Philadelphia.

Michael holds a BS in Economics from the Wharton School of Business, a BA from the College of Arts and Sciences at the University of Pennsylvania, and an MBA from the Stanford Graduate School of Business.

GTP team

Raymond Folmer

Head of Global Trading


Ray served in the United States Marine Corps from 1990 to 1994. He completed his BS in Business Administration at Dominican College while working as a Security Driver for senior executives at Bankers Trust and then Deutsche Bank.

Ray began his career in asset management in 2001 as a Business Manager for the Deutsche Bank Absolute Returns Fund of Funds Group. Soon thereafter, he began trading the Asian equity markets for various long/short absolute return strategies. Ray then joined Deutsche Asset Management’s Active Equity trading desk, where he met Oliver Kratz and began trading for the Global Thematic Investment strategy.

In 2010 he was asked by Oliver and Michael to join GTP's founding team as Head of Global Trading.

Gregory DeTrolio

Equity Trader


Greg DeTrolio is a global equity trader for all of GTP's investment strategies. He joined the trading desk at Global Thematic Partners at its founding in 2010. Prior to GTP, he was at Deutsche Asset Management Americas, working in trading and conducting portfolio analysis for the Emerging Markets Equity team and the Global Thematic Equity team managed by Oliver Kratz.

Greg is a 2005 graduate of Georgetown University in Washington, DC where he honed an interest in international affairs and travel in addition to his academic focus in Finance and Economics.

Malissa Pansa-ad

Executive Assistant


Malissa has seven years of experience in politics, government, and policy from the local to federal levels, focusing on social justice issues. For GTP's New York office, she supports the firm's administrative needs and is currently pursuing a master's degree in social work from New York University, with a clinical focus on social justice and family systems therapy for people of color.

George Mar

Chief Technology Officer
Head of Operations


George Mar is responsible for the IT environment and trade operations of GTP. Prior to joining GTP, George was Head of Active Equity Systems at Deutsche Bank Asset Management and held various IT managerial roles at Lord Abbett and Citibank.

George received his Bachelor of Science degree at the NYU Stern School of Business, majoring in Information Systems and minoring in Finance, which is where his interest in financial industry technology began. The experience and knowledge he gained during his time at NYU motivated him to continuously source the right technology tools to improve investment processes.

George has been featured in industry magazines and has participated in panels discussing how EMSs should coexist with OMSs, and the shortening of settlement cycles in US markets.

Dolores Eliot

Chief Compliance Officer
Chief Risk Officer


Dolores, a native New Yorker, attended Columbia University and received her A.B. in Economics. She began her career in asset management in 1993 at Sanford C. Bernstein & Co. (now AllianceBernstein), where she held positions in sales and compliance. She departed Bernstein for Deutsche Asset Management ("DeAM") in 2000, where she joined as the Business Risk Manager for Deutsche's Passive Equity business.

In 2002, Dolores shifted to Deutsche Bank Absolute Return Strategies, DeAM’s hedge fund business, in Summit, New Jersey, ultimately becoming Head of Alternative Investments Compliance for the Americas. She then departed in 2010 to take on the roles of Chief Compliance Officer and Chief Risk Officer at GTP, which she has held since the inception of the firm.


Makiko Matsukura

Executive Assistant


Makiko was born and raised in Japan. After receiving a bachelor’s degree from Lewis and Clark College in Portland, Oregon, she returned home and assisted with media coverage of the Athens Olympics for Asashi Shimbun, Japan’s leading daily newspaper. She then worked for the Ministry of Health, Labour and Welfare for several years, where she traveled extensively throughout Asia and Europe and monitored development projects.

Makiko joined Deutsche Asset Management in 2005, and was paired with Oliver Kratz in 2007. Ever since, assisting Oliver has been her priority at work. Based in Portland, Oregon – in her house among the trees – she proudly holds her antenna high to catch signals from the entire GTP family regarding all professional assistance needs.

GTP offices

Inquiries

NYC office

New York City office

Potsdam office

Potsdam (Berlin) office

The information contained on this web site should not be considered a recommendation to purchase or sell a particular security. Past performance is not indicative of future results. No representation or warranty is made as to the efficacy of any particular strategy or the actual returns that may be achieved. An investment is not a deposit and is not ensured by the Federal Deposit Insurance Corporation or any other government agency or by Global Thematic Partners, LLC, or any of its affiliates.

Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Deteriorating market conditions might cause a general weakness in the market that reduces the overall level of securities prices in that market. Portfolio management could be wrong in its analysis of industries, companies, economic trends and favor a security that underperforms the market.