The 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 and private clients access to unique long-term wealth creation opportunities underpinned by innovative thinking, deep research and disciplined process.

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 measure it – we will. If we can test it – we will.

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

Our Guiding Beliefs

Structural change is non-linear

Human factors are critical

Valuable, inimitable assets can be mispriced

Looking beyond the next 12 months yields rewards

Uncertain timing creates opportunities

Forecasting the un-forecastable is futile 

Unconventional thinking can yield new insights

Some things never change

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. 

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

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 over 1,200 company meetings each year 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.

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

Comprehensive monitoring, engagement and follow-up is central to our investment process and conducted directly by the portfolio management team. Many of our themes speak directly to key topics in responsible investing.

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

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. 

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

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 meet different risk and return objectives. 

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 reveals 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 an 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.

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.
  • Businesses which combine long-duration operating businesses with conservative financial management are more forecastable and face lower fundamental risks as compared to the broader investment universe – yet often lie outside traditional "quality" screens.

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 unprecedented scale.

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.

Perspectives

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

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

Generating Insights from Big Data

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

People

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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, Germany.

Portfolio Managers

Oliver Kratz

Global Thematic Equity
Long Duration Equity


Educated in Boston, Frankfurt and Prague, Oliver and earned his PhD focusing on 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 focusing on frontier markets. After losing their building in 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 become 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 decay of trends and societies, but only to find out what may have lasting value.

Oliver authored Frontier Emerging Markets Security Analysis and Price Behavior about 20 years ago – a book that, at the time, attempted to make sense of frontier securities. Oliver spends his time between New York, Berlin, Frankfurt and other places that warrant a more disciplined inquiry and analysis. 

Terrence Gray

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 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 this portfolio.

Jian Tao

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 Bank Asset Management, and transitioned to GTP during the spin-off in 2010. He is now a Portfolio Manager for the Bottom Billion Strategy. Having witnessed China’s migration into a middle class country, Jian is interested in leveraging insights from China to look for investment opportunities in bottom billion countries. He also covers 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

Global Thematic Equity

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 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

Global Thematic Equity


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

Digital Health


Stefan graduated from 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 Asian Institute of Management in Manila, Philippines and 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 has constantly encountered 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 later 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 Berlin and became a Portfolio Manager of the Digital Health Strategy beginning of 2019.

Investment Team

Victor Rosenblit

Director of Research



[ Biography to be updated ]

Born and raised in the Black Forest, Germany, Stefan has been influenced by a 

Markus Polleichtner


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 likes analyzing more complex investment cases. Outside of work he likes to challenge himself doing various sports, such as freeride skiing and tennis.

Huseyin Turan


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 2019, 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.

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 spend 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.

Peter Crays

Director, Client Relations


Peter Crays is a Director of Client Relations and a member of the Investment Team. He has been with Global Thematic Partners since its founding in the summer of 2010. Prior to GTP, he served as a research analyst on the Global Thematic Equity team at Deutsche Asset Management Americas (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.

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.

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




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Business and Operations

Michael Colón

Chief Operating Officer, Chief Financial Officer


Prior to the founding of GTP, Michael served in various capacities as a Chief Operating Officer, including as COO of the U.S. Asset Management Division of Deutsche Bank (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.




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Gregory DeTrolio

Vice President, Global Trading


Greg DeTrolio is a Vice President of Global Trading. He joined the trading desk at Global Thematic Partners at its founding in the summer of 2010. Prior to GTP, he was at Deutsche Asset Management Americas, working in trading and portfolio analysis capacities 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 focuses in Finance and Economics.

Malissa Pansa-ad

Office Manager


Malissa has seven years of experience in politics, government, and policy from the local to federal levels, focusing on social justice issues. She happily supports GTP in its administrative needs and is currently pursuing an 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.

Dolores Eliot

Chief Compliance Officer, Chief Risk Officer



[ Biography to be updated ]

Born and raised in the Black Forest, Germany, Stefan has been influenced by a 

George Mar

Head of Technology and 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 in Deutsche Bank Asset Management and held various IT managerial roles in Lord Abbett and Citi.

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

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

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 Security Driver for senior executives at Bankers Trust and then Deutsche Bank.

Ray began his career in asset management in 2001 as Business Manager for the DBARS 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 eventually began trading for the Global Thematic Investment strategy.

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

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 coverage of the Athens Olympics at 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 and looking after his well-being has become her life’s work. Based in the GTP Portland office – her house among the trees – she proudly holds her antenna high to catch signals from the entire GTP family regarding all assistance needs.

Inquiries

New York City office

Potsdam 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.