Jeff Munroe- Newton Investment Management Ltd.

Deleveraging is among this manager's 14 themes.

Michael Ryval 22 February, 2013 | 7:00PM
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Jeff Munroe doesn't get hung up about what he calls "noise" in the global markets, such as the state of China's economy and the U.S.'s ability to deal with its massive government debt. Instead, the Canadian-born lead manager of the $105-million TD Global Growth takes a longer-term perspective, relying on investment themes to identify promising names.

"We like to create a longer-term framework for our themes, which are our guide for how we see the world unfolding," says Munroe, 48, investment leader, global equities, at London, England-based Newton Investment Management Ltd. "Before the financial crisis we had some very clear thoughts on how we saw the world going. We've evolved our themes through the crisis, and are at a point where we believe that deleveraging is an important phenomenon in the world. Our view is that consumption will be subdued and governments are looking to retrench."

While deleveraging is one of the 14 themes, others include the networked world, financial concentration and large-cap laggards. "Each one of the themes is looking to capture a certain trend we see in the world," says Munroe. "What we have done in the past couple of years is describe some themes in terms of a challenge -- and deleveraging fits in that category. But other themes, such as the networked world, are more of an opportunity and are very positive."

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Michael Ryval

Michael Ryval  Michael Ryval, a regular contributor to Morningstar, is a Toronto-based freelance writer who specializes in business and investing.

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