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Portfolio Manager’s Summary 3
Retiring Baby Boomers 9
Opportunity #1: An aging population provides a tailwind for the healthcare sector 13
Opportunity #2: Financial services are needed to address both pre-retirement and post-retirement needs 17
Opportunity #3: Baby Boomer spending declines and shifts from discretionary items to necessities 22
The expanding global middle class 25
Opportunity #1: Emerging markets are THE story in consumer staples for decades to come 30
Opportunity #2: Food, feed and fuel to drive agricultural demand growth 34
Opportunity #3: Increasing discretionary income to drive incremental demand across the TMT universe 37
Opportunity #4: While prosperity is rising, the highest growth regions remain financially underserved 41
Opportunity #5: Global infrastructure growth and rising commodity demand 43
Generational waves after the Baby Boom 49
Opportunity #1: Millennials are tech-savvy and connected 52
Opportunity #2: Millennials consume media differently 55
Opportunity #3: Millennial consumers embrace e-commerce 57
Opportunity #4: As Millennials become parents, Generation Z looms 61
Appendix 63

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