Dear Supporter,

Throughout history, the cross fertilisation of ideas between people has created extraordinary outcomes and opportunities. Improving technological infrastructure, transport accessibility, healthcare R&D, an emerging consumer and a 24-hour news cycle are some of the elements that have facilitated idea sharing in recent times. Trends that may have taken decades to develop are being brought forward in a matter of years. Whilst challenges remain, humans have achieved phenomenal progress by building on existing resources to create the future. It is through this pragmatic and optimistic lens that I am delighted to launch Conduit Capital managed discretionary accounts, investing in global shares.

I believe compelling investment opportunities across sectors and geographies will arise in the medium term, due to enormous demographic and structural shifts. For example:

In less than a decade

• 70% of the global population will be Millennials and Gen-Z (those born between 1981-2012)

In the next 15 years

• Up to 40% of companies in the Fortune 500 will change

In the next 20 years

• The largest intergenerational wealth transfer in history will have occurred, with an estimated transfer of assets worth $25 trillion

If these forecasts are remotely accurate, there will be a range of intended and unintended consequences with political, economic, social and cultural ramifications. Industries will be born, the next generation of leaders will emerge, human capital will adapt and more. The tastes, preferences, beliefs and values of the consumer of tomorrow, may differ from prior generations. Many of the incumbents, be it companies, industries or countries, may be unable (or unwilling) to change and innovate. This has been constant for many thousands of years, as winners and losers diverge.

Our team aim to be your conduit to the rest of the world by identifying the companies that we believe to be the global champions of today & tomorrow. Our research, investment process and risk management framework has been developed over 15 years of investing.

We give significant consideration to environmental, social and governance issues and the impact companies have on the community and world. We will not invest in tobacco, gaming, factory farming or fossil fuels.

Whilst I am a proud Australian, I spent the past decade in London and have visited 50+ countries. I am a Millennial and it is my peer group that will be at the epicentre of these structural and demographic changes.

If you entrust our team with your savings, I can assure you, that we will work as hard as possible to grow them. I have significant skin in the game and am fully aligned with investors.  

We look forward to building communication with you and sharing ideas throughout the journey, in various mediums, that isn’t littered with financial jargon. I am one call away.

What an exciting time to be alive!

Jack Dwyer

Founder & CEO