With that in mind, the global equity portfolios I construct tend to be focused on the proven stocks and themes with the potential to produce gains for investors over the very long term. 

Healthcare is a rare sector that has the capacity to be both defensive and durable, but also a structural growth story as a result both of the capacity for innovation to enhance returns in future, and of demographics to alter the supply and demand characteristics of the sector.

Simon Edelsten was a global equity fund manager for 40 years