We believe that differentiation and innovation are paramount for both high street and online brands as well as for suppliers of consumer products. Companies that can anticipate lifestyle changes and consumer needs are more likely to achieve success. Our investments have focussed on highly differentiated businesses, often market leaders in their niche, with strong brands.
Our consumer investments have fared very well, even during periods when general trading conditions have been generally difficult. We think this is a reflection of how rigorously we adhere to our investment criteria, making sure the consumer brands we back really do have something different and essential to offer to their customers.