Where will we find the growth for the growth part of portfolios? It is certainly to be found in tech and healthcare, probably in emerging markets. Without rapid growth, this crucial part of the portfolio is likely to underperform. We NEED growth!

For much of the last decade, this turned out to be a profitable theme. But it may not continue to be helpful going ahead.

Firstly, the whole idea is based on the totally out-dated terminology of “Income Assets” and “Growth Assets”. Today, the former provide no income whereas the majority of future returns from most growth assets are likely to come from in...