Global manufacturing has entered a new regime. Electrification is intensifying as a structural driver of energy demand, industrial investment and geopolitical leverage – reshaping not just energy markets, but industrial power.

The dominance of today’s largest companies, particularly tech giants like Apple and Microsoft, has led to an extreme market concentration. However, as this paper shows, this is not historically unique.

Computing's evolution, epitomized by Qualcomm/ARM, Samsung/Apple, and Google/Facebook/Uber in the mobile era, shifts from semiconductors to infrastructure to software/services, a pattern expected to repeat in the emerging GenAI era.

Med høy stabilitet, betydelig erfaring kombinert med kontinuitet i filosofi og prosess har vi i snart 40 år vist at langsiktig overlegen avkastning er oppnåelig. Våre kunder er trygge på at vi vil fortsette å levere meravkastning og velger å investere hos oss tross hard konkurranse med kapitalforvaltere fra hele verden. Vi ser frem til de neste tiårene, konkurrere i kapitalforvaltningens Champions League og ivareta den viktige rollen som aktiv kapitalforvalter.

Energy transition solutions need to be aligned with the energy trilemma of sustainability, security, and affordability. We see 5 broad building blocks for reaching net-zero longer term.