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Thematic Investing

Thematic Investing (TI) develops portfolios that benefit from long-horizon investment themes across the globe. Our in-depth research informs a view on the business impacts of innovations in technology, business models and demographics – in some cases for decades into the future.

We look for opportunities where the long-term implications of these structural changes are not fully reflected by market prices. We invest in public or private companies with an objective of generating long-term outperformance relative to global equity markets.

TI Theme portfolios:

  • TI’s Automobility portfolio aims to capture thematic growth from the shift in transportation to autonomous, electric and on-demand mobility by investing in the best positioned public and private companies across the value chain. The Automobility portfolio is diversified across areas such as auto suppliers, industrials, technology, battery supply chain, materials, charging and mobility services.
  • TI’s Climate Change Opportunities theme has identified three structural shifts: Physical changes in our environment; transitions in technology, regulation and policy; and shifting patterns of consumption. TI-CCO will invest in “solutions providers,” defined as companies with products or services well positioned to respond to structural shifts, whilst hedging against those companies least likely to navigate them successfully.
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  • TI’s Data-to-Value portfolio aims to capture thematic growth from the increasing digital contributions to enterprises’ capital returns. The Data-to-Value portfolio invests in both public and private companies diversified across geographies, industries addressed, and ecosystem roles from foundational enabler to differentiated adopter.
  • TI’s Innovations in Health Care strategy is focused on investing in the businesses that are best positioned to benefit from rapid technological change. The maturation of genomic read-write technologies coupled with the application of modern analytics is enabling a shift to a more systematic approach to understanding and engineering biology and creation of novel interventions and patient-centric care. We are building a diversified portfolio of investments in both private and public securities providing exposure to structural changes that will transcend traditional sector barriers and cannot be obtained through passive investment.
  • TI’s Retail 4.0 portfolio aims to capture thematic growth from the global shift to Online Retail by investing in the best positioned public and private companies across the value chain. The Retail 4.0 portfolio is diversified across several categories ranging from marketplaces, omni-channel retailers, warehousing, logistics, intralogistics, software and payments.

Our Team

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Toronto
Hong Kong
San Francisco

The TI team is comprised of experienced professionals with offices in Toronto, London, San Francisco and Hong Kong. Here is a listing of all our senior team members, categorized and searchable by city.

The TI team is comprised of experienced professionals with offices in Toronto, London and Hong Kong. Here is a listing of all our senior team members, categorized and searchable by city.

The TI team is comprised of experienced professionals with offices in Toronto, London and Hong Kong. Here is a listing of all our senior team members, categorized and searchable by city.

Leon S. Pedersen

Managing Director, Head of Thematic Investing

Leon is a seasoned thematic investing professional, with global experience at high-profile investment management organizations.

Prior to joining CPP Investments in 2019, he worked for 22 years at Nordea Investment Management, and most recently spent four years as Head of Equities for Denmark-based BI Asset Management. In 2003, Leon co-authored The Thematic Investment Process, which highlights several themes still relevant today.

Leon holds BS and MS degrees from Copenhagen Business School in Denmark, and attended the executive program at Singularity University in California in 2013. He is a CFA charterholder.

Daniel Fetter

Senior Portfolio Manager, Thematic Investing

Dan leads a team that invests in private companies and special opportunities – and joined Thematic Investing in 2016 to help build the Special Opportunities group. He was previously a founding member of the Infrastructure team, responsible for the origination, execution and board oversight of several investments in both developed and emerging markets.

Prior to joining CPP Investments in 2006, Dan was part of a turnaround team focused on corporate restructuring and P&L improvement at TELUS. Before that, he was a management consultant at the Boston Consulting Group in Toronto.

Dan holds an MASc in Mechanical Engineering from the University of Toronto and an MBA from INSEAD (Paris and Singapore).

Paul McCracken

Senior Portfolio Manager, Thematic Investing

Paul is responsible for building our thematic portfolios through equity investments in private and public companies focused on innovations in health care. Prior to that, he was responsible for leading the launch and scale-up of the global health care portfolio for the Active Fundamental Equities team, and building the Active Equities health care team.  

Prior to joining CPP Investments in 2009, Paul was a Senior Vice President at Barclays Capital and Lehman Brothers in New York, leading the Health Care Desk-Based Analytics team for trading in public equities and equity derivatives. Previously, Paul held a series of positions in financial services, private start-up ventures, and strategy consulting.  

Paul holds a B.A.H in Chemistry and English, a B.Sc.H in Chemistry, and a Ph.D. in Organic Chemistry from Queen’s University in Kingston, Ont.  

Kyu Ho

Senior Portfolio Manager, Thematic Investing

Kyu leads the Asia team, which invests in public and private companies as well as funds exposed to long-horizon secular growth driven by demographic shifts and disruptive technologies.

Prior to joining CPP Investments in 2016, Kyu was a senior fund manager at Value Partners and was previously Founder and Chief Investment Officer at long/short equity fund Wuzhu Asia Partners in Hong Kong, focused on Asia Pacific equities. He also served as Director of Asia Research at Kingdon Capital Management in New York. Before that, Kyu worked at Cantillon Capital Management, Oaktree Capital Management, and the Pritzker Organization.

Kyu holds a BA in Economics from Northwestern University and an MBA from the Wharton School at the University of Pennsylvania.

Caitlin Walsh

Senior Portfolio Manager, Thematic Investing

Caitlin is responsible for building thematic portfolios exposed to long-term secular growth and recently established our San Francisco office for Thematic Investing. Caitlin is a founding member of the Thematic Investing team in Toronto, leading proprietary research into themes and investing in companies expected to benefit. 

Prior to joining CPP Investments in 2014, Caitlin led strategy consulting teams at Bain & Co. She also worked at Basswood Partners, a New York based hedge fund, and at Merrill Lynch.  

Caitlin holds a BS in Mathematics from McGill University and an MBA from the University of Chicago Booth School of Business.  

Our Active Equity Holdings

We are invested globally in public and soon to be public companies, as well as securities focused on long-horizon structural changes.

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