An Innovation Leaders Fund - Modeling the Link to Growth
Transcript of An Innovation Leaders Fund - Modeling the Link to Growth
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
1/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
DHOHHIZDPOIHCLD@LVQJ\H@Gi`lcohetblCohkFltwllhOhhivd1ihCld`lrsbop
dh`Qustdohl`Qtiak^roalEriwtb
41
Aipyroebt Ohhivdtoih Cld`lrs
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
2/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Pbos`iauglht`ltdocstblgi`lcoheijdjuh`ijaigpdhols
o`lhEffll`dsOhhivdEihCld`lrsivlrtblpdsttlhyldrs
Jovlklydrldsdrld``rlssl`=
4( LxlauEvlQuggdry
6( PblOhhivdEihCld`lrsDhdcysos
1( Gi`lcohedhOhhivdEihCld`lrsJuh`
0( AdslQtu`olsijQdgpclAigpdhols
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
3/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
4 LxlauEvlQuggdry
1
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
4/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Plhyldrsdhdcysosij4>aigpdholssbiwsdacldrcohk
fltwllhohhivdEihcld`lrsbopdh`sustdohl`stiakeriwtb
Qohal6>>6#tblOhhivdEihCld`lrsdhdcysosbdso`lhEffll`tblwirc`sgistohhivdEvlaigpdholsdariss6
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
5/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
6 PblOhhivdEihCld`lrsDhdcysos
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
6/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Jirtblpdst`lad`lwlbdvlfllho`lhEjyohedh`prifflcohe
tblwirc`sgistohhivdEvlaigpdholsdariss6
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
7/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Pblrlbdsdcsifllhoharldsl`d]lhEihwotbohtblfflhdhal
dh`ohvlstglhtaigguhotyihohhivdEih'`rovlheriwtb
riwoheVdhelijDhdcysos=
FusohlssUllk)FAGistOhhivdEvlAigpdholsdhdcysossohal6>>: JirflsPblUirc`sGistOhhivdEvlAigpdholssohal6>44
PbigpsihVlutlrsPip4>>cifdcOhhivdtirssohal6>44
^cusQiglOhhivdEihJiausl`Juh`s=
OTOhtdheofclDssltsOh`lxlsohacu`oheohhivdEihcld`lrsbop Visl^drkD`vosirsohvlstglhtsjiausl`ih`osrupEvlohhivdEih
5
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
8/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
GisthiwrlaiehozltbdtohhivdEihadhfitbtdklgdhy
`olrlhtjirgsdh`rlsuctohdwo`lrdhelijogpdats
^ri`uat Ohhivdtoih
Plabhicieoadc Ohhivdtoih
Qlrvoal Ohhivdtoih
^rialss Ohhivdtoih
Fusohlss Gi`lc Ohhivdtoih
2
Ul drl ciikohe jir d orlat airrlcdtoih fltwllh ljjlatovl ohhivdtoih adpdfocoty dh` sustdohl` airpirdtl eriwtb
Oharldsl` Qdcls
Boeblr Gdreohs
Lhbdhal` Frdh` Zdcul
Dttrdatovl Aucturl jir Pdclht
Hlw Udys ij Uirkohe
Pdheofcl
Ohtdheofcl
Prd`o1ihdc
Lglreohe
PyplsijOhhivdEih LxdgpclOhhivdEihOgpdats
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
9/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Pbluh`lrcyohe`yhdgoasjirsustdohl`ohhivdEih'`rovlh
eriwtbvdrysoehoffladhtcyjrigslatirtislatir
Qlatir
Dorcohls AihsuglrLclatrihoas Lhlrey JdsboihVltdoc Bitlcsdh`Closurl lhlrdcVltdoc ^bdrgdaluEadcs PlclaigIplrdtirs
LxdgpclOhhivd1ihZdcul@rovlrs
Oharldsohedvlrdelrlvlhulplrsldtdh`plrmiurhly ^ri`uaoheaigplccoheohtlerdtl`pri`uatsicuEihs IpEgozoheL*^lfiaolhaytigdxogozlrlslrvlsdaalss Vdpo``lcovlryijih'trlh`pri`uatwotbgohogdcsdclstiak ArldEheeulstlxplrolhalstbdtrdoslrlvlhulplrriig @laiupcohegdreoheriwtbjrigsozlijrltdocspdal Vl`uaohejdocurlrdtlsjirdaalsstihlwgiclaucls Oharldsohedvlrdelgdreohsjrig`dtduslplraihhlaEih
?
Ubocl tblrl drl gdhy aiggih lclglhts# rlaiehozohe tbl `ojjlrlht hdturl ij ohhivdtoih plr slatir os votdc
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
10/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Dttblairlijiurdhdcysos#jirldabslatir#wlciikdtd
rdEiijohhivdEihogpdattitblrlsiuralsflohe`lpciyl`
Ldabdsslssglhtosfdsl`ihdairlrdEi= OhhivdEihIutput
Ulusldpriproltdrygi`lcfdsl`ih`olrlhtslatirwloebEhesdh`rdEisijd
hugflrijklypufcoacydvdocdfcl`dtdohacu`ohe=
V*@Ohtlhsoty IplrdEhegdreohsplraustiglr
Vlvlhul)lgpciyll
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
11/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Uldsslss6
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
12/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Iurgi`lcdhdcyslstbl4>cdrelstaigpdholsohtblsl
slatirsdh`systlgdEadccyslclatstbltipohhivdtirs
6
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
13/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Pblo`lhEffll`OhhivdEihCld`lrsoh6>46ohacu`ldgoxij
lstdfcosbl`biuslbic`hdglsdh`lglreoheaigpdhols
Dlrispdal Dorcohls DutigiEvl AblgoadcsAihsuglr
LclatrihoasLhlrey
Jdsboih
Vltdoc
Jii`dh`
@rohk
lhlrdc
Vltdoc
Bitlcsdh`
Closurl
Biuslbic`
ii`sOhsurdhal
ViccsViyal CuKbdhsd FGU FDQJ Dppcl Ablvrih Oh`otlx Hlstcl Dgdzih Qtdrwii`Vlako\
FlhakoslrBugdhd
OP
Bdr`wdrlOPQlrvoals CieosEas
Gl`oddh`
Lhtlrtdoh(
Gl`oadc
@lvoals
Ifial
^ri`uats^bdrgd
Vltdoc
FdhkoheQiwdrl
Qpirts
ii`s
Plclaig
Lquopglht
Plclaig
Iplrdtirs
Piysdh`
dgls
DVG OFG ^Q Eiiecl Gl`trihoa Adhih Viabl OAOAOFdhk GoarisiK Hokl TudcaiggFbdr
DortlcCLEI
41
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
14/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
PbldhhudcOhhivdEihCld`lrsrlsuctssohal6>>6bdvlfllh
pufcosbl`ohfiiksdh`vodtblohhivdEihcld`lrswlfsotl
Qlatir 6>46 6>44 6>4> 6>>? 6>>2 6>>5 6>>: 6>>>0 6>>1 6>>6
Dlrispdal ViccsViyal ViccsViyal ViccsViyal ViccsViyal Filohe ViccsViyal ViccsViyal Bihlywlcc ViccsViyal LD@Q Bihlywlcc
Dorcohls CuKbdhsd DorHlw]ldcdh` DorHlw]ldcdh` ZoreohDtcdha ZoreohDtcdha ZoreohDtcdha ZoreohDtcdha ZoreohDtcdha QohedpirlDorcohls QohedpirlDorcohls QohedpirlDorcohls
Dutigivl FGU FGU Vlhduct PdtdGitirs FGU Piyitd Piyitd Piyitd Bih`d Bih`d Bih`d
Ablgoadcs FDQJ FDQJ FDQJ FDQJ FDQJ @iw @QG @QG FDQJ @iw @iw
Aihsug lr Lc latriho as Dppcl Dppcl Dppcl Dppc l Qdgsu heLclatrihoas Q dgsu heLclatrihoas Q dgs uheLclatrihoas Q dgs uheLclatrihoas Q dgs uheLcl atrihoas Q dg suheLcl atriho as Q ihy
Lhlrey Ablvrih Qblcc Ablvrih Qtdtioc Qblcc Qblcc F^ F^ F^ F^ F^
JdsboihVltdoc Oh`otlx Oh`otlx Oh`otlx Oh`otlx B*G B*G B*G B*G B*G B*G Oh`otlx
Jii`dh`@rohk Hlstcl Hlstcl Hlstcl Hlstcl ^lpsoAi Hlstcl ^lpsoAi ^lpsoAi @dhihl Hlstcl Hlstcl
ElhlrdcVltdoc Dgdzih Dgdzih Dgdzih Dgdzih UdcGdrt Plsai OLD Plsai Plsai Plsai Plsai
Bitlcsdh`Closurl Qtdrwii` Qtdrwii` Qtdrwii` Qtdrwii` Qtdrwii` Qtdrwii` Qtdrwii` Qtdrwii` Qtdrwii` Qtdrwii` Qtdrwii`
Biuslbi c Eii s Vlako\Flha ko sl r Vlak o\ Flhako sl r Vlak o\ Flhako sl r Vlak o\ Flhako sl r Vlak o\ Flhako sl r Vlak o\ Flhak oslr Vlak o\ Flhak oslr Vlak o\ Flhak oslr ^*E ogflrc ly Ac dr k ^*E
Ohsurdhal Bugdhd DIH Bugdhd Bugdhd Dvovd Dccodhz Dccodhz Dccodhz DLEIH ^ru`lhdc ^ru`lhdc
OPBdr`wdrl DVG DVG DVG DVG Dppcl Dppcl Dppcl Cieotlab Dppcl DG@ DG@
OPQlrvoals OFG Ohjisys OFG OFG Ohjisys OFG Uopri Ohjisys OFG Ohjisys OFG
Cieosas ^Q ^Q ^Q ^Q ^Q ^Q ^Q ^Q Jl`lrdcLxprlss Jl`lrdcLxprlss Jl`lrdcLxprlss
Gl`oddh`Lhtlrtdohglht Eiiecl @oshly @oshly @oshly Eiiecl Eiiecl Eiiecl PoglUdrhlr @oshly @oshly @oshly
Gl`oadc@lvoals Gl`trihoa Qtryklr Qtryklr QtMu`lGl`oadc Gl`trihoa Gl`trihoa Gl`trihoa Gl`trihoa Gl`trihoa Gl`trihoa Flatih@oaklhsih
Ifial^ri`uats Adhih Adhih Adhih Adhih Adhih Blwcl\^dakdr` Adhih Adhih Blwcl\^dakdr` Adhih Adhih
^bdrgdaluadcs Viabl HiviHir`osk HiviHir`osk HiviHir`osk Coccy Hivdrs Hivdrs HiviHir`osk HiviHir`osk HiviHir`osk Glrak
VltdocFdhkohe OAOAOFdhk Qdhtdh`lr Qdhtdh`lr Qdhtdh`lr Bdh`lcsfdhklh Bdh`lcsfdhklh Qdhtdh`lr VFQ BQFA FdhkijDglroad FdhkijDglroad
QiKwdrl GoarisiK Eiiecl Eiiecl Eiiecl GoarisiK GoarisiK GoarisiK GoarisiK D`ifl D`ifl D`ifl
QpirtsEii`s Hokl Hokl Hokl Hokl D`o`ds D`o`ds D`o`ds D`o`ds Hokl Hokl Hokl
PlclaigLquopglht Tudcaigg Muhoplr Tudcaigg Tudcaigg Hikod Hikod Hikod Hikod Tudcaigg Tudcaigg Tudcaigg
PlclaigIplrdtirs FbdrDortlc FbdrDortlc FbdrDortlc FbdrDortlc Plcljihoad HPP@iAiGi Zi`djihl HPP@iAiGi HPP@iAiGi HPP@iAiGi Zi`djihl
Piysdh`Edgls CLEI CLEI CLEI CLEI CLEI Hohtlh`i Hohtlh`i Hohtlh`i Hohtlh`i Hohtlh`i Hohtlh`i
40
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
15/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
1 Gi`lcohedhOhhivdEihCld`lrsJuh`
4
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
16/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
OhtlrlstjrigohvlstirsohtblOhhivdEihCld`lrsdhdcysos
rdosl`slvlrdcqulsEihsdfiutdpitlhEdcjuh`gi`lc
TulsEihsrdosl`fyaigpdhols#ohvlstirsdh`juh gdhdelrsohacu`l`=
OjaigpdholsiutplrjirgpllrsihohhivdEih#biw`ilstbosogpdatvdcul9 Adhyiuprivltblacdogl`cohkfltwllhohhivdEihdh`iredhoaeriwtb9 Ojihlbd`ohvlstl`ohtblslaigpdholswbdtwiuc bdvlfllhivlrdccrlturhs9 Biwwiuc`tblslohvlstglhtbdvlplrjirgl`tbriuebiutlaihigoaayacls9 Biwwiuc`tbosplrjirgdhalaigpdrltislatirdh`ariss'slatiroh`oals9 Ubdtaigpdhols)slatirswiuc`daaiuhtjirtblerldtlstaihtrofuEih9 Aiuc`tbosdhdcysosfltblfdsosijderiwtbohvlstglhtjuh`9 Ojsiwbdtwiuc`bdvlfllhtblklyplrjirgdhalrlsuctsijsuabdjuh`9
4:
Pbl jicciwohe pdels `ltdoc tbl dppridab tdklh ti gi`lc tbos dh` tbl rlsucts ij tbl dhdcysos
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
17/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Ulbdvlgi`lcl`biwtlhyldrsijdhOhhivdEihCld`lrs
piricoiwiuc`bdvlplrjirgl`dsdhohvlstglhtjuh`
Gi`lcsbdvlfllharldtl`tbdtsbiwtblplrjirgdhalijdjuh`fdsl`ih=
OhvlsEheohtblgistohhivdEvlaigpdhyplrslatirldabyldr Bic`ohetblslstiaksjir6yldrsfljirlrlfdcdhaohetblpiricoi VlohvlsEhedccadpotdcdh`priffltsdttblhlh`ijldab6'yldrbic plroi`KlydssugpEihsgd`lohtblgi`lcoheohacu`l=
Lqudcvdculohvlstglhtsgd`lohoEdccyohdccaigpdholsohir`lrticogotlxpisurltidhyihlboebirciwplrjirgohestiakirslatir
Dhdcysososoh`lplh`lhtijaurrlhtstiakproalsdh`sbirt'tlrggdrkltstuatudEihs
45
Ul bdvl usl` ihcy tbl pufcosbl` rlsucts ij tbl ohhivdtoih cld`lrs dhdcysos jir stiak slclatoih
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
18/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
UldssugldhdvlrdeltwiyldrohhivdEih'ti'ogpdat
plroi`sidrlciikoheupstrldgijgistdsslssglhts
PogltiGdrklt"PPG/vdrolsdariss`olrlhtslatirs=
l(e(
Gdhylxplrtsaihsuctl`slltbdt6yldrsPPGosdhdvlrdeldarissdcc6
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
19/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Dfdak'tlstijtblOhhivdEihCld`lrsJuh`dedohstQ*^>
sbiwsdacldriutplrjirgdhalivlrtblpdsttlhyldrs
Dvdculij14
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
20/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Pbriuebiuttblpdst`lad`ldhOhhivdEihCld`lrsJuh`
wiuc`bdvlaihsostlhtcyiutplrjirgl`gdmiroh`oals
_ldr OCJ GQAOcifdc Q*^>PV HDQ@DT JPQL
6>>6 "41 15, 10, 6?, , 40,
6>>0 14, 4>: 6:, 64, 4:, 4>, 44,
6>>5 6, , 0,
6>>2 "0>,/ "0>,/ "15,/ "04,/ "14,/
6>>? 4> 14, 46, 444 4, "46 64, :, ?, 41, >,
4>_rDvlrdel 45, ?, 2, 44,
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
21/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Ihdqudrtlrcyfdsosivlrtblpdst`lad`l#tblgi`lcl`
juh`wiuc`bdvlsbiwhwlccdfivl'dvlrdelrlturhs
_ldr Tudrtlr4 Tudrtlr6 Tudrtlr1 Tudrtlr0Dhhudc
Pitdc
6>>6 "?,/ "41,/ 5, "4>1 "6,/ 41, 44, 46, 15,
6>>0 5, 0, 0, 41, 14,
6>>, "6,/ 4>, 5, 4>: :, >, :, 46, 6:,
6>>5 1, 4>, 2, 1, 6>2 "2,/ "46 4
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
22/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Pbldhdcysosdcsisbiwstbdttbldvlrdelbic`plroi`ijtwi
yldrsosoh`ll`ipEgdc
Ulbdvltlstl`iur6'yldrbic`plroi`dedohstitblrplroi`s#dh`sbiwhtbdtot`lcovlrstblflstrlsucts
>(>>!
>(!
4(>>!
4(!
6(>>!
6(!
1(>>!
1(!
0(>>!
0(!
4/Dpr/>6
4/Due/>6
4/@la/>6
4/Dpr/>1
4/Due/>1
4/@la/>1
4/Dpr/>0
4/Due/>0
4/@la/>0
4/Dpr/>:
4/Due/>:
4/@la/>:
4/Dpr/>5
4/Due/>5
4/@la/>5
4/Dpr/>2
4/Due/>2
4/@la/>2
4/Dpr/>?
4/Due/>?
4/@la/>?
4/Dpr/4>
4/Due/4>
4/@la/4>
4/Dpr/44
4/Due/44
4/@la/44
4/Dpr/46
JdatirijOho#dc
OCJZdcul
^lrjirgdhal%dh`%Bic`ohe%^lroi`s%
4/_ldr!
6/_ldr!
1/_ldr!
0/_ldr!
Bic`ohe!
^lroi`s!
66
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
23/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
PblgdmirpiricoiaihtrofuEihaiglsjrigsiglwlcc'
khiwhfrdh`sdswlccdsdhugflrijlglreoheohhivdtirs
61
Piprlturhsjrig6>46stiaks ,rlturh
DVG
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
24/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Itblrpufcosbl`dsslssglhtsijohhivdEihplrjirgdhal`i
hitprivo`laigpdrdfcljuh`rlsucts
PblFA)FusohlssUllkGistOhhivdEvlAigpdholsVdhkohesbdsdcsiboebcoebtl`tblgistohhivdEvlaigpdhols#fdsl`ihpllripohoihsurvlys
\sohedsogocdr6'yldrbic`oheplroi`jirtbltip6>:#dFusohlssUllkoh`lxuh`lr'plrjirgsdedohsttblOCJ
>(>>
>(
4(>>
4(
6(>>
6(
4'Dpr'>:
4'Muc'>:
4'Iat'>:
4'Mdh'>5
4'Dpr'>5
4'Muc'>5
4'Iat'>5
4'Mdh'>2
4'Dpr'>2
4'Muc'>2
4'Iat'>2
4'Mdh'>?
4'Dpr'>?
4'Muc'>?
4'Iat'>?
4'Mdh'4>
4'Dpr'4>
4'Muc'4>
4'Iat'4>
4'Mdh'44
4'Dpr'44
4'Muc'44
4'Iat'44
4'Mdh'46
OCJ
Fusohlss Ullk %oh`lx%
60
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
25/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
0 AdslQtu`olsijQdgpclAigpdhols
6
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
26/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
PblOhhivdEihCld`lrsdhdcysosdh`tbljuh`gi`lcsbiw
biw`olrlhtaigpdholslxpciottblorohhivdEihpriwlss
Blrlwlprifflclhohlijtblaigpdholstbdtbdvl`lvlcipl`uhoqulohhivdEih
aigpltlhalsdh`usl`tblslti`lcovlrsustdohl`eriwtbohgdrkltvdcul
6:
Pblsldh`itblraigpdholsdrllxpcirl`oh`ltdocohiurrlalhtfiikEriwtbAbdgpoihs
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
27/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Dgdzihosvlryguabdtlabhiciey'jiausl`aigpdhyusohe
dh`sbdroheadpdfocoElswlccflyih`otsairlrltdocfusohlss
Jorstprifflcl`ohDproc6>>? QohalDproc6>>?=
Qtiakproaleriwtb=6:1,"ADV04,/ Dcpbd"vs(slatir/=1(?,
Gdmirjiausihfusohlssgltbi`sO^ LxplrtcylxpcioEheaustiglr`dtd \hoqulcyd`dptdfcldh`rlsocolht Clvlrdeohedssltswlccflyih`rltdoc
65
Qbd`l` drld= Qtiak oh OCJ pirtjicoi
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
28/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
DVGostblbo``lhoherl`olhtohgdhygifocl`lvoalsdh`
ldrhseriwoherlvlhulsjrigtlabhicieycoalhsohe`ldcs
@lsoehihalcoalhslgdhyEglsgi`lc @igohdhtdarisssgdrtpbihls Ohtlcclatudcpriplrtypiwlrbiusl Ivlr0>>strdtleoapdrthlrsbops
Jorstprifflcl`ohDproc6>>? QohalDproc6>>?=
Qtiakproaleriwtb=240,"ADV50,/ Dcpbd=4:(0,
62
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
29/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
OAOAOseriwtbosflohe`rovlhfy`lcovlroheaigplEEvl
rltdocpri`uatsdarissdboebcylfiaolhthltwirk
Oh`odsslaih`cdrelstfdhk Clvlrdeohetlabhicieyvlrywlcc ArldEhehlwpcdirgsjirots
furelihoheaustiglrfdsl
Jorstprifflcl`ohDproc6>46 QohalDproc6>46=
Qtiakproaleriwtb=14,"ADV1>,/ Dcpbd=44(1,
6?
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
30/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Oh`otlxdh`otsdrdfrdh`osiplhohe4>hlwstirlsdwllk
dstblsuppcy'abdoh'`rovlhaustiglrlxplrolhalwohsiut
cifdccld`lrohJdstJdsboih Jdst`laosoihgdkoheaucturl JclxofclstirlcieosEas
Jorstprifflcl`ohDproc6>>6 QohalDproc6>>?=
Qtiakproaleriwtb=66?,"ADV1:,/ Dcpbd=?(5,
1>
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
31/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Uotbhlwciuhels#hlwsldts#hlwriutlsdh`hlwpcdhls#
Luriplscdrelstdorcohlosstyohedbld`ijtblaigplEEih
Cld`oheihprlgougdortrdvlc Gdxogozoherlvlhulplrpcdhl LxpcioEhehltwirklfiaolhaols Hiwslhetblecifdcstdh`dr`s
Jorstprifflcl`ohDproc6>46 QohalDproc6>46=
Qtiakproaleriwtb=1?,"ADV44,/ Dcpbd=>(2,
14
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
32/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
BdvoherlpisoEihl`otspiricoi#Hlstclosjiausl`ih
ohhivdEihdarissotsfrdh`sdh`lglreohegdrklteriwtb
Cld`oheihhutroEihdh`bldctb 45wlccjiausl`ecifdcV*@alhtlrs Qtrihelglreohegdrkltpiricois Vlohvlhtl`aillaihsugpEih
Jorstprifflcl`ohDproc6>>6 QohalDproc6>>5=
Qtiakproaleriwtb=6:,"ADV0,/ Dcpbd=>(
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
33/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
HiviHir`oskosrlohvlhEhetbldppridabtiabrihoa
bldctbadrlohhivdEheihtblrdpolsdh``lcovlrysystlgs
^rl'lgohlhtoh`odfltlsdrlhd Cld`lrsohogprivohe`rue`lcovlry Pdakcohedgdmirecifdcabdcclhel Lgpciyohed`ovlrsoffll`sltijtiics
Jorstprifflcl`ohDproc6>>1 QohalDproc6>>?=
Qtiakproaleriwtb=62
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
34/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Vlako]Flhakoslrs41tbyldrijaihstdhteriwtbos`rovlhfy
jdstoharlglhtdcohhivdEihdh`piwlr'frdh`lxpdhsoih
Iutpdals^*#\hoclvlrdh`Aicedtl AucturlijohalssdhtohhivdEih @iufcl`oeotstiakproaleriwtb Qadcohejdstdh`lxpdh`ohepiricoi
Jorstprifflcl`ohDproc6>>>
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
35/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
ViccsViyalstlabhicieycld`lrsbopdh`PitdcAdrlfusohlss
gi`lcgdklsottblprljlrrl`pdrthlrjirgdhydorcohls
Cld`lrohslrvoalfusohlssgi`lc CihetlrgtlabhicieyaiccdfirdEih LxlauEhedh`6>yldrvosoihs
Jorstprifflcl`ohDproc6>>0 QohalDproc6>>0=
Qtiakproaleriwtb=114,"ADV42,/ Dcpbd=1(0,
1
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
36/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
< Aihacusoihsdh`OhvlstglhtIppirtuhoty
1:
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
37/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
DhOhhivdEihCld`lrsJuh`wiuc`bdvliutplrjirgl`dcc
gdmiroh`oals#lvlhohacu`ohelxabdhelrdtlaists
OhhivdihCld`lrsJuh`"OCJ/Fdak'tlstusoheFciigflre`dtd#fdsl`ihprlvoiuscypufcosbl`stiakpoaks(
Aigpiuh`DhhudcEriwtbVdtl=40((5
Hitdaaiuhhejirtrdhsdaihjlls
15
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
38/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Ulbdvlsbiwhd`orlatairrlcdEihfltwllhllaEvl
ohhivdEihadpdfocotydh`sustdohl`airpirdtleriwtb
PblOhhivdEihCld`lrsdhdcysosprifflclstblgistllaEvleriwtbaigpdhols Ciikohedariss6
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
39/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
OjtblOhhivdEihCld`lrsdhdcysosbd`fllhdjuh`#gdhy
ohvlstirsaihsuctl`wiuc`bdvljiuh`otvlryaigplccohe
Dpufcosbl`tlhyldrtrdakrlair`ijo`lhEffll`ohhivdEihcld`lrs Dsogpcl#trdhspdrlht#juh`dglhtdcs'fdsl`dppridab ^rivlhcihe'ihcyiutplrjirgdhaldedohstklyflhabgdrkoh`oals Djrlsbdppridabtbdtciiksupstrldgijtblgdmirotyjirohsoebt Cdrelboebcycoquo`stiaksblc`darissd`ovlrsoffll`slatirpiricoiKly@dtd=
Aigpiuh`DhhudcriwtbVdtl=40((5
1?
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
40/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
Iurairltldgbds`llplxplrolhalohohhivdEihprialssls
darissgucEpclfusohlssslatirs#dh`strihedad`lgoaEls
Gd]Cdpihtl
Dhdcyst#OhhivdLihCld`lrsJuh`
Gd\bdsdFDoh^bocisipbydh`
LaihigoasjrigFriwhhovlrsoty(
BlcovlsohHlw_irk#H_(
0>
PogMihls#^b@
Jiuh`lr#OhhivdLihCld`lrs
Ai'Jiuh`lr#OhhivdLihCld`lrsJuh`
Pogcld`stbldhhudcrlsldrabijtbl
OhhivdihCld`lrs (Blosai'jiuh`lrijtbl
EriwtbDelh`ddh`JuturlDelh`d'tbl
wirc`%sfflrstiplhjirlsoebtprierdg(Blos
tbldutbirij2fiiksihohhivdih#eriwtb
dh`lglreohetrlh`sdh`rleucdrcy`lcovlrs
tdcksihtblsltipoas(BlcovlsohCih`ih#(
Qtlpblh@(Mibhstih#GFD
Ai'Jiuh`lr#OhhivdLihCld`lrsJuh`
Qtlpblhostbljiuh`lrijohhivdih
aihsuctdhayJir`adstcldh`ij
Deohe6(>#decifdcfusohlsshltwirk
jirtbl+gdrklt(Blosai'dutbirij
EriwtbAbdgpoihsdfiikdfiuttbl
siuralsijsustdohdfcleriwtb"Uocly
6>46/(BlcovlsohHlw_irk#H_(
Lxtlhsovlohhivdihaihsuchelxplrolhalwotbcld`oheguchdihdcs
Dad`lgoafdakeriuh`
-
7/23/2019 An Innovation Leaders Fund - Modeling the Link to Growth
41/41
UUU(OHHIZDPOIHCLD@LVQ(IVE
DHOHHIZDPOIHCLD@LVQJ\H@
Gi`lcohetblCohkFltwllhOhhivd1ihCld`lrsbop
dh`Qustdohl`Qtiak^roalEriwtb
41
PogMihls#^b@"EgmihlsNohhivdEihcld`lrs(ire/