BNY Mellon Investment Management has launched the BNY Mellon Mobility Innovation fund, a thematic mandate replicating a $3bn strategy running in Asia.
Managed by Sean Fitzgibbon and his team at The Boston Company, part of BNY Mellon Asset Management North America, the long-only global equity fund will target long-term capital growth by investing in companies disrupting the mobility sector.
This includes companies across the market-cap spectrum in areas such as software and data, infrastructure, electric vehicles and ride-sharing applications.
A similar fund was launched at the start of the year for the Asian market, which is now $3bn in size.
Fitzgibbon is lead portfolio manager for the firm's thematic active equity solutions strategies and has worked as a portfolio manager since 2002.
Hilary Lopez, head of European intermediary distribution at BNY Mellon IM, said the mobility theme had "significant tailwinds" over the coming years.
"Mobility innovation will profoundly impact businesses, governments and consumers by materially altering interactions across the mobility landscape.
"Notable advancements in technology, coupled with increasing urban populations and environmental challenges, are all combining to create a transformational shift in the types of firms we can invest in today.
"This is a long-term theme that is likely to see significant tailwinds over the next few years and we look forward to building upon the successes we have seen with other thematic portfolios managed by The Boston Company."
Lead manager Fitzgibbon added: "Since themes cut across market cap, sectors and geographies, expertly understanding the long-term investment opportunity through the lens of a global research platform comprised of tenured research analysts is critical. Unfortunately, many thematic investors end up doubling up on exposure to the large cap names that dominate indices.
"Because of our broader thematic definition and deep research platform, we build a portfolio comprised of our best ideas and structure it in a risk-controlled manner. We believe this offers investors better exposure to the mobility innovation theme at an early entry point."
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