While we evaluate opportunities across a variety of different industrial, service, business-to-business and consumer industries, we have deep understanding and experience in a core set of sectors we believe exhibit attractive long-term investment characteristics.
We believe that the energy sector is and will continue to be a high value and growing sector of the global economy. Our ongoing ownership of Sprague will provide us with a platform from which to identify other attractive infrastructural opportunities within the industry.
Our thesis for investing in the energy sector is based upon the following beliefs:
The fact that the water sector is enormous and destined to continue growing over time have been central factors in our choice to make it an ongoing investment focus.
However, a very large percentage of the market remains in the hands of the public sector where the costs of operation are higher than the fees collected and the economics are subsidized by government tax levies.
An equally large quotient of the market includes low margin, globally consolidated engineering firms, or fragmented local contracting companies.
Accordingly, we tend to focus on a sub-set of niche opportunities that we believe offer more attractive, market-based economic returns in the current environment, including:
We also simultaneously monitor the development of new technologies, services, and business models for their potential to open new avenues of participation.
Despite pressures to rein in increasing spending, we believe that the healthcare technology sector will continue to be a large and growing area of the global economy, driven by aging populations, growth in the global middle class, and expectations for an improving quality of life and care.
We believe that the most appealing areas of the healthcare sector for AJI will be those underlying product and service businesses supporting health care discovery and delivery – areas which we call the “infrastructural” elements of the industry. These areas have some shared characteristics, including:
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