Unprecedented demographic changes are under way across the world, and their speed and magnitude are greater than ever before. Like the technology disruptions overturning conventional wisdom about industries and business models, demographic disruptions will force countries to
rethink foundational policies around retirement, labor force participation, healthcare and much more. Investors will need to rethink savings and spending objectives over much longer time horizons. We believe the impacts of these demographic shifts have not been adequately assessed
and accounted for.