Graeme Bencke and Mikhail Zverev, co-managers of the WS Amati Global Innovation fund, introduce the fund’s disciplined framework that categorises companies as pioneers, enablers and adopters of technological change, and explain how each play a distinct role in capturing innovation-driven growth. The managers also explain how they identify “innovation frontiers” where change is already being adopted rather than speculative future trends. From AI infrastructure and semiconductors to life sciences, defence, and industrial automation, the conversation highlights how structural change is creating investable opportunities across sectors, while emphasising valuation discipline, profitability and real-world business quality over hype.

What’s covered in this episode:

Innovation beyond traditional tech investing
The fund’s pioneer, enabler, adopter framework explained
How innovation creates investable inefficiencies
Why valuation and profitability still matter
“Innovation frontier” definition and selection process
AI ecosystem opportunities beyond mega-caps
Semiconductors, photonics and AI infrastructure
Defence tech and geopolitical-driven innovation
Life sciences, diagnostics, and biotech tools
Industrial automation and machine vision trends
RFID and real-world “Internet of Things” applications
Overhyped vs under-appreciated innovation areas
Medium-sized companies as growth sweet spots