In times of chaos, we hope you’ll also choose to innovate Here’s a summary of the six investment discovery themes that are on our radar in 2020 and beyond. 1. Uncovering innovation on the right side 2. Driving positive change with of change municipal bonds • In 2020, businesses that can enhance their • Municipal fixed-income markets are an ideal digital capabilities and meet changing space for identifying securities with impact. consumer demands can be poised to produce At their core, muni bonds are geared toward strong excess returns. improving essential services. • To achieve this, companies must find the right • Issuers’ projects can offer ways to raise a talent—but firms are struggling to do so, due community’s education level, enable access to a scarcity of skilled software developers. to quality resources, and reduce the negative • Conversations between WFAM’s Fundamental effects resulting from the absence of these Growth Equity team and various companies’ services. leaders led them to a compelling theme around • WFAM’s Municipal Fixed Income team has companies that recruit and develop skilled made these kinds of investments in its labor pools outside the U.S. portfolios over the years. And, we’re now • J ust as companies can revolutionize the seeing investors’ interest growing to the extent that they want to experience the impact consumer experience by bringing the right minds associated with these investments. together, the Fundamental Growth Equity team is using a uniquely designed process to pursue • O ver the past year, the team researched and these opportunities. built an ESG impact framework to assess whether—and to what extent—positive environmental and/or social impacts exist in specific municipal securities. 25