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Historically, this has often been the case. But this time may be different.

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As investors in European and Global Smaller companies, Oliver Collin and I often think about innovation as one of the key value drivers of the stocks we own in our portfolios. We see innovation as a driver of multiple benefits; sustained growth, new market opportunities, strengthening existing market shares, creating efficiencies and margin improvement. Simply put, innovation enhances company returns.

Read more about innovation in the investment process

China stands firm as Trump proposes a fresh round of tariffs

Read Kristina Hooper's blog