An ageing population supports eyeglass demand. But a greater engine of growth is young people in Asia, where myopia levels have risen astonishingly in the past 50 years.

Studies suggest more than 80 per cent of 20-year-olds in Asia are short-sighted and need glasses – more than twice as many as in Europe. Some believe myopia is associated with greater time spent studying and watching screens; others blame too little time spent outdoors. Whatever the cause, this is a problem that Hoya is helping to address. 

Make beating the benchmark an outcome

In conclusion, I would say that if you want to outperform the benchmark your decisions should not be driven by the shape of it. It is just a construct and not specifically aligned to growing real wealth. Perhaps ignore it – at least as a starting point.

Focusing on protecting and growing real purchasing power may mean underperforming the benchmark in the short term, but over the long term the ability to mitigate risk and anticipate opportunities like those illustrated above should deliver alpha. This is not an impossible challenge when there is a world of great companies from which to choose.

With a focus on what clients need – protection, real growth and consistency – alpha no longer becomes a target. It is much more likely to become an outcome.

Alex Illingworth is co-manager of the Mid Wynd International Investment Trust and the Artemis Global Select Fund