“The tide has been turning,” said Miller. The new economy will be dominated by mobile online complexes, semiconductor makers and online portal providers—companies less dependent on infrastructure or sensitive to commodity prices than oil and gas power plants, for example.
The managers said they will be focused on dividend income growth in the U.S. Technology companies are starting to share profits with shareholders and financial services firms, having met regulatory capital requirements, also are able to resume dividends, said Roth. Recently, the firm's preferred investment themes have included health care, information technology and financial sectors.
Asked if the group thought the presidential race is having an effect on markets, Roth acknowledged it was difficult to predict a winner so far. “It doesn't seem—other than Hillary Clinton—that any other of the candidates on stage are qualified,” he said.
The markets dislike change, he noted, adding that this is one reason he expects Clinton to moderate her policies if she becomes president.
“She will probably move to the center and govern like her husband,” said Roth.