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Profiting from leisure

Mark Greenburg, the manager of the Invesco GT Leisure fund, believes money can be made from other people’s relaxation. He gives Morningstar his view on the sector and details his investment strategy.

Fernando Luque 10.09.2002

What is your definition of a leisure company? Everybody understands that Disney or Nintendo are companies belonging to this sector but what about Heineken or Adidas?

The GT Leisure fund is a sector fund but it is a sector fund with a broad spectrum of qualifying industries. I describe leisure activities as those things people do because they want to, not because they have to. It’s the goods and services we spend our money on once we’ve taken care of the essentials.

This interpretation of leisure leads us to investment in, for example, cable TV and satellite programming, hotels, casinos, advertising agencies, publishing, beverage, toy and video game companies. The fund is diversified across industries a

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Fernando Luque

Fernando Luque  es el Senior Financial Editor de www.morningstar.es