Mobile phone apps, video streaming, social media, on-demand television and faster networks all add up to prodigious consumer demand for high-speed data within the telecommunications industry.
These long-term structural growth trends, known as secular growth, have the potential to form overarching investment themes for the global equity income team at Henderson.
So how does the data theme play out? At the end of the 1990s many of the big telecommunication companies were highly profitable. They invested heavily in 3G data licences for their networks, believing that rising demand for mobile internet would drive future earnings.