We see an attractive long-term secular trend for investors to capitalize on over the coming 20–30 years as today’s underinvested and technologically challenged power grid is modernized to a technology-enabled smart grid. In particular, we see an attractive opportunity over the next three to five years to invest in companies that are enabling this transformation of the power grid. Similar to trends in the telecommunications industry, we expect this upgrade process to be evolutionary rather then revolutionary. As such, we think investors need to take a long term view when evaluating the sector.