- Conflicts, trade tensions, and political uncertainty are accelerating the structural transformations underway in the global economy. Thematic stock market exposures allow investors to escape the noise and invest in long-term trends.
- Alongside demographic and technological changes, a multipolar world order is forcing countries to rethink security
- Sustainability is increasingly viewed from the perspective of resilience and competitiveness, leading to a more holistic way of rethinking the transition, integrating climate, nature, resources and social systems.
- Thematic exposures can complement a portfolio’s regional and sector allocations to further diversify equity risk. They help long-term investors remain disciplined in the face of market volatility and generate value across cycles.
The conflict in the Middle East reminds us that geopolitical events can trigger overnight revaluations of financial markets and reveal deeper structural trends. In a world characterized by conflict, growing political uncertainty, and increasing fragmentation of trade, governments and businesses are emphasizing strategic autonomy and resilience. This trend is accelerating societal transformations and strengthening the case for long-term thematic investments.
In 2024, we launched our thematic equity investment framework, rethink investments . We remain convinced that profound societal transformations offer an opportunity to identify the companies most likely to deliver the strongest earnings. These transformations impact the direction of capital flows, as well as the determination of the most promising business models and the areas where profits can accumulate over cycles. For long-term investors, they can be integrated into strategic investments in high-conviction stocks. As equity markets reach new highs despite a context of heightened uncertainty, identifying these trends allows us to cut through the noise and focus on long-term value creation.
Until now, three societal transformations – demographic, technological and environmental – had led us to identify six high-conviction investment themes: rethinking longevity, the new generation, technology, net-zero, nature and infrastructure . Since then, a fourth societal change has occurred: the emergence of a multipolar world order , characterized by less cooperative and more competitive, even conflictual, international relations.
Profound societal transformations offer an opportunity to identify companies likely to show the strongest profits.
It has also become clear that the transition to a sustainable economy must consider climate, biodiversity, resources, and social systems. Countries are seeking to strengthen their resilience and view sustainability as a competitive advantage . This is why we have integrated the themes of net-zero and nature into a broader, more holistic narrative, encompassing a vast universe of investment opportunities, which we have named ” Rethinking the Transition .”
Finally, periods of conflict, whether military or economic, tend to crystallize vulnerabilities and act as catalysts. In the new world order, international relations are more opportunistic, generating a lasting need for security and strategic autonomy. This gives rise to a new investment theme: rethinking security .
In the end, six major structural themes emerge in 2026: rethinking longevity, the new generation, technology, infrastructure, transition and security.
Security: the new foundations of power
As vital resources, food and water are essential for security. The conflict in the Middle East has highlighted the vulnerability of regional desalination plants and the transit of fertilizers through the Strait of Hormuz. Precision agriculture can reduce dependence on fertilizers, while shorter supply chains and the production of quality food can strengthen food security. Water stress and contamination problems benefit companies active in water analysis, treatment, and recycling, as well as those specializing in efficient and safe water distribution .
In terms of security, health and energy are the next priorities. To ensure the former, the prevention and detection of infectious diseases, pandemics, bioterrorism, and environmental disasters, as well as the responses to them, are of crucial importance. This includes surveillance and early warning systems for disease outbreaks, vaccine production capacity, and the ability to mobilize health services on a large scale. Energy and electricity security depends on increased domestic production, particularly through greater use of decentralized residential renewable energy and the integration of power plants into energy-intensive industries.
Finally, cyber defense and homeland security have gained in importance. Cybersecurity software—now powered by artificial intelligence—visual recognition, and secure encryption facilitate security that has become essential in a digitized world. Video surveillance, communication systems, air defense, robots and mine-fighting capabilities, as well as critical minerals, form the basis of effective territorial protection.
Cyber defense and homeland security have gained in importance.
A strengthened rethink investments framework
Growing economic divisions, geopolitical tensions, and increasing unpredictability in public policy are increasingly defining characteristics of the global economy. This context has reinforced the relevance of long-term thematic investments and our high-conviction themes: rethinking longevity , the next generation, technology, transition , and infrastructure , which are based on sustained demand, strategic necessity, and national resilience. Together, these themes highlight areas of conviction and opportunity for long-term investors.
In a fragmented geopolitical environment, longevity-related assets stand out due to their national anchoring, non-discretionary nature, and the political support they receive. They thus offer resilience and protection against trade and military tensions. Demand from the new generation represents a rare and unaffected growth engine, generating investment opportunities linked to demographics, culture, and health rather than cross-border trade. Here, emerging markets are at the heart of future consumer growth.
Longevity-related assets are distinguished by their national roots, their non-discretionary nature, and the political support they receive.
Technological investments are increasingly focused on sovereignty, productivity, and automation, making AI, robotics, and digital financial infrastructure both economically essential and geopolitically strategic . AI is moving towards executing multi-step tasks within business operations processes, with limited human oversight, thus supporting the deployment of data centers, electrical infrastructure, and enterprise software ecosystems.
Infrastructure projects offer scalable and inflation-protected investment opportunities, supported by public spending, long-term contracts, and vital national interests. Space infrastructure is also entering a new phase of expansion, in which private capital will play a central role.
At the same time, the transition to a more sustainable economic system has become a security imperative , opening the way to long-term investment opportunities in energy independence, critical resources, food resilience and industrial competitiveness, beyond a purely environmental agenda.
Space infrastructure is also entering a new cycle of expansion, where private capital will play a central role.
Implementation of thematic investments in portfolios
We link each of these six investment themes to shares of companies with strong exposure to their underlying drivers of earnings growth. These securities can then become strategic components of portfolios, complementing regional and sector exposures. In our sustainability-focused multi-asset portfolios, thematic equity investments represent a larger share than in traditional portfolios.
These thematic foundations are designed to operate across all economic cycles and regimes. In practical terms, this strategy offers three advantages. First, it allows for diversification of equity risk. Second, it helps investors remain disciplined during periods of volatility . Third, it facilitates the pursuit of long-term value creation by supporting sectors where political priorities, technological advancements, and societal demand are mutually reinforcing.
Our rethink investment themes are innovative and offer a structured way to express long-term convictions within portfolios. This approach is particularly relevant in a world where dependencies are being reassessed, resilience is becoming an economic asset, and political priorities are changing capital flows.
