Big themes are driving markets, and investors are paying attention.
Our 2026 Thematic Outlook explores the forces that we believe will matter most in the years ahead and offers potential ways for investors to take action.
Let's start with AI.
It's entering its next growth phase, moving beyond just basic chat prompts into more complex tasks, requiring dramatically more computing power.
And that surge in demand is driving investment across data centers, energy and digital infrastructure with the potential economic benefits now materializing in company earnings beyond just the AI mega scalers.
Next, defense.
As global tensions continue to rise, defense is evolving—with traditional defense shifting towards space, automation, and advanced technology. And then there's infrastructure.
From power grids to the energy exports and from transportation to water & agriculture, infrastructure is the global backbone that supports our day-to-day lives, and is propelling the AI revolution.
And finally, tokenization.
New digital pathways are emerging, opening the doors to invest in assets in entirely new ways.
Together, these themes may create compelling growth opportunities for the forward-looking investor.
Investing involves risk, including possible loss of principal.
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