Thematic · 2026
Space, semiconductors and sustainability
Three structural themes shaping the next decade of investment — and how we access them in client portfolios.
Structural themes can offer durable growth that is largely independent of the economic cycle. We focus on three: the commercialisation of space, the semiconductor supply chain and the transition to a more sustainable economy.
Each theme is underpinned by long-term capital investment, policy support and measurable end-demand — but each also carries concentration and valuation risks that require careful management.
We describe how we access these themes in diversified portfolios, sizing exposures so that conviction never compromises resilience.
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