After several years dominated by a small group of mega-cap stocks, the market environment is changing.
A more favourable market regime
After several years dominated by a small group of mega-cap stocks, the market environment is changing.
There is now broader market participation, with increasing differentiation between companies and sectors. The concentration on a small number of mega-cap names is gradually declining, while capital expenditure linked to artificial intelligence is spreading across a bigger number of companies.
At the same time, several of the structural themes underpinning the Impact strategies have been reinforced by recent developments. Resource access and energy security have moved decisively to the centre of the policy agenda, accelerating investment in renewables, grid and water infrastructure, and sustainable supply chains. The power demand cycle driven by data centres, electrification, and energy security priorities continues to create sustained tailwinds for the real-economy solution providers that populate the portfolios.
This shift creates a richer opportunity set for active strategies seeking differentiated growth sources.
AI meets electrification: Investing in the real bottleneck
The intersection between artificial intelligence and energy infrastructure is still a central element of the portfolio’s positioning.
Power availability has become the main bottleneck for the development and scaling of artificial intelligence.
This development is driving strong demand for grid infrastructure, power management, energy efficiency, and data centre cooling solutions.
We have exposure to this ecosystem across:
- Power grids and electrification
- Power and thermal management
- Semiconductor supply chains
Electrification and energy independence as structural drivers
Recent geopolitical developments have reinforced the importance of energy independence, particularly in emerging markets.
Higher fossil fuel volatility is accelerating investment in:
- Renewable energy
- Electrification
- Energy storage
These dynamics reflect long-term structural shifts that will continue to support both impact and earnings growth.
A differentiated approach: Going beyond the obvious
A key differentiator of the strategy is its ability to go beyond well-known names. Alongside global leaders, the portfolio includes:
- Less visible, often under-researched companies
- Early-stage winners in rapidly evolving segments
This disciplined investment approach is focused on diversifying across multiple stages of the value chain and maintaining valuation discipline as companies re-rate.
Driven by diversified structural themes
The strategy reflects a consistent investment framework combining structural growth themes with disciplined stock selection.
Electrification and energy infrastructure, particularly companies supporting artificial intelligence, remain an important driver. At the same time, the portfolio is diversified across other impact areas such as education, financial inclusion, and healthcare, providing multiple sources of returns.
Combined with a more favourable market environment and strong emerging market expertise, this approach enables a resilient and forward-looking positioning for the strategy on emerging markets.
Marketing communication. For Professional Investors in Switzerland or Professional Investors as defined by the relevant laws. Past performance is not a guide for current or futures results.
The views and opinions expressed by fund managers (internal or external) may differ from the house view. They are shared for informational purposes and do not constitute investment advice or a recommendation.
