Nine themes set to reshape portfolios

POLARISATION had an impact on geopolitics, national politics and financial markets in 2024, positioning thematic investing to better capitalise on emerging opportunities. In 2025, significant drivers of structural change include the implementation of US President Donald Trump’s post-election promises and key regulatory decisions in global markets.

These will prompt new business plans and budgets at the corporate level, influenced by supply-chain dynamics, potentially higher funding rates, and intensified merger and acquisition (M&A) activity. The following analyses and insights are driving our high-conviction themes for 2025.

Fintech and financials back in favour

Fintech experienced a robust resurgence in 2024, driven by strong operational results, attractive valuations, and optimism surrounding Trump 2.0. Traditional financials also thrived, buoyed by “higher for longer” rates and increased net interest income.