rethink investments.

a thematic investment framework.

rethink everything^® is the lens we apply across the global economy including technology, demography, politics, and finance as the world transitions towards a net-zero carbon and nature-positive future. As governments, consumers and businesses adapt to these shifts, we are positioning portfolios to benefit from emerging opportunities. rethink investments outlines our core convictions about these fundamental transitions through targeted thematic equity exposures. 

Our six research-originated high conviction investment themes that follow from our analysis of demographics, technological breakthroughs, and the inevitable march towards a CLIC^® (circular, lean, inclusive, and clean) economy, is designed around secular trends, which maintain their relevance throughout political changes and choices.

In this 2025 edition we explore how our rethink investments thematic convictions apply in today’s multipolar world, where shifts are being intensified by the US administration’s priorities. With global trade, international relations and economic policies all changing profoundly, where can investors find new opportunities?

We see our rethink infrastructure theme outperforming in 2025. As our rethink new gen and rethink technology themes look well positioned, we leave their structure largely unchanged. In rethink longevity, we think navigating the new policy waters requires more selective stock choices. We de-emphasise sustainable food systems in rethink net zero to the benefit of better materials and construction, and we add rail mobility to compensate for slower EV adoption. We shift our rethink nature approach towards the theme of water – the most mature nature-focussed asset for investors.

2. rethink new gen.

Born between 1997 and 2010, Gen Z is already the world’s second largest demographic group at over two billion people, the majority in emerging countries. By 2030, Gen Z will be the cohort with the highest spending power, shaping global consumption patterns. They are highly tech-savvy, always connected, social network-hooked, urban, socially conscious, predominantly online, and AI-embracing. Our rethink new gen theme builds on listed companies in the consumer, technology, communication services, media, and healthcare sectors that adapt their business models and product and service offerings to Gen Z expectations and challenges. 
 

4. rethink net zero.

Although global emissions reached their highest level on record in 2024, there is a growing perception that climate transition is becoming a tale of two worlds, with a shift in priorities by the Trump administration juxtaposing renewed commitments by China and Europe. The electrification of mobility faces two challenges: protectionist measures in the US and Europe against China’s low cost EVs, and lagging technology outside China. Global EV adoption rates for private use will therefore be slower than previously charted. We thus add rail mobility for people and freight, which we expect to rise, along with infrastructure upgrades worldwide. Better materials and construction remains a big theme, with lumber and timber gaining traction in the US, and circular materials advancing in Europe. We think ambitions for a low-emissions food system may be scaled back in favour affordable food under new trade dynamics. 

6. rethink infrastructure.

Infrastructure not only frames the feasibility of governments’ and corporates’ strategies, with infrastructure for energy, water, communication, transportation and mobility, building, space, and the AI value chain increasingly seen as a means for them to assert their dominance, economic independence, and sovereignty – but infrastructure also drives the pace of change, creating structural advantages for those investing judiciously. The increasing prevalence of armed conflicts and extreme climate events, added to the trade tensions ignited by the Trump administration’s tariff policy, have returned infrastructure to the spotlight as both an investment opportunity and a risk. This is most obvious in both security infrastructure and infrastructure security.