Unstoppable Trends

Long-term, structurally important themes—often shaped by technology, society, or geopolitics—are not new. Today, there are many ways to get exposure to these so-called “megatrends”. While the appeal is obvious, it often comes after markets have already priced in much of the growth, creating the risk of overvaluation and investor disappointment. History offers many examples—railways, TMT, even AI today—where transformative trends in the real world sparked market bubbles. The lesson? A thematic focus works best when paired with clear valuation discipline and a long-term mindset. It’s not always the obvious names that benefit most. Often, it’s the “picks and shovels” businesses behind the scenes that offer the best way in. And not all trends endure—recent political shocks have shown just how quickly seemingly 'permanent' themes can be disrupted. That’s why Unstoppable Trends focuses on durable, long-horizon themes—and companies with patience, discipline, and an eye for where the real value lies.

We have highlighted five broad and over 20 sub themes that we believe will endure and which are global in scale. We do not claim that these will be the only trends that will emerge over at least the next decade, and neither do we believe that all are appropriate for investment right now, but we do believe they are prominent and internationally relevant.

Having identified five core trends, we screened global equity markets for companies meaningfully exposed to them. This broad search surfaced nearly 5,300 listed businesses. We filtered out those with only superficial exposure, high currency or capital costs in emerging markets, and certain geographic risks—narrowing the list to 146 candidates. Each was then assessed in detail, with a focus on long-term competitive positioning, financial strength, and regulatory or geopolitical risk and valuation.