All elements you need
Our thematic funds are constructed by combining investment themes (thematic elements) organised under 7 key categories.
Discover our thematic elements
The thematic elements
Click into a theme to learn more about it.
Clean energy
Clean energy
Clean energy is an umbrella term for energy sources, infrastructure, applications and related assets that are compatible with a net zero emissions energy system. It covers low-emission power generation, energy efficiency and electrification across transport, buildings and industry. This includes renewables, nuclear, battery storage, hydrogen, smart grids, biofuels, biogases, fossil fuels fitted with carbon capture and direct air capture
Natural capital
Natural capital
Natural capital comprises the world’s stock of renewable and non-renewable natural resources, including plants, animals, air, water, soils and minerals. These assets provide benefits to people (known as ecosystem services) but many are under threat. Saving and restoring them – for example through ecosystem restoration and sustainable forestry and agriculture – presents an investment opportunity.
Digital transformation
Digital transformation
Digital transformation is reshaping the global economy by enabling new products, services and business models. Artificial intelligence, cloud computing, robotics and the Internet of Things are central themes, underpinned by foundational technologies including semiconductors, cybersecurity, mobile connectivity and renewable energy. Companies that lead and leverage these digital technologies are positioned for superior growth and outperformance over a long-term investment horizon.
Social equality
Social equality
Inequality – the uneven distribution of income, wealth and health outcomes – presents risks to both diversified portfolios and investees. Reducing inequality can increase economic growth, reverse wage stagnation, enhance consumer purchasing power, strengthen market stability and improve social cohesion. Cutting across sectors, regions and asset classes, and now benefiting from improved social data, this theme offers significant opportunities to invest in companies that are improving equality.
Healthcare innovation
Healthcare innovation
Ageing populations, increasingly unhealthy lifestyles and growing wealth in emerging markets are driving demand for healthcare. Innovation is meeting this need by creating new treatments for previously untreatable diseases, expanding preventative care and improving patient outcomes – enhancing both quality and length of life for patients globally.
Consumer
Consumer
Consumer trends are shifting toward health and wellness, with an emphasis on catering to fluid lifestyles. Consumers increasingly prioritise experiences over things and want to transact on their own terms. Businesses that understand the spending power and preferences of generation Z and the elderly are set to benefit.
Sovereignty & security
Sovereignty & security
Sovereignty and security refers to a state’s fundamental right and responsibility to govern itself without outside interference and to protect its people, territory and government from both internal and external threats. Amid rising geopolitical tensions, investment opportunities are emerging in defence, cybersecurity and energy, as well as critical infrastructure that supports national resilience.
Clean energy
Clean transport
Clean transport
Clean forms of transport are those which reduce emissions by moving people and freight to less polluting modes. This theme includes electric and hybrid vehicles; non-motorised and multi-modal transportation; public transport such as rail; and supporting infrastructure such as charging networks. Thanks to policy support and falling costs, the shift to sustainable transport is ongoing and resilient, making it an attractive investment opportunity.
Climate change mitigation
Climate change mitigation
Climate change mitigation comprises actions or activities which limit the release of greenhouse gases and/or reduce their levels in the atmosphere. Mitigation can include both man-made and nature-based solutions – everything from reducing the use of fossil fuels to peatland restoration. As one of the defining challenges of our time, mitigating climate change provides ample opportunities for long-term investment.
Energy efficiency
Energy efficiency
Energy efficiency – getting more output using the same amount of energy, or maintaining output while using less energy – is the clean energy sector’s low-hanging fruit. Improving energy efficiency is one of the fastest, most cost-effective ways to cut emissions and reduce energy demand. Investment opportunities span technologies and solutions that lower costs, boost productivity and accelerate the clean energy transition.
Energy grid infrastructure
Energy grid infrastructure
Grids are networks that generate, transmit and distribute electricity. They are the backbone of the global energy transition, making this a core growth theme. Modernising and expanding grids is vital for integrating renewables, as well as supporting electrification and ensuring stability as demand grows. Investment opportunities include transmission upgrades, energy storage and digital solutions that boost efficiency and resilience.
Green buildings
Green buildings
Green buildings are those that reduce or eliminate negative impacts and/or create positive impacts on the environment. By using low-carbon materials and smart technologies to enhance efficiency, they meet rising demand for sustainable spaces that comply with tightening regulations. Investment opportunities span construction, retrofitting and management solutions that cut emissions and operating costs and enhance long-term asset value.
Renewable energy
Renewable energy
Renewable energy comes from abundant, replenishable resources. It includes modern bioenergy, geothermal, hydropower, solar photovoltaics, wind, tidal and wave power. Net zero commitments and rising global demand for energy make renewables a compelling investment theme. Falling costs and technological advances are accelerating the shift to renewables, positioning them as the cornerstone of future energy systems.
Smart mobility
Smart mobility
Smart mobility means integrating technology into transport networks to reach higher standards of sustainability, efficiency, safety and air quality. Electric vehicles, charging networks, shared solutions and increased connectivity are all part of the shift to greener urban transport systems. Investment opportunities include battery technology, sensors, infrastructure and data systems aimed at reducing transport’s carbon footprint.
Natural capital
Biodiversity
Biodiversity
Biodiversity refers to the variety of life on earth, including but not limited to animals, plants, fungi and microorganisms. Together, these species form ecosystems, intricate webs which are maintained in delicate balance. Protecting biodiversity creates long-term value. Investment opportunities include regenerative agriculture, conservation technologies and nature-based solutions.
Circularity
Circularity
Circularity refers to a closed-loop lifecycle for products and services where materials never become waste. Circularity requires an emphasis on maintenance and prolonged use, reuse, refurbishment, remanufacturing, recycling and composting. Investment opportunities include innovative materials, sustainable design, waste-to-value solutions and business models that keep resources in use longer, reducing environmental impact while cutting costs.
Climate change adaptation
Climate change adaptation
Climate change adaptation refers to actions or activities aimed at strengthening the resilience of natural ecosystems and/or human communities to reduce their vulnerability to the impacts of climate change. Adaptation can include both man-made and nature-based solutions, from erecting sea walls to growing new crops better adapted to a changing climate. Investment opportunities span these and more.
Food innovation
Food innovation
New and improved products, processes and technologies are enhancing the quality, sustainability, safety and efficiency of what food is produced, how it is produced and how it is consumed. Food innovation is critical to preserving natural capital while meeting global nutritional needs. Investment opportunities lie in sustainable agriculture, alternative proteins, precision farming and waste reduction techniques, among others.
Forestry
Forestry
Forestry refers to forests (typically plantations) that are primarily used for commercial purposes, specifically the production of wood and paper products. Sustainable forestry maintains ecological balance, protects biodiversity, supports the needs and well-being of local communities and safeguards productivity for future generations. Investing in forestry means investing in natural carbon management, making it an attractive long-term opportunity.
Natural resources
Natural resources
Natural resources are also known as raw materials. They are the natural assets – either renewable or finite – that people can consume directly or draw upon to produce new things. Natural resources underpin global economic activity but face mounting pressure from overuse and climate change. Investment opportunities include alternative materials, as well as reuse and recycling solutions.
Pollution control
Pollution control
Pollution control involves the reduction or removal of pollutants such as mercury, asbestos and pesticides from the air, water and soil. It is critical to protecting both the environment and human health. As regulations tighten and public awareness grows, demand for cleaner technologies and processes is accelerating, making this an attractive space for investors looking for reliable growth.
Water
Water
Water is a vital but increasingly scarce resource. It must be managed with two priorities: first, ensuring equitable consumption in sufficient quantity and quality to meet the needs of current and future generations; and second, ensuring its use remains aligned with the needs of natural ecosystems. Investment opportunities span infrastructure, technology and services to reduce waste and secure long-term access.
Digital transformation
Artificial intelligence
Artificial intelligence
Artificial intelligence (AI) uses algorithms powered by vast data sets to mimic the human brain. Since the release of ChatGPT in 2022, large language models have enabled generative capabilities and spurred the adoption of AI across the economy and society. Now seen as being as transformative as the Internet or Industrial Revolution, AI is the fastest-growing digital transformation theme.
Cloud computing
Cloud computing
Cloud computing delivers IT infrastructure and software as a service, offering scale and flexibility without upfront costs. However, the majority of IT workloads have not yet migrated to the cloud, leaving substantial opportunity to capture market share. The cloud is also a key enabler of artificial intelligence, further enhancing its investment potential.
Cybersecurity
Cybersecurity
Cybersecurity consists of software – and, in some cases, hardware – designed to protect computer systems, networks and data from digital attacks and access by unauthorised users. Cybersecurity is a top priority in the digital age, with spending often growing faster than overall IT budgets. This makes it a compelling investment opportunity.
Digital infrastructure
Digital infrastructure
Digital infrastructure comprises the foundational systems and technologies that enable the creation, processing, storage and transmission of digital data. This includes hyperscale data centres, fibre networks, cloud services and software platforms. The global market for this essential infrastructure is expected to grow threefold over the next five years, supported by surging demand for AI and edge computing.
Edge computing
Edge computing
Edge computing is a distributed form of cloud computing that processes data closer to its source. This low-latency capability is important for applications such as self-driving vehicles, where response time is critical. Demand for edge computing is accelerating as use cases emerge across industries that require remote monitoring, including manufacturing, utilities and healthcare.
Internet of things
Internet of things
The Internet of Things (IoT) is a collection of network-connected devices that collect data and provide communication services. IoT systems typically consist of hardware, software and sensors, which enable remote monitoring and predictive maintenance. The number of connected devices is expected to more than double by 2030.
Robotics
Robotics
Robotics consists of both software and hardware, and can also include autonomous systems such as drones and self-driving vehicles. Advanced artificial intelligence is enabling more sophisticated models, including multi-purpose humanoid robots. Robotics is now deployed across diverse sectors, from manufacturing to healthcare. The growth potential is significant as applications expand and adoption accelerates.
Social equality
Access to basic infrastructure
Access to basic infrastructure
Basic infrastructure includes clean water and sanitation, power and electricity, social housing, transportation and digital inclusion. These essential services support economic development and improve quality of life, especially in underserved or rapidly urbanising regions. Investing in improving access to basic infrastructure positions investors to benefit from companies delivering long-term societal and financial returns.
Access to education
Access to education
Access to education refers to the ability for individuals to receive quality education and vocational training that equips them with the tools for personal and professional development, regardless of background or geography. Expanding access to education and vocational training enables people to improve their livelihoods and break cycles of poverty, and investors to back companies shaping the future of knowledge and skills.
Access to finance
Access to finance
Access to finance refers to the ability for individuals and businesses to obtain financial services such as savings, credit, insurance and payment systems. Financial access contributes to economic development and improved standards of living, especially in emerging markets. Investors wishing to participate in this powerful growth story can find opportunities across digital banking, mobile payments and microfinance.
Access to healthcare
Access to healthcare
Access to healthcare means ensuring individuals can obtain timely, affordable and appropriate healthcare services. This includes preventive, curative and emergency care, as well as access to essential medicines, technologies and health education. By addressing disparities in access, investors can align with a theme that promotes physical and mental wellbeing while tapping into long-term structural growth in global healthcare.
Affordable housing
Affordable housing
Affordable housing refers to safe, secure and adequate shelter priced at a level that does not compromise an individual’s or family’s ability to meet other basic needs. Investment in this theme supports social progress while offering exposure to real estate developers, technology providers and financiers addressing one of society’s most pressing structural challenges.
Decent work
Decent work
Decent work refers to finding productive employment for groups living below the poverty line and otherwise excluded or marginalised people. It ensures fair incomes and workplace security, aiming to uphold workers’ rights, promote equal treatment and offer opportunities for personal development and social protection. This theme is attractive for investors looking to align financial returns with inclusive growth.
Social mobility
Social mobility
Social mobility refers to individuals’ ability to improve their social and economic status over time. High social mobility indicates a fair system where personal effort and talent can overcome inherited disadvantages. Achieving social mobility depends on the accessibility of opportunities such as quality education, employment and wealth-building tools. This theme provides investors with exposure to companies driving societal transformation.
Healthcare innovation
Data analytics
Data analytics
The revolution in computing power has enabled mass-scale analysis of genetic data to better understand disease drivers. Powerful AI-based tools are also being used to monitor patients in real time, leading to better health outcomes. Investment in health analytics taps into a critical enabler of next-generation healthcare innovation, supporting low-cost predictive diagnostics, optimised clinical trials and accelerated drug discovery.
Genomics
Genomics
Significant declines in DNA sequencing costs have facilitated the mass-scale analysis of genetic data, uncovering the core drivers of many diseases. Alongside continued innovation in drug delivery, genomics advances have enabled an abundance of novel medicines, greatly improving clinical outcomes. Investment in genomics can offer exposure to high-growth companies driving the breakthroughs that are reshaping modern medicine.
Integrated systems
Integrated systems
Healthcare is benefiting from increasingly integrated systems due to the convergence of robotics, miniaturisation and data analytics. This enables mechanisms such as coordinated optimisation of surgical techniques and better disease control through the integration of wearable devices. Investment in integrated systems provides access to scalable technologies that are transforming healthcare by improving efficiency and reducing duplication.
Consumer
Consumer trends
Consumer trends
Longer lifespans mean retirees have more time for leisure and travel. Meanwhile, younger generations’ heavy engagement with social media increasingly drives their purchasing decisions. As emerging markets urbanise and their consumers become wealthier, they offer stronger growth opportunities for consumer-facing businesses than developed markets do. These trends all point to compelling opportunities for investors looking to capitalise on the theme.
E-commerce
E-commerce
Consumers are increasingly focused on convenience and enjoyment. They expect to engage with brands from the comfort of their own homes. Robust digital channels are therefore essential for businesses wishing to remain relevant and reach these potential customers. Investment in e-commerce taps into scalable, high-growth business models that benefit from this ongoing shift to digital-first consumption.
Health and wellness
Health and wellness
Consumers are prioritising physical and mental wellbeing more than ever. This desire for health and wellness influences choices across goods and services. Demand is rising for leisure activities centering exercise and being outdoors; for consumption of specialty foods and beverages; and for self-care practices such as holidays and mental healthcare solutions. Companies serving this shift are positioned for sustained growth.
Lifestyle
Lifestyle
Technology and social media have allowed lifestyles to become more fluid, driving the rise of sharing economies. Convenience is now a key consideration when transacting, and consumers increasingly prefer experiences over possessions. Companies shaping how people spend, live and express themselves in an evolving cultural landscape are well placed for growth, making this an attractive investment theme.
Sovereignty & security
Defence
Defence
Defence comprises armed forces, cybersecurity, surveillance and crisis response capabilities. Strengthening defence not only ensures the protection of national interests and sovereignty but also serves as a powerful preventive measure. There is growing pressure across the globe to increase defence budgets as a result of rising regional tensions and instability, making this an attractive opportunity.
Food security
Food security
Food security refers to consistent availability, accessibility and affordability of nutritious food for all. This requires stable food systems, sustainable agricultural practices and resilience to climate change, conflicts and economic instability. Those investing in this theme can enjoy healthy returns while contributing to societal wellbeing.
Healthcare security
Healthcare security
Healthcare security denotes a health system’s readiness and capacity to prevent, detect and respond to health emergencies such as pandemics. It encompasses domestic manufacturing of medical supplies, strong public health infrastructure and reliable access to critical care. Investing in this theme supports societal resilience and offers exposure to stable, long-term demand for health system capacity and supplies.
Industrial resilience
Industrial resilience
Industrial resilience is the capacity of an economy’s industrial base to withstand, adapt to and recover from shocks. This requires robust supply chains, flexible manufacturing and the ability to maintain production during crises. Investment in this theme provides exposure to companies supplying essential materials, equipment and technology, which often benefit from government incentives, particularly in strategic sectors.
Onshoring
Onshoring
Onshoring is the process of relocating production, manufacturing or key services back within national borders to reduce reliance on foreign supply chains. It enhances domestic control, economic security and resilience to geopolitical tensions. This theme offers investors access to long-term structural growth in critical industries, from semiconductors to pharmaceuticals.
Resource independence
Resource independence
Resource independence refers to a nation’s ability to meet its energy, water, raw material and other critical resource needs without relying heavily on other countries. By reducing dependency on foreign imports, countries can enhance their resilience to geopolitical risk, trade disruptions and global price shocks. With global competition on the rise, the future of this theme is bright.
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