The Middle East conflict reminds us that geopolitical events can reprice financial markets overnight – and reveal deeper structural trends. In a world of increasing trade fragmentation, conflict and policy uncertainty, governments and companies are prioritising strategic autonomy and resilience. This is accelerating societal transformations, and strengthening the case for long‑term thematic investing.

In 2024, we launched our thematic equity investment framework, rethink investments. Our thesis remains that deep societal transformations create the opportunity to identify companies likely to exhibit greater earnings strength. These transformations change where capital is directed, which business models are supported, and where…