There’s been a shift in offshore investing. For the past decade, the space has been defined by a narrow set of drivers, including globalisation, declining interest rates and the dominance of US growth equities. That is changing as we enter a more complex, multipolar environment.

Today, structural forces such as AI, the energy transition, deglobalisation and demographic divergence are beginning to reshape markets. And the question now isn’t whether these trends matter; it’s how they show up in investment portfolios and market returns.

What themes are shaping offshore investing?

There’s no shortage of big themes, but not all are equally investable — and a key challenge for…