The first few months of 2026 set the scene for an unpredictable and volatile environment. Geopolitical tensions, from the war in Ukraine to the Strait of Hormuz disruptions, have brought energy security back to the forefront, particularly structural supply constraints and shortfalls. The need to strengthen resilience through diversification and strategic investments is key in a world of crucial but limited resources underlying the strong performance of the broader commodity complex.

In the meantime, despite the spike of geopolitical uncertainty, the stock bull market is entering its fourth year and reaching new highs, fuelled by the fast pace of AI and promises of new tools.

The pressing necessity for energy security and the megatrends of electrification, digitalisation and mobility are driving the development and modernisation of infrastructure worldwide.

This new context offers investment opportunities. We invite you to go further by discovering the mid-year update of our investment themes.