Seven Structural Themes Shaping 2026

In this thematic outlook, Stephen Freedman of Pictet Asset Management outlines seven science, technology and sustainability trends expected to drive returns over the coming year and beyond 

• Ageing demographics, preventative healthcare and AI-enabled drug discovery converge with productivity gains from agentic AI and accelerating robotics adoption.

• Clean energy expansion highlights storage as the next bottleneck, with global capacity growing rapidly alongside advances in battery duration and hydrogen.

• Climate adaptation and cyber security emerge as investable necessities, as extreme weather losses rise and machine-driven cyber threats intensify.

Which of these themes will translate into durable earnings growth? The full report explores where structural change meets portfolio opportunity.