Thematic Pulse

This report outlines a market environment increasingly dominated by government-led industrial policy and a pivot toward recovery for global consumers. It highlights significant capital reallocations into security-linked themes and specific growth sectors like physical AI.

Key Takeaways

• 1.Government priorities, particularly security and industrial policy, have become the dominant drivers of global equity returns.
• 2.The global macro regime is shifting to recovery/expansion, which should drive an inflection in consumer sentiment and equity performance for the consumer sector.
• 3.Thematic ETFs are seeing rapid inflow growth (25% organic in June), roughly 2-2.5x the rate of broader US Equities.

Table of Contents

• Summary Of Thematic Views
• Thematic Deep Dive
• Global Consumer – Part 2
• Track Flows In Thematics
• Positioning Intelligence: Thematic Dashboards

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