Looking Beyond the Usual Suspects: The Next Wave of Equity Return Drivers
While the rise of AI has reshaped equity markets and rewarded investors with broad benchmark exposure, it has also left portfolios more dependent on a narrower set of return drivers.To complement increasingly concentrated exposures, many long-term investors shift their attention to the structural forces likely to shape the next decade of economic and earnings growth. Electrification stands out as a foundational theme linking AI, energy security, digital infrastructure and industrial transformation. Lukas Ahnert explores what this means for portfolio construction and how investors can broaden sources of return while remaining aligned with long-term objectives and risk budgets.