Beyond AI: five global investment themes for the future

Artificial intelligence may dominate today’s headlines, but it isn’t the only powerful force shaping the future. Beyond the AI boom, a host of global trends are transforming the way we live, work and invest, from the growing pressures of an ageing population to the resurgence of defence spending. Each of these themes presents long-term structural opportunities for investors who can look past short-term market noise. Here, we highlight five exciting investment areas that are tipped to enjoy impressive growth over the next few years – and suggest ways of getting involved.

Healthcare

We have an ageing global population. One in six people will be aged 60 years or over by 2030, according to the World Health Organization. By 2050, 2.1 billion people will be in this age bracket*.

While millions of people living longer is obviously good news, it does mean there will be increased demand for healthcare innovation and services.

This is positive for companies such as Roche. The Swiss giant is one of the world’s largest biotech businesses and is involved in oncology, neuroscience, diabetes, kidney diseases and other areas. It’s currently the largest holding** in the WS Lightman European fund, which is managed by Rob Burnett and George Boyd-Bowman. This portfolio is a genuine European value fund that takes a contrarian approach. For investors who can cope with some potential volatility, it could be a great option. 

Those wanting a higher exposure to the sector might consider the Polar Capital Global Healthcare Trust. This portfolio invests in sectors that include pharmaceuticals, biotechnology, medical technology and healthcare services.

Sustainability 

This is an umbrella term that encompasses everything from renewable energy to ethical supply chains and corporate governance. Nearly 90% of global investors are interested in sustainability, with 59% planning to increase allocations to these areas, according to a report from Morgan Stanley***.

The Liontrust Sustainable Future Managed fund identifies key structural growth trends that will shape the future global economy. Every investment has to meet four criteria: thematic drivers, sustainable credentials, good fundamentals and attractive valuations.

Fixed income investors could consider the Rathbone Greenbank Global Sustainable Bond fund, which invests in areas such as energy and climate, inclusive economies, and health and wellbeing. Every investment undergoes a sustainable screening process by the Greenbank Ethical, Sustainable and Impact research team.

Alternatively, you can choose to focus on one specific sub-sector of sustainability, particularly if you feel passionately about the topic. For example, the Regnan Sustainable Water and Waste fund focuses on what is a largely under-researched area and provides investors with a truly differentiated product.

Read more: Why the energy transition isn’t over

Cybersecurity 

When you consider how reliant we are on computer systems, it’s no surprise that cybersecurity has become so important in recent years. In the UK alone, around four in ten businesses and three in ten charities have experienced some form of cybersecurity breach over the past year****. This equates to approximately 612,000 UK businesses and 61,000 UK charities. On an international scale, these figures can be multiplied many times over.

Global spending on cybersecurity products and services will hit $302.5 billion in 2029, according to a report from Forrester.  It predicts that almost 70% of spending will be on software that includes applications, cloud, data, endpoint, network, identity and security operations^.

Companies such as Palo Alto Networks are recognised providers of cybersecurity measures and has more than 70,000 customers globally. The stock has been favoured by funds such as Allianz Global Hi-Tech Growth^^, which is managed by Jeremy Gleeson, Sunil George and Brad Reynolds. This is a multi-cap global technology fund focusing on high-growth companies that have proven business models. We like its ability to look beyond the most obvious mega-tech names.

Infrastructure 

It’s a never-ending job to upgrade transport links, communication systems and utility supplies around the world. That’s what is meant by infrastructure. According to Aberdeen Investments, $64 trillion needs to be spent on global infrastructure over the next few years, and the actual cost could be substantially higher^^^. It believes the driving forces include rapid population growth and urban migration in emerging markets, and years of underinvestment in developed parts of the world.

We like the First Sentier Global Listed Infrastructure fund, which has been run for many years by Peter Meany, its experienced lead manager. The portfolio is well diversified in terms of countries, with the US, Australia, the UK, France, Mexico, China and Brazil among those represented. It also has a broad spread of sector exposures. These include electric utilities, highways, rail transportation, oil/gas storage, telecom towers and airport services.

Defence and aerospace

You only have to consider the recent wave of global unrest to understand why the amounts being spent on defence and aerospace are rising. World military spending soared 9.4% to $2.72 trillion in 2024, the steepest year-on-year rise since the end of the Cold War^^^^.

The top five military spenders – the United States, China, Russia, Germany and India – accounted for 60 per cent of the global total, with a combined $1.64 trillion. Data reveals that military spending has risen for the past 10 consecutive years, with more than 100 countries having increased their expenditure in 2024^^^^.

Unsurprisingly, there’s no shortage of stocks operating in these sectors, providing everything from planes and missiles to niche sensors and electronics. The BlackRock Global Unconstrained Equity fund, which is managed by Alister Hibbert and Michael Constantis, has exposure to defence and aerospace stocks, including US-based Howmet Aerospace**. We think this fund has a sound philosophy and strategy. As well as experienced managers, it has the added advantage of access to the immense resources of BlackRock.

Read more: Defence stocks have soared – but where’s the value now?

*Source: World Health Organisation, 1 October 2025

**Source: fund factsheet, 30 September 2025

***Source: Morgan Stanley, 30 April 2025

****Source: gov.uk, Cyber security breaches survey 2025, 19 June 2025

^Source: Forrester, 9 September 2025

^^Source: Allianz semi-annual report, 31 March 2025

^^^Source: Aberdeen, 26 June 2025

^^^^Source: Stockholm International Peace Research Institute, 28 April 2025