1) US Equities
2) Asset Allocation
3) Semiconductors
4) Artificial Intelligence
5) US Treasuries
We’ve just updated trending themes with this week’s must-read publications from our network of over 300 research providers.
WHAT’S NEW ON THE PLATFORM
Obesity (R)evolution: The Next Structural Shift in Healthcare and Beyond
The obesity drug theme continues to evolve, expand and feed into a range of other related investable opportunities. The scope of this is captured in Goldman Sach’s piece, “The Obesity Evolution. It could be described as a ‘’rising tide lifts all boats,’’ scenario. In “Upstream Impact of GLP-1: Opportunities in Life Sciences Tools & Services” CFRA highlights how the rapid rise of GLP‑1 therapies is reshaping healthcare from the ground up. Outside of pharma/healthcare itself, the drug is also transforming other sectors, Deutsche Bank, in Packaging’s GLP-1 Reshuffle: From Calorie Reduction to Demand Redistribution, say that the consumer behavior shift will reshape rather than uniformly destroy packaging demand. While GLP-1 adoption does create headwinds through reduced consumption of alcohol and calorie-dense packaged foods, this impact is substantially offset by opportunities from increased pharmaceutical packaging demand, product reformulation and smaller portion sizes, and consumer spending reallocations toward beauty, wellness, and healthcare products.
But the real evolution/transformation for obesity drugs, write RethinkX in “The Health Optimizer Therapy Disruption” is the transition from disease treatment to continuous health optimization. GLP‑1s are seen as the first step in this shift, with benefits already extending beyond weight loss into broader metabolic and behavioral health outcomes. Looking ahead, the combination of GLP‑1s with complementary therapies could unlock outcomes akin to “diet and exercise in a bottle,” signalling a paradigm shift with far-reaching implications across industries—from healthcare and insurance to food and consumer sectors.
Themes to Favourite: Pharmaceuticals, Biotechnology, & Life Sciences, Obesity Drugs, Health Care Equipment & Services
Commodities: From Cyclical Strength to Structural Tightness
Global commodity markets have re-emerged as a key macro theme in 2026, driven by geopolitical tensions and renewed investor demand for inflation hedges. In “US$7tn = Commodity World’s Value” Panmure Liberum highlights how the ~$7tn market has surprised to the upside but the outlook remains finely balanced hinging on geopolitics, tariffs, and the durability of global demand.
Against this backdrop, Applied Global Macro Research notes in “Commodities: Back to a Moderately Rising Trend” that beyond the headline volatility, the broader cycle is stabilising. While oil and gold have driven much of the recent surge, underlying strength across industrial metals and grains points to a more sustained, but moderate, uptrend. With the manufacturing cycle plateauing, commodities are expected to move into a steadier 5–10% growth phase rather than an extended boom.
Taking this further, Natural Resources specialists, Goehring & Rozencwajg, in “Could the Tanks Dry?” argues that markets may be underestimating a deeper structural shift in the commodity cycle. Years of underinvestment, tightening inventories, and supply disruptions—particularly in oil—are exposing a system with limited buffers. As these constraints collide with resilient demand, the risk of nonlinear price moves increases, signalling the potential onset of a longer-term commodity bull cycle.
Themes to Favourite: Metals & Mining, Oil & Gas, Gold,Silver, & Soft Commodities
Energy Transition: AI Power Demand Driving Winners and Losers
The energy transition narrative is increasingly being reshaped by a new force—explosive electricity demand from AI and data centers. In “Will Inflation Prove Worse than Trump for Transition Stocks?” SMS highlights how macro conditions, particularly rising inflation and interest rates, continue to influence sector performance. Despite a recent recovery, the transition complex remains highly sensitive to rate shocks, with valuations still exposed to higher discount rates. However, the key divergence within energy equities lies in structural resilience: sectors such as grid equipment, critical minerals, and renewable utilities with stable, contracted cash flows are proving far more durable than speculative themes like hydrogen or carbon capture.
This growing divergence becomes clearer when viewed through the lens of evolving demand dynamics. TD Cowen’s “11th Annual Sustainability & Energy Transition Primer” underscores how AI-driven data center expansion is creating a generational surge in electricity demand, with data centers expected to account for the majority of incremental load growth over the next decade. This has fundamentally altered sector leadership: companies exposed to “speed-to-power” solutions—such as grid infrastructure, battery storage, and distributed generation—are outperforming, as they directly address bottlenecks in transmission, reliability, and power delivery. In contrast, longer-duration, policy-dependent segments are lagging due to both capital intensity and sensitivity to rates.
Themes to Favourite: Energy Transition, Solar, Renewable Energy, Energy, Hydrogen, Wind, & Utilities
ETFs: We have a Strategy for Everything; But, Do Your Research
The ETF industry saw record growth in 2025 with nearly $1.5 trillion in U.S. net inflows, and over 1,000 new launches. The market is projected to grow to $42 trillion by 2035.
We all know the attraction; lower fees, superior liquidity, daily transparency, and better tax efficiency compared to traditional mutual funds, enabling investors with accessible vehicles for building diversified portfolios across virtually every asset class, strategy, and investment theme imaginable.
However, as Rosenberg Research writes in The ABCs of ETFs, with rising concerns about market concentration, volatility amplification from leveraged products, and the proliferation of complex derivative-based strategies, investors should carefully evaluate their choices among the expanding array of ETF options, ensuring alignment with their risk tolerance and long-term objectives rather than chasing high yields or speculative themes.
The Convexity Maven, Harley Bassman, in Looking Under the ETF Hood, builds on the Rosenberg analysis by examining seven significant pitfalls investors should understand about investing in the ETF market.
Themes to favourite: Active vs Passive, Asset Allocation, Risk Management
WHAT’S COMING UP FROM OUR PROVIDERS
BMI Webinar: BMI Political Risk Signals
In the webinar BMI will discuss the following topics: US-Iran relations: geopolitical implications and domestic political risks, including pressure from high inflation US politics ahead of the mid-terms: likely electoral dynamics and implications for policy Economic nationalism: the latest on EU-China tensions, USMCA negotiations, and the future of NATO What to watch globally: upcoming elections, political inflection points, and other key risk events on the horizon.
Date:
Tuesday, June 16th
Time:
Asia Pacific 16:00 SGT
Middle East 12:00 GST
Americas 10:00
Europe 15:00 BST
RSVP here
NDR Webinar: SAA Offering – Addressing Client Feedback and Explaining Next Steps
This session will explore how client feedback is shaping the evolution of NDR’s Strategic Asset Allocation (SAA) offering and outline key enhancements going forward. Join for key insights on:
- Institutional model positioning and portfolio construction updates
- The evolving role of private alternatives within SAA frameworks
- Rebalancing approaches in today’s market environment
- Current perspectives on U.S. large cap equity weights
Date: Wednesday, June 17th Time: 11:00 EDT | 16:00 BST RSVP here
