Thematic Investing

Smart Materials

Strategic minerals and metals are the building blocks of power grids, hyperscaled data centers, robots and other AI-enabled systems. Combined with manufacturing intelligence, they form the foundation of the Smart Materials strategy, enhancing resource and processing efficiency in an increasingly digital, electrified and AI-powered world.

31%
the shortfall in copper supplies required to meet demand through 2035¹
17
years to get a copper mine fully online²
2.5x
growth in battery metals through 2035³

Why invest in materials?

We are entering a new industrial cycle increasingly dependent on the availability and efficient use of critical materials. Electrification, AI infrastructure, and automation are highly “resource-intensive”, relying on metals like copper, lithium and rare earths to power grids, data centers, batteries and robotics.

At the same time, supply constraints, geopolitics and rising demand are turning these materials into strategic bottlenecks. As products evolve into complex, multi-material systems, value is shifting from extraction toward processing, innovation and manufacturing expertise.

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More about the strategy

The strategy captures this transformation through a diversified, actively managed portfolio spanning the full materials and manufacturing value chain. It invests in advanced materials leaders – converting raw minerals into high-performance inputs – and in smart manufacturing companies that enable efficient, precise and scalable production.

By combining exposure to both producers and enablers, the portfolio targets diversified structural growth driven by intensifying trends in electrification, AI, automation as well as broader themes in resource scarcity. The approach focuses on businesses with strong pricing power, technological leadership and critical positioning within global supply chains, aiming to benefit from sustained demand, constrained supply, and multi-year industrial investment cycles.