Investment themes

41 long-running trends that cut across industries. Each theme page lists the companies selling into the trend, which of them have an economic moat, and how they score on quality.

Core: The theme describes the company's main business. Partial: A meaningful part of the business, but not the main one.

2,107 companies with at least one theme

Wide moatNarrow moatNo moat

Technology

Computing, from the chips and data centers that run AI to the software, security and machines built on them.

Chips, memory, servers and networking gear that AI systems are trained and run on.

43 companies · 19 core · 77% with a moat · avg quality 52

e.g. Nvidia, Broadcom, Advanced Micro Devices

Software built around AI models: model makers, AI platforms and agents, and apps where AI is the product.

32 companies · 23 core · 19% with a moat · avg quality 27

e.g. Palantir Technologies, SoundHound AI, Innodata

Builds, owns, powers, cools or connects data centers, including firms that rent out AI computing capacity.

46 companies · 16 core · 59% with a moat · avg quality 36

e.g. Equinix, Vertiv Holdings, Digital Realty Trust

Software and computing sold as an online service: business apps, data and developer platforms, and the public clouds they run on.

139 companies · 114 core · 71% with a moat · avg quality 47

e.g. Microsoft, Amazon.com, Oracle

Protects networks, devices, cloud systems, identities and data from attack.

55 companies · 38 core · 56% with a moat · avg quality 38

e.g. Palo Alto Networks, CrowdStrike Holdings, Fortinet

Robotics & automation

Machines that work on their own: factory and warehouse automation, surgical and other robots, machine vision, 3D printing and self-driving systems.

74 companies · 58 core · 34% with a moat · avg quality 30

e.g. Intuitive Surgical, Emerson Electric, Rockwell Automation

Rockets, satellites and spacecraft, and services delivered from orbit such as satellite communications and Earth imaging.

31 companies · 23 core · 39% with a moat · avg quality 29

e.g. Space Exploration Technologies, Rocket Lab, AST SpaceMobile

Quantum computing

Quantum computers and the chips, software and encryption made for them.

6 companies · 6 core · 0% with a moat · avg quality 16

e.g. IonQ, D-Wave Quantum, Rigetti Computing

Digital life

How people shop, watch, play, bet, travel across town and learn online.

Online stores and marketplaces, and the software, warehouses and parcel delivery built for online shopping.

114 companies · 84 core · 28% with a moat · avg quality 32

e.g. Amazon.com, Alibaba Group Holding, Shopify

Digital ads & social media

Social networks, search engines, ad-supported apps and the technology that moves advertising budgets online.

100 companies · 76 core · 35% with a moat · avg quality 36

e.g. Alphabet, Meta Platforms, AppLovin

Video, music and audio streaming services, and the platforms and devices that deliver them.

33 companies · 21 core · 36% with a moat · avg quality 33

e.g. Netflix, Spotify Technology, Roku

Makes, publishes or sells video games, or the engines, platforms and gear they run on.

37 companies · 30 core · 24% with a moat · avg quality 34

e.g. NetEase, Electronic Arts, Take Two Interactive Software

Sports betting and online casino apps, and the technology and data behind them.

21 companies · 12 core · 43% with a moat · avg quality 36

e.g. DraftKings, Flutter Entertainment, Super Group (SGHC)

Apps that match customers with independent drivers, couriers and freelancers: ride-hailing, delivery and freelance work.

15 companies · 13 core · 47% with a moat · avg quality 35

e.g. Uber Technologies, DoorDash, Grab Holdings

Online learning

Education delivered online: learning apps, online degrees and courses, and the platforms used to teach them.

34 companies · 30 core · 24% with a moat · avg quality 33

e.g. Duolingo, Grand Canyon Education, Stride

Money

New ways to pay, invest and save, from card networks and crypto to private funds and retirement income.

Fintech & payments

Card networks, payment processing, digital wallets, and app-based banking, lending and investing.

130 companies · 102 core · 46% with a moat · avg quality 43

e.g. Visa, Mastercard, American Express

Crypto & blockchain

Crypto trading and custody, bitcoin mining, stablecoins and blockchain networks, and companies whose main asset is crypto.

79 companies · 62 core · 5% with a moat · avg quality 21

e.g. Strategy, Coinbase Global, Circle Internet Group

Wealth & retirement

Manages, advises on or insures people's savings and retirement income: wealth managers, brokerages, asset managers, retirement plans and annuities.

97 companies · 51 core · 56% with a moat · avg quality 47

e.g. Morgan Stanley, BlackRock, UBS Group

Private markets

Raises and manages private equity, private credit, infrastructure and real estate funds for institutions and wealthy investors.

26 companies · 19 core · 62% with a moat · avg quality 46

e.g. Brookfield, Blackstone, KKR

Energy & resources

Rising electricity demand and the shift to new energy sources, fuels and the minerals they need.

Power demand & grid

Sells electricity into competitive markets, or makes and installs the equipment that generates and carries it, as power use rises with data centers, factories and electrification.

73 companies · 36 core · 56% with a moat · avg quality 38

e.g. GE Vernova, Eaton, Constellation Energy

Nuclear & uranium

Nuclear power plants and reactor makers, including small modular reactors, and the uranium mining and enrichment that fuel them.

35 companies · 29 core · 26% with a moat · avg quality 25

e.g. Constellation Energy, Cameco, BWX Technologies

Renewable energy

Solar, wind and other renewable power: panels, inverters, trackers and turbines, and the companies that build, own or finance renewable plants.

61 companies · 42 core · 39% with a moat · avg quality 32

e.g. First Solar, Brookfield Renewable Partners, Nextpower

Batteries & storage

Battery cells and materials, and energy-storage systems for vehicles, homes and the grid.

54 companies · 33 core · 11% with a moat · avg quality 19

e.g. EnerSys, QuantumScape, Amprius Technologies

Electric vehicles

Electric cars, trucks and buses, the charging networks that power them, and parts made only for EVs.

52 companies · 41 core · 13% with a moat · avg quality 19

e.g. Tesla, Rivian Automotive, Inc. / DE, Nio

Hydrogen & clean fuels

Hydrogen and fuel cells, and lower-carbon fuels such as renewable natural gas, renewable diesel, ethanol and sustainable aviation fuel.

34 companies · 23 core · 15% with a moat · avg quality 23

e.g. Bloom Energy, Ballard Power Systems, Andersons

Liquefies natural gas for export, or supplies, pipes or ships the gas those exports need.

23 companies · 11 core · 61% with a moat · avg quality 43

e.g. Cheniere Energy, Woodside Energy Group, Venture Global

Critical minerals

Mines or processes copper, lithium, nickel, cobalt, graphite, rare earths and other metals needed for batteries, magnets and electrical equipment.

67 companies · 54 core · 15% with a moat · avg quality 22

e.g. BHP Group, Southern Copper, Freeport-McMoRan

Building & industry

Public works, water, homes, efficient buildings, defense and commercial aircraft.

Builds, supplies or maintains roads, bridges, rail, ports, airports and other public works: construction materials, heavy-civil contractors, engineering firms and equipment rental.

50 companies · 32 core · 58% with a moat · avg quality 45

e.g. CRH, Ferrovial, Vulcan Materials

Supplies, treats, moves or measures water: water utilities, treatment and filtration, pipes, pumps and meters.

53 companies · 40 core · 72% with a moat · avg quality 46

e.g. Ecolab, American Water Works, Veralto

Builds, supplies, improves or rents homes: homebuilders, building products, home-improvement retail and rental housing.

102 companies · 86 core · 40% with a moat · avg quality 38

e.g. Home Depot, Lowe's Companies, D.R. Horton

HVAC & building efficiency

Heating, cooling, ventilation, lighting and controls that cut the energy buildings use, including cooling for data centers, and the firms that install them.

27 companies · 22 core · 63% with a moat · avg quality 43

e.g. Trane Technologies, Johnson Controls International, Comfort Systems USA

Weapons, military vehicles, ships and aircraft, drones, defense electronics and services sold to militaries and national-security agencies.

86 companies · 42 core · 60% with a moat · avg quality 41

e.g. Lockheed Martin, General Dynamics, Northrop Grumman

Commercial aerospace

Builds, supplies, services or leases commercial aircraft and engines as airlines grow and renew their fleets.

53 companies · 38 core · 68% with a moat · avg quality 44

e.g. General Electric, RTX, Boeing

Health

New kinds of medicine and care, and an older population.

Weight-loss drugs

Develops, makes or sells obesity medicines such as GLP-1 drugs, or the devices and manufacturing behind them.

16 companies · 11 core · 25% with a moat · avg quality 28

e.g. Eli Lilly, Novo Nordisk, Rhythm Pharmaceuticals

Genetic medicine

Reads, edits or targets genes: DNA sequencing and genetic tests, gene and cell therapies, gene editing and RNA medicines.

113 companies · 99 core · 27% with a moat · avg quality 22

e.g. Moderna, Natera, Illumina

Aging population

Serves older adults: senior housing and care, home health and hospice, Medicare health plans, funeral services, and hearing, mobility and other aids for later life.

45 companies · 36 core · 36% with a moat · avg quality 33

e.g. Welltower, Humana, Ventas

Health care delivered or run through software: telehealth, health-care software and data, and remote patient monitoring.

56 companies · 42 core · 50% with a moat · avg quality 36

e.g. Veeva Systems, Hinge Health, HealthEquity

Consumer

Where people spend on experiences, health, pets and cannabis.

Travel & experiences

Trips, stays and live events: airlines, hotels and resorts, cruises, booking sites, casinos, theme parks, concerts and live sports.

142 companies · 127 core · 44% with a moat · avg quality 35

e.g. Walt Disney, Booking Holdings, Airbnb

Fitness & wellness

Gyms and fitness, athletic wear and footwear, vitamins and supplements, and natural, organic or high-protein food and drink.

59 companies · 53 core · 24% with a moat · avg quality 34

e.g. Nike, Amer Sports, Dick's Sporting Goods

Food, medicine, veterinary care, products and insurance for pets.

19 companies · 14 core · 42% with a moat · avg quality 38

e.g. IDEXX Laboratories, Zoetis, Chewy

Grows, processes or sells cannabis, or supplies, finances or leases property to cannabis businesses.

53 companies · 50 core · 0% with a moat · avg quality 21

e.g. Tilray Brands, Curaleaf Holdings, Verano Holdings