https://www.morganstanley.com/im/en-gb/intermediary-investor/insights/the-beat/the-beat-themes-to-invest-in.html

Image Source: MSIM Portfolio Solutions Group as of February 15, 2026

Excerpt:

**A Conceptual Framework to Invest Ahead of the Money **In addition to tariffs (and responsible spending), there is another way to address deficits,  namely economic growth policies. This is where we find ourselves today, with country leaders understanding that the construct of economic trade and growth will change in the future. It’s a race that has already started and like any race, one wants to have a great pole position at the start. This is why both foreign and trade policies are currently in flux.

As you can see in Display 2, we have built a conceptual framework for what we believe comes next, one that breaks down into four investable themes:

• Deglobalization. The world has not yet deglobalized, but plans to over the next ten years. Money is being spent now to ensure early pole position in the race for future growth. This creates geopolitical tension and market fragmentation.

• Reindustrialization. If a country is going to deglobalize then it needs to manufacture its own products. This creates opportunities across capital expenditure and manufacturing investment.

•  As leading economies reindustrialize they will want to use advanced manufacturing. This leads to higher productivity, but also ushers in creative destruction. Not all companies will be able to leverage technology as well as others, creating investment opportunities we can identify as using technology to unlock economic value.