Longer Term Investments

4 September 2026, 07:59 UTC Chief Investment Office GWM Investment Research

Our Longer-Term Investment themes in focus Longer Term Investments Authors: Alexander Stiehler, CFA, CIO Head of Longer Term Investment Themes, UBS Switzerland AG; Nikolaos Fostieris, Global Equity Strategist, UBS Switzerland AG

• This month, we update our rankings but the top five themes remain unchanged. Our current approach identifies the following themes as offering the most compelling opportunities: Automation and robotics, Enabling technologies, Aging in comfort, Diversity and equality, and Energy efficiency.

• For investors with a shorter-term perspective, we recommend they review their exposure to Genetic therapies and Healthtech, and instead consider one of our top five themes, where we see attractive entry opportunities. While our long-term outlook for Genetic therapies and Healthtech remains unchanged, they currently rank lower in our model, and we see greater value in our top themes over the next six to 12 months. Source: UBS • In August and September, we updated two of our Longer-Term Investment themes: Automation and robotics on 12 August and Oncology on 2 September.

Executive summary CIO Longer-Term Investment Themes in focus The table summarizes our top five rankings. According Identifying entry points to our Longer-Term Investment (LTI) themes model, these themes currently offer the most attractive entry points compared to other LTI themes. We also highlight themes with a less favorable ranking in the current environment and recommend that short-term-oriented investors consider one of our top-ranked themes.

Additionally, we emphasize that our ranking does not alter our conviction in the LTI themes not discussed in detail in this Source: UBS Chief Investment Office, as of September 2026 report, which we continue to believe are well positioned to capitalize on secular trends over an extended time horizon. We recommend diversifying by investing across multiple themes to mitigate drawdown risk.

This report has been prepared by UBS Switzerland AG. Please see important disclaimers and disclosures at the end of the document.

Latest themes recap we view above-GDP growth as sustainable in the medium term and expect it to grow around 8% CAGR to 2030, supporting the companies exposed to the space. In August and early September, we updated two of our longer-term investment themes: Automation and robotics on 12 August and Oncology on 2 September. Update on the Middle East- While these themes are inherently long term in nature, we regularly review and, where appropriate, reposition exposed themes them to reflect evolving market dynamics, regulatory Our only theme significantly exposed to the Middle East at developments, technological advancements, and societal the present is Identifying the next frontier, so we would like trends. This process may involve refining the thematic focus to provide an update on it given the ongoing geopolitical or identifying new end markets and industries that present developments. emerging opportunities. Below, we provide a concise update on the key changes within each theme, ensuring our focus Emerging and frontier markets came under pressure remains on the core drivers and investment rationale. following the outbreak of military conflict in the Middle East and the subsequent sharp rise in global energy prices, but Automation and robotics have since resumed their upward trend, as the global growth In our new report, we update the investment case for outlook has remained solid. In the near term, heightened Automation and robotics, expanding the framework to geopolitical risks and disruptions to energy flows from the include professional service and medical robots while Middle East continue to pose risks to some of the equity revising market estimates across the broader ecosystem. markets in our theme. It places the theme in the context of a cyclical recovery following several years of manufacturing weakness, While some individual frontier and emerging markets may inventory corrections, and tariff-related uncertainty. At experience heightened volatility in the near term, over the same time, we argue that the long-term…