Pure Innovation

Gutmann Equities Brief

Over the past 12 months, technological and geopolitical trends have accelerated significantly due to rapid developments in artificial intelligence. To date, we have structured our innovation portfolio around three thematic areas:

• „Digitalization“

• „Next Gen Health“

• „Renewable Economy“

Due to rapid progress in the field of artificial intelligence—and also due to geopolitical developments—we have decided to adjust this thematic structure.
Going forward, we will structure our portfolio around three new focal areas: “Artificial Intelligence,” “Energy Resilience & Climate Change,” and “Frontier Technologies.”

What considerations are behind this adjustment?

The development of AI technology has accelerated sharply again in recent months. While ChatGPT and similar applications were recently used primarily as chatbots, modern AI agents are now already capable of independently handling complex tasks. This has several consequences: First, demand for computing power is rising much more sharply than originally expected. Second, business models—particularly in the IT sector—are undergoing fundamental changes.

Against this backdrop, we are increasingly focusing our AI coverage on the beneficiaries of this trend. These include semiconductor companies as well as providers of infrastructure software and companies that are leaders in the application of AI. In the “Energy Resilience & Climate Change” theme, we map out the profound changes in the energy sector. The AI boom—as well as ongoing geopolitical tensions—are permanently reshaping the energy landscape.
The rising need for computing power is leading to significantly higher demand for electricity. This increases the pressure on existing power grids and is increasingly forcing data center operators to develop their own energy supply solutions.

At the same time, the geopolitical tensions of recent years have made the supply of oil and gas—especially in Europe and Asia—more uncertain.
This trend is likely to further accelerate electrification in these regions. In this thematic area, we invest in leading technology and industrial companies that are benefiting from the structural transformation of the energy landscape.

The third thematic area, “Frontier Technologies,” focuses on companies at the forefront of new, disruptive technologies. A current focus here is Physical AI—that is, the integration of artificial intelligence into robotics and industrial automation. In addition, we are monitoring developments such as the increasing commercialization of space and the growing use of AI in the healthcare sector.

By combining these three thematic areas, we believe we are covering the key future trends from today’s perspective.