Global Theme Machine: Theme Leadership Shifts as Technology Improves but Healthcare Themes Lead Returns

Research evidence excerpt

Global Theme Machine: Theme Leadership Shifts as Technology Improves but Healthcare Themes Lead Returns

Essentials |

08 Jul 2026 15:17:48 ET │ 24 pages

Global Theme Machine

Theme Leadership Shifts as Technology Improves but Healthcare

Themes Lead Returns

Europe

CITI'S TAKE

David T Chew AC

Citi’s Global Theme Machine evaluates the investment appeal of 83 global +44-20-7986-7698

themes across nearly 3,600 listed companies, informed by insights from david.chew@citi.commore than 170 Citi Fundamental Analysts. As part of our regular annual

process, we have refreshed our thematic review and stock mappings. Our

latest publication, Global Theme Machine: Reassessment of Themes for

2026, outlines the current framework used for this analysis. If you are North America

interested in the full dataset, please contact us—we would be delighted to AC Richard W Schlatterdiscuss it in greater depth.

+1-212-816-0591

richard.w.schlatter@citi.com

Theme Model Performance — The Theme Model faced a challenging month with

negative performance across both top and bottom quintiles. Top-performing Anju Bhandari AC

themes declined by approximately 2.1%, while bottom-performing themes fell +1-212-816-3812

modestly by around 0.1%. The MSCI World benchmark declined 0.7% over the anju.bhandari@citi.com

month, reflecting broader market headwinds. Despite this, the spread between top

and bottom quintiles remained meaningful, with the model continuing to provide

differentiation in relative performance.

Asia

Theme Style Rankings — Theme leadership changes for the month were driven by a

Yue Hin Pong ACcombination of Quality and Low Risk characteristics, with improving Earnings

Momentum providing support to select themes. The largest improvers included HR +44-20-7986-3953