Equity Strategy "The Theme-ometer: Still Secular over Cyclicals" Fowler

研报英文原文证据摘录

Equity Strategy "The Theme-ometer: Still Secular over Cyclicals" Fowler

Global Research

18 May 2026ab

Equity Strategy Equity Strategy

AmericasThe Theme-ometer: Still Secular over Cyclicals

Gerry Fowler

Strategist

A market of themes gerry.fowler@ubs.com

+44-20-7567 5490

REVS is our quantamental stock selection framework. Our philosophy is that stock prices

are impacted by the macroeconomic regime (R), earnings (E), valuations (V), and Sean Simonds

Strategistsentiment (S). Across 11 models, we have a comprehensive tactical framework (2-6

sean.simonds@ubs.com

months). Each model backtests well and they work well together. We aggregate stock +1-212-713 2851

scores to assess equity themes as well as indices, sectors and industry groups globally.

Maxwell Grinacoff, CFA

Most Preferred Themes

maxwell.grinacoff@ubs.com

Leadership remains narrow and tied to data-centre capex: The most +1-212-713 3892

compelling signals continue to be concentrated in AI and electrification supply

Nicolas Le Roux

chains around the world: EU Renewables, Electrification and AI Winners remain Strategist

among the strongest themes. nicolas.le-roux@ubs.com

+33-14-953 2118

AI semis still attractive, but signal moderates: AI-exposed Semis and memory

remain core exposures, supported by strong earnings revisions and a favourable Andrew Garthwaite

regime backdrop. However, recent outperformance has led to increased crowding Strategist

and weaker valuation signals, resulting in a modest deterioration in overall signal. andrew.garthwaite@ubs.com

+44-20-7567 4343

We do not yet see conditions consistent with exiting these themes (when strongly

positive revisions abate). Bhanu Baweja

Robotics and infrastructure remain supported: Adjacent AI and industrial bhanu.baweja@ubs.com