Equity Strategy "The Theme-ometer: What to buy if not AI" Fowler

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Equity Strategy "The Theme-ometer: What to buy if not AI" Fowler

Global Research

17 June 2026ab

Equity Strategy Equity Strategy

AmericasThe Theme-ometer: What to buy if not AI

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

Healthcare emerges as a leading complement to AI: The most notable shift in +1-212-713 3892

the signals is in healthcare globally, with the GLP-1 Winners theme now ranking at

Nicolas Le Roux

the top after spending months mid-table. This reflects improving earnings Strategist

revisions alongside more attractive valuations. See our top picks in the US here. nicolas.le-roux@ubs.com

+33-14-953 2118

AI capex still strong, but increasingly selective: AI Winners and AI-exposed

Semis remain supported by positive earnings revisions and a favourable regime Andrew Garthwaite

backdrop. However, crowding and valuation headwinds continue to moderate the Strategist

aggregate signal, pointing to a more selective approach within the theme. andrew.garthwaite@ubs.com

+44-20-7567 4343

US growth momentum driving a ‘broadening’ trade: Stronger US data is Bhanu Baweja

feeding through into the signals, with US Reshoring and Short Cycle Industrials Strategist

rising into clearly positive territory.