主题_研究_1Q25_（1）

State of Thematic Investing (1Q25) In challenging markets, resilience in newly emerging defenceand macro related thematic funds wasinsufficientto countervolatility in tech and poor performance across energy funds.Despite the positive glimmers in 1Q25, we expect more painto come in 2Q25 (+20 page chart pack attached). Thematic Investing Katherine Ogundiya+44 (0)20 3134 1391katherine.a.ogundiya@barclays.comBarclays, UK Siddharth Gupta+91 22 6175 2540siddharth.gupta1@barclays.comBarclays, UK •Global thematic fund AUM closed at $579bn (-3.5%q/q) Barclays Thematic FundReview - State of ThematicInvesting (1Q25) - Chart pack •*New* Quarterly AUM allocation data showscontinues interest in social funds:Society & Culture+7% q/q,Tech & Financials -5% q/q,Energy & Environment-6% q/q, andBroad Thematic-3% q/q. Hiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UK •*New* 1Q25 Deep Dives:We explore holdings, regional and sector splits of three themes thatdominated the quarter (AI, Political and Security). Laia Marin i Sola, CFA+ 44 (0)20 3134 2531laia.marin@barclays.comBarclays, UK •Crowding analysisshows that stocks across global thematic funds change more comparedto the MSCI ACWI. Amy Lian+44 (0)20 3134 0179amy.lian@barclays.comBarclays, UK •Performancein 1Q25was mixed. Best-performing themes includeSpace(+24% y/y) andSecurity(+13%) vs weakness inEnergy Transition(-8% y/y) andBattery Tech(-13%y/y). William Thompson+1 212 526 8641william.s.thompson@barclays.comBCI, US The chart pack can be accessed using the download link above on the right-hand side. Hannah Greenberg+1 212 526 2457hannah.greenberg@barclays.comBCI, US The chart pack can be accessed using the download link above on the right-hand side. Pleasecontact the team to discuss how the insights from assessing thematic funds can help driveinvestment strategies. The State of Thematic Investing in 6 Charts FIGURE 1. Global thematic AUM closed down 3.5% in 1Q25 Thematic AUM presented in the analysis includes sum of all share-class Total Net Assets for a given fund that existed at theend of a given month. It includes changes in valuation in underlying stocks in thematic funds + net fund flow changes (+/-).Source: Morningstar Direct, Barclays Research (data extracted on 03.04.25) FIGURE 2. Security, Political, AI, Cybersecurity, Space, and Nano Tech + New Materials saw positiveAUM growth q/q FIGURE 6. Space was the top performing theme in 1Q25, using 1-year returns 1-year return (%) represents cumulative return on funds in the category for the period 31.03.24-31.03.25Source: Morningstar Direct, Bloomberg, Barclays Research (Data extracted on 07.04.25) Updated Methodology for 2025 Morningstar thematic fund data set We use fund launch data from Morningstar Direct, a global investment analysis platform thattracks global open-end funds (covering over 50,000 funds from more than 10,000 companies),providing data on their attributes including AUM and a large number of sustainabilitycharacteristics. We use the Morningstar thematic fund data set as a starting point for ouranalysis. The Morningstar thematic fund data set labels funds as thematic based onintentionality rather than holdings. To identify intentionality, Morningstar relies on acombination of fund names (a strong indicator of intentionality) and information gleaned fromprospectuses, marketing materials, index methodologies (in the case of index funds), and datapoints available within the Morningstar database, such as investment objective, where possible. Once Morningstar has labelled a fund as thematic, the fund is given a Level 1, a Level 2, and aLevel 3 classification. Each classification is more granular. There are four Level 1classifications (Technology, Physical World, Social, and Broad Thematic), 30 Level 2classifications and over 100 Level 3 classifications. As an example, within Technology (Level 1),Life Sciences is one of the Level 2 categories and Genomics, Cancer, and mRNA are all Level 3categories. Use of Morningstar data throughout the chart pack Within the Morningstar data set, we filter thematic equity funds only. Within thematic equityfunds, the universe used in our analysis contains open-end equity funds and exchange-tradedfunds – both active and passive. We also include Article 8 and Article 9 tagged funds onMorningstar Direct. As of the end of March 2025, there were 2,846 funds in the globalMorningstar database that passed through our filters. Of these, c.80% (~2,300) have consistentlyreported net assets (of ~$579bn at the end of March 2025) available on Morningstar using thefund size filter. When a fund has not reported its AUM in a given period, we take the latestavailable reported data. This constitutes the underlying data used throughout the report. Thematic AUM presented in the analysis includes the sum of all share-class Total Net Assets(TNAs) for a given fund that existed at the end of a given month, available on Morningstar asdata point – Fund Size