投资于‘全球科技’

Investing in“Global Tech” March 2026 Editor-in-ChiefSteve BriceGlobal Chief Investment Officer Authors Sundeep Gantori, CFA,CAIAChief Investment Officer,Equities Contents Fook Hien YapSenior Investment Strategist Michelle Kam, CFAInvestment Strategist 03Foreword Jason WongEquity Analyst 04The case to invest in Global Tech 08Why active management in Global Tech is more rewarding? 13The SCB framework to invest in Global Tech 15Staying the course and conclusions 1Foreword Dear Reader, Welcome to our white paper on Investing in “Global Tech”, where we explore the transformative trendsshaping the global investment landscape over the coming years – and decades. We keep our spotlightthroughout on the enduring appeal, and necessary evolution ofGlobal Tech, which we define as tech andtech-enabled business models as represented by a growth benchmark index. We believe the theme is acore pillar of global asset allocation, representing around 20% of our CIO Foundation Balanced portfoliospanning tech and tech-enabled sectors expanding at an above average pace. We are living in an era of extraordinary imagination. Rapid advances in generative AI have moved beyondbeing a purely structural theme to become a pervasive force – much as internet-enabled devices did inprior decades. While early signs of AI-driven disruption became evident as early as the first quarter of2026, we remain firmly in the “glass half full” camp. In our view, AI presents far more opportunities thanrisks. The world has found a new growth engine – one capable of unlocking unprecedented investmentopportunities–and this reinforces Global Tech as one of the key pillars in driving long-termportfolio returns. Our back-testing shows that the Global Tech theme as represented by a growth benchmark index hashistorically been rewarding for investors, delivering consistent outperformance versus the other style,value. We see no reason for this to change. As innovation accelerates and competitive advantages widen,markets are likely to continue rewarding business models with superior and durable growth prospects. Capturing these opportunities, however, requires a disciplined and systematic approach. Investing in techand tech-enabled business models today goes beyond passive exposure; it demands active managementto navigate market volatility, business cycles, and disruption risks. We address these dynamics throughtheSCB framework to invest in Global Tech, which identifies three broad opportunity sets and explicitlyright-sizes exposure across them: •Structuralopportunities(S):Secular business models offering long-term visibility with strongcompounding potential.•Cyclical opportunities (C):Tactical opportunities arising from valuation mismatches and demand-supply imbalances as industries and regions embrace innovation at different speeds.•Binary opportunities (B):Select turnaround as well as moonshot opportunities linked to next frontiertechnologies that offer optionality through an asymmetric risk-reward profile. The future is arriving faster than ever. It is imperative that investors and leaders work hand in hand toembrace both the opportunities and challenges of this new era to forge a resilient and prosperous pathforward. We hope this report provides the insights and framework needed to navigate what we believe isa rewarding – and defining – Global Tech investment landscape. Samir SubberwalGlobal Head, Wealth Solutions, Retail Products, Data & Analytics 1The case to invest inGlobal Tech Our Global Tech investment theme is firmly anchored in a growth style approach,where we place greater emphasis on tech and tech-enabled business modelsthat can offer structural earnings growth prospects. This does not imply that valuation is irrelevant for growth companies; rather, on a relative basis, earningsgrowth is the dominant driver of long-term market returns. For us, Global Tech includes both tech and tech-enabled business models, which accounts for roughly40% of global equities or put differently from an asset allocation point of view, the theme represents around20% of our CIO Foundation Balanced portfolio. Relative to the other investment style—global value—ourGlobalTech theme is focused on growth companies operating in sectors that typically trade atvaluation premiums. These premiums, in our view, are justified by above average and more durablegrowth prospects. Companies within our Global Tech universe are predominantly found in tech and tech-enabled sectorssuch as IT, communication services, consumer discretionary, and industries such as fintech, healthtechetc. coupled with other innovation driven segments spanning both the new and old economy. A clearexample is the renewed growth visibility in traditionally cyclical sectors such as industrials and utilities,supportedby unprecedented AI related capital expenditure.Put simply,our Global Tech themefocuses on companies with tech and tech-enabled business models that can offer superior and sustainab