Barclays_State_of_Thematic_Investing_1Q25_ (1)

Barclays Thematic FundReview - State of ThematicInvesting (1Q25) - Chart packBarclays Capital Inc. and/or one of its affiliates does and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.This is a Special Report that is not an equity or a debt research report under U.S. FINRA Rules2241-2242.FOR ANALYST CERTIFICATION(S) PLEASE SEE PAGE 9.FOR IMPORTANT EQUITY RESEARCH DISCLOSURES, PLEASE SEE PAGE 9.FOR IMPORTANT FIXED INCOME RESEARCH DISCLOSURES, PLEASE SEE PAGE 10.Thematic Fund ReviewState of Thematic Investing (1Q25)In challenging markets, resilience in newly emerging defenceand macro related thematic funds was insufficient to 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).• Global thematic fund AUM closed at $579bn (-3.5%q/q)• *New* Quarterly AUM allocation data showscontinues interest in social funds: Society & Culture+7% q/q, Tech & Financials -5% q/q, Energy & Environment-6% q/q, and Broad Thematic -3% q/q.• *New* 1Q25 Deep Dives: We explore holdings, regional and sector splits of three themes thatdominated the quarter (AI, Political and Security).• Crowding analysis shows that stocks across global thematic funds change more comparedto the MSCI ACWI.• Performance in 1Q25 was mixed. Best-performing themes include Space (+24% y/y) andSecurity (+13%) vs weakness in Energy Transition (-8% y/y) and Battery Tech (-13%y/y).The chart pack can be accessed using the download link above on the right-hand side.Special Report14 April 2025SIGNATUREThematic InvestingKatherine Ogundiya+44 (0)20 3134 1391katherine.a.ogundiya@barclays.comBarclays, UKSiddharth Gupta+91 22 6175 2540siddharth.gupta1@barclays.comBarclays, UKHiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UKLaia Marin i Sola, CFA+ 44 (0)20 3134 2531laia.marin@barclays.comBarclays, UKAmy Lian+44 (0)20 3134 0179amy.lian@barclays.comBarclays, UKWilliam Thompson+1 212 526 8641william.s.thompson@barclays.comBCI, USHannah Greenberg+1 212 526 2457hannah.greenberg@barclays.comBCI, USCompleted: 11-Apr-25, 18:12 GMTReleased: 14-Apr-25, 03:00 GMTRestricted - ExternalThe chart pack can be accessed using the download link above on the right-hand side. Pleasecontact the team to discuss how the insights from assessing thematic funds can help driveinvestment strategies.The State of Thematic Investing in 6 ChartsFIGURE 1. Global thematic AUM closed down 3.5% in 1Q2501002003004005006007008009001Q181Q191Q201Q211Q221Q231Q241Q25$ bnTechnology & FinancialsEnergy & Env