Strategic Adjustments in an Uncertain Geopolitical Environment
The current geopolitical tensions and trade conflicts force investors to make strategic adjustments. The Future Depot focuses on four key areas that offer opportunities despite uncertainties:
1. Semiconductor Technology with Monopoly Position
ASML remains essential for the production of modern chips under 5 nm. Despite tariffs on high-end chips, the company has pricing power due to its technological uniqueness. Lasertec benefits as the sole provider of inspection systems for 2-nm chips – a critical component for AI and autonomous driving.
2. Medical Technology with Demographic Tailwind
Stryker dominates the market for orthopedic implants and is driven by the aging population. The US-Irish company combines innovation with geographical diversification. Lonza, as a contract manufacturer for biopharmaceuticals, is systematically expanding its US capacities to benefit from the “reshoring” strategy.
3. Defense-Related Suppliers
Amphenol supplies high-performance connectors for both electronics and defense goods – a double growth driver in times of increased military spending.
4. Regional Champions Outside the US/China Axis
- Air Water: The Japanese gas and chemical company is expanding its international business, particularly in areas such as hydrogen infrastructure.
- Vertex Pharmaceuticals: Despite general pharma risks from potential tariffs, Vertex shows strength in niche markets like cystic fibrosis therapies.
Strategic Direction of the Depot
| Criterion | Implementation |
|---|---|
| Geopolitical Security | Focus on EU/Japan/USA-based production (Lonza, ASML, Stryker) |
| Technological Leadership | ASML/Lasertec secure access to indispensable production means |
| Demographic Trends | Stryker/Lonza address aging and the biotech boom |
The depot strategy combines short-term resilience against trade conflicts with long-term megatrends like AI, decarbonization, and healthcare innovations. While AMD loses attractiveness due to electronics tariffs, companies with local production networks move to the center of the investment strategy.