The portfolio invests in companies enabling the decarbonisation through electrification and automation of the global transportation sector.
The worldwide growth of electric vehicles (EVs) in 2025 was significantly driven by China, where EVs as a percentage of total cars sold reached 55%. The Chinese domestic auto market is the largest in the world and Chinese auto equipment manufacturers (OEMs) are now fully dedicated to EVs and readying a strong surge of exports and overseas production expansion.
Against the backdrop of Chinese OEMs expanding manufacturing globally, we expect a continuation of solid growth trends in 2026 in the rest of the world for EVs as more affordable models become available and improvements in battery technology alleviate ‘range anxiety’.
We expect a continuation of solid growth trends in 2026 in the rest of the world for EVs.
Robotaxis on electric platforms are quickly ramping up operations in numerous cities in the US and China, as safety requirements are increasingly being met. 2026 should also mark the beginning of robotaxi deployments in a major European city (likely London). Over the long run, mass deployments will be enabled by further significant improvements in compute power and operational efficiencies, resulting in far superior economics and accident prevention compared to vehicles driven by humans.
2026 will also be the year when we will see first major rollouts of humanoid robots, which should benefit our holdings in this area. Rapid advances in AI, combined with falling hardware costs, are accelerating this transition, enabling robots’ deployment beyond traditional industrial uses and into services and households.
Overall, we remain very constructive given the strong fundamentals of smart mobility, with the whole transportation sector having engaged in an unprecedented transformation towards electrification and automation. We will continue to invest across the entire smart mobility value chain, seeking exposure to market segments like robotaxis, humanoid robots, sensor and data processing technologies for automated driving and humanoid robots, power semiconductors, batteries, EV manufacturers and suppliers, hydrogen and EV charging infrastructure and shared mobility solutions.
