2026全球科技投资研究报告 Investing in Global Tech

PUBLlC

lnvestingin

“GlobalTech”

March2026

WSGlobalClOOffice

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Investingin“GlobalTech”|March20262

Editor-in-Chief

SteveBrice

GlobalChiefInvestmentOfficer

Authors

SundeepGantori,CFA,CAIA

ChiefInvestmentOfficer,Equities

FookHienYap

SeniorInvestmentStrategist

MichelleKam,CFA

InvestmentStrategist

JasonWong

EquityAnalyst

Contents

03Foreword

04ThecasetoinvestinGlobalTech

08WhyactivemanagementinGlobalTechismorerewarding?

13TheSCBframeworktoinvestinGlobalTech

15Stayingthecourseandconclusions

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lnvestingin“GlobalTech”|March20263

Foreword

DearReader,

Welcometoourwhitepaperonlnvestingin“GlobalTech”,whereweexplorethetransformativetrendsshapingtheglobalinvestmentlandscapeoverthecomingyears–anddecades.Wekeepourspotlightthroughoutontheenduringappeal,andnecessaryevolutionofGlobalTech,whichwedefineastechandtech-enabledbusinessmodelsasrepresentedbyagrowthbenchmarkindex.Webelievethethemeisacorepillarofglobalassetallocation,representingaround20%ofourClOFoundationBalancedportfoliospanningtechandtech-enabledsectorsexpandingatanaboveaveragepace.

Wearelivinginaneraofextraordinaryimagination.RapidadvancesingenerativeAlhavemovedbeyond

beingapurelystructuralthemetobecomeapervasiveforce–muchasinternet-enableddevicesdidin

priordecades.WhileearlysignsofAl-drivendisruptionbecameevidentasearlyasthefirstquarterof2026,weremainfirmlyinthe“glasshalffull”camp.lnourview,Alpresentsfarmoreopportunitiesthanrisks.Theworldhasfoundanewgrowthengine–onecapableofunlockingunprecedentedinvestmentopportunities–andthisreinforcesGlobalTechasoneofthekeypillarsindrivinglong-termportfolioreturns.

Ourback-testingshowsthattheGlobalTechthemeasrepresentedbyagrowthbenchmarkindexhas

historicallybeenrewardingforinvestors,deliveringconsistentoutperformanceversustheotherstyle,

value.Weseenoreasonforthistochange.Asinnovationacceleratesandcompetitiveadvantageswiden,marketsarelikelytocontinuerewardingbusinessmodelswithsuperioranddurablegrowthprospects.

Capturingtheseopportunities,however,requiresadisciplinedandsystematicapproach.lnvestingintech

andtech-enabledbusinessmodelstodaygoesbeyondpassiveexposure;itdemandsactivemanagement

tonavigatemarketvolatility,businesscycles,anddisruptionrisks.WeaddressthesedynamicsthroughtheSCBframeworktoinvestinGlobalTech,whichidentifiesthreebroadopportunitysetsandexplicitlyright-sizesexposureacrossthem:

•Structuralopportunities(S):Secularbusinessmodelsofferinglong-termvisibilitywithstrongcompoundingpotential.

•Cyclicalopportunities(C):Tacticalopportunitiesarisingfromvaluationmismatchesanddemand-supplyimbalancesasindustriesandregionsembraceinnovationatdifferentspeeds.

•Binaryopportunities(B):Selectturnaroundaswellasmoonshotopportunitieslinkedtonextfrontiertechnologiesthatofferoptionalitythroughanasymmetricrisk-rewardprofile.

Thefutureisarrivingfasterthanever.ltisimperativethatinvestorsandleadersworkhandinhandto

embraceboththeopportunitiesandchallengesofthisneweratoforgearesilientandprosperouspath

forward.Wehopethisreportprovidestheinsightsandframeworkneededtonavigatewhatwebelieveisarewarding–anddefining–GlobalTechinvestmentlandscape.

SamirSubberwal

GlobalHead,WealthSolutions,RetailProducts,Data&Analytics

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Investingin“GlobalTech”|March20264

ThecasetoinvestinGlobalTech

OurGlobalTechinvestmentthemeisfirmlyanchoredinagrowthstyleapproach,whereweplacegreateremphasisontechandtech-enabledbusinessmodelsthatcanofferstructuralearningsgrowthprospects.

Thisdoesnotimplythatvaluationisirrelevantforgrowthcompanies;rather,onarelativebasis,earningsgrowthisthedominantdriveroflong-termmarketreturns.

Forus,GlobalTechincludesbothtechandtech-enabledbusinessmodels,whichaccountsforroughly40%ofglobalequitiesorputdifferentlyfromanassetallocationpointofview,thethemerepresentsaround20%ofourCIOFoundationBalancedportfolio.Relativetotheotherinvestmentstyle—globalvalue—ourGlobalTechthemeisfocusedongrowthcompaniesoperatinginsectorsthattypicallytradeatvaluationpremiums.Thesepremiums,inourview,arejustifiedbyaboveaverageandmoredurablegrowthprospects.

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Investingin“GlobalTech”|March20265

CompanieswithinourGlobalTechuniversearepredominantlyfoundintechandtech-enabledsectorssuchasIT,communicationservices,consumerdiscretionary,andindustriessuchasfintech,healthtech

etc.coupledwithotherinnovationdrivensegmentsspanningboththenewandoldeconomy.Aclearexampleistherenewedgrowthvisibilityintraditionallycyclicalsectorssuchasindustrialsandutilities,supportedbyunprecedentedAIrelatedcapitalexpenditure.Putsimply,ourGlobalTechthemefocusesoncompanieswithtechandtech-enabledbusinessmodelsthatcanoffersuperiorandsustainablegrowthtrajectories.

Fig.1

WhatisincludedinGlobalTech?

TechandTech-enabledindustriesarespreadacrosssectorswiththesizeofbubblerepresentingaddressablemarketcapitalisationinourview

Hardware

Fintech

Smartmobility

Semiconductors

Other

tech-enabledMedicaldevices

Software

Industrialtech

Onlineretailing

Digitalmedia

IT

services

Healthtech

Source:StandardChartered

Fromaperformanceperspective,GlobalTechthemeasrepresentedbythegrowthbenchmarkindexhasdeliveredcompellingresults.Overthepastdecade(2016–2025),thethemegeneratedaverageannual

returnsof14.8%,comparedwith10.7%forthevaluestyle(bothbasedonMSCIindices).Thisoutperformancehasbeendrivenprimarilybysuperiorearningsgrowth,typicallyinthelow-to-mid-teens,whilevaluationpremiumshaveremainedbroadlyintactovertheperiod.

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Investingin“GlobalTech”|March20266

Fig.2

Despitepremiumvaluations,GlobalTechhasoutperformedglobalvalueoverthepastdecade

(00906)

Index29Feb2016=100

50

Feb-16Jun-19Oct-22Feb-26

MSCIACWorldGrowthMSCIACWorldValue

MSCIACWorldGrowthvsValueindexrebasedto1,startingfromcloseof2Feb21450

350

250

150

398

277

Source:FactSet,Bloomberg,StandardChartered

Lookingahead,webelievetheinvestmentbackdropforGlobalTechremainsconstructive.Weexpect

strongrevenuegrowthandresilientmarginprofilestocontinuesupportingsuperiorearningsgrowth.While

AI(artificialintelligence)willplayacentralroleinexpandingaddressablemarketsforleadingtechnologycompanies,innovationisfarfromconfinedtoasinglesectorlikeIT.Areassuchasconsumerdiscretionary,digitalmediahealthcareandfintech,thatarerepresentedacrosssectors,continuetoseerapidproductinnovationandadoption,underpinningbroad-basedrevenuemomentumacrossourGlobalTechuniverse.Atthesametime,steadymargintrends–supportedbypricingpower,automation,andoperationalefficiencies–shouldsustain10-15%earningsgrowthp.a.overtheforeseeablefuture.Althoughnear-termindicatorscaptureonlypartofthispicture,consensusearningsforecastsfor2026and2027clearlyshowGlobalTech-orientedsectorsinthedriver’sseat.

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lnvestingin“GlobalTech”|March20267

Fig.3

SuperiorearningsgrowthwilllikelysupporttheperformanceofGlobalTech

Earningsgrowthforecastforglobalsectorsin2026and2027

Consensusearningsgrowth(%)

MSClACWorld Technology Materials Discretionary lndustrialsCommunication Utilities Financials HealthCare RealEstateStaples

Energy

-5051015202530354045

20262027

Source:FactSet,Bloomberg,StandardChartered

WhileGlobalTechcontinuestotradeatavaluationpremiumrelativetovalue,webelievethispremiumiswarranted.Onaverage,GlobalTechoffers10-15%earningsgrowthp.a.,comparedwith6-9%earnings

growthp.a.forglobalvaluecounterparts–adifferentialthatsupportsthevaluationgap.

Againstthisbackdrop,weseeafavourableanddurablebackdropfortheGlobalTechthemeintheyears

ahead.lmportantly,however,webelievethestrongestcaseforoutperformanceliesinanactiveinvestmentapproach,ratherthanpassiveexposure.ThedynamicanddisruptivenatureofonceinagenerationforcessuchasAlislikelytoamplifymarketvolatility,shortenbusinesscycles,anddrivedisruption.Activemanagementisthereforeessentialtonavigatetheseshiftseffectively–atopicweexplorefurtherinthenextchapter.

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Investingin“GlobalTech”|March20268

Whyactive

managementin

GlobalTechismorerewarding?

WhilewemaintainourconvictioninthestructuraloutperformanceofGlobalTechovervalueasalong-

termtheme,weseeamore

compellingrisk-rewardprofileinadoptinganactiveapproachoverpassiveinvesting.

Thisstemsfromtheinherentlydynamicnatureoftechinvesting,wherebusinessmodelsmustcontinuouslyadapttorapidinnovationcycles.Asthesayinggoes,“theonlyconstantischange.”Inthisenvironment,activelyrebalancingportfoliostoreflectevolvingfundamentalscanhelpinvestorsmanagesignificantdrawdownswhilepositioningforemergingopportunitiesatkeyinflectionpoints.

ThreekeydevelopmentsreinforceourcaseforactivemanagementinGlobalTech:

03

Disruption

risksand

opportunities

02

Dynamicbusinesscycles

01

Marketvolatility

Investingin“GlobalTech”|March20269

Let’sbeginwithmarketvolatility.Despitedeliveringabove-averagereturnsoverthepastdecade,theGlobalTechthemehasexperiencedfrequentdrawdowns.Thisisnotsurprisinggiventheinnovativenature

ofitsconstituents,whichareoftenexposedtoidiosyncraticriskssuchasregulatoryshifts,productcycles,leadershipchanges,orsupplychaindisruptions.Fig.4,showsthenumberof5%andabovedrawdownsforGlobalTech,asrepresentedbygrowthbenchmarkindexoverthepastdecade.

Fig.4

GlobalTechthemeexperiencedmultipledrawdownsoverthepastdecade

Drawdownsofatleast5%forMSCIACWorldGrowthIndexbetween2016-2025

Index

750

700

650

600

550

500

450

400

350

300

250

200

150-6.9%-5.7%

-11.6%

-9.0%

-5.3%

-6.4-1.8%-20.4%

-7.5%

-5.9%

-9.8%

-8.6%

-34.8%

-5.7%

-19.4%-30.8%

-6.0%

-6.4%

Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24Jan-25Jan-26

Jan-16Jan-17Jan-18

MSCIACWorldGrowthIndex

100

Source:FactSet,Bloomberg,StandardChartered

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lnvestingin“GlobalTech”|March202610

However,thesedrawdownshavehistoricallypresentedattractiveentrypointsandnotreasonstopanic.AsshowninFig.5,theGlobalTechasrepresentedbygrowthbenchmarkindexhasconsistently

reboundedstronglyoverthesubsequent6monthsafterfrequentdrawdowns.Thisunderscoresthevalueofanactiveapproach–onethatdistinguishesbetweenshort-termnoiseandlong-termfundamentals,enablinginvestorstocapitaliseonvolatilityratherthanbederailedbyit.

Fig.5

GlobalTechstocksreboundedhistoricallyafterasharpdecline

6-monthreboundinMSClACWorldGrowthlndexafterfrequentdrawdownsoverthepastdecade

Peak

Trough

Days(PeaktoTrough)

6mreturnafterthetrough

01Jan2016

11Feb2016

41

20.4%

08Jun2016

27Jun2016

19

8.3%

07Sep2016

04Nov2016

58

15.5%

26Jan2018

08Feb2018

13

8.5%

29Aug2018

25Dec2018

118

25.2%

03May2019

03Jun2019

31

13.4%

26Jul2019

05Aug2019

10

19.2%

19Feb2020

23Mar2020

33

55.5%

02Sep2020

24Sept2020

22

15.5%

15Feb2021

08Mar2021

21

20.5%

26Apr2021

13May2021

17

17.3%

07Sep2021

04Oct2021

27

-0.5%

19Nov2021

14Oct2022

329

22.7%

21Mar2024

19Apr2024

29

18.4%

10Jul2024

05Aug2024

26

19.4%

16Dec2024

14Jan2025

29

11.5%

18Feb2025

08Apr2025

49

45.1%

29Oct2025

21

Nov2025

23

–

Average19.8%

Source:FactSet,Bloomberg,StandardChartered

Investingin“GlobalTech”|March202611

ThesecondpillarofourargumentistheimportanceofnavigatingbusinesscycleswithinGlobalTech’sdiversesegments.Forinstance,withinthetechsector,fivekeyindustries–semiconductors,hardware,

internet,software,andITservices–tendtoperformdifferentlydependingonthestageofthebusinesscycle.Our“TechIndustryPlaybook”(seeFig.6)showsthatsemiconductorsandhardwaretypicallyleadinearly-cyclerecoveries,followedbyinternetandsoftwareinthemid-cycle,andITservicesinthelatecycle.

Fig.6

TechIndustryPlaybooktonavigateacrossthebusinesscycle

Positioningacrossfiveindustriesbasedonthebusinesscycleiskeytogeneratealpha

InternetITservices

Hardware

Semi

EarlycycleMidcycleLatecycle

Software

Source:StandardChartered

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Investingin“GlobalTech”|March202612

Againstthisbackdrop,activeapproachesthatcancorrectlyidentifythebusinesscycleandapplyindustryplaybooks—byoverweightingorunderweightingspecificsub-segments—canhelpgeneratealpha.For

instance,theTechindustryplaybookisalsoworkingeffectivelyevenduringtheongoingAIcycle.WithAIstillinitsearlyinnings,semiconductorsandinternetcompanieshaveoutperformed,whilesoftwareandITservices–typicallymid-to-latecyclebeneficiaries–havelagged.Webelieveplaybookssuchastheseremainvaluabletoolsforidentifyinginflectionpointsandadjustingallocationsaccordingly.Itisalsoworthnotingthattechsub-cyclesvaryinduration,requiringnimblepositioning.

Lastly,activemanagementisessentialinnavigatingdisruptionrisks–aninherentfeatureoftheGlobalTechtheme.Asdiscussedearlier,innovationisbothadriverandadisruptorforthetheme.Understanding

evolvingbusinessmodelsandproactivelymanagingdisruptionriskcanhelpinvestorsstayfocusedandavoidemotionallydrivendecisions.Forexample,Fig.7comparesthe10-yearperformanceofretailcompanies,AmazonandWalmart.Whilebothcompaniesdeliveredlargelysimilarreturnsoverthefullperiod,thejourneywasmarkedlydifferent.Inthefirsthalf,onlineretailerAmazon’sdominanceine-commerceweighedheavilyontraditionalretailerslikeWalmart.However,asincumbentsadaptedandembraceddigitaltransformation,theyregainedinvestorconfidenceandnarrowedtheperformancegapeventually.UnderstandingatwhichstageofthedisruptioncycleandactiveadjustmentofportfoliosisalsokeytogeneratealphawithintheGlobalTechtheme.

Fig.7

Casestudy:AmazonandWalmartsharepricesevolvedatdifferentpaces

AmazonandWalmart(rebasedto100,startingfromcloseof29Feb16)

Index29Feb2016=100

1,000

760

694

800

600

400

200

0

Feb-16Jun-19Oct-22Feb-26

AmazonWalmart

Source:Bloomberg,StandardChartered

Tosummarise,webelievethatactivemanagementisnotjustpreferablebutessentialwheninvestinginthedynamicGlobalTechtheme.Byactivelymanagingvolatility,navigatingsectorandindustrycycles,and

managingdisruptionrisks,investorscanenhancereturnsandmitigatedownsiderisksmoreeffectivelythanthroughapassiveapproach.

Investingin“GlobalTech”|March202613

TheSCB

frameworktoinvestinGlobal

Tech

WithactivemanagementchosenasthepreferredapproachtoinvestinginGlobalTech,howshouldinvestorsselecttherightbusinessmodelswithinaportfoliocontext?

Thisisafairquestion,giventhatmostcompaniesintheGlobalTechuniversetypicallyreportaboveaverageearningsgrowth,sothereneedstobesomeformofdifferentiation.Asaresult,itbecomesimperativenotonlytosegmentcompaniesintodistinctbuckets,butalsotoright-sizeexposuresfromaportfolioconstructionperspective.

Tohelpinvestorsnavigatethischallenge,weintroducetheSCBframeworkforinvestinginGlobalTech.Underthisframework,GlobalTechcompaniesarecategorisedintothreebuckets:Structuralopportunities(S),Cyclicalopportuni-ties(C)andBinaryopportunities(B).

Fig.8

TheSCBframeworktoinvestinGlobalTech

Structuralopportunities(S)

Secularbusinessmodelsofferinglongtermvisibilitywithstrongcompoundingpotential.

Cyclicalopportunities(C)

Binaryopportunities(B)

Selectturnaroundaswellas

moonshotopportunitieslinkedtonextfrontiertechnologies

thatofferoptionality

throughanasymmetricrisk-rewardprofile.

Tacticalopportunitiesarising fromvaluationmismatches anddemand-supplyimbalancesasindustriesand regionsembraceinnovationatdifferentspeeds.

S

Structural

opportunities

Cyclical

opportunities

Binary

opportunities

C

B

Source:StandardChartered

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Investingin“GlobalTech”|March202614

Inthinkingabouthowtorightsizethesethreebuckets,wedrawinspirationfromthe70-20-10ruleofinnovation,popularisedbyGoogle,whichseekstooptimiseresourceallocationasfollows:

Allocatedtounrelatedexperimentalinitiatives

Focusedonprojectsadjacenttothecorebusiness

Effortsdevotedtocorebusinessactivities

10%20%

70%

Inasimilarspirit,webelievethe70-20-10ruleiswellsuitedtoGlobalTechportfolios.Whileourintentionisnottorigidlydefineorconstrainportfolioallocationstopreciselimits,theunderlyingprinciplesprovidea

usefulframeworkforinvestors.Byembracingflexibilityratherthanstrictthresholds,weseegreaterscopeforalphageneration,particularlywhenthisframeworkiscombinedwithcomplementaryapproaches.

Forexample,overlayingthe70-20-10innovationframeworkwithourTechIndustryPlaybookallowsinvestorstorightsizepositionsacrosssegments.Withinsemiconductors,logicandfoundrycanbeviewed

asstructuralexposures,memoryascyclical,andareassuchasquantumcomputingasbinaryopportunities.Similarly,withinsoftware,horizontalsoftwarecompaniestendtobestructural,verticalsoftwarecompaniesmorecyclical,andemergingagenticsoftwarecompanies,mostlybinaryinnature.

Againstthisbackdrop,withoutbeingoverlyrigidandbyapplyingthe70-20-10ruleinspirit,webelievethatapproximately70%ofaGlobalTechportfoliocanbeallocatedtoStructuralopportunities.The

objectiveofthisbucketistodefendtheportfoliowhilecompoundingreturnsthroughcompanieswithprovenbusinessmodels,strongmargins,robustcashflowgenerationandsoundcorporategovernance.Examplesincludeplatformcompanieswithdominantindustrypositionsacrosstechnology,healthcareandfintech.Giventhecompoundingobjective,theinvestmenthorizonforstructuralopportunitiesshouldbelong-term.

Approximately20%allocationinourviewshouldbedirectedtowardsCyclicalopportunities–companiesbenefitingfromstrongcyclicaltailwindsdrivenbynear-termvaluationmismatchesordemandsupply

imbalances.Unlikestructuralopportunities,thesecompaniesareoftenproductcentric(ratherthanplatformbased)ortier2playerswithintheirrespectiveindustries.Astheprimaryobjectiveistocapturenear-termvalue,theinvestmenthorizonforcyclicalopportunitiesistypicallyshorter,oftenlessthanoneyear.

Finally,roughlyremaining10%allocationshould,inourview,bereservedforBinaryopportunitiesthatofferasymmetricrisk-rewardprofiles.Theseincludepotentialturnaroundswithinfallenangelsaswellas

investmentsinfrontierormoonshottechnologiesthatmaynotyetbecommerciallyviablebutpossessthepotentialforexponentialgrowth.Turnaroundopportunitiescanemergeacrossmarketcapitalisationsegmentsandaretypicallydrivenbytheprospectofstructuralmeanreversion.Moonshotopportunitiesmayincludeareassuchasspacetechnologies,neuralinterfaces,autonomousdrivingandquantumcomputing.Whiletheinvestmenthorizoninthisbucketislessprescriptivegiventheprimaryobjectiveistounlockasymmetricrisk-rewardprofiles,disciplinedriskmanagement–suchastheuseofstrictstoplossframeworks–iscriticalhere.

Inconclusion,webelievethataclearunderstandingofbusinessmodels,effectivesegmentationintotherightopportunitybuckets,anddisciplinedrightsizingofallocationsareessentialtogeneratingsustainablealphawithinGlobalTechportfolios.

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lnvestingin“GlobalTech”|March202615

Stayingthecourseandconclusions

WithactivemanagementinplaceandtheSCBframeworkguidingourapproachtoGlobalTech,thenextobviousquestioniswhetherinvestorsshouldbemindfulofadditionalidiosyncrasieswheninvestinginthetheme.

GiventhedynamicnewsflowandthemanyinnovativeforcesshapingGlobalTech,investorsrequiresubjectmatterexpertisetonavigatethespaceeffectivelyandgeneratealpha.Assuch,webelieveprofessionalmanagersarewellequippedtoactivelymanageGlobalTechportfolios,particularlyastheyarebetterpositionedtomanagethebehaviouralaspectsofinvestinginvolatilesegmentssuchastechortech-enabledbusinessmodels.Thekeyistostayinvested,avoidbeingswayedbyshort-termvolatility,andnotbedrivenbyemotionaldecisionmaking–areaswhereprofessionalmanagerscanaddmeaningfulvalue.

Take,forexample,frequentsupplychaindisruptionsintechbusinessmodels.Atypicalinvestorresponseisoftentosellaffectedstocks,whereasaprofessionalmanagerwithadeeperunderstandingofsupplychainsandtheirmanymovingpartsislesslikelytooverreact.Asillustratedinthefigureontheright,whiletheGlobalTechthemeinitiallysufferedduringthefirstmonthofsupplydisruptions,itreboundedstronglyinthesecondmonthasrisksappearedmanageable.Remaininginvestedthroughout,ratherthansellinglowandbuyingbackhigher,wouldhavebeenthemoreeffectiveapproach.

Fig.9

GlobalTech’sperformanceduringrecentsupplychaindisruptions

FirstandsecondmonthperformanceofMSClACWorldGrowthafter2020supplyhaltsand2023exportcontrols

-4.7%-10.4%

16.6%

12.6%

1stmonthperformance2ndmonthperformance

2020supplyhalts2023exportcontrols

Source:FactSet,Bloomberg,StandardChartered

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AnotherillustrationofwhystayinginvestedmatterscanbeseeninFig.10,whichhighlightsthetwobestsingledayreturnsfortheGlobalTechthemeoverthepastdecade.Notably,thesetwodaysaccountedfornearly25%ofthefullyearreturnsintheirrespectiveyears.Whatisparticularlystrikingisthatthesegainsweregeneratedduringperiodsofheighteneduncertainty(aroundpeakCOVIDrelatedstressin2020andaroundLiberationDayin2025).Onceagain,thisreinforcestheimportanceofstayinginvested,andourviewthatprofessionalmanagersarebetterequippedtonavigatesuchenvironments.

Stayinginvesteddoesnotmeanignoringrisks–thisisnotourmessage.Rather,webelieverobustriskmanagementisessentialtopreparingforbothidiosyncraticrisks,suchasinnovation,disruption,managementchangesandsupplychainchallenges,aswellassystemicrisksrelatedtoinflation,interestratesandgeopolitics.Forinstance,GlobalTechunderperformedvaluein2022amidrisinginterestratesandheightenedgeopoliticaltensions.However,theemergenceoftheChatGPTappandgenerativeAIusecasestowardstheendofthatyearreaffirmedthatinnovationremainsfirmlyinthedrivingseat.

Fig.10

ThecaseforstayinginvestedinGlobalTech

TwobestdailyreturnsforGlobalTechoverthepastdecadeaccountedforroughlyaquarterofthatyear’stotalreturns

8.4%

5.7%

1-dayreturnsContributiontofull-year

returns

24Mar20209Apr2025

25.0%25.4%

Source:FactSet,Bloomberg,StandardChartered

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Insummary,withGlob