What prompted the launch of a Robotics strategy at Pictet 10 years ago?
Back in 2015, demographic challenges such as an ageing population and falling productivity rates were starting to fuel demand for automation, and we saw an opportunity to address a theme that did not yet exist in the market. In those days, the focus was on automation, industrial robotics and AI. This was driven by a need to boost productivity, mobility and safety in many industries, as well as in some high-volume manufacturing industries to address labour shortages during peak periods.
We foresaw robots becoming part of interconnected smart factories, leveraging big data, AI, and cloud platforms for predictive maintenance, adaptive manufacturing, and seamless human-robot collaboration. Ultimately, we wanted to launch a strategy that focused on the next industrial revolution and the rise of intelligent machines.
Leveraging Pictet’s tried and tested thematic approach, we designed the bottom-up investment strategy we have been running in the same manner ever since. It is unconstrained and sector, style and geography agnostic. We focus on companies with high purity, meaning their revenues have to be related to our robotics, automation and AI investment theme.
A decade on, we have built an important, actively managed Robotics strategy with assets under management of EUR 9.5 bnSource: Pictet Asset Management, September 2025.
How do you identify investment opportunities?
Since the Robotics strategy was launched 10 years ago, we have seen almost 8 years of trade tensions characterised by geopolitical frictions, trade wars and tariffs. In this context, complex global supply chains were put under tremendous amounts of pressure. As a result, governments and companies are increasingly shifting production by re-shoring and near-shoring manufacturing facilities. Ultimately these challenges have fueled demand for industrial robots in factories as well as other automation equipment and software solutions. Remaining true to our investment philosophy has helped us stay the course and uncover interesting opportunities. In addition, we are willing to take meaningful bets in companies where our long-term views are different from the markets.
Overall, we look for companies that are market leaders in emerging niches, with clear technology leadership. We like businesses that invest heavily in innovation and have the confidence to invest in themselves. We believe that companies which have innovation in their DNA and show durable growth will become increasingly scarce assets in today’s low-growth world. While some of these companies are highly valued, this is not always the case- we think some winners are hiding in plain sight.
Here is an example: in 2016, we invested in a global leader in process control and yield management for semiconductor manufacturing. Since then, the company has steadily compounded value, driven by ongoing R&D and the ability to penetrate growth markets like advanced logic and high-bandwidth memory chipsSource: Pictet Asset Management, September 2025.
What memorable anecdotes have stayed with you?
One of our advisory board meetings was held in Odense, Denmark. The city is recognized as one of the leading global hubs for robotics and automation, with early pioneers like Universal Robots (UR) and Mobile Industrial Robots (MIR) headquartered in the city. What I found fascinating was that the board meeting was held in a former shipyard run by the Mærsk Group, which built ships for almost a century. Back in the 90s, facing Asian competition, the shipyard collaborated with the University of Southern Denmark to develop robotic welding systems to improve shipbuilding efficiency. This expertise in the field of robotics combined with the Danish collaborative work culture has laid foundations for the development of new ventures and an entire entrepreneurial ecosystem. This focus has attracted talent and investment, making it ideal for startups specialising in collaborative and mobile robotics, drones, and advanced automation technologies.
Can you say a word about your team?
I lead the team with a collaborative, Scandinavian-inspired approach. I like to foster trust, giving each member the freedom to contribute, learn, and develop their own investment skills within a strong and disciplined investment framework. I see mistakes as learning opportunities. While everyone covers their own area of expertise, we work closely together to share insights and support one another. My role is to set the overall strategy and portfolio direction. I place collaboration, integrity, and shared learning at the heart of the team and aim to align individual growth with team success.
What exciting developments should investors keep an eye on?
I remain enthusiastic about the rapid deployment of core AI infrastructure. It is backed by advances in semiconductors, semiconductor manufacturing equipment, and design software -which itself is now being accelerated with AI. As this infrastructure is built, I am especially excited about the next phases of AI including Agentic AI and Physical AI which I believe represent the future of software automation and robotics. Good examples of Agentic AI are already rolling out in business process automation such as customer service and marketing while in Physical AI we see an inflection point in the proliferation of robotaxis, autonomous vehicles and humanoid robots. Generative AI has transformed how robots learn and interact with their environment. This leap in AI capabilities has shortened the research and development cycle for robotics and automation, enhancing the data analysis, predictive capabilities, and virtual simulations which are crucial in the design and training phases of these new tools. I think the critical thing investors should look out for is the speed at which all these developments are happening.
