Economic security drives a new wave of global investment, according to Goldman Sachs AM
27 APR, 2026
By Joanna Piwko from RankiaPro Europe
The economic security has become one of the major strategic axes for global investors. This is pointed out by Goldman Sachs Asset Management in its latest analysis, which highlights that geopolitical tensions, trade fragmentation, and structural changes in the global economy are generating a new cycle of investment opportunities, especially in developed markets.
According to the manager, the current context has intensified trends that have been brewing in recent years, such as the relocation of supply chains, the need to secure access to key resources, and the strengthening of national security. In this scenario, it considers that the current moment is especially conducive to investing in companies aligned with these dynamics.
Industrial relocation and rise of defense spending
One of the pillars of this transformation is the growing prominence of onshoring, reshoring, and nearshoring. Mentions of these processes in corporate earnings presentations remain at high levels, reflecting companies' concern to reduce their dependence on certain countries in critical areas such as industrial production or access to raw materials.
In parallel, the United States is experiencing a renaissance of its manufacturing sector. After decades of underinvestment, the country has experienced a wave of capital destined for domestic production, a trend that, according to Goldman Sachs AM, could continue as industrial relocation progresses.
This momentum is added to the increase in defense spending, especially in Europe. The increase in geopolitical risks has led several countries to strengthen their military budgets, with Germany being one of the most representative cases. The largest European economy has steadily intensified its investment in defense, and further increases are expected in the coming years.
The return of real assets
Another of the relevant changes identified by the manager is the renewed interest in the sectors of the "old economy". Geopolitical tensions, along with technological disruption driven by artificial intelligence, are redirecting portfolios towards real assets and more traditional areas.
However, Goldman Sachs AM warns of the importance of selectivity. Although these sectors offer exposure to key structural trends, they also present risks, especially in companies with demanding valuations or low profitability.
Together, the firm concludes that economic security is consolidated as a long-term investment framework, with direct implications in capital allocation and in the identification of opportunities in a world increasingly marked by geopolitical uncertainty.
