All themes
Deglobalisation & reshoring
69 managers wrote about this in 97 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q47% of 30
- 2025 Q110% of 40
- 2025 Q214% of 88
- 2025 Q32% of 88
- 2025 Q46% of 129
- 2026 Q13% of 137
- 2026 Q25% of 709
- 2026 Q34% of 863
- 2026 Q40% of 73
Reshoring and deglobalisation More generally, many of our industrial holdings will likely benefit from manufacturing returning closer to home, as well as from infrastructure investment.
Read the letter →- Baron Real Estate Income FundSep 2026
We see significant embedded growth potential from in-place rents that generally sit approximately 20% below market levels, as well as secular tailwinds including e-commerce expansion, supply chain logistics, “just-in-time” inventory strategies, and nearshoring/onshoring trends.
Read the letter → - Ave Maria Funds Multi-FundSep 2026
Hammond is a long-term beneficiary from electrification and the reshoring of manufacturing facilities and is in the process of expanding in the US, Mexico, and India.
Read the letter → BWX Technologies declined more than 29% Although these holdings weighed on quarterly results, the fund we continue to see attractive long-term opportunities in industrial technology, infrastructure, electrification, aerospace, and defense, supported by capital investment, reshoring, government budgets, and demand for next-generation systems.
Read the letter →- Hardman Johnston Select EquitySep 2026
Other areas of the economy are showing signs of life, including reshoring investments away from AI.
Read the letter → - Antipodes Emerging Markets FundSep 2026
Its exposure to nearshoring has driven loan growth of 11.7% over the last 12 months, which should accelerate as the USMCA trade agreement review is finalised.
Read the letter → We remain confident in ZBRA’s pricing discipline, supply chain resilience, and strong cash generation.
Read the letter →A strong US GDP environment, incremental increases in M&A activity, improving domestic manufacturing trends supported by reshoring and infrastructure investment, and a more favorable regulatory and tariff backdrop should provide longer term tailwinds for the asset class.
Read the letter →This was evident across several portfolio holdings exposed to grid investment, US onshoring and selected AI infrastructure ‘picks and shovels’, where higher bond yields weighed on valuations given the longer-duration nature of their earnings growth.
Read the letter →- Baron International Growth FundSep 2026
Orders tied to pharmaceutical reshoring also began arriving ahead of schedule.
Read the letter → Outcome: PepsiCo outlined its approach to supply chain resilience, including water replenishment programmes, commodity risk management and adaptation measures to address environmental risks.
Read the letter →These developments point to the economic impact of data center investment and perhaps some reshoring activity as well.
Read the letter →- Goodhart Global Real Return FundSep 2026
Some bigger forces are at work, from fiscal deficits to reshoring, sustainability to demographics.
Read the letter → Dinged by transformative 2021 FLIR acquisition, expectations and valuation reset, balance sheet is clean, and the company is positively exposed to rising defense spending, reshoring and physical AI.
Read the letter →Reshoring is driving demand from new manufacturing facilities, while stricter requirements for the remediation and disposal of PFAS, a group of synthetic chemicals that can persist in the environment, are creating a meaningful opportunity for the company’s difficult-to-replicate hazardous waste infrastructure.
Read the letter →- Antipodes Global Fund LongSep 2026
Some depend on long investment cycles, in power grids, onshoring, the energy transition and the parts of the AI capex chain that are hardest to replace.
Read the letter → Agilent benefited from new product launches, some outsized reshoring demand, and a large equipment replacement cycle, which follows an initial life sciences investment cycle in 2021-2022 related to the Covid-19 pandemic, and we remain optimistic about their growth outlook in the coming years.
Read the letter →- Saratoga Research & Investment Management Large Cap Quality StrategiesSep 2026
The structural forces we have been discussing for several years – Deficits, Defense spending, Deglobalization, Demographics and Datacenter capital expenditure – are simultaneously in- creasing the demand for capital and constrain- ing its supply.
Read the letter → - Baron Real Estate StrategySep 2026
While data centers remain the single biggest driver, onshoring of manufacturing, life sciences and health care, state and local government and education have all posted strong growth in recent quarters, giving Legence room to grow even if data center spending moderates.
Read the letter → - Hoisington Long-Term U.S. Government Bond StrategySep 2026
Meanwhile, deglobalization, rising capital demands, weak saving, and heavy borrowing reinforce inflation and push long-term rates higher.
Read the letter → - CrossingBridge Advisors FundsSep 2026
Persistent cost increases from energy, AI-related demand for scarce inputs, and onshoring may eventually raise prices enough to constrain consumption and investment.
Read the letter → - Diamond Hill Small Cap FundSep 2026
As of 30 Sep 2026 As of 30 Sep 2026Small Cap Funddiamond-hill.com 8 55.255.8955 contributing to higher rates is tied to large, multi-year projects across infrastructure, power-grid investment, reshoring and defense, areas that we believe can support sustained demand for many of the businesses we own.
Read the letter → - Baron Health Care FundSep 2026
Domestically, pharmaceutical and biotechnology companies are actively building U.S. manufacturing capacity following agreements reached with the administration, and life sciences tools companies are beginning to capture those orders—a reshoring trend we view as a multi-year demand driver.
Read the letter → - Miralta Asset ManagementSep 2026
Public debt was sustainable while rates were at zero, and the neomercantilist turn—tariffs, subsidies, military spending and reshoring—has coincided with the return of inflation.
Read the letter → - Guinness Sustainable Energy FundAug 2026
AI demand is also being compounded by the onshoring of manufacturing and the wider electrification of transport, buildings and industry.
Read the letter → While globalisation helped reduce inflation over recent decades by encouraging companies to manufacture in lower-cost regions, the reversal of this trend – through deglobalisation, reshoring and the rebuilding of supply chains – could increase costs as production moves closer to home markets.
Read the letter →Rockwell is the beneficiary of two secular tailwinds, reshoring and AI automation.
Read the letter →- Amati Investment FundsJul 2026
However, we believe that the structural tailwinds across the metals sector remain firmly in place – if anything, events in the Middle East have simply accelerated the deglobalisation of the global economy and have fuelled supply constraints across a broad array of metals.
Read the letter → - O'Keefe Stevens NVIDIA StrategyJul 2026
Manufacturing in America strengthens supply chain resilience, reduces geopolitical risk, and creates high-quality jobs for people who choose careers outside of traditional four-year degrees—helping build a more balanced and inclusive economy.
Read the letter → - REQJul 2026
Several tailwinds support the longer-term trajectory: reshoring of industrial production to North America, an aging installed base of machinery driving maintenance demand, a shortage of skilled technical labor pushing customers to lean more heavily on outside partners, and the broad shift toward automation and Industry 4.0 — all of which play directly into Applied's areas of focus.
Read the letter → Localising capability means building it on your own turf, whether AI datacentre capacity or the onshoring of automotive manufacturing.
Read the letter →- Hennessy Gas Utility FundJun 2026
Key drivers include the expansion of data centers and AI infrastructure, the onshoring of manufacturing, and increasing energy needs across the industrial and commercial sectors.
Read the letter → Second, nearshoring and ‘China plus one’ manufacturing strategies aimed at diversifying supply chains, especially in markets like Central and Eastern Europe, Mexico, and Southeast Asia.
Read the letter →Materion benefited from demand across advanced materials, semiconductor manufacturing, aerospace and defense, and electrification while Industrials participated due to favorable trends tied to electrical infrastructure, data centers, reshoring, and defense spending.
Read the letter →While both trends are supportive, we believe reshoring has the potential to be a broader and more durable driver of loan growth over the long term.
Read the letter →The stock is well positioned to benefit from a recovery in manufacturing activity and secular growth trends including factory automation, reshoring, electrification, semiconductor investment, and advanced manufacturing, supporting improving earnings growth and long term shareholder value.
Read the letter →- Brasada Private AccountsJun 2026
Additionally, the ongoing trend of supply chain reshoring acts as another secular tailwind.
Read the letter → - Saratoga Research & Investment Management Large Cap Quality StrategiesJun 2026
They compete for capital in a world already strained by defi- cits, rearmament, reshoring, energy transition, and demographic pressure.
Read the letter → - Artisan Partners US Focus FundJun 2026
Energy, automation, AI infrastructure, defense and reshoring are now driving a sustained rebuild.
Read the letter → - Hennessy Cornerstone Growth FundJun 2026
The Fund’s largest sector weight is Industrials (24%), which may be driven in 2026 by robust capital spending on A.I. infrastructure, grid electrification, reshoring of manufacturing facilities, and elevated defense budgets.
Read the letter →
Showing the 40 most recent of 97 letters.