Global AI - Frontier Models Layer Theme

This smallcase gives exposure to the companies building foundational models that sit underneath almost everything else in AI, from chatbots and coding tools to enterprise software and AI agents. Training these models costs billions of dollars in chips, data and talent, which is why only a small group of companies anywhere in the world can do it all. The portfolio holds that group, across the two ecosystems where frontier models are being built:

• US Frontier Models: The companies behind Gemini, Llama, OpenAI, Claude, Nova and Grok - the leading models coming out of the US. These are large, established companies funding their AI work out of profitable existing businesses, which makes this the steadier, more diversified part of the portfolio.
• China Frontier Models: The leading names in China's AI ecosystem, which has grown up largely separate from the US - building its own models, cloud platforms and even its own AI chips. This provides exposure to AI growth in the world's second largest economy through an entirely different set of companies.

Together, the two segments hold the small & exclusive group of companies capable of building frontier models today.