Global AI - Power & Data Centre Layer Theme

This smallcase gives exposure to AI's power and data centre buildout - the plants generating the electricity, the grid carrying it and the data centres consuming it. The portfolio spans four parts of that chain:

• Power Generation & Utilities: The utilities and independent power producers that generate the electricity needed to meet the increasing power demand from data centres. Established, cash-generating businesses, and the steadiest part of the portfolio.
• Nuclear Energy: Uranium miners, nuclear plant operators and developers of small modular reactors. Nuclear can run round the clock to supply energy for the data centres without carbon emissions. The earliest-stage, highest-risk segment in the portfolio.
• Grid & Transmission Equipment: The transformers, switchgear and the hardware carrying electricity to data centres. Much of the world's grid is old and undersized for this demand, leaving these companies with record order books.
• Data Centre Infrastructure: The companies that own and operate data centres - the buildings, cooling and rented server capacity AI runs on.

Together, the segments follow electricity from generation, through the grid, to the data centres that use it - combining steady businesses with higher-growth opportunities. Exposure is provided through select ETFs holding companies in each domain.