Global Nuclear Renaissance Theme

This smallcase gives exposure to the return of nuclear power as countries look for reliable, low-carbon electricity and greater energy security. The portfolio covers both the fuel that powers reactors and the companies that build and operate the wider nuclear system:

• Uranium miners & physical fuel: companies that mine, develop and hold uranium, the fuel used by nuclear plants. This segment is directly linked to uranium demand and prices. It includes established producers and smaller developers.
• Diversified nuclear value chain: companies involved in nuclear power generation, plant construction, reactor equipment, engineering and fuel services. Many are established utilities and industrial businesses, giving the portfolio broader and more proven exposure than uranium mining alone.
• Small Modular Reactors (SMR): companies positioned around small modular reactors, advanced nuclear technologies and the infrastructure supporting rising electricity demand from AI and data centres. This segment adds exposure to the next generation of nuclear capacity as well as the demand-side catalyst driving the need for reliable, always-on power. 

Together, these segments provide exposure across the nuclear value chain - from uranium in the ground, to fuel and reactor technology, to electricity generation while also capturing the emerging SMR opportunity. This provides direct exposure to uranium demand along with participation in the wider growth of nuclear energy.