Research Notes

All 19 holdings vetted using our v3.10 framework. Ranked by conviction.

TSM Taiwan Semiconductor Chips
Conviction: 9/10

Most irreplaceable company in semiconductors — 90%+ of advanced chips globally.

22 shares @ $346.33 · Cost basis: $7,619
CEG Constellation Energy Power & Cooling
Conviction: 8/10

Largest US nuclear fleet (21 reactors). AI data centre power demand is structural.

13 shares @ $290.12 · Cost basis: $3,772
ASML ASML Holding Chips
Conviction: 8/10

Monopoly supplier of EUV lithography — essential for leading-edge chip production.

3 shares @ $1,372.78 · Cost basis: $4,118
NVDA NVIDIA Chips
Conviction: 8/10

Dominant AI compute platform with 92% GPU market share and 15-year CUDA moat.

44 shares @ $180.38 · Cost basis: $7,937
MU Micron Technology Chips
Conviction: 8/10

One of three global DRAM makers riding the HBM supercycle. Supply sold out through FY2026.

5 shares @ $374.81 · Cost basis: $1,874
ANET Arista Networks Data Center Infrastructure
Conviction: 8/10

#1 data centre Ethernet switching vendor. Zero debt, 42.5% operating margins.

32 shares @ $135.40 · Cost basis: $4,333
META Meta Platforms AI & Cloud
Conviction: 8/10

Cheapest Mag 7 on forward P/E. LLaMA foundation models + AI-driven ad monetisation.

5 shares @ $637.33 · Cost basis: $3,187
ANTO.L Antofagasta Materials
Conviction: 7/10

Pure-play copper with 30% organic production growth coming 2027-2028.

28 shares @ 3,541.38p · Cost basis: £992
SU Schneider Electric Power & Cooling
Conviction: 7/10

Quality European compounder. #1-2 in energy management and data centre infra.

9 shares @ €252.71 · Cost basis: €2,274
AVGO Broadcom Chips
Conviction: 7/10

60% custom AI ASIC market share. $73B backlog. VMware creates vertically integrated stack.

10 shares @ $322.19 · Cost basis: $3,222
MRVL Marvell Technology Chips
Conviction: 7/10

Custom AI ASIC design wins with Amazon and Microsoft. Photonic interconnect play.

17 shares @ $79.03 · Cost basis: $1,354
GOOGL Alphabet AI & Cloud
Conviction: 7/10

90% search dominance + GCP growing 48% YoY + Gemini foundation models.

7 shares @ $302.16 · Cost basis: $2,121
AMZN Amazon AI & Cloud
Conviction: 7/10

AWS at 30% cloud market share, $124B run rate. Operating margins 2.4% → 11.2%.

8 shares @ $201.73 · Cost basis: $1,614
MSFT Microsoft Platforms & Software
Conviction: 7/10

Azure AI + GitHub Copilot. $99B 2026 capex. Fortress balance sheet (0.5x Net Debt/EBITDA).

12 shares @ ~$372.06 · Cost basis: ~$4,465
SCCO Southern Copper Materials
Conviction: 6/10

Lowest-cost copper producer. Structural copper deficit from AI, EVs, renewables.

5 shares @ $177.70 · Cost basis: $889
VRT Vertiv Holdings Power & Cooling
Conviction: 6/10

Leading pure-play data centre power & cooling infrastructure. $15B backlog.

3 shares @ $244.33 · Cost basis: $733
CRWD CrowdStrike Platforms & Software
Conviction: 6/10

#1 endpoint security platform. $4B+ ARR, 75% gross margins, non-discretionary spend.

9 shares @ $392.50 · Cost basis: $3,533
FCX Freeport-McMoRan Materials
Conviction: 5/10

Pure copper play via Grasberg. Production growing to 4.2B lbs by 2028.

16 shares @ $59.07 · Cost basis: $945
NBIS Nebius Group Data Center Infrastructure
Conviction: 4/10

European AI cloud operator. 351% revenue growth. High risk, asymmetric upside.

4 shares @ $98.80 · Cost basis: $395
PLTR Palantir Platforms & Software
Conviction: 4/10

Leading enterprise AI platform. 82% gross margins, 56% revenue growth. Extreme valuation.

8 shares @ $130.99 · Cost basis: $1,048

Full vetting reports with sell criteria, risk analysis, and valuation frameworks available on request. Not financial advice.