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Composition Breakdown

The AI Infrastructure Portfolio is designed to provide diversified exposure across the full stack of technologies enabling artificial intelligence from chip creation to data center operations. Each holding plays a distinct role in powering, connecting, and maintaining the systems driving the AI boom.

Semiconductors & Compute (56%)

  • NVIDIA (NVDA) – 17%
  • TSMC (TSM) – 15%
  • ASML (ASML) – 13%
  • Micron (MU) – 11%
    These core holdings represent the foundation of AI computing, designing, fabricating, and supplying the essential chips, lithography tools, and memory that enable large-scale model training and inference.

Networking & Systems (18%)

  • Broadcom (AVGO) – 11%
  • Arista Networks (ANET) – 7%
    Together, they power the high-speed interconnects and network architectures that allow AI clusters to communicate efficiently, reducing latency and maximizing performance.

Data Center & Power Infrastructure (26%)

  • Super Micro Computer (SMCI) – 10%
  • Vertiv (VRT) – 9%
  • Eaton (ETN) – 7%
    This segment supports the physical backbone of AI: the servers, cooling systems, and power management solutions that keep high-density data centers online and efficient.

Overall Balance:
The portfolio maintains a core-to-infrastructure balance, with 56% in compute leaders (stable, proven growth) and 44% in supporting systems (high-upside diversification). This composition positions the portfolio to benefit from both the continued expansion of AI chip demand and the accelerating buildout of supporting hardware, cooling, and power systems.

Updated on Oct 17, 2025