New Additions & Exits

The AI Infrastructure Portfolio is a thesis-based model that evolves to reflect structural shifts in the AI hardware and data center ecosystem. While it is not actively managed, the portfolio composition is reviewed periodically to ensure it continues to represent the strongest and most relevant companies powering AI growth.

Recent Additions:

• Vertiv (VRT): Added to capture exposure to the physical layer of AI expansion specifically, power delivery, liquid cooling, and data center infrastructure. Vertiv has become one of the clearest beneficiaries of rising AI data center density and energy consumption.
• Eaton (ETN): Introduced to complement Vertiv by adding exposure to grid-level power management and electrical distribution, both critical to large-scale AI facility construction.
• Super Micro Computer (SMCI): Added for its rapid integration of GPU-based systems and ability to capitalize on the surge in AI server demand.

Ongoing Core Holdings:

• NVIDIA (NVDA), Broadcom (AVGO), TSMC (TSM), ASML (ASML), Micron (MU), and Arista Networks (ANET) remain foundational to the AI infrastructure thesis. These companies drive the compute, networking, and fabrication layers essential for model training and inference.

No Recent Exits:
The current structure remains fully representative of the end-to-end AI infrastructure chain. No holdings have been removed since the latest revision, as all continue to demonstrate relevance and growth potential within the global AI buildout cycle.

Next Review:
The portfolio will be reassessed after key AI hardware and semiconductor earnings seasons, particularly if new market entrants or emerging bottlenecks in the AI supply chain warrant updated inclusion.