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Performance Overview

The AI Infrastructure Portfolio has maintained exceptional momentum through 2025, outperforming the broader market by a wide margin.

Year-to-Date Performance:

  • Portfolio: +52.5%
  • S&P 500: +14.5%
  • Excess Return (Alpha): +37.9%

Performance has been driven primarily by Micron (MU), up +126% YTD, benefiting from explosive demand for high-bandwidth memory (HBM) used in AI servers. Broadcom (AVGO) and TSMC (TSM) also delivered strong gains from surging AI chip and data center demand.

Infrastructure names like Vertiv (VRT) and Eaton (ETN) contributed consistent growth, while Super Micro Computer (SMCI) added mid-year momentum through record GPU server shipments. Despite short-term volatility in semiconductor valuations, the portfolio remains positioned to capitalize on continued AI hardware expansion and global data center investments.

Overall, results highlight the durability of the AI infrastructure thesis anchored by strong semiconductor growth, critical manufacturing bottlenecks, and an accelerating global push for compute capacity.

Updated on Oct 17, 2025