−3.9%
since Sep 30
The idea
I believe electrification and data centers need power around the clock, and nuclear is the only carbon-free source that delivers it every hour. Layer on a supply squeeze as Western utilities cut ties with Russian enrichment without enough mining or conversion capacity to fill the gap, and the whole chain can earn more than expected. This basket spans that chain: the heaviest weight sits in uranium miners and fuel cycle names, then reactor operators selling power to big buyers, then equipment and services firms, with a smaller slice in next-gen small reactor developers.
What it owns
- These companies produce uranium fuel and enrichment services that nuclear plants need, with supply tightening as utilities move away from Russian sources. · CamecoThe largest Western uranium miner with a stake in Westinghouse, it earns on both fuel supply and reactor services as utilities lock in long-term contracts outside Russian supply chains., Centrus EnergyThe only US company licensed to enrich uranium, including the higher-grade fuel most new small reactors require, making it the direct play on domestic enrichment capacity replacing Russian sources., Uranium Energy CorpIt holds US-based uranium mines ready to restart as prices rise, capturing value from buyers willing to pay premiums for American-sourced supply., NexGen EnergyIt is developing one of the highest-grade undeveloped uranium deposits in Canada, positioned to benefit if constrained supply persists long enough for a major new mine to reach production., Energy FuelsIt operates the only conventional uranium mill in the US and processes rare earths, capturing value from domestic fuel processing capacity replacing cut-off Russian supply., Denison MinesIt is developing Wheeler River in Saskatchewan using low-cost mining methods to create one of the cheapest new uranium sources, profitable only if prices remain elevated through project build-out.31%
- These companies run nuclear plants and stand to benefit from long-term power contracts with data center operators and rising electricity demand. · Constellation EnergyIt operates the largest US nuclear fleet and has signed long-term deals with data center buyers, including restarting Three Mile Island for Microsoft, creating premium-priced power revenue., VistraIt owns nuclear plants in competitive power markets where tight electricity supply flows directly to earnings, benefiting as data center demand pushes prices higher in Texas and the Midwest., Talen EnergyIt owns Susquehanna nuclear plant and sells power directly to Amazon's adjacent data centers, representing one of the clearest reactor-to-customer deals already signed and operating., Dominion EnergyIt operates nuclear plants serving northern Virginia, the world's densest data center market, and is exploring a small reactor at North Anna, directly linking reactor ownership to demand drivers., Public Service Enterprise GroupIt runs New Jersey's nuclear fleet within a regulated utility structure, providing stable nuclear earnings plus potential data center power contracts at its plants.30%
- These suppliers provide components, systems, and services that nuclear plants need whether existing reactors run longer or new ones get built. · GE VernovaIt manufactures turbines, grid equipment, and small reactor designs through GE Hitachi, earning on sustained power generation and grid investment spending regardless of individual project outcomes., Curtiss-WrightIt supplies pumps, valves, and control systems for nearly every US reactor and new designs, earning on the existing fleet running longer while protecting against new build delays., Mirion TechnologiesIt sells radiation detection and measurement equipment required by every reactor, fuel plant, and new build design, earning on increased nuclear activity across the entire supply chain., FluorIt is the engineering and construction firm capable of building much of the nuclear expansion while holding a large stake in NuScale, earning on the actual build-out phase beginning.19%
- These companies design or manufacture small modular reactors and their components, positioned to capture orders if utilities and data centers start deploying new capacity. · BWX TechnologiesIt builds reactor components for the US Navy and manufactures small reactor parts at scale, providing exposure to new build capacity with steady government contracts as a revenue floor., NuScale PowerIt holds the only US-approved small modular reactor design, giving it a head start if utilities begin ordering, though the position depends on actual customer orders materializing., OkloIt designs small fast reactors for data center customers with signed letters of intent but no operating plant yet, representing the take's highest-risk position dependent on licensing and first-reactor construction.12%
- Cash8%