−6.5%
since Sep 1
The idea
I think power demand from AI and electrification is outrunning the grid's ability to add firm, clean supply, and nuclear is the only source that fills that gap around the clock. Most of the portfolio sits with existing plant owners and fuel suppliers, where the shortage already shows up in contracts and prices, with a smaller slice in reactor component makers and a small speculative stake in next-gen reactor developers. I keep some cash on the side and hold no single name too heavily.
What it owns
- Nuclear plant owners benefit from data centers and tech companies contracting for reliable, clean power at premium prices, especially in tight electricity markets. · Constellation EnergyIt owns the largest US nuclear fleet and has already signed data center power deals including a high-profile agreement to restart a closed reactor., VistraIt owns nuclear plants alongside a large gas fleet in the tightest power markets, especially Texas, so it profits whether data centers contract directly or just push wholesale prices up., Talen EnergyIt sold a data center campus adjacent to its nuclear plant and represents the most direct bet on power plants monetizing proximity to compute demand., Public Service Enterprise GroupIt operates nuclear plants in New Jersey under regulated utility structure and has its own data center deal potential, combining steady operations with growth optionality.32%
- Uranium mining, enrichment, and fuel services face structural undersupply as reactor buildout accelerates, rewarding producers and fuel suppliers with pricing power. · CamecoIt is the largest Western uranium miner and holds a stake in reactor services, so it benefits from sustained high uranium prices and utilities contracting fuel years in advance., Uranium Energy CorpIt is restarting US uranium mines and holds physical inventory, providing leveraged exposure to uranium prices if they stay high enough to sustain domestic production profitably., Global X Uranium ETFIt holds the whole uranium mining and fuel sector in one fund, so it captures the bottleneck even if any single miner stumbles on execution., Centrus EnergyIt is the only US company licensed to enrich uranium including the advanced fuel next-generation reactors need, and Russian supply constraints make that license more strategically valuable., NexGen EnergyIt is developing the world's largest undeveloped high-grade uranium deposit in Saskatchewan, representing the supply capacity needed if the deficit persists into the next decade.29%
- Nuclear plant construction, upgrades, and grid infrastructure to support new capacity drive demand for turbines, reactors, and critical equipment from specialized manufacturers. · GE VernovaIt makes turbines, grid equipment, and a small reactor design already ordered in Canada, winning on either nuclear or grid infrastructure buildout as electricity capital spending accelerates., BWX TechnologiesIt manufactures reactor components for the US Navy and commercial reactors in a highly specialized field with limited competitors and growing government and commercial order books., Curtiss-WrightIt supplies pumps, valves, and control systems to existing nuclear plants undergoing life extensions and new construction projects, benefiting from uprates and license renewals.18%
- Small modular reactor developers pursue a different deployment model suited to remote sites and smaller grids, offering optionality if designs win regulatory approval and secure binding customer commitments. · OkloIt is a pre-revenue small reactor developer with a customer pipeline focused on data centers, offering long-dated optionality if it gains regulatory approval and signs binding power contracts., NuScale PowerIt is the only small modular reactor company with an NRC-approved design, and that regulatory lead must convert into signed, funded orders to sustain the company.10%
- Cash12%