Research Notes

All 19 holdings vetted using our v3.10 framework. Ranked by conviction.

TSM Taiwan Semiconductor Semiconductors
Conviction: 9/10

Most irreplaceable company in semiconductors — 90%+ of advanced chips globally.

5 shares @ $365.67 · Cost basis: $1,828
ASML ASML Holding Semiconductors
Conviction: 8/10

Monopoly supplier of EUV lithography — essential for leading-edge chip production.

2 shares @ $1,426.95 · Cost basis: $2,854
NVDA NVIDIA Semiconductors
Conviction: 8/10

Dominant AI compute platform with 92% GPU market share and 15-year CUDA moat.

12 shares @ $185.84 · Cost basis: $2,235
META Meta Platforms Cloud
Conviction: 8/10

Cheapest Mag 7 on forward P/E. 82% gross margins, AI-driven ad monetisation just starting.

3 shares @ $642.54 · Cost basis: $1,928
ANET Arista Networks Infrastructure
Conviction: 8/10

#1 data centre Ethernet switching vendor. Zero debt, 42.5% operating margins.

12 shares @ $143.62 · Cost basis: $1,723
GOOGL Alphabet Cloud
Conviction: 7/10

90% search dominance + 14% cloud share + Google Cloud growing 48% YoY.

7 shares @ $302.16 · Cost basis: $2,121
AMZN Amazon Cloud
Conviction: 7/10

AWS at 30% cloud market share, $124B run rate. Operating margins 2.4% → 11.2%.

8 shares @ $201.73 · Cost basis: $1,614
AVGO Broadcom Semiconductors
Conviction: 7/10

60% custom AI ASIC market share. $73B backlog. VMware creates vertically integrated stack.

5 shares @ $335.08 · Cost basis: $1,676
MRVL Marvell Technology Semiconductors
Conviction: 7/10

Custom AI ASIC design wins with Amazon and Microsoft. Photonic interconnect play.

17 shares @ $79.03 · Cost basis: $1,354
MU Micron Technology Semiconductors
Conviction: 7/10

One of three global DRAM makers riding the HBM supercycle. Supply sold out through FY2026.

3 shares @ $403.25 · Cost basis: $1,210
CEG Constellation Energy Infrastructure
Conviction: 7/10

Largest US nuclear fleet (21 reactors). AI data centre power demand is structural.

5 shares @ $299.91 · Cost basis: $1,500
ANTO.L Antofagasta Copper
Conviction: 7/10

Pure-play copper with 30% organic production growth coming 2027-2028.

13 shares @ 3,818.6p · Cost basis: £496
SU Schneider Electric Infrastructure
Conviction: 7/10

Quality European compounder. #1-2 in energy management and data centre infra.

5 shares @ €260.85 · Cost basis: €1,319
CRWD CrowdStrike Infrastructure
Conviction: 6/10

#1 endpoint security platform. $4B+ ARR, 75% gross margins, non-discretionary spend.

3 shares @ $412.54 · Cost basis: $1,238
SCCO Southern Copper Copper
Conviction: 6/10

Lowest-cost copper producer. Structural copper deficit from AI, EVs, renewables.

3 shares @ $189.03 · Cost basis: $567
VRT Vertiv Holdings Infrastructure
Conviction: 6/10

Leading pure-play data centre infrastructure (power + cooling). $15B backlog.

3 shares @ $244.33 · Cost basis: $733
FCX Freeport-McMoRan Copper
Conviction: 5/10

Pure copper play via Grasberg. Production growing to 4.2B lbs by 2028.

11 shares @ $61.37 · Cost basis: $675
PLTR Palantir Speculative
Conviction: 4/10

Leading enterprise AI platform. 82% gross margins, 56% revenue growth. Extreme valuation.

3 shares @ $134.57 · Cost basis: $404
NBIS Nebius Group Speculative
Conviction: 3/10

Venture-stage European AI cloud. 351% revenue growth. High risk, asymmetric upside.

4 shares @ $98.80 · Cost basis: $395

Full vetting reports with sell criteria, risk analysis, and valuation frameworks available on request. Not financial advice.