Monthly report – September 2026

Monthly fund update

Key points

• T8 Energy Vision finished September down 3.7% (in Australian dollars, hedged to the Australian dollar). A material detractor from performance for the month was the unrealised mark-to-market on Australian dollar foreign exchange hedging positions related to the weaker Australian dollar (-3.1%). On an unhedged basis, T8 Energy Vision finished September down 2.1% (in Australian dollars, unhedged), in line with equal weighted global equities indices.
• We maintain our structurally bullish outlook for the electricity sector, which is booming.
• Our research indicates that electricity demand from data centres more than doubles by 2030 relative to present levels (in 2025, data centres consumed over 4% of total US electricity), driven by 10-20% per annum growth rates.
• Investors will not be able to get tangible exposure to the electricity demand growth thematic via major indices (we estimate electric utilities account for approximately 2% of global equities indices). For investors seeking exposure to this thematic, or to diversify the default technology-heavy exposure inherent in major equity indices, natural resources strategies such as T8 Energy Vision should be contemplated.

Please note that the detailed positioning disclosures included on the second page of our report have been redacted and are only available to unit holders in the fund.