Monthly report – November 2025

Monthly fund update

Key points

• T8 Energy Vision ended November up 1.6% (in Australian dollars, hedged to the Australian dollar), outperforming global equities with comparable annualised volatility (a common measure of risk).
• We maintain our positive outlook for the electricity sector which is driven by structural, secular and cyclical tailwinds all converging.
• Rising electricity demand represents a compelling opportunity for investors. Being led by the boom in data centres (a secular electricity demand growth trend) and the electrification of road transport (a structural electricity demand shift), the winners will include energy generation, grid infrastructure, energy storage and electrification (as well as their direct supply chains, including critical minerals).
• We believe that investors will not be able to get sufficient exposure to these themes via major indices and therefore a deliberate allocation to a strategy such as T8 Energy Vision should be contemplated.

Please note that the detailed performance and positioning disclosures included on the second page of our report is now only available to unit holders in the fund.