Monthly report – April 2026

Monthly fund update

Key points

• T8 Energy Vision finished April up 5.5% (in Australian dollars, hedged to the Australian dollar).
• A tentative ceasefire in the Iran conflict saw risk assets stage a blistering rally, rebounding from the indiscriminate sell-off in the prior month. While the Straits of Hormuz remain more-or-less closed (leaving energy markets, as well as many commodities and major downstream industries in limbo), the market appears singularly focused on the Trump Administration’s de-escalation signals.
• T8 Energy Vision has generated a positive return year-to-date (+12.4%) and year-over-year (+52.6%), outperforming major indices with comparable realised volatility (a common measure of risk). We attribute its strong performance to the growing realisation that energy is the key obstacle to the growth of artificial intelligence (and therefore a unique investment opportunity).
• We maintain our structurally bullish outlook for the electricity sector. Investors will not be able to get tangible exposure to this thematic via major indices (we estimate electric utilities and their supply chains account for only 3-4% of global equities indices). For investors seeking exposure to this thematic, a specialised strategy 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.