Monthly report – May 2026

Monthly fund update

Key points

• T8 Energy Vision finished May up 2.7% (in Australian dollars, hedged to the Australian dollar).
• Excitement for artificial intelligence (AI) continues to accelerate and a clear beneficiary of this has been microchip stocks which are experiencing a record-breaking boom (Philadelphia Semiconductor Index +169.6% year-over-year), driven by demand from data centres. 
• We consider this an excellent leading indicator for electricity demand growth on the basis that microchips in data centres require a significant amount of electricity to operate. The electricity industry is booming but so far this is yet to translate into any real excitement in electric utility stocks (S&P Global 1200 Utilities Index +17.0% year-over-year). We maintain our structurally bullish outlook for the electricity sector.
• Over the last 12-months, T8 Energy Vision (+47.6% year-over-year) has outperformed major indices while realising a comparable level of annualised volatility (a common measure of risk). We attribute this strong performance to the improving fundamentals of energy and its supply chains. Past performance is not an indication of future returns.
• We maintain our structurally bullish outlook for the electricity sector. 
• Investors will not be able to get tangible exposure to the electricity demand growth 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.