Monthly report – December 2025

Monthly fund update

Key points

• T8 Energy Vision ended December up 0.3% (in Australian dollars, hedged to the Australian dollar), outperforming global equities with comparable annualised volatility (a common measure of risk).
• This closed out a year in which T8 Energy Vision generated a return of +32.1% (in Australian dollar terms), outperforming global equities by 21.3 percentage points (MSCI World Index +10.7%), with lower realised volatility.
• We have a particularly positive outlook for the electricity sector (a key aspect of our focus area) which is driven by structural, secular and cyclical tailwinds all converging.
• The winners are likely to include energy generation, grid infrastructure, energy storage and electrification (as well as their supply chains, including critical minerals).
• We believe that investors will not be able to get sufficient exposure to this thematic via major indices and therefore a deliberate allocation to a 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.