Monthly report – February 2026

Monthly fund update

Key points

• T8 Energy Vision ended February up 6.1% (in Australian dollars, hedged to the Australian dollar), outperforming global equities with comparable annualised volatility (a common measure of risk).
• Without any doubt, the conflict with Iran has created an extraordinary level of uncertainty for markets to contend with and this overshadows many of the comments we have made in relation to February. This situation should be motivating equity investors to seek exposure to geographies, sectors and themes which have attractive valuations and lower risk profiles. We favour defensive sectors such as electric utilities to which T8 Energy Vision has significant exposure.
• We attribute the strong performance to the growing realisation that energy is the key obstacle to the growth of artificial intelligence. We maintain our particularly positive outlook for the electricity sector which is driven by structural, secular and cyclical tailwinds all converging.
• 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.