Monthly report – June 2026

Monthly fund update

Key points

• On an unhedged basis, T8 Energy Vision finished June down 1.7% (in Australian dollars, unhedged), materially outperforming its benchmark.
• The main detractor from performance for the month was the unrealised mark-to-market on Australian dollar foreign exchange hedging positions, driven by the weaker Australian dollar (-3.7%). As a result, on a hedged to the Australian dollar basis, T8 Energy Vision finished June down 4.0% (in Australian dollars, hedged to the Australian dollar).
• We maintain our structurally bullish outlook for the electricity sector, which is booming.
• Notwithstanding some market aversion to artificial intelligence/data centre capital expenditure, consensus projections assume electricity demand from data centres more than doubles by 2030 relative to present levels (in 2025, data centres consumed over 4% of total US electricity), driven by 10-20% per annum growth rates.
• 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.