Monthly report – May 2025

Monthly fund update

Key points

• T8 Energy Vision ended May up 6.1% (in Australian dollars, hedged to the Australian dollar), outperforming global equities.

• Looking beyond the short-term noise around tariffs and trade wars, we have not changed our positive outlook for the electricity sector which is driven by structural, secular and cyclical tailwinds all converging. We believe this will allow the electricity sector to prosper, even if the economy experiences a slowdown.
• Rising electricity demand represents a compelling opportunity for investors. Driven by the boom in data centres (a secular electricity demand growth trend) and the electrification of road transport (a structural electricity demand shift), the winners will include energy generation, grid infrastructure, energy storage and electrification (as well as their direct supply chains, including critical minerals).