PORTFOLIO PERFORMANCE

The North American Portfolio returned +4.8% in AUD terms for the month of July, slightly outperforming the S&P 500 benchmark, which gained +4.6%. In USD terms, the portfolio rose +2.3%, with currency gains contributing +2.5%, reflecting AUD depreciation against the USD during the month. This marks the third consecutive month of outperformance versus the benchmark and consolidates year-to-date gains in high-convexity growth and infrastructure enabler names.

AI Isn’t Just Digital, It’s Driving a Global Infrastructure Super-Cycle
As AI demand surges, so too does the need for energy, transmission, cooling, and critical materials. The capex required to support this shift is staggering, over $6.7 trillion by 2030 for AI-ready data centres alone.