0%
—
An illustrative view of the holding company's balance across the principal asset classes. Concentrated in equity by conviction, ballasted by the rest.
We invest according to opportunity, not index weight. Capital is directed toward the markets we understand deeply and the areas where our assessment differs meaningfully from consensus.
Market leadership across innovation, capital formation, and structural growth sectors.
Long-term opportunities across developed and emerging markets supported by structural economic transformation.
Exposure to globally competitive industrial, defence, and value-oriented businesses.
Selective allocations to commodity producers and businesses leveraged to global resource demand.
Resource, infrastructure, and financial assets supported by resilient institutional frameworks.
Diversified exposure to frontier and emerging markets, capturing selective opportunities across developing economies, natural resources, demographics, and evolving global growth trends.
Asset classes describe the instruments; themes describe the reasoning. Each holding belongs to a thesis we have written down, dated, and are willing to be judged against.
The digital infrastructure enabling the expansion of artificial intelligence, including semiconductors, compute, memory, networking, and data-centre capacity.
Scarce and strategically important commodities required for industrial production, electrification, energy security, and economic resilience.
Conventional energy assets supported by persistent global demand, constrained supply growth, and the continuing role of hydrocarbons within the global economy.
High-quality businesses characterized by durable competitive advantages, prudent capital allocation, strong balance sheets, and the capacity to compound earnings over extended periods.
Cash and high-quality fixed income maintained to preserve liquidity, reduce portfolio volatility, and provide flexibility during periods of market dislocation.
Companies and capabilities positioned to benefit from sustained investment in national security, defence modernization, cybersecurity, and strategic resilience.
Monetary assets with predetermined supply characteristics, held as a potential hedge against currency debasement and long-term monetary expansion.
Agricultural systems, inputs, and infrastructure essential to sustaining food production amid rising resource constraints and geopolitical uncertainty.
Metals and materials essential to advanced manufacturing, energy systems, defence applications, and technological development.
