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Emit Capital | Full Year & Q4 2025 Portfolio Results

Investor Summary • Full Yr & Q4 2025

Global equity portfolios — risk‑managed exposure to the energy transition and AI infrastructure.

Performance across four regional strategies, with options overlays used to manage downside risk and maintain investability through volatile regimes.

Quick snapshot

Reporting period

Full Yr & Q4 2025

Oct–Dec

Strategies

NA • EU/UK • APAC • AI‑Tech

Style

Active

Equities + hedge overlays

Objective

Long-term Alpha

With dynamic risk management

Executive commentary

Drivers

What moved performance

AI infrastructure capex momentum (compute, networking, power, data‑centre build‑out).
Grid and electrification spend supporting select industrials and utilities.
Active risk management: hedges reduced drawdown sensitivity during volatility bursts.

Risks

Key risks we’re monitoring

Macro: rates and liquidity conditions; growth scares and policy surprises.
Valuation compression risk in high‑beta winners if breadth deteriorates.
Geopolitics and trade: supply chain constraints, tariffs, and policy headline risk.

Positioning

How we’re positioned

Maintain structural exposure to energy transition + AI infrastructure leaders.
Options overlays used to cap left-tail risk and monetise volatility where attractive.
Selective rebalancing into quality and cashflow resilience where dispersion is high.

Hedging strategy

How risk is managed

Protects capital across market regimes and smooths portfolio outcomes.
Reduces drawdowns and shortens recovery periods during market stress.
Preserves the ability to remain invested and participate in upside during volatility.

2025 performance vs benchmark

Benchmarks: S&P 500 (NA), STOXX 600 (EU/UK), MSCI Asia-Pac (APAC), Nasdaq Composite (AI-Tech).

Portfolio summary

2025 best performers

Top performers by portfolio

North America

• Oklo (OKLO) — SMR optionality

• GE Vernova (GEV) — grid build-out

• Iris Energy (IREN) — AI power leverage

• Vistra (VST) — power scarcity

• Constellation Energy (CEG) — nuclear repricing

AI-Tech

• Microsoft (MSFT) — AI platforms

• Google (GOOGL) — data + models

• Micron Tech (MU) — memory leverage

• Nebius (NBIS) — AI infrastructure

• Palantir (PLTR) — AI software

Europe / UK

• Siemens Energy (ENR.DE) — grid build-out

• Prysmian (PRY.MI) — cable demand

• Nexans (NEX.PA) — transmission upgrades

• Schneider Electric (SU.PA) — electrification software

• Legrand (LR.PA) — energy efficiency

Asia-Pac / Japan

• BYD (1211 HK) — EV scale

• Lasertec (6920 JP) — EUV metrology

• Alibaba (9988 HK) — AI monetisation

• SenseTime (0020 HK) — AI vision

• Sumitomo Mitsui (8316 JP) — rate leverage

2025 monthly returns (AUD / USD)

Monthly portfolio performance versus benchmark. Use the currency toggle and portfolio selector; months without data are shown as gaps.

Currency

Portfolio

Investor comparison table

Portfolio	Dec	Q4	2025	Benchmark YTD	Alpha

Disclosure: Returns are provided for information only and are not a guarantee of future results. Past performance is not indicative of future performance.

Sector allocation by region

Portfolio sector mix (weights as % of equity sleeve, including cash and ETFs where shown).