AI Infrastructure
Portfolio

The AI Infrastructure Portfolio delivered +15.3% (AUD) in April 2026, outperforming the S&P 500 by approximately 480 basis points. AI compute, memory and data-centre infrastructure holdings drove the result, with semiconductor and infrastructure supply-chain exposure leading the month. Marvell Technology was the standout contributor (+451 bps), followed by Micron Technology (+371 bps) and Celestica (+267 bps). Industrial infrastructure exposure also added value, with Quanta Services and Vertiv contributing +168 bps and +154 bps respectively.

The primary detractors were Nebius Group (−74 bps) and Calix (−45 bps). Overall attribution remained strongly positive, with the portfolio benefiting from renewed investor appetite for AI infrastructure, memory, networking and electrification-linked industrial exposure.

A stronger Australian dollar provided a modest translation headwind during the month, appreciating over 4% against the U.S. dollar. While this reduced reported returns in AUD terms, underlying portfolio performance in base currency was stronger, reinforcing that equity selection—particularly within AI infrastructure and electrification—remains the primary driver of returns.

Performance Summary — AUD Returns to 30 April 2026

Portfolio positions by average weight. Click any row to expand the investment thesis and Atlas conviction level. Data as at 30 April 2026.

ECATS monitors four independent signals that inform portfolio positioning.

Interactive breakdown of the AI Infrastructure Portfolio by sector and market capitalisation as at April 2026.