AI Infrastructure
Portfolio

The AI Infrastructure Portfolio delivered +7.9% (AUD) in May 2026 and +7.7% (USD). The portfolio generated strong absolute returns but modestly lagged the benchmark for the month as broad AI infrastructure beta rallied sharply. Medium-term performance remained compelling, with the portfolio ahead by +18.9% over six months and +36.7% over one year in AUD terms.

Market intelligence during the month reinforced the portfolio’s core thesis: AI infrastructure demand is moving beyond GPUs into a broader supply chain spanning memory, custom silicon, optical networking, data-centre power, cooling and grid connection. Nvidia’s announced investment in IREN as part of a broader 5GW data-centre infrastructure deployment highlighted the accelerating scale of AI compute demand, while commentary around Vera Rubin production pointed to a busy second half for the Taiwan semiconductor supply chain.

The strongest structural signal came from memory and power infrastructure. Reuters reported that surging AI data-centre demand is contributing to a widening memory-chip shortage and higher pricing pressure across the broader technology supply chain. At the same time, data-centre growth continued to raise questions about grid costs, power availability and customer bill impacts, supporting the portfolio’s exposure to data-centre electrification, grid services, power equipment and thermal management.

The portfolio remains positioned for the physical buildout of AI: compute, networking, memory, power and grid infrastructure. The key risk is that investor enthusiasm remains concentrated and valuation-sensitive. Our preferred posture is to maintain core exposure to high-quality beneficiaries while using cash, position sizing and options discipline to manage drawdown risk in a high-dispersion market.

Performance Summary — AUD Returns to 30 May 2026

Portfolio positions by average weight. Click any row to expand the investment thesis and Atlas conviction level. Data as at 31 May 2026.

ECATS monitors four independent signals that inform portfolio positioning.

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