AI Infrastructure
Portfolio

The AI Infrastructure Portfolio delivered +7.9% (AUD) and +7.7% (USD) for May 2026, generating strong absolute returns as AI infrastructure remained the dominant equity-market theme. While the portfolio modestly lagged the benchmark by approximately 70 basis points, it captured meaningful upside while maintaining diversified exposure across the broader AI infrastructure supply chain.

Medium-term performance remains compelling. In AUD terms, the portfolio is ahead of benchmark by +18.9% over six months, +36.7% over one year and +17.0% calendar year to date. This reinforces the portfolio’s strong participation in the AI infrastructure cycle despite a modest relative lag in May.

Market intelligence continued to support the core thesis: AI demand is broadening beyond GPUs into memory, custom silicon, optical networking, power systems, cooling, data-centre construction and grid connection. These physical infrastructure constraints are becoming central to the pace of AI deployment and remain key areas of portfolio exposure.

We remain constructive on the long-term opportunity, while recognising that valuation sensitivity has increased as investor enthusiasm builds. Our preferred posture is to retain core exposure to high-quality structural beneficiaries, while using cash, position sizing and options discipline to manage drawdown risk. The portfolio continues to provide differentiated exposure to one of the most important capital-expenditure cycles in global markets.

Performance Summary — AUD Returns to 31 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.

The Emit Capital Atlas Trading System (ECATS) is a proprietary model that monitors four independent signal families — momentum, macro regime, volatility structure and AI infrastructure narrative strength — to support a disciplined assessment of market conditions. Rather than relying on a single directional view, ECATS combines price behaviour, macro context, options-market signals and thematic intelligence to determine whether portfolio risk should be increased, maintained, narrowed or hedged.

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