North American
Portfolio

The North American Portfolio delivered +5.7% (AUD) in April 2026, outperforming the S&P 500 by approximately 360 basis points. Grid infrastructure and nuclear holdings continued to drive outperformance as data centre power demand data exceeded consensus expectations. Powell Industries was the standout contributor (+291 bps) as its switchgear and electrical distribution equipment remained in acute shortage. GE Vernova contributed +245 bps on sustained grid backlog strength, while Constellation Energy recovered +43 bps following its nuclear PPA deal flow acceleration with two additional hyperscalers.

The primary detractor was Wheaton Precious Metals (−136 bps), which faced headwinds from a stronger USD environment. The options overlay cost 9 basis points — within the 8–12 bps monthly target range and net positive for the year given January’s protection value.

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

Top 5 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 North American Portfolio by sector and market capitalisation as at April 2026.