From Wells to Warheads

A Tactical Allocation Across the Energy Map: Our newest energy sector thesis + thematic primer

Energy Allocation: A Two-Speed Thesis

In an increasingly fragmented energy landscape, there’s no single bet that captures the full story. That’s why our new basket is built around a two-speed thesis: on one side, reliable exposure to the cash-generating core of today’s energy markets—producers, pipelines, and liquefied natural gas exporters. On the other, a calculated lean into the next frontier—nuclear technologies, infrastructure enablers, and national security tailwinds.

The first component focuses on the now: upstream names riding the wave of tight supply, geopolitical risk, and favorable pricing dynamics; midstream assets delivering yield, stability, and throughput optionality. It’s the classic energy trade—battle-tested and cash-flow positive.

But energy is no longer just hydrocarbons. The second component recognizes the slow but undeniable pivot toward durable energy infrastructure, clean baseload generation, and geopolitically sensitive supply chains. This is where names like LEU, BWXT, and FLS come into play—each representing a niche, underappreciated angle on the broader transition.

Together, this basket is designed to capture both the immediate opportunity and the longer-duration structural shifts—a balanced, high-conviction view of where global energy is today and where it’s going tomorrow.

Initiating Coverage: New Energy Infrastructure