High. This portfolio invests across the global nuclear energy ecosystem, including uranium producers, reactor developers, equipment suppliers, and electric utilities. While the sector benefits from structural tailwinds such as rising electricity demand, energy security initiatives, and increasing policy support for nuclear power, it remains exposed to uranium price volatility, regulatory approvals, construction delays, project execution risks, technological adoption, and changes in government policy. Portfolio performance may also be influenced by commodity cycles, permitting timelines, capital-intensive project development, and geopolitical developments affecting the global nuclear fuel supply chain.
You are seeking long-term exposure to one of the world's fastest-growing clean energy themes through companies supporting every stage of the nuclear value chain. This portfolio is suitable for investors who are comfortable with higher volatility in pursuit of long-term capital appreciation driven by increasing global electricity demand, nuclear power expansion, and continued investment in energy security.
Nuclear energy is emerging as a critical pillar of the global energy transition, driven by the need for reliable, carbon-free electricity alongside renewable energy sources. As electricity demand accelerates due to artificial intelligence, hyperscale data centers, electrification, and industrial growth, governments and utilities are increasingly turning to nuclear power to provide dependable baseload generation while strengthening energy security and reducing carbon emissions.
The opportunity extends well beyond electricity generation. The nuclear ecosystem encompasses uranium mining, fuel conversion and enrichment, reactor design, engineering services, specialized equipment manufacturing, radiation monitoring technologies, and regulated utilities operating nuclear fleets. Continued investment in reactor life extensions, new large-scale nuclear projects, and next-generation technologies such as Small Modular Reactors (SMRs) is creating attractive growth opportunities across the value chain.
Key drivers supporting this theme include tightening uranium supply fundamentals, increasing government support for nuclear energy, rising investment in domestic fuel supply chains, growing electricity consumption from AI and data centers, and technological advancements that improve the safety, scalability, and economics of nuclear power. As countries seek resilient and low-carbon energy systems, companies enabling nuclear generation are positioned to benefit from decades of sustained capital investment.
The Nuclear Energy Portfolio provides diversified exposure to this structural theme by investing across the nuclear value chain - from uranium producers and fuel suppliers to reactor developers, equipment manufacturers, and utilities operating nuclear assets. By emphasizing businesses with durable competitive advantages and exposure to multiple long-term growth drivers, the portfolio aims to participate in the global revival of nuclear energy and its expanding role in the future of electricity generation.
For this portfolio, we have identified the below companies:
| Company | Description |
|---|---|
| BWX Technologies, Inc. (BWXT) | This company is a leading supplier of critical nuclear components and fuel for government and commercial customers, including the U.S. Navy's submarine and aircraft carrier fleet. |
| Cameco Corporation (CCJ) | As one of the world's largest publicly traded uranium producers, Cameco provides the essential fuel required to generate clean electricity from nuclear reactors globally. |
| Constellation Energy Corporation (CEG) | Constellation is America's largest producer of carbon-free energy, operating a significant fleet of nuclear power plants that provide reliable baseload electricity to millions of homes and businesses. |
| Denison Mines Corp. (DNN) | This uranium exploration and development company is focused on high-grade projects in Canada's Athabasca Basin, aiming to supply future fuel for the growing nuclear industry. |
| Duke Energy Corporation (DUK) | As a major U.S. utility, Duke Energy operates a substantial fleet of nuclear power plants, which are crucial for providing consistent and carbon-free electricity to its customers. |
| Centrus Energy Corp. (LEU) | Centrus is a key supplier of nuclear fuel and services for the global nuclear power industry, playing a critical role in the domestic uranium enrichment supply chain. |
| Mirion Technologies, Inc. (MIR) | This company provides essential radiation detection, measurement, and monitoring products that are critical for ensuring the safety and operational efficiency of nuclear power facilities worldwide. |
| Nano Nuclear Energy Inc. (NNE) | Nano Nuclear Energy is focused on developing portable and advanced microreactors, aiming to make clean nuclear power more accessible for a wide range of industrial applications. |
| NexGen Energy Ltd. (NXE) | NexGen is advancing one of the world's largest high-grade uranium deposits, positioning itself as a major future supplier of fuel for the global nuclear energy market. |
| Oklo Inc. (OKLO) | Oklo is an advanced fission technology company developing compact, fast reactors known as "fission batteries" to provide clean, reliable, and affordable energy for various customers. |
| PG&E Corporation (PCG) | This utility holding company operates California's Diablo Canyon Power Plant, a significant nuclear facility that provides vast amounts of reliable, carbon-free electricity to the state. |
| NuScale Power Corporation (SMR) | NuScale Power is a pioneer in developing and commercializing small modular reactors (SMRs), which offer a safer, scalable, and more flexible alternative to traditional nuclear plants. |
| Uranium Energy Corp. (UEC) | This company is a U.S.-based uranium mining and exploration firm focused on producing fuel for nuclear energy using low-cost and environmentally friendly in-situ recovery methods. |
| Energy Fuels Inc. (UUUU) | Energy Fuels is a leading American uranium producer that operates the only conventional uranium mill in the United States, making it vital for domestic nuclear fuel production. |