Portfolio framing

Baskets

Two ways to slice the universe. Mechanical sleeves group names by where they sit on the Opportunity × Risk plane and by market cap — each name lives in exactly one sleeve. Thematic lenses group by role in the AI buildout: a single name can appear in multiple themes. Trailing 1M / 1Y / 3Y equal-weighted returns show whether each basket is working.

Mechanical sleeves

Compounders · 16 Cyclical Leverage · 6 Speculative Sleeve · 21 Watchlist · 39 Avoid · 8

Thematic lenses

The Power Stack · 27 Compute Buildout · 30 Nuclear Renaissance · 15 Picks & Shovels OGs · 16 Pre-revenue / Micro · 15

▸ Mechanical sleeves — one name, one sleeve

Compounders

The base of the portfolio

Trailing returns will populate once the price backfill runs.

16 companies

Large-cap, high opportunity, low risk. Quality businesses with proven economics and durable demand — the names you fall back on through cycles. Size matters here: these are real franchises, not score artifacts.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	CEGConstellation Energy Corporation	Nuclear Generation	80	28	65.8	5Conviction	$75.0B
2	ANETArista Networks, Inc.	Networking & Optical	76	32	59.9	5Conviction	$140.0B
3	ETNEaton Corporation plc	Grid, Transformers & Electrical	79	40	59.6	5Conviction	$145.0B
4	STXSeagate Technology Holdings plc	Memory & Storage	80	44	57.5	5Conviction	$42.0B
5	VRTVertiv Holdings Co.	Power & Cooling Mechanical	83	53	56.5	5Conviction	$118.6B
6	AMEAMETEK, Inc.	Industrial Automation	74	37	55.6	4Conviction	$50.0B
7	VSTVistra Corp.	Nuclear Generation	75	40	54.7	4Conviction	$48.0B
8	KLACKLA Corporation	Semicap & Fab Tooling	77	45	54.6	5Conviction	$105.0B
9	PWRQuanta Services, Inc.	Grid, Transformers & Electrical	70	32	54.1	5Conviction	$60.0B
10	SCCOSouthern Copper Corporation	Copper & Base Metals	74	43	52.9	5Conviction	$80.0B
11	EMEEMCOR Group, Inc.	Datacenter Construction	74	43	52.5	4Conviction	$50.0B
12	MUMicron Technology, Inc.	Memory & Storage	78	51	52.4	5Conviction	$195.0B
13	AMATApplied Materials, Inc.	Semicap & Fab Tooling	77	50	51.5	4Conviction	$165.0B
14	LRCXLam Research Corporation	Semicap & Fab Tooling	77	51	51.1	4Conviction	$105.0B
15	GEVGE Vernova Inc.	Grid, Transformers & Electrical	72	42	50.8	5Conviction	$195.0B
16	PHParker-Hannifin Corporation	Industrial Automation	71	40	50.7	4Conviction	$100.0B

Cyclical Leverage

Higher beta to the buildout

Trailing returns will populate once the price backfill runs.

6 companies

Mid- to large-cap names with high opportunity and moderate-to-high score risk. Memory cycle, semicap cycle, hyperscaler exposure — businesses that win bigger on the way up and hurt more on the way down. Use the trim discipline.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	NVDANVIDIA Corporation	GPU & Accelerators	88	57	59.5	5Conviction	$4.82T
2	STRLSterling Infrastructure, Inc.	Datacenter Construction	81	50	56.1	4Conviction	$11.0B
3	AVGOBroadcom Inc.	GPU & Accelerators	83	63	51.0	5Conviction	$1.99T
4	SNDKSandisk Corporation	Memory & Storage	74	51	48.7	4Watching	$28.0B
5	IRENIREN Limited	Hyperscale & Neocloud Operators	63	52	36.9	4Conviction	$18.0B
6	ALABAstera Labs Inc.	GPU & Accelerators	57	72	20.6	4Watching	$30.0B

Speculative Sleeve

Sized small, asymmetric upside

Trailing returns will populate once the price backfill runs.

21 companies

Sub-$5B caps with a real thesis. Pre-revenue, concentrated, or pre-scale — the names that compound 5-10x if the thesis plays out and quietly delist if it doesn't. Position-size accordingly; these are the true lottery tickets.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	FLNCFluence Energy, Inc.	Energy Storage & Power Backup	73	42	52.2	4Watching	$3.0B
2	MPMP Materials Corp.	Rare Earths & Magnets	77	50	52.0	4Conviction	$4.2B
3	POWLPowell Industries, Inc.	Grid, Transformers & Electrical	69	43	47.0	4Watching	$4.5B
4	LEUCentrus Energy Corp.	Nuclear Fuel Cycle	71	53	44.4	4Conviction	$1.9B
5	MTRNMaterion Corporation	Specialty Materials & Chemicals	66	43	44.3	4Watching	$2.3B
6	EROEro Copper Corp.	Copper & Base Metals	69	50	44.1	4Conviction	$1.3B
7	FORMFormFactor, Inc.	Semicap & Fab Tooling	66	45	43.6	4Conviction	$3.0B
8	BEBloom Energy Corporation	Energy Storage & Power Backup	65	45	42.3	4Watching	$4.5B
9	UECUranium Energy Corp	Nuclear Fuel Cycle	65	48	41.4	3Watching	$2.8B
10	UAMYUnited States Antimony Corporation	Rare Earths & Magnets	65	53	38.5	3Watching	$380M
11	OUSTOuster, Inc.	Vision, Sensing & Perception	65	52	38.5	3Watching	$1.1B
12	ASHAshland Inc.	Specialty Materials & Chemicals	58	40	38.2	3Watching	$4.1B
13	AMSCAmerican Superconductor Corporation	Energy Storage & Power Backup	60	43	38.1	4Watching	$2.0B
14	HBMHudbay Minerals Inc.	Copper & Base Metals	63	52	37.1	3Watching	$3.2B
15	URGUr-Energy Inc.	Nuclear Fuel Cycle	60	53	33.6	3Watching	$350M
16	UUUUEnergy Fuels Inc.	Nuclear Fuel Cycle	57	53	30.7	3Watching	$1.0B
17	HUTHut 8 Corp.	Hyperscale & Neocloud Operators	54	49	29.9	3Watching	$1.5B
18	HUNHuntsman Corporation	Specialty Materials & Chemicals	52	51	26.6	2Watching	$3.2B
19	IPXIperionX Limited	Rare Earths & Magnets	56	61	25.1	3Watching	$720M
20	NXENexGen Energy Ltd.	Nuclear Fuel Cycle	51	61	21.0	3Watching	$3.0B
21	BWBabcock & Wilcox Enterprises, Inc.	SMR & Advanced Nuclear	50	61	19.4	2Watching	$280M

Watchlist

Tracking, not yet sized

Trailing returns will populate once the price backfill runs.

39 companies

Mid-range opportunity, manageable risk. Names that need a setup, a catalyst, or further confirmation before sizing. Surfaced here so the universe doesn't go silent on names we don't yet own.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	HUBBHubbell Incorporated	Grid, Transformers & Electrical	69	39	49.6	4Conviction	$22.0B
2	NTAPNetApp, Inc.	Memory & Storage	67	35	49.3	4Watching	$24.0B
3	DDDuPont de Nemours, Inc.	Specialty Materials & Chemicals	68	38	49.1	4Conviction	$35.0B
4	ZBRAZebra Technologies Corporation	Vision, Sensing & Perception	67	38	47.4	4Conviction	$16.0B
5	DYDycom Industries, Inc.	Grid, Transformers & Electrical	66	37	47.0	4Watching	$6.5B
6	WDCWestern Digital Corporation	Memory & Storage	70	48	45.7	4Conviction	$38.0B
7	BWXTBWX Technologies, Inc.	SMR & Advanced Nuclear	67	43	45.6	5Conviction	$11.0B
8	JJacobs Solutions Inc.	Datacenter Construction	63	35	45.2	4Watching	$25.0B
9	TECKTeck Resources Limited	Copper & Base Metals	66	43	44.9	4Conviction	$23.0B
10	ROKRockwell Automation, Inc.	Industrial Automation	65	41	44.6	4Watching	$45.0B
11	FCXFreeport-McMoRan Inc.	Copper & Base Metals	67	47	43.8	5Conviction	$62.0B
12	MBLYMobileye Global Inc.	Vision, Sensing & Perception	66	45	42.9	4Watching	$12.5B
13	CBTCabot Corporation	Specialty Materials & Chemicals	65	45	42.6	4Watching	$5.5B
14	EMREmerson Electric Co.	Industrial Automation	63	42	42.0	4Watching	$78.0B
15	MODModine Manufacturing Co.	Power & Cooling Mechanical	63	46	39.6	3Watching	$12.5B
16	COHRCoherent Corp.	Networking & Optical	61	42	39.6	4Watching	$11.0B
17	AYIAcuity Inc.	Grid, Transformers & Electrical	56	40	35.9	3Watching	$7.5B
18	LITELumentum Holdings Inc.	Networking & Optical	57	48	33.1	4Watching	$5.0B
19	TERTeradyne, Inc.	Semicap & Fab Tooling	57	48	32.7	3Watching	$22.0B
20	AMDAdvanced Micro Devices, Inc.	GPU & Accelerators	56	49	31.9	4Conviction	$280.0B
21	GTLSChart Industries, Inc.	Power & Cooling Mechanical	51	52	24.8	2Watching	$10.5B
22	CRDOCredo Technology Group	Networking & Optical	50	55	22.8	5Conviction	$8.0B
23	AAOIApplied Optoelectronics, Inc.	Networking & Optical	49	54	22.1	3Watching	$700M
24	CIFRCipher Mining Inc.	Hyperscale & Neocloud Operators	49	54	21.7	3Watching	$4.5B
25	MRVLMarvell Technology, Inc.	GPU & Accelerators	50	58	21.0	3Watching	$138.6B
26	WULFTeraWulf Inc.	Hyperscale & Neocloud Operators	48	55	20.1	3Watching	$1.8B
27	AEHRAehr Test Systems	Semicap & Fab Tooling	49	63	17.6	3Watching	$300M
28	ALBAlbemarle Corporation	Specialty Materials & Chemicals	45	59	15.8	3Watching	$11.0B
29	AEVAAeva Technologies, Inc.	Vision, Sensing & Perception	46	62	15.4	2Watching	$350M
30	SMRNuScale Power Corporation	SMR & Advanced Nuclear	45	61	15.1	3Watching	$4.5B
31	FLRFluor Corporation	Datacenter Construction	40	53	13.6	2Passing	$9.0B
32	OKLOOklo Inc.	SMR & Advanced Nuclear	43	62	12.2	4Watching	$8.5B
33	NBNioCorp Developments Ltd.	Rare Earths & Magnets	44	63	12.2	2Watching	$200M
34	MRAMEverspin Technologies, Inc.	Memory & Storage	41	58	12.1	2Watching	$80M
35	USARUSA Rare Earth, Inc.	Rare Earths & Magnets	42	61	11.6	3Watching	$800M
36	CRWVCoreWeave, Inc.	Hyperscale & Neocloud Operators	43	66	10.4	4Watching	$95.0B
37	NBISNebius Group N.V.	Hyperscale & Neocloud Operators	40	63	9.0	4Watching	$32.0B
38	SYMSymbotic Inc.	Industrial Automation	41	64	8.9	3Watching	$35.0B
39	POETPOET Technologies Inc.	Networking & Optical	40	65	7.4	2Watching	$200M

Avoid

Bottom of the universe

Trailing returns will populate once the price backfill runs.

8 companies

Low opportunity, or opportunity that doesn't justify the risk. Surfaced so we're not silent on the bottom of our own universe — honest about the names we wouldn't own.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	DNNDenison Mines Corp.	Nuclear Fuel Cycle	39	57	11.1	3Watching	$1.7B
2	NNENano Nuclear Energy Inc.	SMR & Advanced Nuclear	38	60	8.7	3Watching	$1.2B
3	INVZInnoviz Technologies Ltd.	Vision, Sensing & Perception	39	67	5.8	2Watching	$220M
4	TMCTMC the metals company Inc.	Rare Earths & Magnets	38	67	4.8	2Watching	$1.5B
5	STEMStem, Inc.	Energy Storage & Power Backup	33	59	3.8	2Watching	$250M
6	CRMLCritical Metals Corp.	Rare Earths & Magnets	36	70	1.5	2Watching	$250M
7	APLDApplied Digital Corporation	Hyperscale & Neocloud Operators	35	73	-1.3	3Watching	$6.0B
8	NRGVEnergy Vault Holdings, Inc.	Energy Storage & Power Backup	30	68	-3.4	2Watching	$220M

Uncategorized

Outside the named sleeves

9 companies

Edge-case scores that don't fit any sleeve cleanly — surfaced for honesty.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	AAONAAON, Inc.	Power & Cooling Mechanical	81	47	57.3	4Watching	$8.5B
2	ONTOOnto Innovation Inc.	Semicap & Fab Tooling	76	43	54.8	4Conviction	$9.5B
3	ENTGEntegris, Inc.	Specialty Materials & Chemicals	74	42	53.3	5Conviction	$18.0B
4	PSTGPure Storage, Inc.	Memory & Storage	74	43	51.9	4Conviction	$19.0B
5	CGNXCognex Corporation	Vision, Sensing & Perception	71	40	51.6	4Conviction	$7.2B
6	TLNTalen Energy Corporation	Nuclear Generation	73	43	51.4	4Conviction	$14.0B
7	CCJCameco Corporation	Nuclear Fuel Cycle	71	44	49.0	5Conviction	$28.0B
8	NVTnVent Electric plc	Power & Cooling Mechanical	71	44	48.8	4Conviction	$18.0B
9	LSCCLattice Semiconductor Corporation	Vision, Sensing & Perception	72	48	47.8	4Watching	$7.5B

▸ Thematic lenses — one name, many themes

The Power Stack· overlapping

The binding constraint

Trailing returns will populate once the price backfill runs.

27 companies

Grid + nuclear + storage. Every AI data center needs more electrons — interconnection queues are the new lead-time bottleneck, ahead of the chips themselves. This is where the buildout meets physical reality.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	CEGConstellation Energy Corporation	Nuclear Generation	80	28	65.8	5Conviction	$75.0B
2	ETNEaton Corporation plc	Grid, Transformers & Electrical	79	40	59.6	5Conviction	$145.0B
3	VSTVistra Corp.	Nuclear Generation	75	40	54.7	4Conviction	$48.0B
4	PWRQuanta Services, Inc.	Grid, Transformers & Electrical	70	32	54.1	5Conviction	$60.0B
5	FLNCFluence Energy, Inc.	Energy Storage & Power Backup	73	42	52.2	4Watching	$3.0B
6	TLNTalen Energy Corporation	Nuclear Generation	73	43	51.4	4Conviction	$14.0B
7	GEVGE Vernova Inc.	Grid, Transformers & Electrical	72	42	50.8	5Conviction	$195.0B
8	HUBBHubbell Incorporated	Grid, Transformers & Electrical	69	39	49.6	4Conviction	$22.0B
9	CCJCameco Corporation	Nuclear Fuel Cycle	71	44	49.0	5Conviction	$28.0B
10	DYDycom Industries, Inc.	Grid, Transformers & Electrical	66	37	47.0	4Watching	$6.5B
11	POWLPowell Industries, Inc.	Grid, Transformers & Electrical	69	43	47.0	4Watching	$4.5B
12	BWXTBWX Technologies, Inc.	SMR & Advanced Nuclear	67	43	45.6	5Conviction	$11.0B
13	LEUCentrus Energy Corp.	Nuclear Fuel Cycle	71	53	44.4	4Conviction	$1.9B
14	BEBloom Energy Corporation	Energy Storage & Power Backup	65	45	42.3	4Watching	$4.5B
15	UECUranium Energy Corp	Nuclear Fuel Cycle	65	48	41.4	3Watching	$2.8B
16	AMSCAmerican Superconductor Corporation	Energy Storage & Power Backup	60	43	38.1	4Watching	$2.0B
17	AYIAcuity Inc.	Grid, Transformers & Electrical	56	40	35.9	3Watching	$7.5B
18	URGUr-Energy Inc.	Nuclear Fuel Cycle	60	53	33.6	3Watching	$350M
19	UUUUEnergy Fuels Inc.	Nuclear Fuel Cycle	57	53	30.7	3Watching	$1.0B
20	NXENexGen Energy Ltd.	Nuclear Fuel Cycle	51	61	21.0	3Watching	$3.0B
21	BWBabcock & Wilcox Enterprises, Inc.	SMR & Advanced Nuclear	50	61	19.4	2Watching	$280M
22	SMRNuScale Power Corporation	SMR & Advanced Nuclear	45	61	15.1	3Watching	$4.5B
23	OKLOOklo Inc.	SMR & Advanced Nuclear	43	62	12.2	4Watching	$8.5B
24	DNNDenison Mines Corp.	Nuclear Fuel Cycle	39	57	11.1	3Watching	$1.7B
25	NNENano Nuclear Energy Inc.	SMR & Advanced Nuclear	38	60	8.7	3Watching	$1.2B
26	STEMStem, Inc.	Energy Storage & Power Backup	33	59	3.8	2Watching	$250M
27	NRGVEnergy Vault Holdings, Inc.	Energy Storage & Power Backup	30	68	-3.4	2Watching	$220M

Compute Buildout· overlapping

Silicon + connectivity

Trailing returns will populate once the price backfill runs.

30 companies

GPU + memory + networking + semicap + datacenter mechanical. The chip-and-fabric layer of the workload itself. Highest growth rates, highest variance — the obvious beneficiaries of every AI-capex headline.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	ANETArista Networks, Inc.	Networking & Optical	76	32	59.9	5Conviction	$140.0B
2	NVDANVIDIA Corporation	GPU & Accelerators	88	57	59.5	5Conviction	$4.82T
3	STXSeagate Technology Holdings plc	Memory & Storage	80	44	57.5	5Conviction	$42.0B
4	AAONAAON, Inc.	Power & Cooling Mechanical	81	47	57.3	4Watching	$8.5B
5	VRTVertiv Holdings Co.	Power & Cooling Mechanical	83	53	56.5	5Conviction	$118.6B
6	ONTOOnto Innovation Inc.	Semicap & Fab Tooling	76	43	54.8	4Conviction	$9.5B
7	KLACKLA Corporation	Semicap & Fab Tooling	77	45	54.6	5Conviction	$105.0B
8	MUMicron Technology, Inc.	Memory & Storage	78	51	52.4	5Conviction	$195.0B
9	PSTGPure Storage, Inc.	Memory & Storage	74	43	51.9	4Conviction	$19.0B
10	AMATApplied Materials, Inc.	Semicap & Fab Tooling	77	50	51.5	4Conviction	$165.0B
11	LRCXLam Research Corporation	Semicap & Fab Tooling	77	51	51.1	4Conviction	$105.0B
12	AVGOBroadcom Inc.	GPU & Accelerators	83	63	51.0	5Conviction	$1.99T
13	NTAPNetApp, Inc.	Memory & Storage	67	35	49.3	4Watching	$24.0B
14	NVTnVent Electric plc	Power & Cooling Mechanical	71	44	48.8	4Conviction	$18.0B
15	SNDKSandisk Corporation	Memory & Storage	74	51	48.7	4Watching	$28.0B
16	WDCWestern Digital Corporation	Memory & Storage	70	48	45.7	4Conviction	$38.0B
17	FORMFormFactor, Inc.	Semicap & Fab Tooling	66	45	43.6	4Conviction	$3.0B
18	MODModine Manufacturing Co.	Power & Cooling Mechanical	63	46	39.6	3Watching	$12.5B
19	COHRCoherent Corp.	Networking & Optical	61	42	39.6	4Watching	$11.0B
20	LITELumentum Holdings Inc.	Networking & Optical	57	48	33.1	4Watching	$5.0B
21	TERTeradyne, Inc.	Semicap & Fab Tooling	57	48	32.7	3Watching	$22.0B
22	AMDAdvanced Micro Devices, Inc.	GPU & Accelerators	56	49	31.9	4Conviction	$280.0B
23	GTLSChart Industries, Inc.	Power & Cooling Mechanical	51	52	24.8	2Watching	$10.5B
24	CRDOCredo Technology Group	Networking & Optical	50	55	22.8	5Conviction	$8.0B
25	AAOIApplied Optoelectronics, Inc.	Networking & Optical	49	54	22.1	3Watching	$700M
26	MRVLMarvell Technology, Inc.	GPU & Accelerators	50	58	21.0	3Watching	$138.6B
27	ALABAstera Labs Inc.	GPU & Accelerators	57	72	20.6	4Watching	$30.0B
28	AEHRAehr Test Systems	Semicap & Fab Tooling	49	63	17.6	3Watching	$300M
29	MRAMEverspin Technologies, Inc.	Memory & Storage	41	58	12.1	2Watching	$80M
30	POETPOET Technologies Inc.	Networking & Optical	40	65	7.4	2Watching	$200M

Nuclear Renaissance· overlapping

Hyperscaler PPAs as the catalyst

Trailing returns will populate once the price backfill runs.

15 companies

Generation + fuel cycle + SMR. Constellation at Three Mile Island; Microsoft, Amazon, Google all signing nuclear PPAs. The first re-rating of nuclear as an investable theme in 30 years.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	CEGConstellation Energy Corporation	Nuclear Generation	80	28	65.8	5Conviction	$75.0B
2	VSTVistra Corp.	Nuclear Generation	75	40	54.7	4Conviction	$48.0B
3	TLNTalen Energy Corporation	Nuclear Generation	73	43	51.4	4Conviction	$14.0B
4	CCJCameco Corporation	Nuclear Fuel Cycle	71	44	49.0	5Conviction	$28.0B
5	BWXTBWX Technologies, Inc.	SMR & Advanced Nuclear	67	43	45.6	5Conviction	$11.0B
6	LEUCentrus Energy Corp.	Nuclear Fuel Cycle	71	53	44.4	4Conviction	$1.9B
7	UECUranium Energy Corp	Nuclear Fuel Cycle	65	48	41.4	3Watching	$2.8B
8	URGUr-Energy Inc.	Nuclear Fuel Cycle	60	53	33.6	3Watching	$350M
9	UUUUEnergy Fuels Inc.	Nuclear Fuel Cycle	57	53	30.7	3Watching	$1.0B
10	NXENexGen Energy Ltd.	Nuclear Fuel Cycle	51	61	21.0	3Watching	$3.0B
11	BWBabcock & Wilcox Enterprises, Inc.	SMR & Advanced Nuclear	50	61	19.4	2Watching	$280M
12	SMRNuScale Power Corporation	SMR & Advanced Nuclear	45	61	15.1	3Watching	$4.5B
13	OKLOOklo Inc.	SMR & Advanced Nuclear	43	62	12.2	4Watching	$8.5B
14	DNNDenison Mines Corp.	Nuclear Fuel Cycle	39	57	11.1	3Watching	$1.7B
15	NNENano Nuclear Energy Inc.	SMR & Advanced Nuclear	38	60	8.7	3Watching	$1.2B

Picks & Shovels OGs· overlapping

Quality with track record

Trailing returns will populate once the price backfill runs.

16 companies

Mega-cap quality with multi-decade ROIC histories. Names that compounded through three prior tech cycles and are positioned to compound through this one — AMAT, KLAC, ETN, EMR, AVGO, ANET. The 'fall back on quality' sleeve.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	CEGConstellation Energy Corporation	Nuclear Generation	80	28	65.8	5Conviction	$75.0B
2	ANETArista Networks, Inc.	Networking & Optical	76	32	59.9	5Conviction	$140.0B
3	ETNEaton Corporation plc	Grid, Transformers & Electrical	79	40	59.6	5Conviction	$145.0B
4	VRTVertiv Holdings Co.	Power & Cooling Mechanical	83	53	56.5	5Conviction	$118.6B
5	AMEAMETEK, Inc.	Industrial Automation	74	37	55.6	4Conviction	$50.0B
6	KLACKLA Corporation	Semicap & Fab Tooling	77	45	54.6	5Conviction	$105.0B
7	PWRQuanta Services, Inc.	Grid, Transformers & Electrical	70	32	54.1	5Conviction	$60.0B
8	SCCOSouthern Copper Corporation	Copper & Base Metals	74	43	52.9	5Conviction	$80.0B
9	EMEEMCOR Group, Inc.	Datacenter Construction	74	43	52.5	4Conviction	$50.0B
10	MUMicron Technology, Inc.	Memory & Storage	78	51	52.4	5Conviction	$195.0B
11	AMATApplied Materials, Inc.	Semicap & Fab Tooling	77	50	51.5	4Conviction	$165.0B
12	LRCXLam Research Corporation	Semicap & Fab Tooling	77	51	51.1	4Conviction	$105.0B
13	GEVGE Vernova Inc.	Grid, Transformers & Electrical	72	42	50.8	5Conviction	$195.0B
14	PHParker-Hannifin Corporation	Industrial Automation	71	40	50.7	4Conviction	$100.0B
15	FCXFreeport-McMoRan Inc.	Copper & Base Metals	67	47	43.8	5Conviction	$62.0B
16	EMREmerson Electric Co.	Industrial Automation	63	42	42.0	4Watching	$78.0B

Pre-revenue / Micro· overlapping

Discovery names

Trailing returns will populate once the price backfill runs.

15 companies

Sub-$1B caps with a named thesis. Highest variance in the universe — pre-revenue miners, pre-commercial SMR developers, micro-cap memory-tech. Position-size to lottery-ticket conviction; expect 50% drawdowns on the way.

Sort by

#	Co.	Segment	Opp	Risk	RAdj	Thesis fit	Mkt Cap
1	UAMYUnited States Antimony Corporation	Rare Earths & Magnets	65	53	38.5	3Watching	$380M
2	URGUr-Energy Inc.	Nuclear Fuel Cycle	60	53	33.6	3Watching	$350M
3	IPXIperionX Limited	Rare Earths & Magnets	56	61	25.1	3Watching	$720M
4	AAOIApplied Optoelectronics, Inc.	Networking & Optical	49	54	22.1	3Watching	$700M
5	BWBabcock & Wilcox Enterprises, Inc.	SMR & Advanced Nuclear	50	61	19.4	2Watching	$280M
6	AEHRAehr Test Systems	Semicap & Fab Tooling	49	63	17.6	3Watching	$300M
7	AEVAAeva Technologies, Inc.	Vision, Sensing & Perception	46	62	15.4	2Watching	$350M
8	NBNioCorp Developments Ltd.	Rare Earths & Magnets	44	63	12.2	2Watching	$200M
9	MRAMEverspin Technologies, Inc.	Memory & Storage	41	58	12.1	2Watching	$80M
10	USARUSA Rare Earth, Inc.	Rare Earths & Magnets	42	61	11.6	3Watching	$800M
11	POETPOET Technologies Inc.	Networking & Optical	40	65	7.4	2Watching	$200M
12	INVZInnoviz Technologies Ltd.	Vision, Sensing & Perception	39	67	5.8	2Watching	$220M
13	STEMStem, Inc.	Energy Storage & Power Backup	33	59	3.8	2Watching	$250M
14	CRMLCritical Metals Corp.	Rare Earths & Magnets	36	70	1.5	2Watching	$250M
15	NRGVEnergy Vault Holdings, Inc.	Energy Storage & Power Backup	30	68	-3.4	2Watching	$220M