MLD ALPHA - AI Quarterly Results

The strategy has delivered strong performance to start 2026.

Performance was supported by continued strength across the infrastructure that enables AI, particularly in semiconductors, power, energy infrastructure, and critical materials. Our view remains the same: AI is not only a software theme. It is a broad capital spending cycle that also requires chips, electricity, pipelines, and materials.

Portfolio Activity

Activity during the quarter was measured and selective.

Trimmed into Strength

• Applied Materials - Trimmed after a strong run
• Cameco - Reduced after recent price strength
• Southern Copper - Trimmed a growing copper overweight

Added Balance

• Exelon - Added regulated utility exposure
• Williams - Added midstream cash flow and diversification
• Constellation Energy - Expanded nuclear and power exposure

Rotated for Better Exposure

• Sold Enterprise Products - Portfolio positioning shift, not a negative view
• Bought Kinder Morgan - Increased exposure to long-term natural gas demand growth

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Positioning

At quarter-end, the strategy remained focused on four core areas:

AI Compute: Semiconductors and the hardware backbone required to scale AI workloads.

Power & Utilities: Electricity generation and regulated utilities needed to support rising demand.

Natural Gas Infrastructure: Pipelines and energy systems tied to power demand, and durable cash flow.

Critical Materials: Copper, lithium, uranium, and rare earths that support electrification and buildout.

This remains a deliberate structure. Rather than express the theme through one narrow channel, the strategy is built around the broader physical system required to support it.

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Closing

Our view has not changed.

We continue to believe the opportunity sits in the infrastructure behind AI, and the portfolio remains positioned accordingly. The adjustments made during the quarter were intended to improve balance, manage concentration, and keep capital aligned with the strongest long-term opportunities.