Electrification remained front and centre for the Fund this month. Our largest positions — Southern Cross Electrical (SXE) and Tasmea (TEA) — continued to perform as the global data-centre build-out drew further capital into the thematic. Alongside this, we looked for value among SaaS businesses that deliver a measurable social or environmental solution, that have been oversold, and that we believe will retain their moat in an AI-embedded world.
The climate-focused among us keep returning to the same question: how does all of this get done on a planet that does not have a carbon budget to spare? The accelerating data-centre roll-out is accelerating the need for solutions — across thermal management, copper substitutes, and technologies that reduce the heat generated inside data centres and the energy required to manage it. We have been researching this area for some time and have multiple companies in the portfolio leveraged to data centre energy consumption solutions.
Read the full report NorthStar May Monthly Report