Power & electrification

This segment covers real-economy businesses where orders, capacity, commodity prices, and capital spending cycles matter. Reported holdings can look old-economy on the surface while still expressing a view on electrification, reshoring, infrastructure, defense, or AI-related power demand.

The useful split is between volume cycle, pricing power, asset scarcity, and equipment replacement. A fund adding to the tag may be making a macro call, a bottleneck call, or a company-specific operating leverage call.