Technology took a step back. UMHCP's infrastructure themes held firm.
The right picks in the right places still matter.

Technology stocks pulled back across the board today, with NVIDIA down 1.6% and Meta falling 1.1%. But beneath the surface, our infrastructure-focused approach showed its resilience. Companies like General Electric and Elbit Systems posted gains even as the broader tech complex softened.

"The picks-and-shovels businesses that power the infrastructure buildout prove their worth when growth names stumble."

Today's market action highlighted the difference between growth momentum and infrastructure necessity. While software and platform companies like AppLovin fell 2.5%, the businesses building the physical backbone showed more resilience.

General Electric gained 1.6% as investors recognized the sustained demand for power generation equipment. Elbit Systems rose 1.8% on defense modernization trends. Even Caterpillar held up better than expected, declining just 1.3% despite the broad industrial selloff.

The optical connectivity space faced headwinds, with Lumentum down 8.0% and Corning falling 8.9%. But these moves reflect near-term positioning rather than fundamental demand destruction for the fiber and photonic infrastructure that AI requires.

The market is still calibrating how Federal Reserve policy changes flow through to growth versus infrastructure spending. Corporate capex budgets for AI and power infrastructure appear resilient, but the financing costs for these long-cycle projects remain in flux.

Thematic breakdown — no weights or position sizes.

Days like today remind us why the UBS Marlow High Conviction Portfolio focuses on the infrastructure that enables transformation rather than chasing the transformation itself. High conviction in the right places is what pays off when markets separate momentum from necessity. We remain positioned for the long-term buildout that artificial intelligence and energy transition demand.

AI infrastructure names powered ahead with NVIDIA up 3%.
The right themes made all the difference this week.

The UBS Marlow High Conviction Portfolio gained 0.41% as our core themes delivered exactly what we expected. NVIDIA climbed 3.1% while GE Vernova surged 16.1% and Bloom Energy rose 5.9%. The market rewarded companies building the infrastructure for tomorrow's economy.

"Concentration is a feature when the themes are right — and this week proved it."

Markets showed mixed signals as technology continued its leadership while traditional sectors lagged. The underlying story remained consistent: companies building critical infrastructure for AI, energy transition, and industrial modernization outperformed.

Rotation favored our power and energy holdings, with GE Vernova leading gains on strong renewable energy demand. AI infrastructure names like Credo Technology jumped 11.8% and FormFactor gained 7.7% as semiconductor testing demand remained robust.

GE Vernova delivered the week's standout performance with a 16.1% gain as investors recognized the company's position in the accelerating energy transition. The power generation and grid infrastructure specialist continues benefiting from massive investment in renewable energy and grid modernization.

Credo Technology jumped 11.8% as the connectivity solutions provider gained recognition for its role in AI data center infrastructure. The company's high-speed connectivity chips are essential for the massive data flows required by AI training and inference.

This week reinforced our conviction in the structural themes reshaping the economy. While markets rotated between sectors, UMHCP's focused exposure to AI infrastructure and energy transition delivered consistent performance. Concentration is a feature when the themes are right — and this week proved it. We remain positioned for the multi-year buildout of tomorrow's critical infrastructure.