Our Strategies 

P.I.P.E.S. is a thematic strategy that targets the entire (AI) Artificial Intelligence value chain, extending beyond prominent chip manufacturers. PIPES represents Production, Infrastructure, Platforms, Energy, and Security, which are identified as five primary components of the AI value chain. Artificial Intelligence encompasses technology enabling computers to perform tasks typically requiring human cognition, such as language comprehension, image recognition, decision-making, and predicting outcomes. AI integration is increasing throughout businesses and consumer applications, expanding from limited trials to large-scale deployments across sectors. This fund aims to provide diversified exposure to companies expected to benefit from AI-related growth within this value chain, with an objective of capturing emerging opportunities while managing idiosyncratic risk.

P — Production (semiconductors & equipment)
AI starts with computer chips made from silicon. This sleeve includes companies that design and build advanced processors, memory, and the machines that make these chips. We own multiple companies here to capture demand for GPUs (graphics processors), fast memory, data storage, and the specialized equipment used in manufacturing. For example, Nvidia and TSMC are leaders in producing the technology that powers AI software. 

I — Infrastructure (data centers, networking, power/thermal)

AI requires robust infrastructure: data centers with servers, fast networks, and cooling systems. This sleeve invests in companies that own or build these facilities, provide networking gear, and ensure reliable power and cooling. Firms like Equinix and Arista Networks are key to AI’s large-scale operations.

P — Platforms (clouds, software, distribution layers)
Most individuals experience AI through software platforms, the “front doors” to AI tools like chatbots, virtual assistants, or automated analytics. This sleeve includes cloud services, operating systems, and apps that deliver AI to businesses and consumers. For instance, Microsoft and Google are key players in building and distributing AI features that can be embedded into everyday tools like the iPhone in your pocket.

E — Energy (generation, grid, electrification)

AI requires significant electricity, making reliable and affordable power a key advantage. This sector invests in energy producers and utilities that power data centers, such as NextEra Energy and Dominion Energy, especially in hubs like Northern Virginia.

S — Security (cyber, identity, defense-grade analytics)
As AI becomes more powerful, the systems that run it must be protected. This sleeve includes companies that use AI to detect and stop cyberattacks, secure identities, and safeguard critical infrastructure. Firms such as CrowdStrike and Palantir are known for applying AI to cybersecurity and defense analytics.

We determine investments based on AI growth potential across sectors, not just individual companies. Factors include sensitivity to AI demand, pricing power, adoption speed, and economic resilience. Each sleeve contains several holdings for diversification, and we rebalance regularly to match changes in the AI value chain.

If you’d like to review the Investment Policy Statement and full details, contact us to learn more about investing in P.I.P.E.S.

Diversification: Diversification does not ensure a profit or guarantee against loss. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.