How concentrated this is
Holdings7
Weighted like5.9 equal ones
LargestTSLA at 23.4%
Half the portfolio3 names
Exposed to the premise90%
90% of this book is one theme. It is a bet on Storage and flexibility, not a spread of them.
Intermittent generation makes storage and demand flexibility more valuable than more generation.
This link was built against universe v1, and the published universe is now v2. Conviction scores and holdings may have been revised since, so the portfolio below is not necessarily the one that was shared. See what changed.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the portfolio23.4%Tesla
Energy storage deployments now grow faster than the car business.
TSLA · Equity · $363.56 · — · Storage and flexibility
−+×23.3%Fluence Energy
Pure-play grid storage integration.
FLNC · Equity · $189.89 · $32B · Storage and flexibility
−+×14.3%Enphase Energy
Distributed storage and inverters at the household level.
ENPH · Equity · $36.86 · — · Storage and flexibility
−+×13.2%Eaton
The switchgear that makes flexibility possible on the grid.
ETN · Equity · $409.15 · — · Storage and flexibility
−+×8%Eos Energy
Non-lithium chemistry; higher risk, different supply chain.
EOSE · Equity · $3.99 · — · Storage and flexibility
−+×7.8%Battery Tech ETF
Basket exposure across chemistry and geography.
LIT · ETF · $71.81 · — · Storage and flexibility
−+×10%0–3 Month Treasury Bill ETF
Cash that still earns while the thesis is early.
SGOV · Treasury · $100.50 · — · Ballast
The case for
Once enough solar and wind sits on a grid, the scarce product stops being energy and becomes the ability to move it in time. Battery costs keep falling and grid-service revenue stacks are only starting to be priced.
The case against
Battery manufacturing is a commodity business with brutal competition. Much of the current revenue depends on subsidy structures that can be legislated away.
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