MODEL NUCLEAR FUND – Q1 2026 REVIEW
SEQH CAPITAL RESEARCH – TEAR SHEET
MODEL NUCLEAR FUND – Q1 2026 REVIEW
FUND SNAPSHOT
Q1 2026 total return of +9.27% with NAV at $99,463.52, generated by a concentrated 10‑name nuclear and uranium equity portfolio launched January 2, 2026.
Performance came against significant volatility and an S&P 500 pullback, with the benchmark SPY showing a max drawdown of -29.77% over the period.
WHAT DROVE Q1
Returns were led by Denison Mines (+33.1%), New Era Energy/NUAI (+44.8%), NexGen Energy (+23.0%), and BWX Technologies (+21.9%), partially offset by weakness in NNE (‑18.2%), CEG (‑21.9%), and ASPI (‑24.9%).
Key catalysts: NexGen’s final federal approval for Rook I, Denison’s CNSC approval and Phoenix ISR construction start, BWXT’s defense contract momentum, and CEG’s Calpine acquisition paired with a Crane/TMI grid delay and guidance miss (prompting trims).
Uranium spot spiked 25% to ~$101.50/lb in January before retracing to ~$83.75/lb by quarter‑end on Uzbekistan supply, driving both the January equity high (~$138k peak) and subsequent -29.8% drawdown.
PORTFOLIO STRUCTURE
Top weights at quarter‑end: DNN 16.1%, BWXT 13.7%, NXE 12.4%, NUAI 11.6%, NNE 9.9%, UUUU 9.8%; rounded out by ASPI, SKBL, CEG, and new addition FRMI (5.6%).
Strategy: concentrated exposure across the nuclear value chain (uranium miners, enrichment, advanced reactors, fuel/isotopes, utilities) targeting asymmetric risk/reward as nuclear re‑rates on energy security, AI power, and climate policy.
RISK PROFILE & OUTLOOK
Q1 risk analytics show high beta (1.89), ~54.5% annualized volatility, and moderate concentration (HHI 0.11), consistent with a focused small/mid‑cap nuclear book; upside capture 266% vs downside capture 224% highlights leveraged market sensitivity.
Macro backdrop: uranium remains structurally tight despite short‑term supply surprises; DOE enrichment rebuild ($2.7B), the U.S. Energy Dominance financing program, and the global pledge to triple nuclear capacity by 2050 all reinforce a multi‑year demand thesis.
Q2 watch‑list: Rook I construction start, Palisades restart, further hyperscaler nuclear deals, DNN Phoenix construction progress, ASPI’s QLE spin‑off, and a wave of new advanced reactor CP filings.
WHAT PAID MEMBERS GET IN THE FULL REPORT
Upgrade to access the full Model Nuclear Fund Q1 package, including:
Complete performance, drawdown, and attribution charts, plus full risk analytics (beta, VaR/CVaR, capture ratios, and distribution stats).
Position‑by‑position commentary with catalysts, trims/adds, and rationale across all 10 holdings.
Detailed macro review of uranium, policy, AI/data‑center demand, and nuclear supply chain dynamics, plus a Q2 catalyst and risk radar.
Q2 / EASTER PROMO – 20% OFF YEARLY FOR LIFE
For investors who want ongoing access to the full quarterly fund reports, single‑name research, and sector roadmaps, we’re running a limited Q2 / Easter promotion on our yearly subscription:
20% discount on the annual plan.
Locked “for life” as long as the subscription remains active.
Applies to all premium nuclear and energy research going forward.
You can activate the promo and lock in the lifetime discount here:
Q2/EASTER PROMO LINK
Q1 REPORT ATTACHED BELOW
