SEQH Capital Model Nuclear Fund

1/3/26

Executive Summary: SEQH Nuclear Growth Fund (Model)

Executive Summary of the SEQH Nuclear Growth Fund (Model) Prospectus

1. Investment Objective: Extreme Growth

The SEQH Nuclear Growth Fund is a model portfolio constructed to test our firm’s bullish thesis on the nuclear energy and uranium sectors, with a primary and aggressive objective of extreme capital growth. This actively managed, concentrated portfolio is designed to capitalize on what we believe is a multi-year, secular bull market driven by a confluence of powerful, non-cyclical catalysts. This is a high-conviction strategy focused on maximizing returns by investing in companies positioned at the forefront of a global energy paradigm shift.

2. Core Investment Thesis: A Perfect Storm for Nuclear

Our thesis is built on the convergence of four key pillars that create an unprecedented investment environment for the nuclear value chain, with 2026 serving as a critical inflection point:

•Structural Uranium Supply Deficit: The market faces a severe and widening supply-demand imbalance. Global reactor demand (~180M lbs U3O8/year) dramatically outstrips primary mine production (~130M lbs/year). With secondary supplies dwindling and a major utility contracting cycle imminent to cover a 70% post-2027 shortfall, we anticipate significant upward pressure on uranium prices.

•AI-Driven Demand Shock: The exponential growth of artificial intelligence has created a new, massive, and inelastic source of demand for 24/7, carbon-free baseload power. Commitments from technology giants like Microsoft, Amazon, and Google to power data centers with nuclear energy represent a paradigm shift, adding a powerful, non-traditional demand vector to the market.

•Unwavering Policy Support: A global political renaissance is underway for nuclear power. In the U.S., strong bipartisan support is backed by ambitious policy goals (e.g., tripling nuclear capacity by 2050) and substantial financial incentives, de-risking the investment landscape and accelerating development.

•Technology Inflection (SMRs): The commercialization of Small Modular Reactors (SMRs) and advanced fuels (HALEU) is unlocking new markets and applications for nuclear power, promising faster deployment and lower costs, and creating new high-growth segments within the industry.

3. Portfolio Construction: Concentrated, High-Conviction

The Fund is a concentrated portfolio of 9 key equities, plus a small cash position, designed for maximum impact from our highest-conviction ideas across the nuclear ecosystem.

4. Principal Risk Factors

This is an extreme growth strategy and carries commensurate risk. Senior partners should be aware of the following principal risks:

•Commodity Price Volatility: The Fund’s performance is highly sensitive to the price of uranium, which can be extremely volatile. A decline in uranium prices would adversely affect a significant portion of the portfolio.

•Regulatory & Political Risk: The nuclear industry is subject to stringent government regulation. Changes in policy, licensing delays, or a shift in political sentiment could materially impact the sector’s profitability and growth trajectory.

•Development & Financing Risk: Many holdings are development-stage companies that require significant capital to bring their projects to fruition. There is a substantial risk of project delays, cost overruns, and the inability to secure necessary financing.

•Technological & Operational Risk: The portfolio includes companies developing novel technologies (SMRs, advanced fuels) that may not achieve commercial viability. Furthermore, all nuclear operations carry inherent risks of accidents or equipment failure.

•Market Concentration Risk: The concentrated nature of the portfolio (9 holdings) means that poor performance by any single position can have a material impact on overall Fund performance.

5. Conclusion & Recommendation

The SEQH Nuclear Growth Fund represents a high-conviction, high-risk, high-reward investment strategy designed to capture what we believe is a once-in-a-generation opportunity in the nuclear energy and uranium sectors. The confluence of structural supply deficits, transformative demand from the technology sector, unprecedented policy support, and technological innovation creates a compelling case for extreme growth potential through 2026 and beyond.

This model portfolio will serve as a benchmark for our firm’s research capabilities and market insights. We recommend that senior partners review the full prospectus for detailed analysis of each holding and comprehensive risk disclosures. The Fund will be actively managed and performance will be tracked and reported throughout 2026 to validate our investment thesis and inform future client recommendations.

FULL SEQH CAPITAL NUCLEAR FUND PROSPECTUS AND PERFORMANCE OUTLOOK BELOW: