2026-08-05 08-0308-0408-0508-06
Daily Read

The verdict sentence has no field in viska.fund-strategy/0.2. It is the publisher's to write — the front end will not author it.

The gold and silver sleeve gained 781.389 in value and lost 7,9 points of weight on the same day, from 71,3% to 63,4%, because the book grew faster than the sleeve did. Conviction on it did not move a point -- the concentration eased without the case changing, and without a decision being taken.evidence

A fifth of the book now carries the strongest conviction of the week, and the case for it is Goldman on Siemens Energy -- more than 60% earnings growth to FY2030, with the stock at about 6x 2030 EV/EBITDA. Ten grid names are priced off one company's read-through; the next add needs its own name, not more of this one.evidence

The AI sleeve went from one name to four and from 3,6% to 11,3% of the book while conviction on it did not move a point and only two houses were still writing on capital spending, against six on 08-03. AMD, MU and GLW were added into the thinnest AI reading of the week; whatever argued for them is not in what the houses wrote.evidence

08-0310008-0410208-0512708-06140
Book value, indexed to 100 on 2026-08-03 Today No sections published

What the book holds, and what moved

MineralsAA, AUGO, B, CCJ, CENX, FCX, FNV, HL, LUN, NEM, RIO, SBSW, SCCO, WPM
63.4%
— conviction unchanged · weight −7.9 pts
Energy InfrastructureAMRC, AZZ, ETN, GEV, MYRG, NVT, POWL, PRIM, VMI, VRT
20.7%
▲ conviction +0.267
AIAMD, GLW, GOOGL, MU
11.3%
— conviction unchanged · weight +7.7 pts
Power GenerationEQT, RIG
4.6%
— conviction unchanged · weight −1.2 pts

The sleeves

Minerals 63.4% $8,155,152

The gold and silver sleeve gained 781.389 in value and lost 7,9 points of weight on the same day, from 71,3% to 63,4%, because the book grew faster than the sleeve did. Conviction on it did not move a point -- the concentration eased without the case changing, and without a decision being taken.

Held AAAUGOBCCJCENXFCXFNVHLLUNNEMRIOSBSWSCCOWPM
Energy Infrastructure 20.7% $2,664,704

A fifth of the book now carries the strongest conviction of the week, and the case for it is Goldman on Siemens Energy -- more than 60% earnings growth to FY2030, with the stock at about 6x 2030 EV/EBITDA. Ten grid names are priced off one company's read-through; the next add needs its own name, not more of this one.

Held AMRCAZZETNGEVMYRGNVTPOWLPRIMVMIVRT
AI 11.3% $1,454,913

The AI sleeve went from one name to four and from 3,6% to 11,3% of the book while conviction on it did not move a point and only two houses were still writing on capital spending, against six on 08-03. AMD, MU and GLW were added into the thinnest AI reading of the week; whatever argued for them is not in what the houses wrote.

Held AMDGLWGOOGLMU
Power Generation 4.6% $593,400

The first fall in conviction on this sleeve lands on the day both stories that drove its reversal go unwritten and a Hormuz deal story arrives with two houses. Nothing here says the disruption ended, only that the houses stopped arguing it -- EQT and RIG hold a premium no longer being restated.

Held EQTRIG

Signal spectrum

bearish −10bullish +1Energy Infrastructure21%AI11%Minerals63%Power Generation5%

Horizontal position is the published conviction for the sleeve. Dot size is the sleeve's share of invested capital; the figure inside each dot repeats it. All four sleeves are held, so all four are filled.

Elsewhere

Positions
30 names · $12.87m
Strongest sleeve
Energy Infrastructure +0.67
Largest weight
Minerals 63.4%
All sources
Evidence — every reading