Bókfært virði
12,87 m.$
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.
GS reads the delivery this year as reassurance on fundamental demand tailwinds for Siemens Energy — datacenter demand, grid capex, and energy security — with more than 60% earnings growth expected through to FY2030 and a further material acceleration in cash flow.
GS calls the result 'another strong quarter' pointing to an upgrade to FY consensus EBITA estimates.
+ 2 heimildir til viðbótar
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.
Hyperscaler capital spending plans were raised again, and the question the desks are now writing is whether the return on that spending arrives.
+ 3 heimildir til viðbótar
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.
Central bank buying has continued at a pace the market has not priced, and the long-horizon readers place it at the top of the scale.
+ 3 heimildir til viðbótar
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.
A Hormuz deal story arrives carried by two houses, while the two stories that drove the prior reversal go unwritten.
+ 3 heimildir til viðbótar
No part of the book stands uncovered on this day — all 30 names sit under a sleeve some document reached. On 08-04 it was ten names carrying 19,3% of the book. Uncovered holds no verdict: it is a name no house wrote on, never a third direction.
| Dagur | Þemu | Bók | Stöður | Sannfæring | Ólesið | Hreyfing dagsins |
|---|---|---|---|---|---|---|
| 1. ágú | no theme read | $10,15m | 27 | — | 100% | A thin day: three documents in batch, two unreadable. |
| 2. ágú | Minerals · Power Generation · AI | $10,15m | 27 | 18,9% | The week's only bear read — Power Generation at −0,50, carried by one house. | |
| 3. ágú | Energy Infrastructure · AI · Power Generation · Minerals | $10,15m | 27 | 0% | Energy Infrastructure enters at 18,9%; the whole book covered for the first time. | |
| 4. ágú | AI · Minerals · Power Generation | $10,34m | 27 | 19,3% | Minerals reverses — all three sleeves at +0,50, every one carried by a single strategy note. | |
| 5. ágú | Energy Infrastructure · AI · Minerals · Power Generation | $12,87m | 30 | 0% | The book grows by three names and $2,5m; Energy Infrastructure takes the week's lead. |
Basis: every percentage is of invested capital (invested_capital), not
of net assets. The book is marked at the close of 4 August 2026 — one trading session
before the report date, which is how it arrives. Conviction is a signed figure from −1 to +1,
computed by the publisher from viska.theme-conviction/0.6; section order is
conviction order and is never re-sorted here. Nothing on this page is authored on this
surface — the reads, the quoted evidence and the figures arrive unchanged from ViskaStrat
(viska.fund-strategy/0.2); the presentation alone is ours.