Nuclear Renaissance 20
Twenty names across uranium miners, fuel cycle, reactor builders, SMR developers and utilities running existing fleets, weighted by enrichment capacity exposure.
Why it won
Nuclear ETFs lean heavily on uranium price beta. This thesis covers the full cycle, from mining to reactor builds to existing fleet operators getting paid for AI base-load power. The enrichment-capacity weight captures the real bottleneck in the nuclear supply chain rather than just the spot price of yellowcake.
The prompt
Nuclear renaissance index. Include uranium miners, fuel cycle, reactor builders, SMR developers and utilities with significant existing nuclear fleets. 20 names, weight by exposure to enrichment and fuel cycle capacity rather than spot uranium.
Methodology
- Universe: any listed name with disclosed exposure to uranium mining, conversion, enrichment, fuel fabrication, reactor builds, SMR development, or operating nuclear utility fleets.
- Segment caps: miners no more than 40%, utilities no more than 35%, SMR developers no more than 20%, fuel cycle no more than 25%.
- Quality screen for utilities: at least 25% of generation from nuclear.
- Weight by disclosed share of global enrichment or fuel-cycle capacity for fuel names, by nuclear EBITDA for utilities, by NAV for miners.
- Semi-annual rebalance.
Backtest
Figures are illustrative for editorial purposes. Past performance does not guarantee future results.
Holdings
| Ticker | Name | Weight |
|---|---|---|
| CCJ | Cameco Corporation | 9.0% |
| CEG | Constellation Energy | 9.0% |
| VST | Vistra Corp | 7.0% |
| URA.AX | Paladin Energy | 4.0% |
| DNN | Denison Mines | 3.0% |
| NXE | NexGen Energy | 5.0% |
| UEC | Uranium Energy Corp | 3.0% |
| LEU | Centrus Energy | 6.0% |
| BWXT | BWX Technologies | 6.0% |
| OKLO | Oklo Inc | 4.0% |
| SMR | NuScale Power | 4.0% |
| NNE | Nano Nuclear Energy | 2.0% |
| URNM | Sprott Uranium Miners ETF | 4.0% |
| KAP.IL | Kazatomprom | 7.0% |
| 9501.T | Tokyo Electric Power | 4.0% |
| EDF.PA | Electricite de France | 5.0% |
| PCG | PG&E Corporation | 4.0% |
| DUK | Duke Energy | 4.0% |
| AEP | American Electric Power | 4.0% |
| EXC | Exelon Corporation | 6.0% |
Risks
- Uranium spot moves can swing miner weights by 30%+ inside a single rebalance window.
- SMR developers are largely pre-revenue, so their inclusion adds binary technology risk.
- Regulatory and political risk varies sharply by country, France and the US run different rulebooks.
Earlier weeks
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The 25-year dividend-growth list with tobacco names dropped and the savings redistributed by FCF coverage, not yield.
