Systematic model

Coteau Physical AI Grid & Power

For information only · Important disclosures

Targets the physical-world bottlenecks of hyperscale AI data centers across four systematic sleeves: 30% Independent Power & Nuclear Baseload, 30% High-Voltage Grid & Thermal Cooling, 25% Fiber/Data-Center EPC & Optical Interconnect, and 15% Compute & Silicon Anchor. Weighted by Inverse-Volatility x 6-Month Momentum (9% max cap) with a 200-DMA trend-stop into BOXX/SGOV.

Return over

-0.7%

SPY -0.5% Live

-0.7%

Live

-6.5%

Live

-11.4%

Live

-19.6%

Live

-26.5%

Live

YTD

+2.8%

Live

+2.9%

Live

Incep.

+4.0%

Live

Model page ›Prices as of Oct 23, 202614 holdings

+8.65%

Total return this year

Consolidated across 14 holdings · SPY +12.32% (-3.67% vs SPY)

Running returns Live

From the Oct 1, 2025 close · through Oct 23, 2026

Period	Coteau Physical AI Grid & Power	S&P 500 (SPY)	Difference
1D	-0.7%	-0.5%	-0.1 pts
1W	-6.5%	-0.4%	-6.1 pts
1M	-11.4%	-1.0%	-10.3 pts
3M	-19.6%	+3.1%	-22.7 pts
6M	-26.5%	+7.0%	-33.5 pts
1Y	+2.9%	+14.4%	-11.5 pts
YTD	+2.8%	+12.3%	-9.5 pts
Since start	+4.0%	+14.9%	-10.9 pts

How it's measured · not investment advice

The published weights, held from the Oct 1, 2025 close and reset only at dated rebalances, valued at delayed daily closes (Yahoo Finance). No backtest figures. Before fees, taxes and trading costs. Research only, not investment advice; Coteau doesn't manage money.

Models can be wrong; holdings may be aggressive, speculative or out of date. The author may hold positions in securities discussed here, including this portfolio's holdings, and may buy or sell them at any time. See the disclaimer.

Live since inception vs SPY

Published and tracked from Oct 1, 2025 close

PortfolioSPY

Look-back Backtested

Hypothetical: today's weights held unchanged over each past period. Not the portfolio's actual history.

Today's weights, held 1YSPY

Coteau Physical AI Grid & Power · Allocation Pie

14 positions · 100%

Interactive weighting by individual position or sector/asset sleeve

Top weight: CEG (9.0%) · Lead sleeve: Nuclear & Baseload Power (30.0%)

CEG

9.0%

Nuclear & Baseload Power

GEV

8.0%

High-Voltage Grid & Thermal

       NVDA
      

8.0%

Compute & Silicon Anchor

VRT

8.0%

High-Voltage Grid & Thermal

VST

8.0%

Nuclear & Baseload Power

       ANET
      

7.0%

Fiber, EPC & Optical

       AVGO
      

7.0%

Compute & Silicon Anchor

DY

7.0%

Fiber, EPC & Optical

ETN

7.0%

High-Voltage Grid & Thermal

NRG

7.0%

Nuclear & Baseload Power

       +4 More
      

24.0%

Diversified

Holdings (14)

CEG Constellation Energy 9.0%
-0.7% today

Utilities · $253.45 · 1M -4.0% · 1Y -30.3% · stock page →

9.0% max cap · largest US merchant nuclear fleet + Microsoft/hyperscale baseload PPAs

Why it's in the model #1 of 160

Qualified on 9.0% max cap, largest US merchant nuclear fleet + Microsoft/hyperscale baseload PPAs. Ranked 1st of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

VST Vistra Corp. 8.0%
-0.5% today

Utilities · $140.16 · 1M +1.6% · 1Y -26.3% · stock page →

8.0% weight · PJM/ERCOT nuclear + gas fleet with aggressive buybacks

Why it's in the model #2 of 160

Qualified on 8.0% weight, PJM/ERCOT nuclear + gas fleet with aggressive buybacks. Ranked 2nd of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

GEV GE Vernova 8.0%
-1.5% today

Industrials · $815.00 · 1M -14.4% · 1Y +37.2% · stock page →

8.0% weight · multi-year slot reservation backlog in HA gas turbines & grid transformers

Why it's in the model #5 of 160

Qualified on 8.0% weight, multi-year slot reservation backlog in HA gas turbines & grid transformers. Ranked 5th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

VRT Vertiv 8.0%
-0.6% today

Industrials · $194.32 · 1M -21.9% · 1Y +6.2% · stock page →

8.0% weight · critical thermal & power management for Blackwell/Rubin racks

Why it's in the model #6 of 160

Qualified on 8.0% weight, critical thermal & power management for Blackwell/Rubin racks. Ranked 6th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

NVDA Nvidia 8.0%
-0.6% today

Information Technology · $210.96 · 1M -6.5% · 1Y +16.1% · stock page →

8.0% weight · sovereign & hyperscale AI factory silicon anchor

Why it's in the model #13 of 160

Qualified on 8.0% weight, sovereign & hyperscale AI factory silicon anchor. Ranked 13th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

NRG NRG Energy 7.0%
-2.2% today

Utilities · $92.31 · 1M -8.3% · 1Y -43.0% · stock page →

7.0% weight · brownfield data-center powered land + free cash flow yield

Why it's in the model #3 of 160

Qualified on 7.0% weight, brownfield data-center powered land + free cash flow yield. Ranked 3rd of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

ETN Eaton Corporation 7.0%
-0.8% today

Industrials · $366.11 · 1M -16.6% · 1Y -0.6% · stock page →

7.0% weight · 4+ year electrical transformer backlog + hyperscale switchgear dominance

Why it's in the model #7 of 160

Qualified on 7.0% weight, 4+ year electrical transformer backlog + hyperscale switchgear dominance. Ranked 7th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

PWR Quanta Services 7.0%
-2.1% today

Industrials · $618.41 · 1M -2.9% · 1Y +42.7% · stock page →

7.0% weight · #1 North American utility transmission & substation specialty contractor

Why it's in the model #8 of 160

Qualified on 7.0% weight, #1 North American utility transmission & substation specialty contractor. Ranked 8th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

ANET Arista Networks 7.0%
+0.8% today

Information Technology · $172.37 · 1M -15.3% · 1Y +12.8% · stock page →

7.0% weight · ultra-low-latency AI Ethernet cluster fabric leader

Why it's in the model #9 of 160

Qualified on 7.0% weight, ultra-low-latency AI Ethernet cluster fabric leader. Ranked 9th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

DY Dycom Industries 7.0%
-0.3% today

Industrials · $224.56 · 1M -20.1% · 1Y -21.6% · stock page →

7.0% weight · multi-billion hyperscale inter-campus dark fiber buildout

Why it's in the model #10 of 160

Qualified on 7.0% weight, multi-billion hyperscale inter-campus dark fiber buildout. Ranked 10th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

AVGO Broadcom 7.0%
-0.5% today

Information Technology · $321.68 · 1M -9.4% · 1Y -5.9% · stock page →

7.0% weight · custom AI ASICs + PCIe/Ethernet switching silicon duopoly

Why it's in the model #14 of 160

Qualified on 7.0% weight, custom AI ASICs + PCIe/Ethernet switching silicon duopoly. Ranked 14th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

TLN Talen Energy 6.0%
-1.1% today

Utilities · $327.91 · 1M +9.2% · 1Y -14.6% · stock page →

6.0% weight · AWS nuclear co-location pioneer + PJM capacity auction tailwind

Why it's in the model #4 of 160

Qualified on 6.0% weight, AWS nuclear co-location pioneer + PJM capacity auction tailwind. Ranked 4th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

CIEN Ciena 6.0%
-0.7% today

Information Technology · $320.26 · 1M -10.0% · 1Y +85.6% · stock page →

6.0% weight · 800G/1.6T coherent optical pluggables connecting distributed AI clusters

Why it's in the model #11 of 160

Qualified on 6.0% weight, 800G/1.6T coherent optical pluggables connecting distributed AI clusters. Ranked 11th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

MTZ MasTec 5.0%
-0.3% today

Industrials · $171.05 · 1M -21.4% · 1Y -16.5% · stock page →

5.0% weight · natural gas pipeline + high-voltage transmission + fiber civil contractor

Why it's in the model #12 of 160

Qualified on 5.0% weight, natural gas pipeline + high-voltage transmission + fiber civil contractor. Ranked 12th of 160 at the 2026-10-01 rebalance.

What would knock it out: Drops out if it falls outside the top 14 at the next rebalance (Oct 30).

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Systematic research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app

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Coteau 0.9 · Oct 21, 2026

Coteau Physical AI Grid & Power

Live since inception vs SPY

Look-back Backtested

Coteau Physical AI Grid & Power · Allocation Pie

Holdings (14)

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Important disclosures