Public Investments

Led by Sir Peter Beck — a visionary engineer and savvy businessman with a commitment to beautiful engineering. Electron launches at tremendous cadence, and Neutron, their medium-lift rocket, is within a year of maiden launch. Once Neutron is operational, Rocket Lab has the capability to launch their own large-scale satellite constellation, creating an entirely vertically integrated space company.

The world's most advanced and dominant semiconductor manufacturer — a true monopoly on cutting-edge chip fabrication. Every leading AI chip from NVIDIA, AMD, Apple, and others runs through TSMC's fabs. The secular tailwind from AI compute demand makes this one of the most strategically important companies on the planet.

Gold as a long-term store of value and portfolio anchor. In an era of persistent deficit spending and currency debasement, hard assets with thousands of years of monetary history earn a meaningful allocation. A hedge against the things you can't control.

AWS is the backbone of the cloud and an increasingly critical platform for AI workloads. Amazon's flywheel — retail, logistics, cloud, and now AI services — is one of the most durable compounding businesses ever built. Alexa, Bedrock, and AWS Trainium position Amazon as both an AI enabler and a direct beneficiary of the buildout.

Led by founder Rick Smith, Axon has built a durable public-safety ecosystem — TASER devices, body cameras, and the Evidence.com cloud platform create powerful lock-in with law enforcement agencies. Draft One, their AI report-writing assistant, is an early and compelling example of applied AI delivering real time savings for officers, with a long runway across the public-safety software stack.

Led by Lisa Su, one of the best CEOs in semiconductors. AMD competes with NVIDIA in GPUs, but the more compelling thesis is CPUs in the emerging world of agentic AI. As autonomous agents proliferate and inference workloads scale, CPU demand accelerates alongside GPU demand — and AMD is well-positioned to capture both.

Digital gold with a fixed supply and growing institutional adoption. Bitcoin is the first truly scarce digital asset — a decentralized store of value outside the reach of any government or central bank. As sovereign debt spirals and currency debasement accelerates, Bitcoin's role as a hard asset alternative only grows.

Broad, low-cost ownership of the U.S. technology sector. Conviction gets expressed in the concentrated positions; this is the complement — capturing the sector's compounding without needing to pick every winner in it. Where we don't have an edge, we'd rather own the whole thing cheaply than guess.

The 500 largest American businesses at near-zero cost. This is the benchmark every other position has to justify itself against — if an idea can't reasonably be expected to beat it over a decade, the capital belongs here instead. It is also a broad bet on AI itself: as these tools diffuse into every industry, they should raise profitability and efficiency across the entire market — not just for the companies selling the picks and shovels, but for the ordinary businesses that deploy them.

Ontology-based software that turns messy government and enterprise data into operational decisions. Gotham and Foundry have unusually deep institutional lock-in, and AIP is one of the few credible attempts to convert AI capability into deployed workflows rather than demos. A deliberately small position — we like the business considerably more than the price.