Stock category · Power — electrons and the gear to move them
The gear the grid is short of
Transformers, switchgear, cooling. Thin in the record — 12 articles — but the earnings say otherwise.
Not an investment product and not a track record — methodology.
Members were chosen on 2026-07-19; names that had already failed are absent
by construction, so the pre-2026-07-19 stretch overstates the category.
Independent bets
2.1
of 14 names
Average pairwise correlation
0.44
91 pairs, daily returns
Since defined
-3.3%
equal weight, from 2026-07-19
The names
GEV
GE Vernova
Data-only instrument — no dossier yet.
981.98 -16.4%
data
ETN
Eaton
Data-only instrument — no dossier yet.
386.89 -9.2%
data
VRT
Vertiv
Data-only instrument — no dossier yet.
227.50 -32.0%
data
PWR
Quanta Services
Data-only instrument — no dossier yet.
657.98 -8.6%
data
NVT
nVent Electric
Data-only instrument — no dossier yet.
144.80 -14.6%
data
GNRC
Generac
Data-only instrument — no dossier yet.
191.91 -34.5%
data
AMSC
American Superconductor
Data-only instrument — no dossier yet.
29.45 -29.1%
data
HUBB
Hubbell
Data-only instrument — no dossier yet.
473.69 -9.5%
data
VMI
Valmont Industries
Data-only instrument — no dossier yet.
476.61 -17.5%
data
ATKR
Atkore
Data-only instrument — no dossier yet.
71.00 -6.6%
data
ENS
EnerSys
Data-only instrument — no dossier yet.
184.75 -21.0%
data
ITRI
Itron
Data-only instrument — no dossier yet.
98.85 +14.2%
data
PLPC
Preformed Line Products
Data-only instrument — no dossier yet.
368.46 -10.2%
data
SHLS
Shoals Technologies
Data-only instrument — no dossier yet.
8.90 -10.1%
data
Change shown is the 30-day move, not the day's.
What the category earns
Growth leads here, and it is the median across members rather than a total — a per-company growth rate does not care what currency the company reports in, so Samsung and Micron count equally. Revenue levels can only be added within one currency, so the totals below cover the members reporting in USD and say how many that is.
Years are labelled by the calendar year each company's fiscal year ends in. Those calendars do not line up — Nvidia's 2026 ended in January — and this does not pretend otherwise.
| FY ending | Median revenue growth | Revenue (USD) | Net income (USD) |
|---|---|---|---|
| 2022 | — | $96.0B 12 mem | $2.9B |
| 2023 | +11.9% 12 of 14 | $111.1B 14 mem | $6.7B |
| 2024 | +6.0% 14 of 14 | $118.9B 14 mem | $9.6B |
| 2025 | +9.7% 14 of 14 | $132.5B 14 mem | $14.1B |
| 2026 | +19.0% 2 of 14 | $4.1B 2 mem | $427M |