The market is obsessed with AI as the sole driver of energy demand, but the "Saaspocalypse" of February taught us that picking AI winners is a volatile game. In this episode, Mark Jones from Resolution Capital explains why the real opportunity lies in the "picks and shovels" that power the modern world: Electricity Utilities. We dive into why Resolution Capital has doubled down on utilities (60% of the portfolio), the reality of the US re-shoring trend, and why this is a multi-decade structural shift that remains underappreciated by the broader market. In this episode, we discuss: - Defining a great investment: What separates a "good" asset from a truly "great" infrastructure investment in the current macro environment? - Post-Saaspocalypse lessons: How the February crash in AI-adjacent software reshaped the way Resolution Capital views "AI beneficiaries." - The utility overweight: Why electricity utilities are now more than double the size of the next largest position in the fund. - The energy thesis (beyond AI): AI consumes a massive amount of power, but is that the only reason to own these stocks? We look at the intersection of decarbonisation and digitisation. - The "Re-Shoring" factor: How much of the US energy demand relies on the return of manufacturing, and would a change in the White House administration kill this trend? - Spotting the obvious: When an investment theme looks "too easy," the returns are usually gone. Mark explains what the market is still missing about the demand side. - Managing risk: From regulatory hurdles to the "build-out" risk—can we actually build too much infrastructure? - The Australian angle: Does Mark hold any local names in that 60% power allocation? - Stock in focus: A deep dive into a "great utility" currently held in the portfolio and why it fits the Resolution Capital framework.

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Resolution Capital Website Resolution Capital Infrastructure Fund

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