As the year 2026 nears its halfway point, the Piton Investment Team thought today’s meeting would be a fitting time to reflect on an area where they have focused investments in recent years: power and electrification. The easy and fun part was reviewing two funds with this theme that have had returns in 2026 so far of 35-40% (no, we’re not going to reveal which two). Discussion then turned to key questions: What, if anything, should change in Piton’s holdings in this area? Should the direction shift as the electrification buildout processes continue to move forward? While there were no immediate or short-term changes, these larger questions represent the perspective that the team has on where they anticipate the better opportunities to be in the future. As high-profile IPO’s, such as last week’s debut of SpaceX, indicate, there is a huge amount of interest in strongly innovative technologies, broadly conceived. Increased power needs and more developed delivery of electrical power are enmeshed in so many technological developments that it seems prudent to pursue investments in the technologies and their power needs in concert. Piton clients can see how this perspective plays out in their particular portfolios, but they also know that this combination of analysis and dedication will always be a part of Piton’s dedication to their financial health and holistic well-being.