Ausbil Investment Management Ltd

Ausbil Investment Management's $221.0 million, 65-position book is nearly half utilities ($107.5 million, 48.6% of the portfolio), and this quarter's biggest moves were a split verdict within that sector. Entergy (ETR) went from a mid-tier holding to the fund's largest position outright — shares up 84% (70,388 to 129,558), a $6.6 million increase that was the largest dollar move anywhere in the book, lifting it from 4.0% to 6.6% of the portfolio. Cheniere Energy (LNG) got a similar treatment, up 45.8% in shares (+$2.7 million). At the same time, Constellation Energy (CEG) — the nuclear-heavy generator often framed as the AI-power-demand trade — was cut by 41.3% in shares, a $3.0 million reduction that was the single largest decrease in the book, and the fund exited Public Service Enterprise Group (PSEG, $6.1 million) and LNG producer Venture Global ($3.9 million) entirely. Ausbil didn't rotate out of utilities or energy infrastructure — it picked different names within the same lane, favoring Entergy and Cheniere over Constellation, PSEG and Venture Global.