Investment Pitches

Pitch Summary:
Shares of UnitedHealth Group (UNH) were purchased in the strategy during the quarter. UnitedHealth is the largest diversified managed care organization in the US, with leading positions across commercial insurance, Medicare Advantage, Medicaid, and a differentiated healthcare services platform through Optum. After a period of elevated medical cost trends, management has taken proactive steps to reset margins and improve earnings quality, including disciplined repricing, targeted cost actions, and selective portfolio rationalization. Within Medicare Advantage, the company expects to reduce membership by approximately 1 million lives in 2026 to prioritize profitability and restore margin discipline. At Optum Health, management is restructuring the business, including a roughly 10% reduction in value-based care exposure, to improve sustainability and align with long-term margin objectives. As these actions take effect and investments normalize, UnitedHealth’s scale, diversified revenue streams, and integrated Optum platform position the company for improving profitability and more consistent earnings growth over time. UNH trades at 19.9x 2026 EPS with a 2.6% dividend yield.

BSD Analysis:
UnitedHealth is healthcare scale weaponized. Insurance, pharmacy benefits, and Optum services create vertical integration few rivals can match. Political scrutiny is constant, but demand for managed care isn’t disappearing. Margins reflect execution discipline rather than generosity. Cash flow is massive and predictable. Regulatory risk is the permanent overhang. This is not a speculative healthcare name. It’s managed care infrastructure with embedded leverage.

Pitch Summary:
Shares of Qualcomm (QCOM) were purchased in the strategy during the quarter. Qualcomm is a leading global semiconductor and wireless technology company with a strong competitive position in premium smartphones and an increasingly diversified portfolio across automotive, IoT and AI-enabled computing. While near-term uncertainty around handset demand, competitive dynamics in China, and the gradual reduction of Apple modem volumes has weighed on sentiment, we view these factors as manageable within a broader, improving long-term growth profile. Qualcomm continues to benefit from a mix shift toward higher-end Android devices, where its content per handset and pricing power are structurally higher, supporting resilience even in a flat unit environment. Beyond handsets, Qualcomm’s automotive business now represents around 10% of QCT revenue and, together with its expanding presence in edge AI and AI-enabled PCs, reinforces the company’s ongoing revenue diversification. As these non-handset businesses scale and Apple-related headwinds diminish, we believe Qualcomm’s earnings profile should become more durable over time. Qualcomm trades at an attractive valuation of 14.0x 2026 EPS with a 2.1% dividend yield.

BSD Analysis:
Qualcomm remains foundational to global wireless standards, regardless of handset cycles. Licensing revenue provides high-margin stability even when chip sales wobble. Smartphone exposure is maturing, forcing diversification into automotive and IoT. Competitive pressure from Apple and others is real but manageable. R&D scale remains a key moat. Cash flow supports dividends and buybacks. This is not hypergrowth tech. It’s communications IP monetized at scale.

Pitch Summary:
The position with the most negative impact on performance was Algoma Steel, costing the Fund 2.66 percentage points. The company entered 2025 in the unfortunate position of having just incurred a substantial debt position to transition its steel making process from blast furnace steelmaking to electric arc furnace “EAF” steelmaking, a needed investment that should significantly increase operating flexibility in the years ahead. ... The sudden imposition of significant US tariffs on Canadian steel substantially disrupted Algoma’s business, causing damaging cash burn as steel prices collapsed on the Canadian side of the border amid a flood of foreign steel into Canada. ... With management hopeful to get the company close to breakeven EBITDA by mid-year 2026, we suspect the worst impact is over, and currently intend to hold our Algoma Steel position pending a recovery.

BSD Analysis:
Algoma is a cyclical steel producer trying to reinvent itself through electric arc furnace conversion. Commodity exposure makes earnings swing hard with pricing cycles. The EAF transition promises cost savings and carbon reduction, but execution risk is real. Balance-sheet management matters more than expansion headlines. Domestic demand and trade policy influence margins heavily. This is not a premium steel franchise. It’s a transformation story in a brutal industry. Algoma works only if modernization outpaces volatility.

Pitch Summary:
Three Canadian heavy oil SAGD (Steam Assisted Gravity Drainage) producers, MEG Energy, Athabasca (ATH-CA), and International Petroleum Corporation (IPCO-CA) were the primary drivers of our strong energy sector gains, together bolstering 2025 Fund performance by an estimated 7.29 percentage points. ... MEG energy became the target of a competitive acquisition process, eventually selling to its larger neighbor Cenovus Energy (CVE-CA) in November in exchange for cash and shares. ... The Fund elected to receive shares of Cenovus, which has maintained a pristine balance sheet and possesses some of the highest quality, long-life SAGD reserves in Canada. While Cenovus today trades at a high single-digit free-cash flow yield, we believe the company will be able to recognize cost and other operational synergies from the merger with MEG that are larger than current market expectations. Furthermore, the company has a pipeline of excellent growth projects that should be adding material amounts of production over the coming years. Cenovus was our largest new investment position, representing approximately 5.47 percent of Fund assets at year-end.

BSD Analysis:
Cenovus is oil sands leverage wrapped in capital discipline. Its long-life reserves provide visibility few shale players can match. Cost control and downstream integration soften commodity volatility. Free cash flow is highly sensitive to crude prices, which is both risk and opportunity. Debt reduction has strengthened the balance sheet meaningfully. Capital returns now matter as much as production growth. This is not an energy transition darling. It’s a long-duration hydrocarbon asset with operating leverage. Cenovus works when oil stays structurally tight.

Pitch Summary:
Across the globe in Australia, Catalyst Metals has been successfully consolidating Western Australia’s 40 km Plutonic Gold Belt, in the process transforming itself into a stable 100,000 oz per annum producer, having most recently purchased the Old Highway gold deposit from Sandfire Resources. The company has also delivered strong exploration success, with discovery of a number of new orebodies that should enable Catalyst to better feed its previously chronically underutilized Plutonic mill, unlocking substantial value. Late in 2025, the company also managed to settle a long-standing legal ownership dispute with Zuleika Gold which had clouded resource development efforts in certain areas and damaged shareholder sentiment.

BSD Analysis:
Catalyst is an Australian gold consolidator betting on operational improvement rather than exploration hype. Investors lump it into junior miner volatility and miss the acquisition-led strategy. Production discipline and cost optimization drive free cash flow more than drilling headlines. Scale matters in procurement and processing efficiency. Gold price leverage is real, but asset integration is the core thesis. Capital allocation must remain tight to justify consolidation premiums. This is small-cap gold compounding through execution, not speculation.

Pitch Summary:
Both Orezone (ORE-CA) and Catalyst Metals (CYL-CA) also contributed materially to Fund performance, with gains on these positions responsible for an estimated 3.07 and 4.21 percentage points of Fund returns respectively. Orezone had been a laggard prior to 2025 as investor sentiment soured towards Burkina Faso, where the company’s flagship mine is located. Investor fears peaked when elements of the Burkina Faso government demanded partial divestment of a neighboring mine owned by West African Resources, leading to a halt in West African share trading over an extended period of several months in the second half of 2025 pending clarification from senior Burkinabe government authorities – an issue that now looks to have been acceptably resolved. Despite the country risk, Orezone continues its flagship Bomboré mine expansion project in Burkina, which is reported to be on track and should begin substantially improving production and cash flow from the mine in 2026. In January 2026, Orezone announced that it will acquire the Casa Berardi mine in Quebec from Hecla, adding a second mine in a much superior, top-tier jurisdiction in a transaction for $352 million in cash and shares plus another $241 million of potential future payments contingent on gold prices, permitting and production milestones.

BSD Analysis:
Orezone is a West African gold operator with a focused asset base and expansion optionality. Investors discount jurisdiction risk heavily, often more than operating reality warrants. Production stability and cost management are the gating variables for equity performance. Gold price leverage exists, but operating consistency matters more. Expansion phases can materially lift output if capital is controlled. Balance sheet prudence is essential in this segment. This is emerging-market gold exposure with asymmetric potential tied to execution.

Pitch Summary:
Equinox Gold (EQX-CA) was the Fund holding with the most positive impact overall on 2025 Fund returns, driving an estimated 7.95 percentage points of gains. As mentioned in our July Manager’s Letter, the Fund substantially increased its position in Equinox in the first half of the year as the company was lagging peers after experiencing challenges ramping its Greenstone mine in Canada. Furthermore, Equinox was unfortunately forced to suspend operations at its Los Filos mine in Mexico after failing to reach agreement with a local Ejido community. Investors were also becoming increasingly apprehensive about Equinox’s high debt-load incurred to bring its mammoth Greenstone project into production. Fortunately, operational execution at Greenstone has now substantially improved, thanks, in part, to a strengthened operational team that Equinox acquired in its recent merger with Calibre Mining. Furthermore, the company’s Castle Mountain gold project in California was accepted into the US Federal Government’s Fast-41 expedited permitting process, reducing permitting risk on the high return project. While a resolution has not yet been reached with the Ejido community at Los Filos, if agreements can be reached allowing for critical new investment and a restart at the mine, substantial upside to the company’s net asset value exists. At year-end, management at Equinox used the surging gold prices as an opportunity to sell-off the company’s Brazilian assets to CMOC group for $1.015 billion, reducing jurisdictional risk, high-grading the portfolio towards long-lived, low-cost North American assets, and eliminating substantially all debt at the company.

BSD Analysis:
Equinox is a mid-tier gold producer still working to convert asset breadth into consistent execution. Investors focus on operational hiccups and miss portfolio diversification across jurisdictions. Gold price volatility drives sentiment faster than fundamentals. Cost control and mine optimization are the swing factors for rerating. Balance sheet leverage adds torque when production stabilizes. Growth projects offer upside but require discipline. This is gold exposure where execution, not ounces in the ground, determines value.

Pitch Summary:
Amazon's stock has recently declined by over 20% due to concerns about increased capital expenditure plans, which I believe presents a buying opportunity. Despite the short-term impact on free cash flow, Amazon's operating cash flow remains robust, and the company has numerous growth drivers, including its dominance in e-commerce and cloud services. The stock is trading below its 50-day and 200-day moving averages, but I expect a rebound towards the 200-day moving average. Amazon's valuation is attractive compared to competitors like Walmart, with a lower price-to-earnings ratio and higher growth prospects. The company's advertising business and potential in AI and robotics offer additional upside.

BSD Analysis:
Amazon's strategic investments in AI, robotics, and satellite internet could significantly enhance its competitive edge and profitability. The company's advertising business is growing rapidly, with high profit margins, and is expected to double in revenue by 2030. Amazon's AI chips, such as Trainium and Graviton, are poised to reduce costs and reliance on external suppliers like Nvidia. The company's moonshots, including Zoox and Amazon Leo, could open new revenue streams and strengthen its ecosystem. While there are risks, including potential regulatory challenges and macroeconomic factors, Amazon's strong operating cash flow and strategic investments position it well for long-term growth.

Pitch Summary:
S&P Global Inc. (SPGI) is currently undervalued due to market fears surrounding AI's impact on data-centric businesses. Despite a recent 25% drop in share price, SPGI's fundamentals remain strong, with projected per-share profit growth above 10%. The company's diverse revenue streams, including its Ratings segment and proprietary data services, provide a stable foundation for growth. SPGI's operating margin and low capital intensity result in significant free cash flow, supporting its status as a Dividend King with over 50 years of consecutive dividend hikes. The market's focus on AI risks overlooks SPGI's robust business model and potential for margin expansion.

BSD Analysis:
SPGI's revenue mix is well-diversified, with significant contributions from its Ratings, Market Intelligence, and Indices segments. The Ratings business benefits from transaction-based fees and GDP-plus revenue growth, while the Indices segment, home to the S&P 500, generates substantial asset-based fees. SPGI's proprietary data offerings, such as Visible Alpha, cater to the investment management industry, providing a competitive edge that is difficult to replicate. The company's light balance sheet and high returns on tangible capital further enhance its financial strength. As AI fears subside, SPGI's shares are likely to re-rate higher, offering investors an attractive risk/reward proposition.

Pitch Summary:
Federal Realty Investment Trust (FRT) stands out as a leading retail REIT with a remarkable 50-year streak of rising dividends. The company owns over 100 properties, covering 27 million square feet of retail space and more than 3,000 multifamily units. FRT's business model is capital intensive, requiring a hands-on approach to manage its diverse tenant base and adapt to consumer trends. Despite the challenges, FRT has benefited from strong retail demand and limited new supply, outperforming the broader real estate market and the S&P 500. The company's strategy includes adding value through lease-ups and redevelopments, as well as developing residential units at its properties. However, FRT faces risks from economic uncertainties, consumer spending trends, and the growing threat of online shopping.

BSD Analysis:
FRT's operational focus on leasing and redevelopment has allowed it to capitalize on the current retail environment, where demand is strong and supply is limited. The company's ability to add value within its existing portfolio, rather than relying solely on new acquisitions, positions it well for future growth. FRT's recent earnings report highlights significant growth in top-line and per-share results, driven by leasing activity and a strategic focus on residential development. The company's experience in integrating residential units into its retail-centric properties provides a unique competitive advantage. However, FRT must navigate potential headwinds, including economic policy changes, consumer behavior shifts, and the ongoing evolution of the retail landscape. Despite these challenges, FRT's commitment to reinvesting in its assets and adapting to market trends suggests it is well-positioned for long-term success.

Pitch Summary:
The Vanguard Core-Plus Bond ETF (VPLS) is a strong investment due to its well-balanced portfolio of high-quality, investment-grade securities, including treasuries and mortgage-backed securities. The fund offers an above-average 4.5% dividend yield and has consistently outperformed since its inception. Despite being actively managed, which introduces some risk, the fund's strategy is aligned closely with its benchmark, the Vanguard Total Bond Market ETF (BND), ensuring a diversified and stable investment. VPLS's credit quality is robust, minimizing potential drawdowns during economic downturns, and its moderate rate risk suggests potential gains if interest rates fall. Overall, VPLS is a buy, particularly for risk-averse investors seeking a reliable bond ETF.

BSD Analysis:
VPLS's active management could potentially lead to higher returns if the managers make effective decisions, although this also introduces some risk. The fund's diversification across over 2,000 bonds ensures a stable investment, and its focus on high-quality securities should provide resilience during market downturns. While VPLS's credit risk is slightly higher than its benchmark due to small allocations in high-yield bonds, the impact is minimal. The fund's performance during past downturns suggests it may slightly underperform its benchmark, but active management could mitigate this. VPLS's dividend yield is higher than its benchmark, making it attractive for income-focused investors.

Pitch Summary:
The JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is a compelling investment in the current market environment due to its high dividend yield and partial hedging capabilities. The fund's strategy of writing covered calls allows it to maximize returns in sideways markets and provides a buffer against volatility. With a beta coefficient of 0.78, JEPQ demonstrates lower volatility compared to its benchmark. The fund is particularly attractive now as the NASDAQ 100 faces elevated risks from increased competition among big tech companies in AI development. JEPQ's yield enhancement and risk management make it a suitable choice for investors seeking exposure to U.S. big tech while managing downside risk.

BSD Analysis:
The NASDAQ 100 index, home to major AI-focused tech companies like Alphabet, Microsoft, and NVIDIA, is experiencing heightened competition and volatility due to significant investments in AI technologies. These investments, while promising, are currently unprofitable and have led to increased debt and negative cash flow growth for these companies. JEPQ's covered call strategy provides a hedge against these risks by offering income through option premiums, which can offset potential losses from market downturns. As the tech giants navigate this competitive landscape, JEPQ's approach of balancing income generation with risk management positions it well to outperform traditional unhedged investments in the NASDAQ 100.

Pitch Summary:
Adobe Inc. is currently undervalued, trading at just 11x forward earnings, despite delivering strong financial performance with 10% YoY revenue growth and exceeding earnings guidance. The company is perceived as a potential victim of generative AI, but it may instead benefit from integrating AI into its products, enhancing their functionality. Adobe's aggressive share repurchase program and strong balance sheet provide a solid foundation for future growth. The company is expected to maintain its relevance in the AI age, with management focusing on profitable growth and strategic acquisitions. While the market sentiment is negative, the stock's current valuation suggests significant upside potential.

BSD Analysis:
Adobe's management is effectively countering the perceived threat of generative AI by highlighting the increased value of their AI-integrated products. The company's acquisition of Semrush and partnerships with AI platforms like OpenAI demonstrate its commitment to staying competitive. Despite market fears, Adobe's enterprise business is likely to remain resilient, and its products are expected to remain essential for large corporations. The absence of an immediate catalyst may cap short-term upside, but the stock's valuation range of 16x to 23x earnings indicates ample long-term potential. Investors should consider Adobe's strategic positioning and robust financials as key factors supporting its growth trajectory.

Pitch Summary:
Starwood Property Trust offers a diversified portfolio that provides stable returns through broad asset diversification. While the company has minimal leverage, its exposure to the office real estate market poses risks, particularly in light of potential downturns. Despite these risks, STWD has maintained stable dividend payouts since 2014, reinvesting surplus cash into new business lines to sustain its dividend policy. The company's valuation aligns with its book value, reflecting investor confidence but also highlighting concerns about its exposure to commercial real estate. STWD's conservative leverage approach, with a ratio of 2.5x, is offset by higher interest rates on commercial mortgage loans, which are necessary to generate required returns.

BSD Analysis:
STWD's strategy of maintaining a diversified portfolio helps mitigate risks associated with specific sectors, such as office real estate, which accounts for about 10% of its assets. The company's conservative leverage approach ensures financial stability, although it limits potential returns compared to more aggressive peers like AGNC. STWD's focus on commercial mortgage loans with higher interest rates compensates for its lower leverage, providing a stable income stream. The company's valuation at book value suggests a balanced risk-reward profile, with investor confidence tempered by concerns over its commercial real estate exposure. STWD remains a reliable asset for generating high dividend yields over the long term, with potential upside tied to economic recovery and real estate market improvements.

Pitch Summary:
AGNC Investment Corp. is positioned as a strong buy due to its focus on agency mortgage-backed securities, which carry virtually no credit risk. The company's high leverage strategy allows it to maximize returns in a stable interest rate environment. AGNC offers double-digit dividend yields with a high coverage ratio, making it an attractive option for income-focused investors. The company's portfolio is well-suited to benefit from the Federal Reserve's interest rate reduction cycle, enhancing its investment appeal. Despite past dividend cuts, AGNC's current dividend policy is robust, with monthly payouts that are well-covered by earnings. The stock's premium valuation reflects investor confidence in its stable and profitable business model.

BSD Analysis:
AGNC's strategy of leveraging agency MBS positions it to capitalize on the current moderate monetary policy easing, which stabilizes interest rates and reduces volatility in book value. The company's high leverage ratio of 7.2x is supported by the security of its portfolio, allowing it to generate substantial returns. While the stock trades at a premium to its book value, this is justified by its reliable dividend yield and strong market demand. AGNC's focus on agency MBS ensures minimal credit risk, making it a safer bet compared to diversified mREITs exposed to commercial real estate risks. The company's performance is further bolstered by the narrowing of mortgage spreads, which enhances its investment attractiveness.

Pitch Summary:
Pfizer's recent stock rally appears to be driven by broader market sentiment rather than company-specific factors. Despite positive surprises in revenue and EPS for Q4 2025, the company's fundamentals remain challenged by a looming patent cliff and revenue stagnation. The FY2026 guidance indicates further revenue and EPS declines, raising concerns about Pfizer's ability to maintain financial flexibility and R&D investment. The stock's current valuation does not suggest significant upside potential, with analysts' target price just above the last close. Therefore, a Hold rating is reiterated due to the lack of bullish catalysts.

BSD Analysis:
Pfizer's financial outlook is clouded by the expected adverse effects of the patent cliff starting in 2026, which could lead to a P/E ratio expansion. The company's EPS is projected to decline faster than revenue, indicating challenges in maintaining operating leverage. With a high total debt and potential FCF constraints, Pfizer may face tough decisions regarding R&D, CapEx, or dividend growth. While the stock's current multiples appear low, they are justified by the anticipated EPS decline. The company's extensive R&D pipeline offers potential for future growth, but the uncertainty of new blockbuster products remains a risk.

Pitch Summary:
Tesla's valuation is heavily tied to its AI and autonomy narrative, but the company faces significant challenges. The core automotive business is experiencing compressing unit economics due to slowing demand and rising component costs. While Tesla is investing heavily in AI and autonomy, these ventures are still in early stages and not yet generating meaningful revenue. The energy generation and storage segment (EGS) is emerging as a strong growth driver, but its contributions are not yet sufficient to support Tesla's high valuation. The potential monetization of EGS through restructuring could introduce risks for shareholders.

BSD Analysis:
Tesla's strategic pivot towards AI and autonomy requires substantial investment, with planned capex exceeding $20 billion. However, the company's operating cash flows are declining due to weak EV sales and margin compression. The EGS segment, while growing, is not yet a significant contributor to Tesla's overall financials. Monetizing EGS through a spinoff or IPO could provide needed capital but may dilute shareholder value and weaken Tesla's diversification against automotive cyclicality. Until Tesla's new ventures generate stable cash flows, the stock's risk profile remains skewed to the downside.

Pitch Summary:
Microsoft Corporation, despite its recent selloff, presents a compelling investment opportunity due to its strategic positioning in the AI sector. The company's investments in agentic AI, hardware stack verticalization, and quantum computing are expected to drive significant growth. Microsoft's transition towards agentic AI and its OpenClaw platform could revolutionize enterprise workflows, while its Maia 200 AI accelerator and Cobalt 200 CPU enhance its hardware capabilities. Additionally, the Majorana 1 chip positions Microsoft to lead in quantum computing. These catalysts, combined with Azure's growth potential and favorable valuation metrics, suggest a strong upside potential.

BSD Analysis:
Microsoft's aggressive CAPEX investments are crucial for maintaining its competitive edge in the AI race. While the market has reacted negatively to rising CAPEX and short-term ROIC concerns, the long-term benefits of these investments are substantial. The company's advancements in AI agents, hardware, and quantum computing provide a robust foundation for future growth. Microsoft's ability to decouple from Nvidia's pricing power through its silicon innovations further strengthens its position. With Azure's capacity constraints being addressed, the platform is poised for accelerated growth, potentially exceeding market expectations. Overall, Microsoft's strategic initiatives and undervaluation present a significant investment opportunity.

Pitch Summary:
Lemonade, Inc. has been attempting to revolutionize the insurance industry with its AI-driven, technology-first approach since its inception in 2015. Despite reducing its gross loss ratio significantly over the past two years, the company remains unprofitable due to its high expense ratio. The expense ratio, which is significantly higher than industry averages, indicates that Lemonade's cost structure is not aligned with its revenue model. While the company has shown impressive premium growth, this has not translated into profitability, as underwriting losses continue to mount. The recent shift in its reinsurance program may provide some relief, but it does not address the fundamental issue of high expenses. The market is currently pricing in future execution and profitability improvements, but significant risks remain, including competition and the potential commoditization of AI in insurance.

BSD Analysis:
Lemonade's strategy of leveraging AI and technology to streamline insurance processes has not yet resulted in a sustainable competitive advantage. The company's high expense ratio, which is nearly nine times the industry average, is a significant barrier to profitability. While the reduction in the reinsurance quota-share from 55% to 20% could improve the expense ratio, it is unlikely to bring it down to the 20-30% range needed for profitability. The company's valuation, based on future earnings expectations, assumes a substantial improvement in its combined ratio, which is currently above 100%. This assumption carries significant risk, as it relies on continued cost discipline and operational improvements. Additionally, the competitive landscape is evolving, with established insurers investing heavily in AI and automation, potentially eroding Lemonade's first-mover advantage. Investors should be cautious, as the path to profitability is uncertain and may require further capital raises if losses persist.

Pitch Summary:
American Tower Corporation (AMT) is positioned as a strong buy due to its stable and recurring revenue model driven by long-term leases with annual escalators. The company has demonstrated consistent growth in EBITDA and adjusted funds from operations (AFFO), with a 10% compound annual growth rate in segment revenue and adjusted EBITDA over the past decade. Despite recent downgrades, Wall Street remains bullish, with a target price of $220, representing a 15% upside from current levels. The demand for mobile data is expected to grow significantly, providing leverage for AMT in lease renewals and new contracts. The company's Q3 results showed strong performance, with revenue and EBITDA growth, and a positive outlook for Q4.

BSD Analysis:
AMT's business model benefits from long-term leases with embedded escalators, ensuring a stable revenue stream. The company's ability to maintain low capital expenditure requirements further enhances its profitability. The expected growth in global mobile data usage, particularly in the U.S. and Europe, supports AMT's long-term demand drivers. Despite concerns about specific tenant risks, AMT's core operating trends remain strong, with expanding margins and disciplined capital allocation. The company's focus on data center revenue growth and AI-related workloads provides additional growth avenues. Overall, AMT offers a compelling investment opportunity for those seeking exposure to the real estate sector with a focus on infrastructure and technology.