Cybersecurity

This basket targets the cybersecurity theme through a concentrated selection of 20 names spanning primarily the information technology sector, with a focus on software platforms, security operations, and data-driven threat intelligence solutions. The investment logic rests on the structural surge in global cyber threats amid digital transformation and AI proliferation, where organizations face escalating ransomware, state-sponsored attacks, and supply-chain vulnerabilities; the global cybersecurity market reached approximately $219 billion in 2025 and is projected to expand to over $248 billion in 2026, driven by mandatory compliance, cloud migration, and the need for real-time detection and response capabilities. With an effective N of 12.7, the basket delivers targeted exposure without excessive dilution, prioritizing companies that enable enterprises to secure expanding attack surfaces.

Key risks include rapid technological obsolescence from evolving threat actors and AI-enhanced attacks, alongside potential margin pressure in a competitive landscape where innovation cycles accelerate. Regulatory shifts around data privacy and export controls could also constrain growth. The highest-conviction position is BIT at 16.4% weighting with an exposure score of 69, as it anchors the basket with deep integration into multi-layered security architectures that deliver measurable reductions in breach dwell times and operational resilience for large-scale deployments.