The ASX uranium miners have proven a minefield for local investors with the performance of say Boss Energy (BOE) and Paladin (PDN) bearing little resemblance to the global picture. However, the global URNM ETF currently holds 18.7% in Cameco, 13% in NAC Kazatomprom, 10.8% in Sprott physical uranium with NexGen (NXG) the largest ASX holding at 4.9%. Heavyweight Cameco (CCJ) has more than doubled from its April low, posting fresh all-time highs last week. We acknowledge this can be a choppy commodity/ETF. Still, we believe the Mag Seven are on the correct path as they align themselves with nuclear power to match their massive investment in AI. If the world intends to phase out fossil fuels, nuclear is the obvious clean alternative, even though its adoption looks unlikely domestically.
- We are bullish on the URNM ETF, initially looking for over +25% upside through 2025.
MM is bullish on the URNM ETF
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