Quanta Services Inc

Quanta Services is mentioned among the largest contributors to total return in 2026, indicating it is part of a group of companies that are growing earnings at an accelerating pace. However, there is no explicit directional argument made about Quanta Services itself, and thus the stance remains neutral.

Quanta Services has demonstrated strong performance, achieving a +26% return in the first quarter of 2026, significantly outperforming the S&P 500, which was down -4.3%. The company is well-positioned within the industrial and infrastructure sectors, which are increasingly relevant in the current economic landscape focused on energy independence and supply-chain security. Our engagement with Quanta Services during their 2026 Investor Day provided valuable insights into their long-term outlook and reinforced our conviction in their growth potential, particularly as AI continues to drive demand for infrastructure investments.

Quanta Services is positioned to benefit from the growing amount of capital invested in AI, which will require grid modernization. The company's competitive differentiation is grounded in its self-perform model: it handles design, procurement, construction, and maintenance in-house, minimizing risk and providing greater certainty on complex, multi-year projects. This unique approach allows Quanta to meet plans effectively and capitalize on the increasing demand for infrastructure improvements.

Quanta Services, Inc. is mentioned as a leader in electric grid and energy infrastructure buildout, but no specific investment thesis or directional argument is provided regarding its future performance or the Fund's position in it.

Quanta Services has been identified as a compelling addition to the portfolio, fitting well within the NZS framework. The market volatility provided an attractive entry point for this business, which is expected to benefit from ongoing infrastructure investments. The manager believes that Quanta Services is well-positioned to capitalize on these trends, aligning with the strategy of investing in resilient businesses that can thrive in unpredictable environments.