Section 1: Introduction and Industry Definition The Systems Software sub-industry represents the foundational infrastructure layer of the global digital economy. Within the Global Industry Classification Standard (GICS) framework, this sector is distinct from Application Software; whereas application vendors provide tools for end-user productivity (e.g., creating a spreadsheet or managing a sales pipeline), Systems Software companies…
Section 1: Letter to the Financial Investor The Physicality of the Cloud For decades, the definition of “Real Assets” was immutable: toll roads, pipelines, and power grids. These assets were prized for their monopolistic positioning, high barriers to entry, and inflation-linked cash flows. Today, we argue that a new asset class has not only joined…
1. Executive Summary Quantum computing has transitioned from pure research into a capital-intensive commercial race, with global investment exceeding 1.25 billion USD in the first quarter of 2025 alone—more than double the prior year—and over 4.4 billion USD deployed across 2024. For public-market investors, the sector presents a portfolio of asymmetric opportunities characterized by extreme…