William Blair Growth Fund on Cameco

Cameco is exposed to uranium mining, trading and processing as nuclear power becomes more important for reliable, low-carbon electricity. The fund believes nuclear energy is particularly well suited to the growing power needs of AI data centers. Temporary mining and mill suspensions caused by severe weather and transportation issues pressured the shares despite solid quarterly earnings. The fund trimmed the position but still expects Cameco to benefit from the resurgence of nuclear energy and multiple future demand drivers.