William Blair Small-Mid Cap Growth Fund on Cameco
Thesis
Cameco is exposed to the uranium supply chain as nuclear energy gains recognition as reliable, carbon-free baseload power for AI data centers. The company reported solid earnings, but temporary mining and mill suspensions caused by severe weather and transportation issues pressured the shares. The fund views those headwinds as transitory rather than structural. It expects Cameco to benefit from rising nuclear demand supported by nuclear power's low-carbon profile and multiple future demand drivers.
“we continue to believe Cameco is well positioned to capitalize on increased demand from the resurgence of nuclear energy”
Key risks
- Temporary mining and mill suspensions
- Severe weather
- Transportation route disruptions