VanEck Uranium and Nuclear ETF · AMEX:NLR
VanEck Uranium and Nuclear ETF — VanEck — Investor Presentation (May 2026)
23 slides from VanEck Uranium and Nuclear ETF's investor presentation, May 2026
Slide 1: Australian Equities Outlook, May 2026
Asset Allocation Outlook May 2026 AUSTRALIAN EQUITIES VanEck 2026 Australian Equities Outlook Portfolio Outlook
Slide 2: Executive summary
VanEck 2026 Australian Equities Outlook Executive summary The Australian equity market performance has been soft year Australian size and sector 1 year performance to date. Despite the largest sectors, resources and financials, Energy showing strength following solid February earnings updates, impli
Slide 3: Australia macro view – Rates higher for longer
VanEck 2026 Australian Equities Outlook Australia macro Sticky inflation and low unemployment restrict opportunities for RBA monetary easing view – Rates higher for longer Disincentives business investment, lower earnings per share growth. Elevated government spending driving headline growth, elevat
Slide 4: Iran war adds to inflation pressure in Australia
VanEck 2026 Australian Equities Outlook Iran war adds to inflation pressure in Australia Australian economy still running hot. Sticky services inflation and resilient growth may keep CPI pressure elevated through 2028. • The escalation of the Middle East conflict, Australian GDP growth YOY Australia
Slide 5: Economic growth largely depends on public spending
VanEck 2026 Australian Equities Outlook Economic growth largely depends on public spending Masking underlying economic challenges • Since 2023, Australia has diverged from other Government consumption (% GDP) Australia budget balance (% GDP) developed peers, with public consumption 24 4 rising as a
Slide 6: Low productivity remains a threat to growth
VanEck 2026 Australian Equities Outlook Low productivity remains a threat to growth Government led employment growth contributing to low productivity • Outsized public sector employment growth Growth in per capita capital stock Economy-wide labour has crowded out private investment and & productivit
Slide 7: Confidence low
VanEck 2026 Australian Equities Outlook Confidence low Higher inflation and business costs weighing on sentiment • Consumer confidence remains weak. Despite Consumer confidence Business confidence 30 still-positive headline growth, Australian 140 households are less optimistic than usual, with 20 co
Slide 8: Exogenous risks
VanEck 2026 Australian Equities Outlook Exogenous risks US-Iran conflict could pose a threat to global growth • Geopolitical shocks have a proven track record Oil price vs geopolitical risk of repricing energy in short windows. In 2022, 140 600 the Russia-Ukraine conflict drove Brent above US$120/bb
Slide 9: Impact of geopolitical shocks can be hard to predict
VanEck 2026 Australian Equities Outlook Impact of geopolitical shocks can be hard to predict Performance impact of major geopolitical events since the turn of the century • History shows that geopolitical shocks can US January Russia October 7 move equities sharply in the short term, but Asset Class
Slide 10: Pulse check: Australian February earnings season highlights
VanEck 2026 Australian Equities Outlook Pulse check: Australian February earnings season highlights 1. Solid overall results, underpinned by a resilient macro backdrop • A modestly positive season: 40% of ASX 200 companies beat expectations, 34% were in line and 26% missed, a net beat of 14%, margin
Slide 11: Australian February earnings season review
VanEck 2026 Australian Equities Outlook Australian February earnings season review Marginally higher net beats. Mid caps led earnings surprises. Volatile price moves post-result. • A modestly positive earnings season, with 40% S&P/ASX 200: beats versus misses Market weighted EPS Surprise of ASX 200
Slide 12: Australian February earnings season review
VanEck 2026 Australian Equities Outlook Australian February earnings season review Utilities, IT and Financials saw strong results and price reaction. Materials had one of its best seasons. • Rate-sensitive sectors, such as Consumer Market-weighted EPS surprise vs Price Target Change % Discretionary
Slide 13: Australian equity market views
VanEck 2026 Australian Equities Outlook Australian equity Constructive market views • Materials: Despite short-term volatility, there are several structural tailwinds coupled with improving fundamentals. It has historically outperformed in higher inflation/hiking environments. • Select industrials:
Slide 14: Australian equities
VanEck 2026 Australian Equities Outlook Australian equities Australian equities have potential to break out again. Valuations more reasonable compared to global markets. Price to 12m forward earnings POSITIONING S&P/ASX 200 Breakout is sustainable 35 • Over the past three years, the S&P/ASX 10000 20
Slide 15: Sector valuation
VanEck 2026 Australian Equities Outlook Sector valuation Materials and industrials offering ‘growth at a reasonable price’. 120 Price to 12m forward earnings POSITIONING 100 Range Average Current • While most ASX sectors trade above their 80 historical average valuations, Materials and Ratio 60 Indu
Slide 16: Case study: survivors during historical hiking cycles
VanEck 2026 Australian Equities Outlook Case study: survivors during historical hiking cycles Materials and equal weight typically outperform in a hike cycle • Sector performance during interest rate hiking Pre GFC: Apr Post GFC: Sep Global central bank rate hike: cycles varies significantly, driven
Slide 17: Size
VanEck 2026 Australian Equities Outlook Size Harness the size premium. Mid caps are the sweet spot. Australia Size relative performance Price to 12-month forward earnings POSITIONING 25% Equal weight below historical average • Large caps have outperformed since 40 February earnings season. However,
Slide 18: HALO winners – heavy assets, low obsolescence
VanEck 2026 Australian Equities Outlook HALO winners – heavy assets, low obsolescence Some Australian energy names pass the ‘HALO’ fit check. ASX 200: capital intensity vs one year ASX 200: capital intensity vs one month POSITIONING return (MVW HALO in light blue) return (MVW HALO in light blue) 200
Slide 19: Materials
VanEck 2026 Australian Equities Outlook Materials Macro tailwinds superseded downside EPS surprise. Gold and critical minerals led returns. Valuations attractive. Australia Net beats vsSize relative 1-day price performance reaction% Market-weighted EPS surprise vs POSITIONING 1-Day Price Reaction 20
Slide 20: Critical miners
VanEck 2026 Australian Equities Outlook Critical miners Markets brushed off weak results as focus has been on macro tailwinds and strong demand. ASX 200:minerals Critical capital intensity vs supplyvs 1-year chain Rare earth reserves POSITIONING return (MVW HALO pressure in light blue) China • Austr
Slide 21: Information technology
VanEck 2026 Australian Equities Outlook Information technology IT has been the worst performer in 2026, hit by US-driven software worries. Cumulative performance - by sector Aggregate Earnings Surprise (%) POSITIONING Communications Utilities vs 1-Day Price Change (%) • In 2026, a global risk-off ro
Slide 22: Consumer discretionary
VanEck 2026 Australian Equities Outlook Consumer discretionary Consumer discretionary is vulnerable to disappointment with the RBA’s hiking cycle squeezing household budgets. Aggregateperformance Cumulative earnings surprise (%) - by sector Homewares under pressure POSITIONING Vs 1-day price change
Slide 23: Contact us
VanEck 2026 Australian Equities Outlook Contact us VanEck.com.au VanEck-Australia info@VanEck.com.au VanEck_Au +61 2 8038 3300 VanEckAus VanEckAustralia Any views expressed are opinions of the author at the time of writing and are not a recommendation to act. VanEck Investments Limited (ACN 146 596