Connor Clark & Lunn Investment Management has taken a $301.99 million position in Cameco Corporation, the world’s second-largest uranium producer by extraction volume. This is no isolated move. Over the same period, several funds — from OMERS Administration Corp with $16.58 million to Portland Investment Counsel with $3.31 million — have opened or expanded positions in both Cameco and BWX Technologies. Institutional money is moving in a coordinated push toward the nuclear sector.
Cameco is listed on the New York Stock Exchange under the ticker CCJ and is headquartered in Saskatoon, Canada. In 2025, it posted revenues of $3.4 billion, up from $3.1 billion in 2024, with gross profit rising from $783 million to $970 million. The company covers the entire uranium value chain: exploration, mining, processing, and sales. Available data shows it accounted for roughly 15% of global uranium production in 2025, second only to Kazatomprom. Analysts project revenues to grow at a compound annual rate of 8% between 2025 and 2028, with adjusted EBITDA expanding by 12%.
BWX Technologies holds an equally strong position, though on a different front. It is North America’s only large-scale manufacturer of specialized nuclear components, fuel systems, and naval reactors. In 2025, the company closed with revenues of $3.2 billion; projections for 2026 point to $3.7 billion. In April, the company announced the acquisition of Precision Components Group to expand manufacturing capacity and strengthen its footprint in U.S. commercial nuclear power. Beyond U.S. Navy reactors, BWXT develops small modular reactors — SMRs — and produces advanced nuclear fuel, including high-assay low-enriched uranium (HALEU). Among those building positions in BWXT: Sanctuary Advisors with $15.61 million, Callan Family Office with $1.87 million, and Ranger Investment Management, among others.
Underlying these moves is a long-term thesis, not a short-term bet. Demand for nuclear energy is growing on a structural basis: data centers powered by artificial intelligence are consuming electricity at a scale that renewables alone cannot reliably meet. In the United States, the Trump administration has pushed to accelerate nuclear infrastructure development and advance energy independence. The International Energy Agency estimates that global nuclear capacity could increase by more than 50% between 2025 and 2050. The global nuclear energy market is valued at approximately $41.6 billion in 2026, with projections reaching $52.6 billion by 2034.
Connor Clark & Lunn manages over $222 billion in assets and ranks among Canada’s largest private investment managers. A $302 million position in a single energy-sector stock does not go unnoticed. Combined with parallel investments in BWX, the picture is one of a structured positioning across the entire nuclear value chain — from uranium mining to reactor components. If Cameco’s and BWX’s revenue trajectories continue to meet estimates, more institutional funds will follow. Nuclear is no longer a niche bet: it has become a fully-fledged asset class in global portfolios.
