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Lumida Wealth Whale Watch
A visual summary of the 30 hedge funds we track every quarter that shape the future investing trends
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Please note:
- AUM indicates assets under management in managed 13F securities only, the overall AUM due to other positions (Debt, options etc) may be higher.
- Color intensity indicates relative weight.
- Individual stock Rectangles optimized for mobile readability and are not to scale
- Percentages are rounded to nearest decimal and indicate current portfolio weights
- We have prioritized top 5 stock positions wherever available.
- Each manager has a summary, sector analysis and legend for stock information.
Compliance Disclaimer: The information is for general informational purposes only and does not constitute investment advice. Past performance is not indicative of future results, and investments in hedge funds carry risks, including the potential loss of principal. We recommend that you seek independent financial advice before making any investment decisions.
Data Sources: Hedgefollow, Whalewisdom, Lumida analysis
- AUM indicates assets under management in managed 13F securities only, the overall AUM due to other positions (Debt, options etc) may be higher.
- Color intensity indicates relative weight.
- Individual stock Rectangles optimized for mobile readability and are not to scale
- Percentages are rounded to nearest decimal and indicate current portfolio weights
- We have prioritized top 5 stock positions wherever available.
- Each manager has a summary, sector analysis and legend for stock information.
Compliance Disclaimer: The information is for general informational purposes only and does not constitute investment advice. Past performance is not indicative of future results, and investments in hedge funds carry risks, including the potential loss of principal. We recommend that you seek independent financial advice before making any investment decisions.
Data Sources: Hedgefollow, Whalewisdom, Lumida analysis
For any issues reach out to marketing@lumida.com
Sources: Hedgefollow, Whalewisdom, Lumida Analysis
Sources: Hedgefollow, Whalewisdom, Lumida Analysis
Bridgewater seems bullish on technology (with new positions in Broadcom and NVIDIA) and possibly financials and energy, with new additions in those sectors. They may be bearish on healthcare and consumer discretionary sectors, given the reduction in companies like Johnson & Johnson and Pinduoduo. However, it's important to note that the top holdings are largely in diversified ETFs, which does not point to a specific sector but rather a broader market exposure.
Bridgewater seems bullish on technology (with new positions in Broadcom and NVIDIA) and possibly financials and energy, with new additions in those sectors. They may be bearish on healthcare and consumer discretionary sectors, given the reduction in companies like Johnson & Johnson and Pinduoduo. However, it's important to note that the top holdings are largely in diversified ETFs, which does not point to a specific sector but rather a broader market exposure.
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Value Funds
Value funds focus on stocks they perceive as undervalued relative to their intrinsic value.
These funds aim for long-term growth by investing in companies with strong fundamentals but low market prices, appealing to investors with a patient, value-driven investment approach.
These funds aim for long-term growth by investing in companies with strong fundamentals but low market prices, appealing to investors with a patient, value-driven investment approach.
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Warren Buffett - Berkshire Hathaway
Summary:
Warren Buffett seems to focus on established companies with strong market positions in their respective sectors, such as Apple in technology and Bank of America in financials. The significant position in Apple indicates a particularly strong conviction in the technology sector. The reduction in Chevron, despite it being a top holding, could be part of a rebalancing strategy or a response to short-term market dynamics.
Overall, the portfolio reflects a preference for blue-chip companies that have historically provided stable returns. The small size of the new additions relative to the portfolio suggests these may be exploratory positions or part of a diversification strategy.
Overall, the portfolio reflects a preference for blue-chip companies that have historically provided stable returns. The small size of the new additions relative to the portfolio suggests these may be exploratory positions or part of a diversification strategy.
Sector specific insights:
• There is a clear bullish sentiment on the Technology and Financials sectors, with Apple, Bank of America, and American Express being the top holdings. These holdings reflect a belief in the steady growth and robust business models of these companies.
• The Consumer Staples sector is also a significant holding with Coca-Cola, which is usually considered a stable investment with predictable cash flows.
• There is a mixed view on the Energy sector, with Chevron being both a top holding and having a reduced position. This may indicate rebalancing rather than a clear bullish or bearish stance.
• The new additions in the Communication Services sector suggest an interest in media and entertainment, which could be seen as growth areas.
• The reductions in positions like Chevron, HP, and Amazon suggest a potential bearish stance or a strategic move to reduce exposure in these sectors or take profits from previous investments.
• The Consumer Staples sector is also a significant holding with Coca-Cola, which is usually considered a stable investment with predictable cash flows.
• There is a mixed view on the Energy sector, with Chevron being both a top holding and having a reduced position. This may indicate rebalancing rather than a clear bullish or bearish stance.
• The new additions in the Communication Services sector suggest an interest in media and entertainment, which could be seen as growth areas.
• The reductions in positions like Chevron, HP, and Amazon suggest a potential bearish stance or a strategic move to reduce exposure in these sectors or take profits from previous investments.
Legend:
1. Top 5 Holdings:
o AAPL (Apple Inc.): Technology sector, specifically consumer electronics and software.
o BAC (Bank of America Corp): Financials sector, specifically banking.
o AXP (American Express Company): Financials sector, specifically consumer finance.
o KO (Coca-Cola Company): Consumer Staples sector, specifically beverages.
o CVX (Chevron Corporation): Energy sector, specifically oil and gas.
2. Top 4 New Additions:
o LLYVK and LLYVA (Liberty Media Corporation): Communication Services sector, live entertainment.
o SIRI (Sirius XM Holdings Inc.): Communication Services sector, specifically broadcasting.
o BATRK(Atlanta Braves Holdings) : Communication Services sector, sports entertainment and media.
3. Top 5 Reduced Positions:
o CVX (Chevron Corporation): A reduction in the Energy sector, specifically oil and gas.
o HPQ (HP Inc.): Technology sector, specifically computers and peripherals.
o AON (Aon plc): Financials sector, specifically insurance and consulting.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, specifically e-commerce and cloud computing.
o MKL (Markel Corporation): Financials sector, specifically insurance.
o AAPL (Apple Inc.): Technology sector, specifically consumer electronics and software.
o BAC (Bank of America Corp): Financials sector, specifically banking.
o AXP (American Express Company): Financials sector, specifically consumer finance.
o KO (Coca-Cola Company): Consumer Staples sector, specifically beverages.
o CVX (Chevron Corporation): Energy sector, specifically oil and gas.
2. Top 4 New Additions:
o LLYVK and LLYVA (Liberty Media Corporation): Communication Services sector, live entertainment.
o SIRI (Sirius XM Holdings Inc.): Communication Services sector, specifically broadcasting.
o BATRK(Atlanta Braves Holdings) : Communication Services sector, sports entertainment and media.
3. Top 5 Reduced Positions:
o CVX (Chevron Corporation): A reduction in the Energy sector, specifically oil and gas.
o HPQ (HP Inc.): Technology sector, specifically computers and peripherals.
o AON (Aon plc): Financials sector, specifically insurance and consulting.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, specifically e-commerce and cloud computing.
o MKL (Markel Corporation): Financials sector, specifically insurance.
David Einhorn - Greenlight Capital
Summary:
David Einhorn's fund shows a diversified investment strategy with significant positions in real estate, energy, financials, technology, and consumer discretionary sectors. The presence of both large holdings and reduced positions in the same companies (GRBK and CEIX) indicates that while the fund may be rebalancing its portfolio, it still maintains a core investment in these areas.
The addition of DHT shows an interest in diversifying within the energy sector, possibly spreading the risk by investing in the shipping sub-sector of energy. The reduction in healthcare and additional energy sectors could be strategic moves to lock in profits or manage risk. Overall, the fund seems to be adjusting its portfolio possibly in response to market conditions or to take advantage of perceived opportunities.
The addition of DHT shows an interest in diversifying within the energy sector, possibly spreading the risk by investing in the shipping sub-sector of energy. The reduction in healthcare and additional energy sectors could be strategic moves to lock in profits or manage risk. Overall, the fund seems to be adjusting its portfolio possibly in response to market conditions or to take advantage of perceived opportunities.
Sector specific insights:
• The large holdings in GRBK and CEIX suggest a bullish stance on the real estate and energy sectors, even though they have been reduced, which might indicate profit-taking or portfolio rebalancing rather than a bearish turn.
• The financials sector is also significant with the position in BHF.
• The investment in KD points towards an interest in the technology sector's IT services niche.
• The consumer discretionary sector is represented by ODP, aligning with a potential belief in the retail space, specifically office supplies.
• The financials sector is also significant with the position in BHF.
• The investment in KD points towards an interest in the technology sector's IT services niche.
• The consumer discretionary sector is represented by ODP, aligning with a potential belief in the retail space, specifically office supplies.
Legend:
1. Top 5 Holdings:
o GRBK (Green Brick Partners): The real estate sector, specifically homebuilding and land development.
o CEIX (CONSOL Energy Inc.): Energy sector, specifically coal production.
o BHF (Brighthouse Financial, Inc.): Financials sector, specifically life insurance.
o KD (Kyndryl Holdings, Inc.): Technology sector, specifically IT services.
o ODP (The ODP Corporation): Consumer Discretionary sector, retail - office supplies.
2. Top 5 New Additions:
o DHT (DHT Holdings, Inc.): Energy sector, specifically shipping crude oil.
3. Top 5 Reduced Positions:
o GRBK (Green Brick Partners): Same as the top holding, indicating a substantial but reduced position in the real estate sector.
o CEIX (CONSOL Energy Inc.): Same as the top holding, indicating a substantial but reduced position in the energy sector.
o THC (Tenet Healthcare Corporation): Healthcare sector, specifically hospital and healthcare services.
o WFRD (Weatherford International plc): Energy sector, specifically oilfield services and equipment.
o GPOR (Gulfport Energy Corporation): Energy sector, specifically natural gas exploration and production
o GRBK (Green Brick Partners): The real estate sector, specifically homebuilding and land development.
o CEIX (CONSOL Energy Inc.): Energy sector, specifically coal production.
o BHF (Brighthouse Financial, Inc.): Financials sector, specifically life insurance.
o KD (Kyndryl Holdings, Inc.): Technology sector, specifically IT services.
o ODP (The ODP Corporation): Consumer Discretionary sector, retail - office supplies.
2. Top 5 New Additions:
o DHT (DHT Holdings, Inc.): Energy sector, specifically shipping crude oil.
3. Top 5 Reduced Positions:
o GRBK (Green Brick Partners): Same as the top holding, indicating a substantial but reduced position in the real estate sector.
o CEIX (CONSOL Energy Inc.): Same as the top holding, indicating a substantial but reduced position in the energy sector.
o THC (Tenet Healthcare Corporation): Healthcare sector, specifically hospital and healthcare services.
o WFRD (Weatherford International plc): Energy sector, specifically oilfield services and equipment.
o GPOR (Gulfport Energy Corporation): Energy sector, specifically natural gas exploration and production
Harris Kupperman -Praetorian PR LLC
Summary:
Harris Kupperman's fund strategy seems to be focused on sectors with essential services (Energy and Real Estate) and those that can provide a hedge against economic fluctuations (precious metals).
The interest in uranium mining suggests a long-term investment thesis possibly related to the growth of nuclear energy. The reductions in certain positions could indicate a disciplined approach to profit realization and risk management. Overall, the fund seems to be positioning itself in areas with potential for capital appreciation, yield, and sector-specific growth opportunities, while actively managing its exposure to maintain a balanced portfolio
The interest in uranium mining suggests a long-term investment thesis possibly related to the growth of nuclear energy. The reductions in certain positions could indicate a disciplined approach to profit realization and risk management. Overall, the fund seems to be positioning itself in areas with potential for capital appreciation, yield, and sector-specific growth opportunities, while actively managing its exposure to maintain a balanced portfolio
Sector specific insights:
• The fund's top holdings indicate a bullish stance on the Energy sector, especially companies involved in offshore services, indicating a belief in the potential growth or stabilization of this industry.
• The significant holding in a real estate company (JOE) suggests a positive outlook on the Real Estate sector and its potential for appreciation or income.
• Investments in precious metals trading (AMRK) and uranium-focused ETF (URA) and company (UEC) reflect confidence in the Basic Materials sector, possibly as hedges against inflation or bets on nuclear energy growth.
• The reduction in uranium-related investments may reflect profit-taking or strategic diversification away from a sector that had significant prior increases
• The significant holding in a real estate company (JOE) suggests a positive outlook on the Real Estate sector and its potential for appreciation or income.
• Investments in precious metals trading (AMRK) and uranium-focused ETF (URA) and company (UEC) reflect confidence in the Basic Materials sector, possibly as hedges against inflation or bets on nuclear energy growth.
• The reduction in uranium-related investments may reflect profit-taking or strategic diversification away from a sector that had significant prior increases
Legend:
1. Top 5 Holdings:
o JOE (The St. Joe Company): Real Estate sector, focusing on real estate development and sales.
o VAL (Valaris Limited): Energy sector, specifically offshore drilling services.
o TDW (Tidewater Inc.): Energy sector, focusing on offshore service vessels and marine support services.
o AMRK (A-Mark Precious Metals, Inc.): Basic Materials sector, focusing on trading precious metals and related services.
o URA (Global X Uranium ETF): An ETF that invests in global companies involved in uranium mining and the production of nuclear components.
2. Top 5 New Additions:
o UEC (Uranium Energy Corp.): Basic Materials sector, specifically uranium mining and exploration.
o HDSN (Hudson Technologies, Inc.): Industrials sector, providing solutions for refrigerant sales and refrigeration services.
3. Top 5 Reduced Positions:
o URA (Global X Uranium ETF): The reduction in this ETF suggests a rebalancing within the Basic Materials sector, specifically in uranium exposure.
o NXE (NexGen Energy Ltd.): Also in the Basic Materials sector, focusing on uranium mining.
o SURG (Surgery Partners, Inc.): Healthcare sector, providing surgical services.
o TSQ (Townsquare Media, Inc.): Communication Services sector, focusing on media, entertainment, and digital marketing solutions.
o ANEB (Anebulo Pharmaceuticals, Inc.): Healthcare sector, specifically pharmaceuticals.
o JOE (The St. Joe Company): Real Estate sector, focusing on real estate development and sales.
o VAL (Valaris Limited): Energy sector, specifically offshore drilling services.
o TDW (Tidewater Inc.): Energy sector, focusing on offshore service vessels and marine support services.
o AMRK (A-Mark Precious Metals, Inc.): Basic Materials sector, focusing on trading precious metals and related services.
o URA (Global X Uranium ETF): An ETF that invests in global companies involved in uranium mining and the production of nuclear components.
2. Top 5 New Additions:
o UEC (Uranium Energy Corp.): Basic Materials sector, specifically uranium mining and exploration.
o HDSN (Hudson Technologies, Inc.): Industrials sector, providing solutions for refrigerant sales and refrigeration services.
3. Top 5 Reduced Positions:
o URA (Global X Uranium ETF): The reduction in this ETF suggests a rebalancing within the Basic Materials sector, specifically in uranium exposure.
o NXE (NexGen Energy Ltd.): Also in the Basic Materials sector, focusing on uranium mining.
o SURG (Surgery Partners, Inc.): Healthcare sector, providing surgical services.
o TSQ (Townsquare Media, Inc.): Communication Services sector, focusing on media, entertainment, and digital marketing solutions.
o ANEB (Anebulo Pharmaceuticals, Inc.): Healthcare sector, specifically pharmaceuticals.
Seth Klarman -Baupost Group
Summary:
Seth Klarman's fund reflects a diversified investment approach with a significant emphasis on the Communication Services and Industrials sectors. The fund's new additions suggest a continued search for value across different industries, with a particular interest in construction materials and analytics services. The reduction in GOOG, despite it being a top holding, could indicate a strategic reduction to capture gains or reduce concentration risk.
Overall, the fund's activity points to a strategy that focuses on a mix of steady growth and value-oriented positions, with active portfolio management through rebalancing positions as market conditions and company valuations change.
Overall, the fund's activity points to a strategy that focuses on a mix of steady growth and value-oriented positions, with active portfolio management through rebalancing positions as market conditions and company valuations change.
Sector specific insights:
• The fund has a strong position in the Communication Services sector with substantial investments in LBTYK, GOOG, and LSXMK, indicating bullish sentiment.
• The Industrials sector is also a focus area, with significant holdings in VRTV and new additions like CRH and Jacobs Engineering.
• The Technology sector is represented in both holdings and reduced positions, suggesting a complex strategy that might involve rebalancing within the sector or taking profits.
• The Materials sector is represented by the new addition of CRH, showing a bullish outlook on construction materials.
• The Industrials sector is also a focus area, with significant holdings in VRTV and new additions like CRH and Jacobs Engineering.
• The Technology sector is represented in both holdings and reduced positions, suggesting a complex strategy that might involve rebalancing within the sector or taking profits.
• The Materials sector is represented by the new addition of CRH, showing a bullish outlook on construction materials.
Legend:
1. Top 5 Holdings:
o LBTYK (Liberty Global plc - Class C): Communication Services sector, particularly in telecommunications.
o VRTV (Veritiv Corporation): Industrials sector, specifically distribution and services for packaging, facility solutions, print, and publishing.
o GOOG (Alphabet Inc.): Communication Services sector, focusing on internet content and services.
o FIS (Fidelity National Information Services): Information Technology sector, specifically in financial services technology.
o LSXMK (Liberty Media Corporation - Liberty SiriusXM - Class C): Communication Services sector, media and entertainment.
2. Top 5 New Additions:
o CRH (CRH plc): Materials sector, specifically construction materials.
o CLVT (Clarivate Plc): Industrials sector, specifically information services and analytics.
o TSEM (Tower Semiconductor): Technology sector, specifically semiconductors.
o J (Jacobs Engineering Group Inc.): Industrials sector, specifically technical professional services.
o LLYVA: Communication Services sector, live entertainment.
3. Top 5 Reduced Positions:
o LBTYK (Liberty Global plc - Class C): Even though it's a top holding, the position has been reduced, indicating a rebalancing or partial sell-off.
o GOOG (Alphabet Inc.): Reduced position in the Communication Services sector.
o VSAT (Viasat Inc.): Technology sector, specifically communications equipment.
o SSNC (SS&C Technologies Holdings, Inc.): Information Technology sector, specifically software for financial services.
o QRVO (Qorvo, Inc.): Technology sector, specifically semiconductors.
o LBTYK (Liberty Global plc - Class C): Communication Services sector, particularly in telecommunications.
o VRTV (Veritiv Corporation): Industrials sector, specifically distribution and services for packaging, facility solutions, print, and publishing.
o GOOG (Alphabet Inc.): Communication Services sector, focusing on internet content and services.
o FIS (Fidelity National Information Services): Information Technology sector, specifically in financial services technology.
o LSXMK (Liberty Media Corporation - Liberty SiriusXM - Class C): Communication Services sector, media and entertainment.
2. Top 5 New Additions:
o CRH (CRH plc): Materials sector, specifically construction materials.
o CLVT (Clarivate Plc): Industrials sector, specifically information services and analytics.
o TSEM (Tower Semiconductor): Technology sector, specifically semiconductors.
o J (Jacobs Engineering Group Inc.): Industrials sector, specifically technical professional services.
o LLYVA: Communication Services sector, live entertainment.
3. Top 5 Reduced Positions:
o LBTYK (Liberty Global plc - Class C): Even though it's a top holding, the position has been reduced, indicating a rebalancing or partial sell-off.
o GOOG (Alphabet Inc.): Reduced position in the Communication Services sector.
o VSAT (Viasat Inc.): Technology sector, specifically communications equipment.
o SSNC (SS&C Technologies Holdings, Inc.): Information Technology sector, specifically software for financial services.
o QRVO (Qorvo, Inc.): Technology sector, specifically semiconductors.
Thomas Steyer - Farallon Capital
Summary:
Thomas Steyer's fund appears to be heavily focused on the Healthcare sector, emphasizing biotechnology and pharmaceuticals, which could be based on the expectation of continued growth and innovation in these industries.
The mix of positions in Communication Services from interactive entertainment to broadband services suggests a belief in the growing demand for digital services. The reductions in some top holdings could be part of a risk management strategy, taking profits in areas that have performed well. Overall, the portfolio shows a blend of growth-oriented investments and prudent rebalancing to manage the fund's exposure.
The mix of positions in Communication Services from interactive entertainment to broadband services suggests a belief in the growing demand for digital services. The reductions in some top holdings could be part of a risk management strategy, taking profits in areas that have performed well. Overall, the portfolio shows a blend of growth-oriented investments and prudent rebalancing to manage the fund's exposure.
Sector specific insights:
• The fund shows a strong inclination towards the Healthcare sector, with significant holdings and new additions in pharmaceuticals, biotech, and health services, indicating a bullish view.
• The Communication Services sector is also prominent, with a substantial holding in ATVI and a new addition in CHTR.
• The presence of TRU in both the top holdings and reduced positions may reflect a nuanced approach to the Industrials sector, suggesting active portfolio management rather than a clear directional sentiment.
• The reduction in GOOG might indicate a bearish stance on tech giants or a strategic move to take profits or reduce exposure.
• The Communication Services sector is also prominent, with a substantial holding in ATVI and a new addition in CHTR.
• The presence of TRU in both the top holdings and reduced positions may reflect a nuanced approach to the Industrials sector, suggesting active portfolio management rather than a clear directional sentiment.
• The reduction in GOOG might indicate a bearish stance on tech giants or a strategic move to take profits or reduce exposure.
Legend:
1. Top 5 Holdings:
o ATVI (Activision Blizzard): Communication Services sector, focusing on interactive entertainment and gaming.
o HZNP (Horizon Therapeutics): Healthcare sector, particularly pharmaceuticals.
o UNH (UnitedHealth Group): Healthcare sector, more specifically health insurance and services.
o TRU (TransUnion): Industrials sector, specifically professional services in risk and information solutions.
o EXEL (Exelixis, Inc.): Healthcare sector, biotechnology focusing on cancer treatment.
2. Top 5 New Additions:
o HZNP (Horizon Therapeutics): Healthcare sector, particularly pharmaceuticals
o CHTR (Charter Communications): Communication Services sector, cable and broadband services.
o CBRE (CBRE Group, Inc.): Real Estate sector, commercial real estate services.
o VRTX (Vertex Pharmaceuticals Incorporated): Healthcare sector, specifically biotechnology.
o DXCM (DexCom, Inc.): Healthcare sector, medical devices for diabetes management.
3. Top 5 Reduced Positions:
o TRU (TransUnion): Despite being a top holding, the position has been reduced, suggesting a potential rebalance.
o IQV (IQVIA Holdings Inc.): Healthcare sector, specifically clinical research services.
o TMO (Thermo Fisher Scientific Inc.): Healthcare sector, life sciences and diagnostics.
o GOOG (Alphabet Inc.): Communication Services sector, digital advertising and cloud services.
o SPGI (S&P Global Inc.): Financials sector, analytics and ratings.
o ATVI (Activision Blizzard): Communication Services sector, focusing on interactive entertainment and gaming.
o HZNP (Horizon Therapeutics): Healthcare sector, particularly pharmaceuticals.
o UNH (UnitedHealth Group): Healthcare sector, more specifically health insurance and services.
o TRU (TransUnion): Industrials sector, specifically professional services in risk and information solutions.
o EXEL (Exelixis, Inc.): Healthcare sector, biotechnology focusing on cancer treatment.
2. Top 5 New Additions:
o HZNP (Horizon Therapeutics): Healthcare sector, particularly pharmaceuticals
o CHTR (Charter Communications): Communication Services sector, cable and broadband services.
o CBRE (CBRE Group, Inc.): Real Estate sector, commercial real estate services.
o VRTX (Vertex Pharmaceuticals Incorporated): Healthcare sector, specifically biotechnology.
o DXCM (DexCom, Inc.): Healthcare sector, medical devices for diabetes management.
3. Top 5 Reduced Positions:
o TRU (TransUnion): Despite being a top holding, the position has been reduced, suggesting a potential rebalance.
o IQV (IQVIA Holdings Inc.): Healthcare sector, specifically clinical research services.
o TMO (Thermo Fisher Scientific Inc.): Healthcare sector, life sciences and diagnostics.
o GOOG (Alphabet Inc.): Communication Services sector, digital advertising and cloud services.
o SPGI (S&P Global Inc.): Financials sector, analytics and ratings.
Paul Singer - Elliott Investment
Summary:
Paul Singer's fund appears to maintain a diversified investment strategy with a balance between sector-specific stocks and broad-market ETFs. The significant positions in basic materials and energy reflect confidence in the sector's fundamentals or potential undervaluation.
At the same time, the reductions in various sector ETFs suggest a nuanced approach to risk management, possibly taking profits or reducing exposure in sectors that might have been overvalued or where the fund foresees lesser growth potential. The additions in technology and healthcare are in line with a focus on sectors that are poised for long-term growth due to technological advancement and innovation.
At the same time, the reductions in various sector ETFs suggest a nuanced approach to risk management, possibly taking profits or reducing exposure in sectors that might have been overvalued or where the fund foresees lesser growth potential. The additions in technology and healthcare are in line with a focus on sectors that are poised for long-term growth due to technological advancement and innovation.
Sector specific insights:
• The fund has a substantial investment in the Energy sector with significant holdings in Marathon Petroleum and Peabody Energy, suggesting a bullish stance.
• The presence of Pinterest indicates a bullish view on the Communication Services sector, specifically the social media and internet sub-sectors.
• Investments in ETFs like IWM and DIA suggest a strategy that includes exposure to a broad range of small-cap and large-cap stocks across various sectors, implying a diversification approach.
• The new additions in the Healthcare and Information Technology sectors reflect a targeted bullish sentiment in these areas of growth and innovation.
• The reduced positions in sector-specific ETFs like XLF, XLV, and VNQ might indicate a bearish outlook on these sectors or a strategic portfolio adjustment rather than a sector-wide negative outlook.
• The presence of Pinterest indicates a bullish view on the Communication Services sector, specifically the social media and internet sub-sectors.
• Investments in ETFs like IWM and DIA suggest a strategy that includes exposure to a broad range of small-cap and large-cap stocks across various sectors, implying a diversification approach.
• The new additions in the Healthcare and Information Technology sectors reflect a targeted bullish sentiment in these areas of growth and innovation.
• The reduced positions in sector-specific ETFs like XLF, XLV, and VNQ might indicate a bearish outlook on these sectors or a strategic portfolio adjustment rather than a sector-wide negative outlook.
Legend:
1. Top 5 Holdings:
o TFPM (Triple Flag Precious Metals Corp): Basic Materials, Precious metals & mining
o MPC (Marathon Petroleum Corporation): Energy sector, specifically oil and gas refining and marketing.
o PINS (Pinterest, Inc.): Communication Services sector, focusing on social media and internet services.
o BTU (Peabody Energy Corporation): Energy sector, specifically coal.
o NRG (NRG Energy, Inc.): Utilities sector, focusing on electricity generation and retail sale.
2. Top 5 New Additions:
o CTLT (Catalent, Inc.): Healthcare sector, specifically pharmaceuticals and biotechnology.
o IWM (iShares Russell 2000 ETF): This ETF represents small-cap stocks across various sectors.
o DIA (SPDR Dow Jones Industrial Average ETF): This ETF represents large-cap stocks across various sectors.
o FIS (Fidelity National Information Services): Information Technology sector, specifically in financial services technology.
o STX (Seagate Technology Holdings): Information Technology sector, focusing on data storage technology.
3. Top 5 Reduced Positions:
o TFPM: Since it's also a top holding, the reduction could be a rebalancing effort.
o HWM (Howmet Aerospace Inc.): Industrials sector, aerospace and defense.
o XLF (Financial Select Sector SPDR Fund): Financials sector, the ETF represents large-cap financial service firms.
o XLV (Health Care Select Sector SPDR Fund): Healthcare sector, the ETF represents large-cap healthcare companies.
o VNQ (Vanguard Real Estate ETF): Real Estate sector, the ETF represents stocks in the real estate industry
o TFPM (Triple Flag Precious Metals Corp): Basic Materials, Precious metals & mining
o MPC (Marathon Petroleum Corporation): Energy sector, specifically oil and gas refining and marketing.
o PINS (Pinterest, Inc.): Communication Services sector, focusing on social media and internet services.
o BTU (Peabody Energy Corporation): Energy sector, specifically coal.
o NRG (NRG Energy, Inc.): Utilities sector, focusing on electricity generation and retail sale.
2. Top 5 New Additions:
o CTLT (Catalent, Inc.): Healthcare sector, specifically pharmaceuticals and biotechnology.
o IWM (iShares Russell 2000 ETF): This ETF represents small-cap stocks across various sectors.
o DIA (SPDR Dow Jones Industrial Average ETF): This ETF represents large-cap stocks across various sectors.
o FIS (Fidelity National Information Services): Information Technology sector, specifically in financial services technology.
o STX (Seagate Technology Holdings): Information Technology sector, focusing on data storage technology.
3. Top 5 Reduced Positions:
o TFPM: Since it's also a top holding, the reduction could be a rebalancing effort.
o HWM (Howmet Aerospace Inc.): Industrials sector, aerospace and defense.
o XLF (Financial Select Sector SPDR Fund): Financials sector, the ETF represents large-cap financial service firms.
o XLV (Health Care Select Sector SPDR Fund): Healthcare sector, the ETF represents large-cap healthcare companies.
o VNQ (Vanguard Real Estate ETF): Real Estate sector, the ETF represents stocks in the real estate industry
Michael Burry - Scion Asset
Summary:
Michael Burry's fund appears to be positioning for growth in sectors that are expected to recover and expand with the global economic reopening, such as travel and e-commerce. The reductions in energy and certain other Consumer Discretionary stocks like REAL and SIG could signify profit-taking or risk management decisions.
The concentration in Consumer Discretionary stocks shows a clear strategy to capitalize on changing consumer behavior patterns, while the presence of diverse sectors like broadcasting and maritime indicates a broader strategic diversification. The strategy seems to reflect a balance between cyclical growth bets and steady industry performers.
The concentration in Consumer Discretionary stocks shows a clear strategy to capitalize on changing consumer behavior patterns, while the presence of diverse sectors like broadcasting and maritime indicates a broader strategic diversification. The strategy seems to reflect a balance between cyclical growth bets and steady industry performers.
Sector specific insights:
• The fund is heavily invested in the Consumer Discretionary sector, particularly in automotive (STLA), online travel (BKNG), and e-commerce (BABA and JD). This indicates a bullish outlook on sectors that may benefit from economic recovery and consumer spending post-pandemic.
• There's a significant investment in the Communication Services sector with NXST, which could be based on the steady demand for media and broadcasting services.
• The presence of SBLK in the top holdings suggests a bullish view on the Industrials sector, especially maritime freight, which may benefit from global trade.
• The reduced position in CRGY could indicate a bearish view on the Energy sector or a strategic portfolio adjustment.
• Reductions in CMRE and LILAK suggest a potential move away from maritime shipping and Latin American telecom, respectively.
• There's a significant investment in the Communication Services sector with NXST, which could be based on the steady demand for media and broadcasting services.
• The presence of SBLK in the top holdings suggests a bullish view on the Industrials sector, especially maritime freight, which may benefit from global trade.
• The reduced position in CRGY could indicate a bearish view on the Energy sector or a strategic portfolio adjustment.
• Reductions in CMRE and LILAK suggest a potential move away from maritime shipping and Latin American telecom, respectively.
Legend:
1. Top 5 Holdings:
o STLA (Stellantis N.V.): Consumer Discretionary sector, specifically the automotive industry.
o NXST (Nexstar Media Group, Inc.): Communication Services sector, focusing on television broadcasting.
o SBLK (Star Bulk Carriers Corp.): Industrials sector, specifically maritime freight.
o BKNG (Booking Holdings Inc.): Consumer Discretionary sector, specifically online travel and related services.
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector, focusing on e-commerce and technology.
2. Top 3 New Additions:
o BKNG (Booking Holdings Inc.): Consumer Discretionary sector.
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector.
o JD (JD.com, Inc.): Consumer Discretionary sector, focusing on e-commerce and technology.
3. Top 5 Reduced Positions:
o CRGY (Crescent Energy Company): Energy sector, specifically oil and gas exploration and production.
o REAL (The RealReal, Inc.): Consumer Discretionary sector, specifically online luxury consignment.
o CMRE (Costamare Inc.): Industrials sector, specifically maritime shipping.
o LILAK (Liberty Latin America Ltd. Class C): Communication Services sector, focusing on telecommunications.
o SIG (Signet Jewelers Limited): Consumer Discretionary sector, specifically specialty retail.
o STLA (Stellantis N.V.): Consumer Discretionary sector, specifically the automotive industry.
o NXST (Nexstar Media Group, Inc.): Communication Services sector, focusing on television broadcasting.
o SBLK (Star Bulk Carriers Corp.): Industrials sector, specifically maritime freight.
o BKNG (Booking Holdings Inc.): Consumer Discretionary sector, specifically online travel and related services.
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector, focusing on e-commerce and technology.
2. Top 3 New Additions:
o BKNG (Booking Holdings Inc.): Consumer Discretionary sector.
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector.
o JD (JD.com, Inc.): Consumer Discretionary sector, focusing on e-commerce and technology.
3. Top 5 Reduced Positions:
o CRGY (Crescent Energy Company): Energy sector, specifically oil and gas exploration and production.
o REAL (The RealReal, Inc.): Consumer Discretionary sector, specifically online luxury consignment.
o CMRE (Costamare Inc.): Industrials sector, specifically maritime shipping.
o LILAK (Liberty Latin America Ltd. Class C): Communication Services sector, focusing on telecommunications.
o SIG (Signet Jewelers Limited): Consumer Discretionary sector, specifically specialty retail.
Quant Funds
Quant funds use algorithmic and statistical models to make investment decisions, focusing on data-driven analysis to identify market opportunities. They minimize emotional bias and aim for efficiency in trading, appealing to investors looking for technology-driven, systematic investment approaches.
Israel Englander - Millenium Management
Summary:
Israel Englander's fund strategy appears to favor technology, with a concentration in software, semiconductors, and new tech like automotive technology, while also seeking diversification through new additions in materials and energy.
The reductions in broad market ETFs and specific tech companies may signal a strategic shift to capitalize on individual stock performance or manage risk by reducing positions that have had significant runs. Overall, the fund's approach reflects a balance between seeking growth in tech and diversifying across sectors that may benefit from broader economic trends.
The reductions in broad market ETFs and specific tech companies may signal a strategic shift to capitalize on individual stock performance or manage risk by reducing positions that have had significant runs. Overall, the fund's approach reflects a balance between seeking growth in tech and diversifying across sectors that may benefit from broader economic trends.
Sector specific insights:
• The fund shows a strong bullish sentiment on the Technology sector with major holdings in Microsoft, NVIDIA, and the addition of XLK and MBLY, suggesting a focus on growth and innovation areas within technology.
• The Communication Services sector is also represented with investments in ATVI and a reduction in META, which could indicate a selective strategy in the entertainment and media sub-sectors.
• The holdings in Consumer Discretionary, specifically Amazon, and the reductions in the same, might reflect a rebalancing strategy or a response to market valuation adjustments.
• New additions in the Materials and Energy sectors with CRH and DEN suggest diversifying into areas expected to benefit from economic recovery and infrastructure spending.
• The Communication Services sector is also represented with investments in ATVI and a reduction in META, which could indicate a selective strategy in the entertainment and media sub-sectors.
• The holdings in Consumer Discretionary, specifically Amazon, and the reductions in the same, might reflect a rebalancing strategy or a response to market valuation adjustments.
• New additions in the Materials and Energy sectors with CRH and DEN suggest diversifying into areas expected to benefit from economic recovery and infrastructure spending.
Legend:
1. Top 5 Holdings:
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o ATVI (Activision Blizzard, Inc.): Communication Services sector, focusing on interactive entertainment.
o IVV (iShares Core S&P 500 ETF): This ETF tracks the S&P 500 index, representing a broad range of sectors.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, focusing on e-commerce and cloud computing.
2. Top 5 New Additions:
o CRH (CRH plc): Materials sector, specifically construction materials.
o MBLY (Mobileye N.V.): This likely refers to Mobileye, the self-driving technology company, which would place it in the Technology sector, focusing on automotive technology.
o DEN (Denbury Inc.): Energy sector, specifically oil and gas exploration and production.
o XLK (Technology Select Sector SPDR Fund): Technology sector ETF, representing a range of technology-related stocks.
o AVY (Avery Dennison Corporation): Materials sector, focusing on labeling and packaging materials, and related manufacturing services.
3. Top 5 Reduced Positions:
o IVV (iShares Core S&P 500 ETF): A reduction in a broad market ETF may suggest a move towards more targeted investments.
o AMZN (Amazon.com, Inc.): Reduced position in the Consumer Discretionary sector.
o META (Meta Platforms, Inc., formerly Facebook): Communication Services sector, focusing on social media and technology.
o ADBE (Adobe Inc.): Technology sector, specifically software.
o WDC (Western Digital Corporation): Technology sector, focusing on data storage.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o ATVI (Activision Blizzard, Inc.): Communication Services sector, focusing on interactive entertainment.
o IVV (iShares Core S&P 500 ETF): This ETF tracks the S&P 500 index, representing a broad range of sectors.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, focusing on e-commerce and cloud computing.
2. Top 5 New Additions:
o CRH (CRH plc): Materials sector, specifically construction materials.
o MBLY (Mobileye N.V.): This likely refers to Mobileye, the self-driving technology company, which would place it in the Technology sector, focusing on automotive technology.
o DEN (Denbury Inc.): Energy sector, specifically oil and gas exploration and production.
o XLK (Technology Select Sector SPDR Fund): Technology sector ETF, representing a range of technology-related stocks.
o AVY (Avery Dennison Corporation): Materials sector, focusing on labeling and packaging materials, and related manufacturing services.
3. Top 5 Reduced Positions:
o IVV (iShares Core S&P 500 ETF): A reduction in a broad market ETF may suggest a move towards more targeted investments.
o AMZN (Amazon.com, Inc.): Reduced position in the Consumer Discretionary sector.
o META (Meta Platforms, Inc., formerly Facebook): Communication Services sector, focusing on social media and technology.
o ADBE (Adobe Inc.): Technology sector, specifically software.
o WDC (Western Digital Corporation): Technology sector, focusing on data storage.
Jim Simons - Renaissance Technologies
Summary:
Jim Simons' fund is diversified across technology, healthcare, consumer discretionary, industrials, and energy. The holdings in tech and healthcare suggest a focus on sectors that have demonstrated growth and resilience. The entry into home construction and infrastructure may point to a strategic positioning to capture growth from economic recovery and potential infrastructure spending.
The slight reductions in significant holdings such as Novo Nordisk and Apple might be a part of risk management or profit-taking strategies. Overall, the fund's activities reflect a balance between maintaining positions in high-growth areas and seeking new opportunities in sectors poised for recovery or long-term growth.
The slight reductions in significant holdings such as Novo Nordisk and Apple might be a part of risk management or profit-taking strategies. Overall, the fund's activities reflect a balance between maintaining positions in high-growth areas and seeking new opportunities in sectors poised for recovery or long-term growth.
Sector specific insights:
• The fund has a notable presence in the Technology sector, with holdings in companies like Apple, Palantir, VeriSign, and new additions in semiconductor equipment, indicating a bullish stance on tech.
• The Healthcare sector also seems to be a significant area of focus, given the top position in Novo Nordisk and the reduction indicating a rebalance rather than a clear bearish stance.
• The new addition in the Consumer Discretionary sector with D.R. Horton suggests a belief in the stability or growth potential of the housing market.
• New additions in the Industrials sector and Energy sector show a diversification into infrastructure-related areas, which may be expected to benefit from economic recovery and investment.
• The reduction in Airbnb could reflect a rebalance post-pandemic recovery or a response to valuation concerns in the travel industry.
• The Healthcare sector also seems to be a significant area of focus, given the top position in Novo Nordisk and the reduction indicating a rebalance rather than a clear bearish stance.
• The new addition in the Consumer Discretionary sector with D.R. Horton suggests a belief in the stability or growth potential of the housing market.
• New additions in the Industrials sector and Energy sector show a diversification into infrastructure-related areas, which may be expected to benefit from economic recovery and investment.
• The reduction in Airbnb could reflect a rebalance post-pandemic recovery or a response to valuation concerns in the travel industry.
Legend:
1. Top 5 Holdings:
o NVO (Novo Nordisk A/S): Healthcare sector, specifically pharmaceuticals.
o AAPL (Apple Inc.): Technology sector, specifically consumer electronics and software.
o PLTR (Palantir Technologies Inc.): Technology sector, specifically software and data analytics.
o VRSN (VeriSign, Inc.): Technology sector, focusing on domain name registry services and internet security.
o BRKA (Berkshire Hathaway Inc.): Conglomerate holding company with diversified interests across multiple sectors, including insurance, utilities, rail transportation, and more.
2. Top 5 New Additions:
o DHI (D.R. Horton, Inc.): Consumer Discretionary sector, specifically home construction.
o VRT (Vertiv Holdings Co): Industrials sector, focusing on thermal management, power, and IT infrastructure.
o KLAC (KLA Corporation): Technology sector, specifically semiconductor equipment & materials.
o LRCX (Lam Research Corporation): Technology sector, also in semiconductor equipment.
o FI (Frank's International N.V.): Energy sector, specifically oil and gas equipment and services.
3. Top 5 Reduced Positions:
o NVO (Novo Nordisk A/S): A reduction in the Healthcare sector.
o AAPL (Apple Inc.): A slight reduction in the Technology sector.
o ABNB (Airbnb, Inc.): Consumer Discretionary sector, focusing on online marketplace for lodging and tourism services.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o GILD (Gilead Sciences, Inc.): Healthcare sector, biopharmaceuticals.
o NVO (Novo Nordisk A/S): Healthcare sector, specifically pharmaceuticals.
o AAPL (Apple Inc.): Technology sector, specifically consumer electronics and software.
o PLTR (Palantir Technologies Inc.): Technology sector, specifically software and data analytics.
o VRSN (VeriSign, Inc.): Technology sector, focusing on domain name registry services and internet security.
o BRKA (Berkshire Hathaway Inc.): Conglomerate holding company with diversified interests across multiple sectors, including insurance, utilities, rail transportation, and more.
2. Top 5 New Additions:
o DHI (D.R. Horton, Inc.): Consumer Discretionary sector, specifically home construction.
o VRT (Vertiv Holdings Co): Industrials sector, focusing on thermal management, power, and IT infrastructure.
o KLAC (KLA Corporation): Technology sector, specifically semiconductor equipment & materials.
o LRCX (Lam Research Corporation): Technology sector, also in semiconductor equipment.
o FI (Frank's International N.V.): Energy sector, specifically oil and gas equipment and services.
3. Top 5 Reduced Positions:
o NVO (Novo Nordisk A/S): A reduction in the Healthcare sector.
o AAPL (Apple Inc.): A slight reduction in the Technology sector.
o ABNB (Airbnb, Inc.): Consumer Discretionary sector, focusing on online marketplace for lodging and tourism services.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o GILD (Gilead Sciences, Inc.): Healthcare sector, biopharmaceuticals.
Cliff Asness -AQR Capital
Summary:
Cliff Asness's fund appears to maintain a strong core in technology companies known for their robust performance while diversifying into other sectors that offer potential for growth or value. The slight reductions in significant holdings may indicate subtle shifts in strategy rather than significant sentiment changes.
The fund’s approach reflects a balance between investing in high-growth areas and seeking new opportunities in other industries poised for recovery or consistent performance.
The fund’s approach reflects a balance between investing in high-growth areas and seeking new opportunities in other industries poised for recovery or consistent performance.
Sector specific insights:
• The fund is heavily weighted in the Technology sector, with the top holdings being major tech companies that have consistent growth and a strong market presence.
• The Communication Services sector also forms a significant part of the portfolio, despite slight reductions in major players like Alphabet and Meta Platforms.
• New additions indicate diversification into the Materials, Consumer Discretionary, Industrials, and Healthcare sectors. These investments could be looking to capitalize on different market trends, such as healthcare innovation and infrastructure development.
• The reduced positions in tech giants and a major retailer (Walmart) suggest profit-taking or portfolio rebalancing rather than a bearish stance on these sectors
• The Communication Services sector also forms a significant part of the portfolio, despite slight reductions in major players like Alphabet and Meta Platforms.
• New additions indicate diversification into the Materials, Consumer Discretionary, Industrials, and Healthcare sectors. These investments could be looking to capitalize on different market trends, such as healthcare innovation and infrastructure development.
• The reduced positions in tech giants and a major retailer (Walmart) suggest profit-taking or portfolio rebalancing rather than a bearish stance on these sectors
Legend:
1. Top 5 Holdings:
o AAPL (Apple Inc.): Technology sector, focusing on consumer electronics and software.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
o GOOGL (Alphabet Inc.): Communication Services sector, focusing on internet content, services, and technology.
o CSCO (Cisco Systems, Inc.): Technology sector, focusing on networking hardware and telecommunications equipment.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
2. Top 5 New Additions:
o IFF (International Flavors & Fragrances Inc.): Materials sector, specifically specialty chemicals.
o GO (Grocery Outlet Holding Corp.): Consumer Discretionary sector, focusing on discount supermarkets.
o SPR (Spirit AeroSystems Holdings, Inc.): Industrials sector, specifically aerospace and defense.
o CNM (Core & Main, Inc.): Industrials sector, focusing on water, sewer, and fire protection products.
o OMCL (Omnicell, Inc.): Healthcare sector, focusing on medication and supply dispensing automation.
3. Top 5 Reduced Positions:
o AAPL (Apple Inc.): A slight reduction in the Technology sector.
o GOOGL (Alphabet Inc.): Reduced position in the Communication Services sector.
o META (Meta Platforms, Inc., formerly Facebook): Communication Services sector, focusing on social media and technology.
o WMT (Walmart Inc.): Consumer Staples sector, focusing on retail.
o CI (Cigna Corporation): Healthcare sector, specifically managed healthcare and insurance services.
o AAPL (Apple Inc.): Technology sector, focusing on consumer electronics and software.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
o GOOGL (Alphabet Inc.): Communication Services sector, focusing on internet content, services, and technology.
o CSCO (Cisco Systems, Inc.): Technology sector, focusing on networking hardware and telecommunications equipment.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
2. Top 5 New Additions:
o IFF (International Flavors & Fragrances Inc.): Materials sector, specifically specialty chemicals.
o GO (Grocery Outlet Holding Corp.): Consumer Discretionary sector, focusing on discount supermarkets.
o SPR (Spirit AeroSystems Holdings, Inc.): Industrials sector, specifically aerospace and defense.
o CNM (Core & Main, Inc.): Industrials sector, focusing on water, sewer, and fire protection products.
o OMCL (Omnicell, Inc.): Healthcare sector, focusing on medication and supply dispensing automation.
3. Top 5 Reduced Positions:
o AAPL (Apple Inc.): A slight reduction in the Technology sector.
o GOOGL (Alphabet Inc.): Reduced position in the Communication Services sector.
o META (Meta Platforms, Inc., formerly Facebook): Communication Services sector, focusing on social media and technology.
o WMT (Walmart Inc.): Consumer Staples sector, focusing on retail.
o CI (Cigna Corporation): Healthcare sector, specifically managed healthcare and insurance services.
Man Group PLC
Summary:
Man Group plc's investment strategy appears to be heavily focused on technology, with a particular emphasis on software, cloud services, and semiconductors, reflecting confidence in these sectors' long-term growth prospects.
The reductions in various other sectors may indicate a strategic rebalancing, potentially to take advantage of market movements or align with changing risk assessments. The portfolio shows a blend of steady bets in tech giants with potential for high growth while also maintaining diversification across different industries.
The reductions in various other sectors may indicate a strategic rebalancing, potentially to take advantage of market movements or align with changing risk assessments. The portfolio shows a blend of steady bets in tech giants with potential for high growth while also maintaining diversification across different industries.
Sector specific insights:
• The fund's top holdings and new additions suggest a strong bullish sentiment on the Technology sector, which is known for growth and innovation.
• The presence of Alphabet Inc. in top holdings indicates an interest in the Communication Services sector, particularly companies with robust digital platforms.
• The reduced positions in TSM could suggest a nuanced view of the semiconductor industry, possibly due to market conditions or to capture gains.
• Reductions in companies like Trane Technologies, PepsiCo, and Newmont Corporation could be strategic divestments to reallocate capital to areas with higher expected returns.
• The presence of Alphabet Inc. in top holdings indicates an interest in the Communication Services sector, particularly companies with robust digital platforms.
• The reduced positions in TSM could suggest a nuanced view of the semiconductor industry, possibly due to market conditions or to capture gains.
• Reductions in companies like Trane Technologies, PepsiCo, and Newmont Corporation could be strategic divestments to reallocate capital to areas with higher expected returns.
Legend:
1. Top 5 Holdings:
o MSFT (Microsoft Corporation): Technology sector, specifically software and cloud services.
o AAPL (Apple Inc.): Technology sector, focusing on consumer electronics, computer software, and online services.
o NVDA (NVIDIA Corporation): Technology sector, specifically in graphics processors and related technologies.
o GOOGL (Alphabet Inc.): Communication Services sector, primarily internet content and services.
o TSM (Taiwan Semiconductor Manufacturing Company): Technology sector, specifically semiconductor manufacturing.
2. Top 5 New Additions:
o No new additions.
3. Top 5 Reduced Positions:
o TSM (Taiwan Semiconductor Manufacturing Company): Even though it's among the top holdings, there's been a reduction, potentially indicating profit-taking or rebalancing.
o TT (Trane Technologies plc): Industrials sector, specifically industrial machinery and climate control solutions.
o PEP (PepsiCo, Inc.): Consumer Staples sector, focusing on food, snack, and beverage production.
o SNPS (Synopsys, Inc.): Technology sector, software for semiconductor design.
o NEM (Newmont Corporation): Basic Materials sector, specifically gold mining.
o MSFT (Microsoft Corporation): Technology sector, specifically software and cloud services.
o AAPL (Apple Inc.): Technology sector, focusing on consumer electronics, computer software, and online services.
o NVDA (NVIDIA Corporation): Technology sector, specifically in graphics processors and related technologies.
o GOOGL (Alphabet Inc.): Communication Services sector, primarily internet content and services.
o TSM (Taiwan Semiconductor Manufacturing Company): Technology sector, specifically semiconductor manufacturing.
2. Top 5 New Additions:
o No new additions.
3. Top 5 Reduced Positions:
o TSM (Taiwan Semiconductor Manufacturing Company): Even though it's among the top holdings, there's been a reduction, potentially indicating profit-taking or rebalancing.
o TT (Trane Technologies plc): Industrials sector, specifically industrial machinery and climate control solutions.
o PEP (PepsiCo, Inc.): Consumer Staples sector, focusing on food, snack, and beverage production.
o SNPS (Synopsys, Inc.): Technology sector, software for semiconductor design.
o NEM (Newmont Corporation): Basic Materials sector, specifically gold mining.
Kevin Jacobs - Voloridge Investment
Summary:
Voloridge Investment's strategy suggests a balanced approach to portfolio construction, maintaining a core focus on growth-oriented sectors such as technology while being diversified across traditional sectors like consumer staples and industrials. The new additions reflect an interest in capturing growth in the evolving financial services landscape and tech-enabled consumer services.
The reductions seem to be in areas that may be perceived as having less upside potential or where the fund is taking profits after a period of growth. Overall, the fund appears to be positioning for both stability and growth, leveraging both traditional industries and emerging technologies.
The reductions seem to be in areas that may be perceived as having less upside potential or where the fund is taking profits after a period of growth. Overall, the fund appears to be positioning for both stability and growth, leveraging both traditional industries and emerging technologies.
Sector specific insights:
• The fund's top holdings show a diverse mix across several sectors with a slight emphasis on the Consumer Discretionary and Technology sectors.
• New additions indicate a bullish view on the Financials sector with the addition of TFC, as well as continued interest in the Technology and Communication Services sectors with META and a major investment in TSLA.
• The Industrials sector also appears to be of interest with the addition of RTX.
• Reduced positions in established companies like Coca-Cola and Berkshire Hathaway could reflect profit-taking or a rebalancing of the portfolio rather than a bearish outlook on these sectors.
• New additions indicate a bullish view on the Financials sector with the addition of TFC, as well as continued interest in the Technology and Communication Services sectors with META and a major investment in TSLA.
• The Industrials sector also appears to be of interest with the addition of RTX.
• Reduced positions in established companies like Coca-Cola and Berkshire Hathaway could reflect profit-taking or a rebalancing of the portfolio rather than a bearish outlook on these sectors.
Legend:
1. Top 5 Holdings:
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o KO (The Coca-Cola Company): Consumer Staples sector, specifically beverages.
o NKE (Nike, Inc.): Consumer Discretionary sector, specifically footwear and apparel.
o AZO (AutoZone, Inc.): Consumer Discretionary sector, specifically automotive parts and retail.
o ELV (Elevance Health, previously known as Anthem): Healthcare sector, specifically managed healthcare and insurance services.
2. Top 5 New Additions:
o TFC (Truist Financial Corporation): Financials sector, specifically banking and financial services.
o META (Meta Platforms, Inc., formerly Facebook): Communication Services sector, focusing on social media and technology.
o TSLA (Tesla, Inc.): Consumer Discretionary sector, specifically electric vehicles and clean energy.
o RTX (Raytheon Technologies Corporation): Industrials sector, specifically aerospace and defense.
o ABNB (Airbnb, Inc.): Consumer Discretionary sector, specifically online marketplace for lodging and tourism services.
3. Top 5 Reduced Positions:
o KO (The Coca-Cola Company): A reduction in Consumer Staples, suggesting a potential shift away from beverages.
o COIN (Coinbase Global, Inc.): Financials sector, specifically cryptocurrency exchange platform, indicating a reduced position in a high-volatility market.
o CVS (CVS Health Corporation): Healthcare sector, specifically health and pharmaceutical services.
o ZM (Zoom Video Communications, Inc.): Technology sector, specifically video communications.
o BRK.B (Berkshire Hathaway Inc. Class B): Diversified conglomerate holding company with interests across multiple sectors.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o KO (The Coca-Cola Company): Consumer Staples sector, specifically beverages.
o NKE (Nike, Inc.): Consumer Discretionary sector, specifically footwear and apparel.
o AZO (AutoZone, Inc.): Consumer Discretionary sector, specifically automotive parts and retail.
o ELV (Elevance Health, previously known as Anthem): Healthcare sector, specifically managed healthcare and insurance services.
2. Top 5 New Additions:
o TFC (Truist Financial Corporation): Financials sector, specifically banking and financial services.
o META (Meta Platforms, Inc., formerly Facebook): Communication Services sector, focusing on social media and technology.
o TSLA (Tesla, Inc.): Consumer Discretionary sector, specifically electric vehicles and clean energy.
o RTX (Raytheon Technologies Corporation): Industrials sector, specifically aerospace and defense.
o ABNB (Airbnb, Inc.): Consumer Discretionary sector, specifically online marketplace for lodging and tourism services.
3. Top 5 Reduced Positions:
o KO (The Coca-Cola Company): A reduction in Consumer Staples, suggesting a potential shift away from beverages.
o COIN (Coinbase Global, Inc.): Financials sector, specifically cryptocurrency exchange platform, indicating a reduced position in a high-volatility market.
o CVS (CVS Health Corporation): Healthcare sector, specifically health and pharmaceutical services.
o ZM (Zoom Video Communications, Inc.): Technology sector, specifically video communications.
o BRK.B (Berkshire Hathaway Inc. Class B): Diversified conglomerate holding company with interests across multiple sectors.
Stock Picker Funds
Stock picker funds are actively managed investment funds where fund managers select stocks based on detailed analysis and their expertise. These funds aim to outperform market indices by carefully choosing individual stocks, appealing to investors who prefer active management and specialized investment judgment.
Bill Ackman -Pershing Square Capital
Summary:
Bill Ackman's fund appears to be strategically positioned in industries that benefit from consumer spending. The concentration in the Consumer Discretionary sector could be based on a thesis that these industries have robust growth potential, especially as the economy recovers from the effects of the pandemic and consumers resume more normal activities.
The reduction in Lowe's position may reflect a strategic choice to lock in gains from the home improvement retailer's strong performance during the pandemic. Overall, the portfolio seems to be focused on capitalizing on market trends that benefit from a reopening economy.
The reduction in Lowe's position may reflect a strategic choice to lock in gains from the home improvement retailer's strong performance during the pandemic. Overall, the portfolio seems to be focused on capitalizing on market trends that benefit from a reopening economy.
Sector specific insights:
• The fund's top holdings show a strong bullish sentiment on the Consumer Discretionary sector, particularly within the restaurant and hospitality industries, and home improvement retail. This indicates confidence in consumer spending and the potential for growth as economic conditions improve, such as post-pandemic recovery.
• The reduction in LOW, despite being a significant holding, might suggest risk management or taking profits, considering the stock's performance.
• The reduction in LOW, despite being a significant holding, might suggest risk management or taking profits, considering the stock's performance.
Legend:
1. Top 5 Holdings:
o CMG (Chipotle Mexican Grill, Inc.): Consumer Discretionary sector, focusing on restaurants.
o QSR (Restaurant Brands International Inc.): Consumer Discretionary sector, also in the field of restaurants.
o HLT (Hilton Worldwide Holdings Inc.): Consumer Discretionary sector, specifically in the hospitality and hotels industry.
o LOW (Lowe's Companies, Inc.): Consumer Discretionary sector, focusing on home improvement retail.
o HHH: This ticker does not correspond to a widely recognized publicly traded company and may refer to an ETF or other financial instrument. Without more context, it's difficult to determine the sector.
2. Top 5 New Additions:
o No new additions to the portfolio.
3. Top 5 Reduced Positions:
o LOW (Lowe's Companies, Inc.): The reduced position in Lowe's, while it is also one of the top holdings, suggests a rebalancing in the Consumer Discretionary sector, likely due to portfolio management reasons rather than a bearish outlook.
o CMG (Chipotle Mexican Grill, Inc.): Consumer Discretionary sector, focusing on restaurants.
o QSR (Restaurant Brands International Inc.): Consumer Discretionary sector, also in the field of restaurants.
o HLT (Hilton Worldwide Holdings Inc.): Consumer Discretionary sector, specifically in the hospitality and hotels industry.
o LOW (Lowe's Companies, Inc.): Consumer Discretionary sector, focusing on home improvement retail.
o HHH: This ticker does not correspond to a widely recognized publicly traded company and may refer to an ETF or other financial instrument. Without more context, it's difficult to determine the sector.
2. Top 5 New Additions:
o No new additions to the portfolio.
3. Top 5 Reduced Positions:
o LOW (Lowe's Companies, Inc.): The reduced position in Lowe's, while it is also one of the top holdings, suggests a rebalancing in the Consumer Discretionary sector, likely due to portfolio management reasons rather than a bearish outlook.
John Rogers - Ariel Investments
Summary:
John Rogers' fund appears to maintain a diversified approach, with investments spanning consumer discretionary, communication services, industrials, and staples, reflecting a balance between growth potential and steady consumer demand. The new additions point towards opportunistic plays in energy and international equities, perhaps seeking to capitalize on market recoveries and global diversification.
The slight reductions across several of the top holdings may be part of ongoing portfolio adjustments in response to market movements or to achieve targeted allocations. Overall, the fund's actions reflect a strategy of active management with a focus on both sector-specific and broad market opportunities.
The slight reductions across several of the top holdings may be part of ongoing portfolio adjustments in response to market movements or to achieve targeted allocations. Overall, the fund's actions reflect a strategy of active management with a focus on both sector-specific and broad market opportunities.
Sector specific insights:
• The fund's top holdings show a significant interest in the Consumer Discretionary and Communication Services sectors, reflecting a bullish view on consumer spending and entertainment.
• The new additions in energy (CVX) and international stocks (VXUS) suggest a diversification strategy and a bullish outlook on global stock markets and the energy sector's potential rebound.
• The reductions across a variety of sectors, including consumer goods, industrials, and technology, might indicate portfolio rebalancing to lock in gains or manage concentration risks.
• The new additions in energy (CVX) and international stocks (VXUS) suggest a diversification strategy and a bullish outlook on global stock markets and the energy sector's potential rebound.
• The reductions across a variety of sectors, including consumer goods, industrials, and technology, might indicate portfolio rebalancing to lock in gains or manage concentration risks.
Legend:
1. Top 5 Holdings:
o MAT (Mattel, Inc.): Consumer Discretionary sector, focusing on toys and entertainment.
o BIDU (Baidu, Inc.): Communication Services sector, specifically internet services and AI technology.
o KMT (Kennametal Inc.): Industrials sector, focusing on tooling and materials technology.
o MSGE (Madison Square Garden Entertainment Corp.): Communication Services sector, focusing on live entertainment and sports.
o PM (Philip Morris International Inc.): Consumer Staples sector, specifically tobacco.
2. Top 5 New Additions:
o PHIN (Phinia Inc.): COnsumer cyclical, specifically auto parts
o CVX (Chevron Corporation): Energy sector, specifically oil and gas.
o KVUE (Kenvue Inc): Consumer defensive, specifically household & personal products
o VXUS (Vanguard Total International Stock ETF): This ETF provides exposure to a broad range of international stocks across multiple sectors.
o FTRE (Fortrea Holdings Inc): Healthcare, spcifically biotechnology
3. Top 5 Reduced Positions:
o MAT (Mattel, Inc.): The reduction mirrors the top holding, suggesting a rebalancing rather than a bearish turn.
o BIDU (Baidu, Inc.): A reduction in a significant tech holding could indicate risk management or taking profits.
o KMT (Kennametal Inc.): Reduced position in the Industrials sector.
o PM (Philip Morris International Inc.): Slight reduction in Consumer Staples, specifically tobacco.
o GNTX (Gentex Corporation): Consumer Discretionary sector, focusing on automotive parts.
o MAT (Mattel, Inc.): Consumer Discretionary sector, focusing on toys and entertainment.
o BIDU (Baidu, Inc.): Communication Services sector, specifically internet services and AI technology.
o KMT (Kennametal Inc.): Industrials sector, focusing on tooling and materials technology.
o MSGE (Madison Square Garden Entertainment Corp.): Communication Services sector, focusing on live entertainment and sports.
o PM (Philip Morris International Inc.): Consumer Staples sector, specifically tobacco.
2. Top 5 New Additions:
o PHIN (Phinia Inc.): COnsumer cyclical, specifically auto parts
o CVX (Chevron Corporation): Energy sector, specifically oil and gas.
o KVUE (Kenvue Inc): Consumer defensive, specifically household & personal products
o VXUS (Vanguard Total International Stock ETF): This ETF provides exposure to a broad range of international stocks across multiple sectors.
o FTRE (Fortrea Holdings Inc): Healthcare, spcifically biotechnology
3. Top 5 Reduced Positions:
o MAT (Mattel, Inc.): The reduction mirrors the top holding, suggesting a rebalancing rather than a bearish turn.
o BIDU (Baidu, Inc.): A reduction in a significant tech holding could indicate risk management or taking profits.
o KMT (Kennametal Inc.): Reduced position in the Industrials sector.
o PM (Philip Morris International Inc.): Slight reduction in Consumer Staples, specifically tobacco.
o GNTX (Gentex Corporation): Consumer Discretionary sector, focusing on automotive parts.
David Tepper - Appaloosa Holdings
Summary:
David Tepper's fund seems to focus on high-growth tech companies with strong market positions while remaining aware of the sector's volatility, as evidenced by reductions in semiconductor stocks. The addition of BEKE represents a diversification into market segments poised for innovation-driven growth.
The significant reductions in holdings like Alibaba and Baidu might reflect a strategic response to geopolitical tensions and regulatory uncertainties affecting Chinese tech companies. Overall, the fund's strategy appears to balance high-conviction bets in leading technology and communication services companies with careful management of sector-specific and geopolitical risks.
The significant reductions in holdings like Alibaba and Baidu might reflect a strategic response to geopolitical tensions and regulatory uncertainties affecting Chinese tech companies. Overall, the fund's strategy appears to balance high-conviction bets in leading technology and communication services companies with careful management of sector-specific and geopolitical risks.
Sector specific insights:
• The fund's top holdings suggest a bullish stance on the Technology and Communication Services sectors, with major investments in companies that are leaders in software, social media, e-commerce, and semiconductors.
• The new addition of BEKE indicates an interest in expanding into the Real Estate sector, specifically companies that leverage technology to disrupt traditional markets.
• The reduced positions in technology companies like AMD, INTC, and QCOM may suggest profit-taking or a strategic reduction in exposure to the semiconductor industry.
• The reduction in BABA could indicate concerns about regulatory risks or a bearish view on specific aspects of the Chinese technology market.
• The new addition of BEKE indicates an interest in expanding into the Real Estate sector, specifically companies that leverage technology to disrupt traditional markets.
• The reduced positions in technology companies like AMD, INTC, and QCOM may suggest profit-taking or a strategic reduction in exposure to the semiconductor industry.
• The reduction in BABA could indicate concerns about regulatory risks or a bearish view on specific aspects of the Chinese technology market.
Legend:
1. Top 5 Holdings:
o META (Meta Platforms, Inc.): Communication Services sector, specifically social media and technology.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, focusing on e-commerce and cloud computing.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o GOOG (Alphabet Inc.): Communication Services sector, primarily internet content and services.
2. Top 5 New Additions:
o BEKE (KE Holdings Inc.): Real Estate sector, specifically technology-based real estate services.
3. Top 5 Reduced Positions:
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector, focusing on e-commerce and technology.
o AMD (Advanced Micro Devices, Inc.): Technology sector, specifically semiconductors.
o INTC (Intel Corporation): Technology sector, also semiconductors.
o QCOM (Qualcomm Incorporated): Technology sector, specifically semiconductors and telecommunications equipment.
o BIDU (Baidu, Inc.): Communication Services sector, specifically internet services and AI technology
o META (Meta Platforms, Inc.): Communication Services sector, specifically social media and technology.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, focusing on e-commerce and cloud computing.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o GOOG (Alphabet Inc.): Communication Services sector, primarily internet content and services.
2. Top 5 New Additions:
o BEKE (KE Holdings Inc.): Real Estate sector, specifically technology-based real estate services.
3. Top 5 Reduced Positions:
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector, focusing on e-commerce and technology.
o AMD (Advanced Micro Devices, Inc.): Technology sector, specifically semiconductors.
o INTC (Intel Corporation): Technology sector, also semiconductors.
o QCOM (Qualcomm Incorporated): Technology sector, specifically semiconductors and telecommunications equipment.
o BIDU (Baidu, Inc.): Communication Services sector, specifically internet services and AI technology
Rajiv Jain -GQG Partners
Summary:
GQG Partners LLC appears to have a clear focus on technology-driven growth, along with a strategic presence in the energy sector. The reductions in Alphabet and Amazon, while still maintaining them as part of the top holdings, may signal an intent to capture gains while still believing in their fundamental strength.
The addition of Canadian Natural Resources and Uber indicates an opportunistic approach to sectors that could benefit from economic reopening and rising energy prices. Overall, the portfolio seems to be balanced between steady tech giants and dynamic sectors poised for growth or recovery.
The addition of Canadian Natural Resources and Uber indicates an opportunistic approach to sectors that could benefit from economic reopening and rising energy prices. Overall, the portfolio seems to be balanced between steady tech giants and dynamic sectors poised for growth or recovery.
Sector specific insights:
• The fund's top holdings show a bullish stance on the Technology and Communication Services sectors, with significant investments in high-profile tech companies that have both growth and market dominance.
• The new additions reflect a continued bullish sentiment on the Energy sector, as well as targeted growth opportunities in streaming entertainment and healthcare technology.
• The reduction in Alphabet and Amazon may indicate a reevaluation of risk or a response to market conditions, potentially reallocating resources to areas with more upside potential or lower valuations.
• The new additions reflect a continued bullish sentiment on the Energy sector, as well as targeted growth opportunities in streaming entertainment and healthcare technology.
• The reduction in Alphabet and Amazon may indicate a reevaluation of risk or a response to market conditions, potentially reallocating resources to areas with more upside potential or lower valuations.
Legend:
1. Top 5 Holdings:
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o META (Meta Platforms, Inc.): Communication Services sector, particularly social media and technology.
o PBR (Petróleo Brasileiro S.A. - Petrobras): Energy sector, specifically oil and gas.
o GOOG (Alphabet Inc.): Communication Services sector, primarily internet content and services.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
2. Top 5 New Additions:
o CNQ (Canadian Natural Resources Limited): Energy sector, specifically oil and gas exploration and production.
o NFLX (Netflix, Inc.): Communication Services sector, specifically entertainment content streaming.
o ARM (Arm Holdings plc): Technology, specifically semiconductors
o ISRG (Intuitive Surgical, Inc.): Healthcare sector, specifically medical devices and robotic surgical systems.
o UBER (Uber Technologies, Inc.): Technology sector, focusing on ride-sharing and food delivery services.
3. Top 5 Reduced Positions:
o GOOG (Alphabet Inc.): The reduced position in this tech giant might suggest profit-taking or a strategic portfolio adjustment.
o UNH (UnitedHealth Group Incorporated): Healthcare sector, specifically health insurance and healthcare services.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, focusing on e-commerce and cloud computing services.
o LRCX (Lam Research Corporation): Technology sector, specifically semiconductor equipment.
o V (Visa Inc.): Financials sector, specifically electronic payments processing.
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o META (Meta Platforms, Inc.): Communication Services sector, particularly social media and technology.
o PBR (Petróleo Brasileiro S.A. - Petrobras): Energy sector, specifically oil and gas.
o GOOG (Alphabet Inc.): Communication Services sector, primarily internet content and services.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
2. Top 5 New Additions:
o CNQ (Canadian Natural Resources Limited): Energy sector, specifically oil and gas exploration and production.
o NFLX (Netflix, Inc.): Communication Services sector, specifically entertainment content streaming.
o ARM (Arm Holdings plc): Technology, specifically semiconductors
o ISRG (Intuitive Surgical, Inc.): Healthcare sector, specifically medical devices and robotic surgical systems.
o UBER (Uber Technologies, Inc.): Technology sector, focusing on ride-sharing and food delivery services.
3. Top 5 Reduced Positions:
o GOOG (Alphabet Inc.): The reduced position in this tech giant might suggest profit-taking or a strategic portfolio adjustment.
o UNH (UnitedHealth Group Incorporated): Healthcare sector, specifically health insurance and healthcare services.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, focusing on e-commerce and cloud computing services.
o LRCX (Lam Research Corporation): Technology sector, specifically semiconductor equipment.
o V (Visa Inc.): Financials sector, specifically electronic payments processing.
Mackenzie Davis - Sailing Stone
Summary:
SailingStone Capital appears to have a strategy centered on core sectors with essential goods and services, such as energy and materials, which are likely to have stable demand. The reductions in certain holdings suggest active portfolio management to optimize the fund's positions.
The exit from NextEra Energy could be part of a strategic shift towards more traditional energy companies or a response to specific company or sector developments. Overall, the investment choices reflect a focus on sectors with a clear long-term demand profile, coupled with tactical adjustments to the portfolio composition.
The exit from NextEra Energy could be part of a strategic shift towards more traditional energy companies or a response to specific company or sector developments. Overall, the investment choices reflect a focus on sectors with a clear long-term demand profile, coupled with tactical adjustments to the portfolio composition.
Sector specific insights:
• The fund's top holdings suggest a focus on the Energy and Basic Materials sectors, with significant investments in traditional energy and materials companies. This indicates a bullish stance on industries that are essential for economic activity and may benefit from rising commodity prices or infrastructure development.
• The presence of LIN in the top holdings and reduced positions points to a complex view of the industrial gases market, possibly adjusting the position size based on performance or valuation metrics.
• The reduced position in RRC, an energy company, alongside the holding in EPD, another energy-related firm, could reflect a nuanced approach to different sub-sectors within the energy market.
• The reduction to zero in NextEra Energy might indicate a bearish stance on this particular utilities company or a strategic decision to exit the position entirely, possibly due to sector rotation or a shift in investment thesis
• The presence of LIN in the top holdings and reduced positions points to a complex view of the industrial gases market, possibly adjusting the position size based on performance or valuation metrics.
• The reduced position in RRC, an energy company, alongside the holding in EPD, another energy-related firm, could reflect a nuanced approach to different sub-sectors within the energy market.
• The reduction to zero in NextEra Energy might indicate a bearish stance on this particular utilities company or a strategic decision to exit the position entirely, possibly due to sector rotation or a shift in investment thesis
Legend:
1. Top 5 Holdings:
o IE: Without more context, it's challenging to identify the company or sector associated with this ticker.
o EPD (Enterprise Products Partners L.P.): Energy sector, specifically oil and gas midstream operations.
o CCJ (Cameco Corporation): Basic Materials sector, specifically uranium mining.
o LIN (Linde plc): Basic Materials sector, specifically industrial gases.
o MTAL (Metals Acquisition Limited): Basic material, specifically copper.
2. Top 5 New Additions:
o No new additions to the portfolio.
3. Top 5 Reduced Positions:
o CCJ (Cameco Corporation): Despite being a top holding, there's been a reduction in the position, which could suggest profit-taking or rebalancing.
o LIN (Linde plc): Similarly, a reduced position might indicate rebalancing in the portfolio.
o RRC (Range Resources Corporation): Energy sector, specifically natural gas and oil production.
o NEE (NextEra Energy, Inc.): Utilities sector, particularly electricity generation, transmission, and distribution.
o IE: Without more context, it's challenging to identify the company or sector associated with this ticker.
o EPD (Enterprise Products Partners L.P.): Energy sector, specifically oil and gas midstream operations.
o CCJ (Cameco Corporation): Basic Materials sector, specifically uranium mining.
o LIN (Linde plc): Basic Materials sector, specifically industrial gases.
o MTAL (Metals Acquisition Limited): Basic material, specifically copper.
2. Top 5 New Additions:
o No new additions to the portfolio.
3. Top 5 Reduced Positions:
o CCJ (Cameco Corporation): Despite being a top holding, there's been a reduction in the position, which could suggest profit-taking or rebalancing.
o LIN (Linde plc): Similarly, a reduced position might indicate rebalancing in the portfolio.
o RRC (Range Resources Corporation): Energy sector, specifically natural gas and oil production.
o NEE (NextEra Energy, Inc.): Utilities sector, particularly electricity generation, transmission, and distribution.
William Harnisch - Peconic Partners
Summary:
William Harnisch's fund seems to be heavily focused on the Industrials sector, possibly expecting increased infrastructure spending or growth in these services. The addition of CNK indicates a belief in the consumer discretionary sector's recovery.
The overall composition of the fund suggests a strong conviction in particular sectors rather than a broad market approach, likely looking for specific growth opportunities within these industries. The reductions hint at a strategic portfolio optimization rather than a sector-wide bearish view.
The overall composition of the fund suggests a strong conviction in particular sectors rather than a broad market approach, likely looking for specific growth opportunities within these industries. The reductions hint at a strategic portfolio optimization rather than a sector-wide bearish view.
Sector specific insights:
• The fund has a significant concentration in the Industrials sector, indicating a bullish stance on infrastructure-related services. This could reflect a view that infrastructure will be a key area of growth, especially considering potential government spending in this area.
• The new addition and the reduced position in CNK might indicate a new investment or a speculative play on the reopening of the economy and the return of consumers to movie theaters.
• The reduced position in UBER could suggest concerns about valuation or long-term profitability within the tech sector, or simply a portfolio rebalancing after assessing the risk-return profile.
• The new addition and the reduced position in CNK might indicate a new investment or a speculative play on the reopening of the economy and the return of consumers to movie theaters.
• The reduced position in UBER could suggest concerns about valuation or long-term profitability within the tech sector, or simply a portfolio rebalancing after assessing the risk-return profile.
Legend:
1. Top 5 Holdings:
o PWR (Quanta Services Inc.): Industrials sector, focusing on electrical power infrastructure.
o WCC (WESCO International, Inc.): Industrials sector, providing electrical and industrial maintenance, repair, and operating (MRO) supplies.
o DY (Dycom Industries, Inc.): Industrials sector, focusing on specialty contracting services.
o MTZ (MasTec, Inc.): Industrials sector, infrastructure construction for the energy, telecommunications, and other industries.
o CNK (Cinemark Holdings, Inc.): Communication Services sector, specifically entertainment and movie theaters.
2. Top 5 New Additions:
o CNK (Cinemark Holdings, Inc.): This addition suggests a bullish view on the recovery of the movie theater industry post-pandemic.
o SG: Without more context, it's difficult to identify the company associated with this ticker symbol.
3. Top 5 Reduced Positions:
o MTZ (MasTec, Inc.): The reduction in this industrials sector company might indicate profit-taking or rebalancing.
o UBER (Uber Technologies, Inc.): Technology sector, focusing on ride-sharing and food delivery services.
o ST (Sensata Technologies Holding plc ): Technology, Scientific & Technical Instruments
o VEEV(Veeva Systems Inc.) :Healthcare, specifically Health Information Services
o TWLO (Twilio Inc.) :Communication Services, specifically Internet Content & Information
o PWR (Quanta Services Inc.): Industrials sector, focusing on electrical power infrastructure.
o WCC (WESCO International, Inc.): Industrials sector, providing electrical and industrial maintenance, repair, and operating (MRO) supplies.
o DY (Dycom Industries, Inc.): Industrials sector, focusing on specialty contracting services.
o MTZ (MasTec, Inc.): Industrials sector, infrastructure construction for the energy, telecommunications, and other industries.
o CNK (Cinemark Holdings, Inc.): Communication Services sector, specifically entertainment and movie theaters.
2. Top 5 New Additions:
o CNK (Cinemark Holdings, Inc.): This addition suggests a bullish view on the recovery of the movie theater industry post-pandemic.
o SG: Without more context, it's difficult to identify the company associated with this ticker symbol.
3. Top 5 Reduced Positions:
o MTZ (MasTec, Inc.): The reduction in this industrials sector company might indicate profit-taking or rebalancing.
o UBER (Uber Technologies, Inc.): Technology sector, focusing on ride-sharing and food delivery services.
o ST (Sensata Technologies Holding plc ): Technology, Scientific & Technical Instruments
o VEEV(Veeva Systems Inc.) :Healthcare, specifically Health Information Services
o TWLO (Twilio Inc.) :Communication Services, specifically Internet Content & Information
Stepehen Sloan - Arcus Capital Partners
Summary:
Arcus Capital Partners appears to be strategically balancing growth and income in its top holdings, with a significant interest in the construction and consumer staples sectors. The new additions suggest an intent to capture value in industrials and financials, and the reductions in ETFs could reflect a strategic shift to more actively managed positions or individual securities. This approach indicates a dynamic asset allocation strategy that aims to respond to market conditions while maintaining a core focus on income and growth.
Sector specific insights:
• The fund's largest holdings in residential construction and dividend-focused ETFs indicate a bullish stance on sectors that can provide both growth and income.
• The new additions reflect a diversification strategy and a focus on industrials and financials, which could benefit from economic growth and market stability.
• The reduced positions in ETFs suggest possible reallocation towards individual stocks or other investment strategies, possibly to achieve a higher return potential.
• The new additions reflect a diversification strategy and a focus on industrials and financials, which could benefit from economic growth and market stability.
• The reduced positions in ETFs suggest possible reallocation towards individual stocks or other investment strategies, possibly to achieve a higher return potential.
Legend:
1. Top 5 Holdings:
o DFH (Dream Finders Homes, Inc.): Consumer Discretionary sector, specifically residential construction.
o JPST (JPMorgan Ultra-Short Income ETF): This ETF provides exposure to ultra-short-term fixed income securities, indicating a focus on income and stability.
o KO (The Coca-Cola Company): Consumer Staples sector, specifically beverages.
o CELH (Celsius Holdings, Inc.): Consumer Staples sector, focusing on functional beverages and supplements.
o DVY (iShares Select Dividend ETF): An ETF that tracks a select group of dividend-paying stocks, suggesting a preference for income-generating investments.
2. Top 5 New Additions:
o IR (Ingersoll Rand Inc.): Industrials sector, focusing on industrial manufacturing.
o WCN (Waste Connections, Inc.): Industrials sector, specifically waste management services.
o RSP (Invesco S&P 500 Equal Weight ETF): This ETF provides exposure to the S&P 500 with an equal-weighted approach across sectors.
o OBDC: This ticker symbol is not immediately recognizable, and without more context, it's difficult to determine the sector.
o WAL (Western Alliance Bancorporation): Financials sector, specifically banking services.
3. Top 5 Reduced Positions:
o JPST (JPMorgan Ultra-Short Income ETF): A reduced position in this ETF might suggest a shift towards more aggressive investments or a change in cash management strategy.
o KO (The Coca-Cola Company): A reduction in this staple might indicate profit-taking or rebalancing of the portfolio.
o IJH (iShares Core S&P Mid-Cap ETF): This ETF focuses on mid-cap stocks across various sectors. Reduction may reflect a shift in investment focus or risk appetite.
o IWM (iShares Russell 2000 ETF): An ETF that tracks small-cap stocks across various sectors. Reduction may suggest a move away from small-cap exposure.
o GSBD (Goldman Sachs BDC, Inc.): Financials sector, focusing on business development. Reduced position may indicate a strategic shift in the portfolio's fixed income or credit exposure.
o DFH (Dream Finders Homes, Inc.): Consumer Discretionary sector, specifically residential construction.
o JPST (JPMorgan Ultra-Short Income ETF): This ETF provides exposure to ultra-short-term fixed income securities, indicating a focus on income and stability.
o KO (The Coca-Cola Company): Consumer Staples sector, specifically beverages.
o CELH (Celsius Holdings, Inc.): Consumer Staples sector, focusing on functional beverages and supplements.
o DVY (iShares Select Dividend ETF): An ETF that tracks a select group of dividend-paying stocks, suggesting a preference for income-generating investments.
2. Top 5 New Additions:
o IR (Ingersoll Rand Inc.): Industrials sector, focusing on industrial manufacturing.
o WCN (Waste Connections, Inc.): Industrials sector, specifically waste management services.
o RSP (Invesco S&P 500 Equal Weight ETF): This ETF provides exposure to the S&P 500 with an equal-weighted approach across sectors.
o OBDC: This ticker symbol is not immediately recognizable, and without more context, it's difficult to determine the sector.
o WAL (Western Alliance Bancorporation): Financials sector, specifically banking services.
3. Top 5 Reduced Positions:
o JPST (JPMorgan Ultra-Short Income ETF): A reduced position in this ETF might suggest a shift towards more aggressive investments or a change in cash management strategy.
o KO (The Coca-Cola Company): A reduction in this staple might indicate profit-taking or rebalancing of the portfolio.
o IJH (iShares Core S&P Mid-Cap ETF): This ETF focuses on mid-cap stocks across various sectors. Reduction may reflect a shift in investment focus or risk appetite.
o IWM (iShares Russell 2000 ETF): An ETF that tracks small-cap stocks across various sectors. Reduction may suggest a move away from small-cap exposure.
o GSBD (Goldman Sachs BDC, Inc.): Financials sector, focusing on business development. Reduced position may indicate a strategic shift in the portfolio's fixed income or credit exposure.
Bob Robotti - Robotti Robert
Summary:
Bob Robotti's fund appears to be heavily invested in sectors tied to physical commodities and infrastructure, which may benefit from economic growth, inflation, or specific market cycles. The sizable position in Tidewater suggests a strong conviction in the offshore services market. The diversification into semiconductor services with AMKR indicates an interest in sectors that benefit from technological advancements.
The reductions across the fund's other significant holdings could signal a cautious approach to sector concentrations, aiming to capture gains while managing risk exposure. Overall, the fund's strategy seems to reflect an emphasis on sectors associated with physical goods and infrastructure, with adjustments reflecting ongoing market evaluation and risk management.
The reductions across the fund's other significant holdings could signal a cautious approach to sector concentrations, aiming to capture gains while managing risk exposure. Overall, the fund's strategy seems to reflect an emphasis on sectors associated with physical goods and infrastructure, with adjustments reflecting ongoing market evaluation and risk management.
Sector specific insights:
• The fund's largest holdings are concentrated in the Energy and Basic Materials sectors, indicating a bullish stance on industries that are fundamental to infrastructure and economic activity.
• The significant investment in TDW suggests a particular focus on the energy services industry.
• The new additions in technology (AMKR) and further investments in energy services (RNGR and SDRL) reflect a belief in the growth potential of these sectors.
• The reduced positions across a range of sectors, including industrials, materials, and energy, may suggest taking profits or a strategic shift to rebalance the portfolio.
• The significant investment in TDW suggests a particular focus on the energy services industry.
• The new additions in technology (AMKR) and further investments in energy services (RNGR and SDRL) reflect a belief in the growth potential of these sectors.
• The reduced positions across a range of sectors, including industrials, materials, and energy, may suggest taking profits or a strategic shift to rebalance the portfolio.
Legend:
1. Top 5 Holdings:
o TDW (Tidewater Inc.): Energy sector, focusing on offshore service vessels and marine support services.
o BLDR (Builders FirstSource, Inc.): Industrials sector, focusing on building products and services.
o LXU (LSB Industries, Inc.): Basic Materials sector, focusing on chemical manufacturing.
o WLK (Westlake Chemical Corporation): Basic Materials sector, specifically chemicals.
o WFG (West Fraser Timber Co. Ltd.): Basic Materials sector, focusing on wood products and forestry.
2. Top 5 New Additions:
o AMKR (Amkor Technology, Inc.): Technology sector, specifically semiconductor packaging and test services.
o RNGR (Ranger Energy Services, Inc.): Energy sector, focusing on contract drilling and well services.
o SDRL (Seadrill Limited): Energy sector, specifically offshore drilling services.
3. Top 5 Reduced Positions:
o BLDR (Builders FirstSource, Inc.): Despite being a top holding, there's been a reduction, suggesting a potential rebalancing.
o WLK (Westlake Chemical Corporation): A reduction in the chemicals industry, possibly indicating profit-taking or strategic allocation changes.
o WFG (West Fraser Timber Co. Ltd.): A reduction in the forestry sector.
o NE (Noble Corporation): Energy sector, focusing on offshore drilling services.
o SKY (Skyline Champion Corporation): Consumer Discretionary sector, focusing on manufactured housing and modular buildings
o TDW (Tidewater Inc.): Energy sector, focusing on offshore service vessels and marine support services.
o BLDR (Builders FirstSource, Inc.): Industrials sector, focusing on building products and services.
o LXU (LSB Industries, Inc.): Basic Materials sector, focusing on chemical manufacturing.
o WLK (Westlake Chemical Corporation): Basic Materials sector, specifically chemicals.
o WFG (West Fraser Timber Co. Ltd.): Basic Materials sector, focusing on wood products and forestry.
2. Top 5 New Additions:
o AMKR (Amkor Technology, Inc.): Technology sector, specifically semiconductor packaging and test services.
o RNGR (Ranger Energy Services, Inc.): Energy sector, focusing on contract drilling and well services.
o SDRL (Seadrill Limited): Energy sector, specifically offshore drilling services.
3. Top 5 Reduced Positions:
o BLDR (Builders FirstSource, Inc.): Despite being a top holding, there's been a reduction, suggesting a potential rebalancing.
o WLK (Westlake Chemical Corporation): A reduction in the chemicals industry, possibly indicating profit-taking or strategic allocation changes.
o WFG (West Fraser Timber Co. Ltd.): A reduction in the forestry sector.
o NE (Noble Corporation): Energy sector, focusing on offshore drilling services.
o SKY (Skyline Champion Corporation): Consumer Discretionary sector, focusing on manufactured housing and modular buildings
Eric Bannasch - Cadian Capital
Summary:
Eric Bannasch's fund seems to be positioned to capitalize on the continued growth and innovation within the technology sector, while also balancing its portfolio with companies in the communication services and healthcare sectors. The interest in fitness and electric vehicle charging points to a broader approach that includes lifestyle and sustainable technologies.
The reductions in certain technology positions may reflect a tactical approach to portfolio management, balancing between capturing growth and mitigating risk by adjusting allocations in response to market conditions or performance evaluations. The fund's strategy suggests a focus on both growth and innovation-driven industries, along with a readiness to adjust positions as opportunities and risks evolve
The reductions in certain technology positions may reflect a tactical approach to portfolio management, balancing between capturing growth and mitigating risk by adjusting allocations in response to market conditions or performance evaluations. The fund's strategy suggests a focus on both growth and innovation-driven industries, along with a readiness to adjust positions as opportunities and risks evolve
Sector specific insights:
• The fund's top holdings and new additions indicate a strong bullish sentiment on the Technology sector, particularly within software and cybersecurity. This suggests a belief in the sector's growth potential and its critical role in the current digital transformation era.
• Investments in the Healthcare sector and the Consumer Discretionary sector show a diversified strategy that also touches on areas with consumer interaction and essential services.
• The reduced positions in various technology stocks might indicate a strategy of profit-taking, or potentially a shift in conviction levels for these specific companies.
• Investments in the Healthcare sector and the Consumer Discretionary sector show a diversified strategy that also touches on areas with consumer interaction and essential services.
• The reduced positions in various technology stocks might indicate a strategy of profit-taking, or potentially a shift in conviction levels for these specific companies.
Legend:
o PANW (Palo Alto Networks, Inc.): Technology sector, focusing on cybersecurity solutions.
o CTLT (Catalent, Inc.): Healthcare sector, specializing in delivery technologies and development solutions for drugs and biologics.
o PLNT (Planet Fitness, Inc.): Consumer Discretionary sector, specifically in fitness and recreational sports centers.
o PCOR (Procore Technologies, Inc.): Technology sector, providing construction management software.
o HUBS (HubSpot, Inc.): Technology sector, focusing on inbound marketing, sales, and customer service software.
2. Top 5 New Additions:
o LSXMK (Liberty Media Corporation Series C Liberty SiriusXM Group): Communication Services sector, related to broadcasting and entertainment.
o LSXMA (Liberty Media Corporation Series A Liberty SiriusXM Group): Same as above.
o PRO (PROS Holdings, Inc.): Technology sector, providing AI-based solutions for commerce.
o SIRI (Sirius XM Holdings Inc.): Communication Services sector, providing satellite radio services.
o CHPT (ChargePoint Holdings, Inc.): Consumer Discretionary sector, focusing on electric vehicle charging networks.
3. Top 5 Reduced Positions:
o BRZE (Braze, Inc.): Technology sector, focusing on customer engagement platforms.
o PEGA (Pegasystems, Inc.): Technology sector, offering customer engagement and digital process automation software.
o NYT (The New York Times Company): Communication Services sector, specifically news and media.
o GOOGL (Alphabet Inc.): Communication Services sector, covering internet content and various digital services.
o DDOG (Datadog, Inc.): Technology sector, providing monitoring and analytics platform for developers, IT operations teams, and business users.
o CTLT (Catalent, Inc.): Healthcare sector, specializing in delivery technologies and development solutions for drugs and biologics.
o PLNT (Planet Fitness, Inc.): Consumer Discretionary sector, specifically in fitness and recreational sports centers.
o PCOR (Procore Technologies, Inc.): Technology sector, providing construction management software.
o HUBS (HubSpot, Inc.): Technology sector, focusing on inbound marketing, sales, and customer service software.
2. Top 5 New Additions:
o LSXMK (Liberty Media Corporation Series C Liberty SiriusXM Group): Communication Services sector, related to broadcasting and entertainment.
o LSXMA (Liberty Media Corporation Series A Liberty SiriusXM Group): Same as above.
o PRO (PROS Holdings, Inc.): Technology sector, providing AI-based solutions for commerce.
o SIRI (Sirius XM Holdings Inc.): Communication Services sector, providing satellite radio services.
o CHPT (ChargePoint Holdings, Inc.): Consumer Discretionary sector, focusing on electric vehicle charging networks.
3. Top 5 Reduced Positions:
o BRZE (Braze, Inc.): Technology sector, focusing on customer engagement platforms.
o PEGA (Pegasystems, Inc.): Technology sector, offering customer engagement and digital process automation software.
o NYT (The New York Times Company): Communication Services sector, specifically news and media.
o GOOGL (Alphabet Inc.): Communication Services sector, covering internet content and various digital services.
o DDOG (Datadog, Inc.): Technology sector, providing monitoring and analytics platform for developers, IT operations teams, and business users.
Tiger Funds
Tiger funds, named after the famous 'Tiger Management' hedge fund, typically follow a similar investment approach that blends macroeconomic analysis with stock picking. They often invest in a diverse range of assets, seeking high returns through both traditional and alternative strategies, appealing to risk-tolerant investors.
Chase Coleman -Tiger Global
Summary:
Chase Coleman's fund shows a strong focus on growth sectors with a significant presence in technology-driven companies. The new additions reflect an opportunistic approach, targeting companies expected to benefit from digital transformation trends and changing consumer behavior.
The fund’s strategy appears to be leveraging high-growth potential while actively managing its holdings to respond to market changes, suggesting a dynamic approach to portfolio management.
The fund’s strategy appears to be leveraging high-growth potential while actively managing its holdings to respond to market changes, suggesting a dynamic approach to portfolio management.
Sector specific insights:
• The fund is heavily invested in the Communication Services and Technology sectors, demonstrating a bullish stance on companies that lead in social media, software, and cloud services.
• The Financials sector is also a key area, with Apollo Global Management being among the top holdings, though there has been a notable reduction.
• New additions indicate an interest in expanding into technology platforms that cater to specific industry needs (like Procore Technologies) and consumer services that have gained traction during the pandemic (like Pinduoduo and DoorDash).
• The reduced positions in tech and financial companies may suggest a strategy to capture profits from sectors that have experienced significant growth or to reduce exposure in anticipation of market shifts.
• The Financials sector is also a key area, with Apollo Global Management being among the top holdings, though there has been a notable reduction.
• New additions indicate an interest in expanding into technology platforms that cater to specific industry needs (like Procore Technologies) and consumer services that have gained traction during the pandemic (like Pinduoduo and DoorDash).
• The reduced positions in tech and financial companies may suggest a strategy to capture profits from sectors that have experienced significant growth or to reduce exposure in anticipation of market shifts.
Legend:
1. Top 5 Holdings:
o META (Meta Platforms, Inc.): Communication Services sector, focusing on social media and technology.
o MSFT (Microsoft Corporation): Technology sector, specifically software and cloud services.
o APO (Apollo Global Management, Inc.): Financials sector, focusing on asset management and private equity.
o TTWO (Take-Two Interactive Software, Inc.): Communication Services sector, specifically interactive entertainment and gaming.
o GOOG (Alphabet Inc.): Communication Services sector, primarily internet content and services.
2. Top 5 New Additions:
o ESTC (Elastic N.V.): Technology sector, focusing on search and data analytics software.
o PDD (Pinduoduo Inc.): Consumer Discretionary sector, specifically e-commerce in China.
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector, also e-commerce and cloud computing in China.
o DASH (DoorDash, Inc.): Consumer Discretionary sector, focusing on food delivery services.
o PCOR (Procore Technologies, Inc.): Technology sector, providing construction management software.
3. Top 5 Reduced Positions:
o APO (Apollo Global Management, Inc.): Despite being a top holding, there's been a reduction, possibly due to rebalancing.
o NOW (ServiceNow, Inc.): Technology sector, specifically enterprise cloud computing.
o JD (JD.com, Inc.): Consumer Discretionary sector, another major e-commerce player in China.
o INTU (Intuit Inc.): Technology sector, focusing on financial software.
o FLT (FleetCor Technologies, Inc.): Information Technology sector, specializing in business payments
o META (Meta Platforms, Inc.): Communication Services sector, focusing on social media and technology.
o MSFT (Microsoft Corporation): Technology sector, specifically software and cloud services.
o APO (Apollo Global Management, Inc.): Financials sector, focusing on asset management and private equity.
o TTWO (Take-Two Interactive Software, Inc.): Communication Services sector, specifically interactive entertainment and gaming.
o GOOG (Alphabet Inc.): Communication Services sector, primarily internet content and services.
2. Top 5 New Additions:
o ESTC (Elastic N.V.): Technology sector, focusing on search and data analytics software.
o PDD (Pinduoduo Inc.): Consumer Discretionary sector, specifically e-commerce in China.
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector, also e-commerce and cloud computing in China.
o DASH (DoorDash, Inc.): Consumer Discretionary sector, focusing on food delivery services.
o PCOR (Procore Technologies, Inc.): Technology sector, providing construction management software.
3. Top 5 Reduced Positions:
o APO (Apollo Global Management, Inc.): Despite being a top holding, there's been a reduction, possibly due to rebalancing.
o NOW (ServiceNow, Inc.): Technology sector, specifically enterprise cloud computing.
o JD (JD.com, Inc.): Consumer Discretionary sector, another major e-commerce player in China.
o INTU (Intuit Inc.): Technology sector, focusing on financial software.
o FLT (FleetCor Technologies, Inc.): Information Technology sector, specializing in business payments
Philippe Laffont -Coatue Management
Summary:
Philippe Laffont's fund demonstrates a clear emphasis on growth sectors, particularly within technology, indicating a bullish perspective on their future prospects. The presence of e-commerce, digital platforms, and healthcare technology investments suggests a focus on innovative companies with disruptive potential.
The reductions, notably in the same sectors where the fund has its largest holdings, suggest a nuanced and active approach to portfolio management, balancing the pursuit of growth with the need to manage risk. This could be seen as a response to market valuations, potential regulatory impacts, or a shift in the fund's strategic outlook based on macroeconomic factors.
The reductions, notably in the same sectors where the fund has its largest holdings, suggest a nuanced and active approach to portfolio management, balancing the pursuit of growth with the need to manage risk. This could be seen as a response to market valuations, potential regulatory impacts, or a shift in the fund's strategic outlook based on macroeconomic factors.
Sector specific insights:
• The fund is highly invested in the Technology sector, with a strong focus on semiconductors and software, indicating a bullish stance on these industries.
• The Communication Services sector is also well-represented, suggesting confidence in the continued growth and influence of digital platforms.
• New additions in e-commerce and healthcare technology indicate a belief in the growth potential of these markets.
• The Chinese internet sector, represented by the addition of KWEB, shows an interest in diversification into international markets, specifically within the tech space.
• The reduced positions in several key holdings may reflect a strategy of taking profits from the sectors that have experienced significant growth or managing concentration risk.
• The Communication Services sector is also well-represented, suggesting confidence in the continued growth and influence of digital platforms.
• New additions in e-commerce and healthcare technology indicate a belief in the growth potential of these markets.
• The Chinese internet sector, represented by the addition of KWEB, shows an interest in diversification into international markets, specifically within the tech space.
• The reduced positions in several key holdings may reflect a strategy of taking profits from the sectors that have experienced significant growth or managing concentration risk.
Legend:
1. Top 5 Holdings:
o NVDA (NVIDIA Corporation): Technology sector, particularly semiconductors.
o META (Meta Platforms, Inc.): Communication Services sector, mainly social media and digital platforms.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, e-commerce and cloud computing.
o AMD (Advanced Micro Devices, Inc.): Technology sector, semiconductors.
o MSFT (Microsoft Corporation): Technology sector, software and cloud services.
2. Top 5 New Additions:
o SHOP (Shopify Inc.): Technology sector, specifically e-commerce platforms.
o CART (Maplebear Inc.): Consumer cyclical, specifically internet retail Instacart
o ISRG (Intuitive Surgical, Inc.): Healthcare sector, focusing on medical devices and robotic surgical technologies.
o GOOG (Alphabet Inc.): Communication Services sector, mainly search engines and various internet services.
o KWEB (KraneShares CSI China Internet ETF): This ETF invests in the Chinese internet sector.
3. Top 5 Reduced Positions:
o NVDA (NVIDIA Corporation): Reduction in a major tech holding, suggesting rebalancing or risk management.
o AMZN (Amazon.com, Inc.): Reduced position in the e-commerce giant.
o AMD (Advanced Micro Devices, Inc.): Reduction in another semiconductor firm.
o MSFT (Microsoft Corporation): Slight reduction in a core software and cloud services company.
o TSLA (Tesla, Inc.): Consumer Discretionary sector, specifically electric vehicles and clean energy.
o NVDA (NVIDIA Corporation): Technology sector, particularly semiconductors.
o META (Meta Platforms, Inc.): Communication Services sector, mainly social media and digital platforms.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, e-commerce and cloud computing.
o AMD (Advanced Micro Devices, Inc.): Technology sector, semiconductors.
o MSFT (Microsoft Corporation): Technology sector, software and cloud services.
2. Top 5 New Additions:
o SHOP (Shopify Inc.): Technology sector, specifically e-commerce platforms.
o CART (Maplebear Inc.): Consumer cyclical, specifically internet retail Instacart
o ISRG (Intuitive Surgical, Inc.): Healthcare sector, focusing on medical devices and robotic surgical technologies.
o GOOG (Alphabet Inc.): Communication Services sector, mainly search engines and various internet services.
o KWEB (KraneShares CSI China Internet ETF): This ETF invests in the Chinese internet sector.
3. Top 5 Reduced Positions:
o NVDA (NVIDIA Corporation): Reduction in a major tech holding, suggesting rebalancing or risk management.
o AMZN (Amazon.com, Inc.): Reduced position in the e-commerce giant.
o AMD (Advanced Micro Devices, Inc.): Reduction in another semiconductor firm.
o MSFT (Microsoft Corporation): Slight reduction in a core software and cloud services company.
o TSLA (Tesla, Inc.): Consumer Discretionary sector, specifically electric vehicles and clean energy.
Steve Mandel - Lone Pine Capital
Summary:
Steve Mandel's fund appears to emphasize growth and innovation by investing in leading tech companies and expanding into areas that leverage technology to disrupt traditional industries. The reduction in Microsoft, despite its status as a top holding, suggests a nuanced portfolio management approach, possibly to manage risk or to take advantage of other market opportunities. The inclusion of companies like Square and Tempur Sealy also indicates a diverse approach to capturing growth, from high-tech to consumer products, while maintaining a focus on companies with strong market positions and potential for sustained growth.
Sector specific insights:
• The fund has significant investments in the Technology and Communication Services sectors, suggesting a bullish outlook on digital and technology-driven companies that have scalable business models and large market opportunities.
• The new additions to the portfolio indicate an interest in expanding within technology and communication services but also diversifying into consumer discretionary and financial technology, which align with current digital transformation trends.
• The reduced positions in companies like Microsoft and Booking Holdings may indicate a rebalancing strategy or a shift in conviction toward other investment opportunities.
• The new additions to the portfolio indicate an interest in expanding within technology and communication services but also diversifying into consumer discretionary and financial technology, which align with current digital transformation trends.
• The reduced positions in companies like Microsoft and Booking Holdings may indicate a rebalancing strategy or a shift in conviction toward other investment opportunities.
Legend:
1. Top 5 Holdings:
o META (Meta Platforms, Inc.): Communication Services sector, focusing on social media and digital platforms.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, with a significant presence in e-commerce and cloud computing.
o MA (Mastercard Incorporated): Financials sector, specifically in electronic payments processing.
o TSM (Taiwan Semiconductor Manufacturing Company): Technology sector, specifically semiconductor manufacturing.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
2. Top 5 New Additions:
o META (Meta Platforms, Inc.): This is also listed in the top holdings, indicating a strong conviction in this stock.
o GOOGL (Alphabet Inc.): Communication Services sector, focusing on internet-related services including search engines, cloud computing, and online advertising.
o TPX (Tempur Sealy International, Inc.): Consumer Discretionary sector, specifically home furnishings and fixtures.
o SQ (Square, Inc., now known as Block, Inc.): Financials sector, specifically financial technology and mobile payments.
3. Top 5 Reduced Positions:
o MSFT (Microsoft Corporation): A reduced position in a leading software and cloud services provider may suggest profit-taking or portfolio adjustment.
o BKNG (Booking Holdings Inc.): Consumer Discretionary sector, focusing on online travel and related services.
o PTC (PTC Inc.): Technology sector, specifically software and services.
o LPLA (LPL Financial Holdings Inc.): Financials sector, focusing on brokerage and investment advisory services.
o TDG (TransDigm Group Incorporated): Industrials sector, specifically aerospace and defense.
o META (Meta Platforms, Inc.): Communication Services sector, focusing on social media and digital platforms.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, with a significant presence in e-commerce and cloud computing.
o MA (Mastercard Incorporated): Financials sector, specifically in electronic payments processing.
o TSM (Taiwan Semiconductor Manufacturing Company): Technology sector, specifically semiconductor manufacturing.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
2. Top 5 New Additions:
o META (Meta Platforms, Inc.): This is also listed in the top holdings, indicating a strong conviction in this stock.
o GOOGL (Alphabet Inc.): Communication Services sector, focusing on internet-related services including search engines, cloud computing, and online advertising.
o TPX (Tempur Sealy International, Inc.): Consumer Discretionary sector, specifically home furnishings and fixtures.
o SQ (Square, Inc., now known as Block, Inc.): Financials sector, specifically financial technology and mobile payments.
3. Top 5 Reduced Positions:
o MSFT (Microsoft Corporation): A reduced position in a leading software and cloud services provider may suggest profit-taking or portfolio adjustment.
o BKNG (Booking Holdings Inc.): Consumer Discretionary sector, focusing on online travel and related services.
o PTC (PTC Inc.): Technology sector, specifically software and services.
o LPLA (LPL Financial Holdings Inc.): Financials sector, focusing on brokerage and investment advisory services.
o TDG (TransDigm Group Incorporated): Industrials sector, specifically aerospace and defense.
David Goel -Matrix Capital
Summary:
David Goel’s fund appears to be strategically positioned to benefit from the ongoing demand in the technology sector, especially within semiconductors, which are crucial for the tech ecosystem. The substantial investments in this area suggest a focus on companies that have a robust business model and are expected to grow due to the increasing need for advanced chip technology in various applications. The concentration in these areas may reflect a conviction investing approach, where significant stakes are taken in a select number of companies believed to have strong future growth prospects.
Sector specific insights:
• The fund's top holdings are significantly weighted in the Technology sector, with a clear focus on semiconductors. This suggests a bullish stance on the semiconductor industry, which is foundational to numerous technology advancements and a broad array of consumer and commercial products.
• The presence of Amazon indicates a belief in the long-term growth of both e-commerce and cloud computing services within the Consumer Discretionary sector.
• Investment in TransDigm Group shows confidence in the Industrials sector, particularly in companies that have a strong foothold in aerospace components, which may benefit from long-term defense and aerospace spending.
• The presence of Amazon indicates a belief in the long-term growth of both e-commerce and cloud computing services within the Consumer Discretionary sector.
• Investment in TransDigm Group shows confidence in the Industrials sector, particularly in companies that have a strong foothold in aerospace components, which may benefit from long-term defense and aerospace spending.
Legend:
1. Top 5 Holdings:
o NVDA (NVIDIA Corporation): Technology sector, specifically in semiconductors and related technologies.
o GFS (GlobalFoundries Inc.): Technology sector, semiconductor manufacturing.
o AMAT (Applied Materials, Inc.): Technology sector, providing equipment, services, and software for semiconductor manufacturing.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, encompassing e-commerce and cloud computing.
o TDG (TransDigm Group Incorporated): Industrials sector, specifically aerospace and defense.
o NVDA (NVIDIA Corporation): Technology sector, specifically in semiconductors and related technologies.
o GFS (GlobalFoundries Inc.): Technology sector, semiconductor manufacturing.
o AMAT (Applied Materials, Inc.): Technology sector, providing equipment, services, and software for semiconductor manufacturing.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, encompassing e-commerce and cloud computing.
o TDG (TransDigm Group Incorporated): Industrials sector, specifically aerospace and defense.
Multi Strategy Funds
Multi-strategy funds diversify across various strategies like long/short equity, market neutral, and arbitrage. They offer flexibility, risk management through strategy diversification, and potentially consistent returns, but can be complex and costly due to their varied approaches.
Steven Cohen - Point72
Summary:
Steven Cohen's portfolio indicates a strong confidence in technology and healthcare companies, sectors known for innovation and growth potential. The reduction in positions such as Dell and T-Mobile could be part of a rebalancing strategy to take profits or reduce exposure to certain sub-sectors or individual company risks.
The simultaneous reduction and addition within the Energy sector suggest a selective approach, possibly focusing on companies with better growth prospects or fundamentals. Overall, the strategy seems to emphasize growth sectors while maintaining a diversified portfolio across different industries.
The simultaneous reduction and addition within the Energy sector suggest a selective approach, possibly focusing on companies with better growth prospects or fundamentals. Overall, the strategy seems to emphasize growth sectors while maintaining a diversified portfolio across different industries.
Sector specific insights:
• The fund manager is heavily invested in the Technology sector with major holdings in companies like NVIDIA and Microsoft, indicating a bullish outlook on tech.
• The Healthcare sector also appears to be a focus, with Boston Scientific in the top holdings and new additions such as Hologic and Crinetics Pharmaceuticals.
• There's a bullish sentiment toward the Communication Services sector as well, given the position in Meta Platforms.
• Notably, there is a reduced position in energy (Pioneer Natural Resources), which may suggest a bearish view or a strategic reduction rather than an industry-wide sentiment since there is also a new addition in the same sector (Ovintiv Inc.).
• The Healthcare sector also appears to be a focus, with Boston Scientific in the top holdings and new additions such as Hologic and Crinetics Pharmaceuticals.
• There's a bullish sentiment toward the Communication Services sector as well, given the position in Meta Platforms.
• Notably, there is a reduced position in energy (Pioneer Natural Resources), which may suggest a bearish view or a strategic reduction rather than an industry-wide sentiment since there is also a new addition in the same sector (Ovintiv Inc.).
Legend:
1. Top 5 Holdings:
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o MSFT (Microsoft Corporation): Technology sector, specifically software.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, e-commerce and cloud computing.
o META (Meta Platforms, Inc., formerly Facebook): Communication Services sector, specifically social media and technology.
o BSX (Boston Scientific Corporation): Healthcare sector, specifically medical devices.
2. Top 5 New Additions:
o WDC (Western Digital Corporation): Technology sector, specifically data storage.
o HOLX (Hologic, Inc.): Healthcare sector, specifically medical devices.
o CRNX (Crinetics Pharmaceuticals, Inc.): Healthcare sector, specifically biopharmaceuticals.
o ARGX (argenx SE): Healthcare sector, specifically biotechnology.
o OVV (Ovintiv Inc.): Energy sector, specifically oil and gas.
3. Top 5 Reduced Positions:
o DELL (Dell Technologies Inc.): Technology sector, specifically computer hardware.
o TMUS (T-Mobile US, Inc.): Communication Services sector, specifically wireless telecommunications.
o PXD (Pioneer Natural Resources Company): Energy sector, specifically oil and gas.
o FDX (FedEx Corporation): Industrials sector, specifically air delivery & freight services.
o UNP (Union Pacific Corporation): Industrials sector, specifically railroads
o NVDA (NVIDIA Corporation): Technology sector, specifically semiconductors.
o MSFT (Microsoft Corporation): Technology sector, specifically software.
o AMZN (Amazon.com, Inc.): Consumer Discretionary sector, e-commerce and cloud computing.
o META (Meta Platforms, Inc., formerly Facebook): Communication Services sector, specifically social media and technology.
o BSX (Boston Scientific Corporation): Healthcare sector, specifically medical devices.
2. Top 5 New Additions:
o WDC (Western Digital Corporation): Technology sector, specifically data storage.
o HOLX (Hologic, Inc.): Healthcare sector, specifically medical devices.
o CRNX (Crinetics Pharmaceuticals, Inc.): Healthcare sector, specifically biopharmaceuticals.
o ARGX (argenx SE): Healthcare sector, specifically biotechnology.
o OVV (Ovintiv Inc.): Energy sector, specifically oil and gas.
3. Top 5 Reduced Positions:
o DELL (Dell Technologies Inc.): Technology sector, specifically computer hardware.
o TMUS (T-Mobile US, Inc.): Communication Services sector, specifically wireless telecommunications.
o PXD (Pioneer Natural Resources Company): Energy sector, specifically oil and gas.
o FDX (FedEx Corporation): Industrials sector, specifically air delivery & freight services.
o UNP (Union Pacific Corporation): Industrials sector, specifically railroads
Louis Bacon -Moore Capital
Summary:
Louis Moore Bacon's fund is positioned to capitalize on the growth potential of the technology sector while also seeking diversification through new additions in other sectors, like real estate and energy, which could be poised to benefit from macroeconomic trends.
The reduction in certain technology positions may indicate a disciplined profit-taking approach or a shift to sectors expected to offer better value or stability amid market uncertainties. The portfolio shows a balance between growth-oriented technology companies and sectors that offer diversification, yield, or defensive characteristics.
The reduction in certain technology positions may indicate a disciplined profit-taking approach or a shift to sectors expected to offer better value or stability amid market uncertainties. The portfolio shows a balance between growth-oriented technology companies and sectors that offer diversification, yield, or defensive characteristics.
Sector specific insights:
• The fund's top holdings show a significant concentration in the Technology sector, signalling a bullish outlook on companies driving innovation in software and semiconductors.
• The new additions reflect a diversified approach, adding positions in Real Estate and Energy, which may be seen as inflation hedges or bets on economic recovery.
• The fund's increased stake in Financials suggests a positive outlook on the financial services industry's growth prospects.
• Reductions in certain holdings seem strategic, potentially to take profits from sectors that have seen substantial gains or to adjust exposure in response to changing market dynamics.
• The new additions reflect a diversified approach, adding positions in Real Estate and Energy, which may be seen as inflation hedges or bets on economic recovery.
• The fund's increased stake in Financials suggests a positive outlook on the financial services industry's growth prospects.
• Reductions in certain holdings seem strategic, potentially to take profits from sectors that have seen substantial gains or to adjust exposure in response to changing market dynamics.
Legend:
1. Top 5 Holdings:
o NVDA (NVIDIA Corporation): Technology sector, focusing on semiconductors and related technologies.
o META (Meta Platforms, Inc.): Communication Services sector, specifically social media and related technology.
o GOOGL (Alphabet Inc.): Communication Services sector, encompassing various internet-related services.
o ALLY (Ally Financial Inc.): Financials sector, providing digital financial services including banking, auto finance, and insurance.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
2. Top 5 New Additions:
o GOOG (Alphabet Inc.): Similar to GOOGL, focusing on internet services and products.
o SLG (SL Green Realty Corp.): Real Estate sector, specifically commercial real estate and property management.
o XOP (SPDR S&P Oil & Gas Exploration & Production ETF): Energy sector, targeting oil and gas exploration and production.
o XLE (Energy Select Sector SPDR Fund): Energy sector, ETF representing companies in oil, gas, consumable fuels, and energy equipment.
o MET (MetLife, Inc.): Financials sector, providing insurance, annuities, and employee benefit programs.
3. Top 5 Reduced Positions:
o NVDA (NVIDIA Corporation): A significant reduction in NVDA indicates rebalancing or profit-taking within the technology sector.
o MSFT (Microsoft Corporation): A reduced position in this technology mainstay could suggest portfolio adjustments amid market shifts.
o CRH (CRH plc): Materials sector, particularly construction materials, a reduced position may reflect market conditions or rebalancing needs.
o DLR (Digital Realty Trust, Inc.): Real Estate sector, focusing on data center REITs, a reduction could be due to profit-taking or sector rotation.
o WDAY (Workday, Inc.): Technology sector, providing enterprise cloud applications, a reduction may be indicative of a strategy shift or risk management.
o NVDA (NVIDIA Corporation): Technology sector, focusing on semiconductors and related technologies.
o META (Meta Platforms, Inc.): Communication Services sector, specifically social media and related technology.
o GOOGL (Alphabet Inc.): Communication Services sector, encompassing various internet-related services.
o ALLY (Ally Financial Inc.): Financials sector, providing digital financial services including banking, auto finance, and insurance.
o MSFT (Microsoft Corporation): Technology sector, focusing on software and cloud services.
2. Top 5 New Additions:
o GOOG (Alphabet Inc.): Similar to GOOGL, focusing on internet services and products.
o SLG (SL Green Realty Corp.): Real Estate sector, specifically commercial real estate and property management.
o XOP (SPDR S&P Oil & Gas Exploration & Production ETF): Energy sector, targeting oil and gas exploration and production.
o XLE (Energy Select Sector SPDR Fund): Energy sector, ETF representing companies in oil, gas, consumable fuels, and energy equipment.
o MET (MetLife, Inc.): Financials sector, providing insurance, annuities, and employee benefit programs.
3. Top 5 Reduced Positions:
o NVDA (NVIDIA Corporation): A significant reduction in NVDA indicates rebalancing or profit-taking within the technology sector.
o MSFT (Microsoft Corporation): A reduced position in this technology mainstay could suggest portfolio adjustments amid market shifts.
o CRH (CRH plc): Materials sector, particularly construction materials, a reduced position may reflect market conditions or rebalancing needs.
o DLR (Digital Realty Trust, Inc.): Real Estate sector, focusing on data center REITs, a reduction could be due to profit-taking or sector rotation.
o WDAY (Workday, Inc.): Technology sector, providing enterprise cloud applications, a reduction may be indicative of a strategy shift or risk management.
Brevan Howard Capital
Summary:
Brevan Howard Capital appears to be focusing on sectors that could benefit from economic growth and recovery, such as financial services and healthcare, while potentially taking profits or reducing exposure in emerging markets. The addition of the senior loan ETF (BKLN) could be a move to hedge against interest rate risk while still obtaining yield.
Overall, the fund's strategy might be leaning towards sectors with perceived stability and growth potential in a post-pandemic recovery while cautiously managing exposure to potentially volatile emerging markets
Overall, the fund's strategy might be leaning towards sectors with perceived stability and growth potential in a post-pandemic recovery while cautiously managing exposure to potentially volatile emerging markets
Sector specific insights:
• The portfolio suggests a bullish stance on the Financial sector, with significant holdings and new additions to XLF, as well as a substantial holding in CME Group.
• The Healthcare sector, particularly biotechnology, is also prominent with top holdings in Moderna and a new addition in Seagen.
• There is a mixed sentiment on emerging markets as the fund has both top holdings and reduced positions in Brazilian equities (EWZ) and emerging market bonds (EMB). This could indicate profit-taking, rebalancing, or a shift in strategy.
• The new addition of Disney (DIS) indicates an interest in the Communication Services sector, particularly entertainment, which could be a bullish signal for this industry.
• The reduction in EEM suggests a bearish stance or a reduction in exposure to broad emerging market equities.
• The Healthcare sector, particularly biotechnology, is also prominent with top holdings in Moderna and a new addition in Seagen.
• There is a mixed sentiment on emerging markets as the fund has both top holdings and reduced positions in Brazilian equities (EWZ) and emerging market bonds (EMB). This could indicate profit-taking, rebalancing, or a shift in strategy.
• The new addition of Disney (DIS) indicates an interest in the Communication Services sector, particularly entertainment, which could be a bullish signal for this industry.
• The reduction in EEM suggests a bearish stance or a reduction in exposure to broad emerging market equities.
Legend:
1. Top 5 Holdings:
o EWZ (iShares MSCI Brazil ETF): This ETF represents exposure to the Brazilian equity market, so it is a play on the overall Brazilian economy.
o CME (CME Group Inc.): Financials sector, specifically focused on financial exchanges.
o MRNA (Moderna, Inc.): Healthcare sector, specifically biotechnology.
o XLF (The Financial Select Sector SPDR Fund): This ETF represents the financial sector.
o EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF): This ETF represents exposure to USD-denominated government bonds issued by emerging market countries.
2. Top 5 New Additions:
o XLF (The Financial Select Sector SPDR Fund): Financial sector.
o SGEN (Seagen Inc.): Healthcare sector, specifically biotechnology.
o DIS (The Walt Disney Company): Communication Services sector, specifically entertainment.
o BKLN (Invesco Senior Loan ETF): The ETF represents exposure to the senior loan market.
o WW (WW International, Inc., formerly Weight Watchers): Consumer Discretionary sector, specifically services.
3. Top 5 Reduced Positions:
o EWZ (iShares MSCI Brazil ETF): A reduction in Brazilian equity exposure.
o EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF): A reduction in emerging market debt exposure.
o EEM (iShares MSCI Emerging Markets ETF): A reduction in broad emerging market equity exposure
o EWZ (iShares MSCI Brazil ETF): This ETF represents exposure to the Brazilian equity market, so it is a play on the overall Brazilian economy.
o CME (CME Group Inc.): Financials sector, specifically focused on financial exchanges.
o MRNA (Moderna, Inc.): Healthcare sector, specifically biotechnology.
o XLF (The Financial Select Sector SPDR Fund): This ETF represents the financial sector.
o EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF): This ETF represents exposure to USD-denominated government bonds issued by emerging market countries.
2. Top 5 New Additions:
o XLF (The Financial Select Sector SPDR Fund): Financial sector.
o SGEN (Seagen Inc.): Healthcare sector, specifically biotechnology.
o DIS (The Walt Disney Company): Communication Services sector, specifically entertainment.
o BKLN (Invesco Senior Loan ETF): The ETF represents exposure to the senior loan market.
o WW (WW International, Inc., formerly Weight Watchers): Consumer Discretionary sector, specifically services.
3. Top 5 Reduced Positions:
o EWZ (iShares MSCI Brazil ETF): A reduction in Brazilian equity exposure.
o EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF): A reduction in emerging market debt exposure.
o EEM (iShares MSCI Emerging Markets ETF): A reduction in broad emerging market equity exposure
Macro Funds
Macro funds focus on global economic trends and events, employing strategies in equities, bonds, currencies, and commodities. They seek to capitalize on macroeconomic changes and are known for their flexibility and potential to profit in various market conditions, appealing to risk-aware investors.
Stanley Druckenmiller - Duquesne Family Office
Summary:
Stanley Duckenmiller is heavily invested in tech, indicating a strong belief in the continued growth and profitability of this sector. The sizeable positions in NVIDIA and Microsoft, despite the reduction in NVIDIA, show that tech stocks are a cornerstone of this portfolio. The diversification within tech into both hardware (NVIDIA, Seagate) and services (Microsoft, Alphabet) suggests a comprehensive approach to this sector.
Additionally, the manager is adding international exposure, with significant stakes in companies like Coupang and Alibaba, indicating a bullish view on global e-commerce. However, the reduction in positions such as T-Mobile and Eli Lilly may signal a strategy to cash in on gains or a tactical shift rather than a long-term bearish view on the healthcare or communications sectors.
Additionally, the manager is adding international exposure, with significant stakes in companies like Coupang and Alibaba, indicating a bullish view on global e-commerce. However, the reduction in positions such as T-Mobile and Eli Lilly may signal a strategy to cash in on gains or a tactical shift rather than a long-term bearish view on the healthcare or communications sectors.
Sector specific insights:
• The fund manager appears bullish on the Technology sector, with significant holdings in NVIDIA and Microsoft, and new additions like Alphabet and Seagate Technology. This shows a strong confidence in the growth potential of technology companies.
• The Consumer Discretionary sector also seems to be favored, with substantial investments in Coupang and a new position in Alibaba.
• The presence of Eli Lilly both in the top holdings and reduced positions suggests a nuanced position in the Healthcare sector. While it's a significant holding, the manager has also reduced their position, possibly indicating a rebalancing rather than a bearish outlook.
• Utilities and Basic Materials sectors appear to have some interest from the manager, given the new addition of Vistra Energy and the holding in Teck Resources.
• Reductions in healthcare services (Option Care Health) and telecom services (T-Mobile US) may indicate a bearish sentiment on these specific companies or a strategic reduction to balance the portfolio.
• The Consumer Discretionary sector also seems to be favored, with substantial investments in Coupang and a new position in Alibaba.
• The presence of Eli Lilly both in the top holdings and reduced positions suggests a nuanced position in the Healthcare sector. While it's a significant holding, the manager has also reduced their position, possibly indicating a rebalancing rather than a bearish outlook.
• Utilities and Basic Materials sectors appear to have some interest from the manager, given the new addition of Vistra Energy and the holding in Teck Resources.
• Reductions in healthcare services (Option Care Health) and telecom services (T-Mobile US) may indicate a bearish sentiment on these specific companies or a strategic reduction to balance the portfolio.
Legend:
1. Top 5 Holdings:
o NVDA (NVIDIA Corp.): Technology sector, specifically semiconductors.
o CPNG (Coupang Inc): Consumer Discretionary sector, specifically e-commerce.
o MSFT (Microsoft Corp.): Technology sector, specifically software and services.
o LLY (Eli Lilly and Co.): Healthcare sector, specifically pharmaceuticals.
o TECK (Teck Resources Ltd): Basic Materials sector, specifically mining and minerals.
2. Top 5 New Additions:
o GOOGL (Alphabet Inc.): Communication Services sector, specifically internet content and services.
o VST (Vistra Energy Corp.): Utilities sector, specifically electric utilities.
o STX (Seagate Technology Holdings): Technology sector, specifically data storage.
o AVGO (Broadcom Inc.): Technology sector, specifically semiconductors.
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector, specifically e-commerce.
3. Top 5 Reduced Positions:
o NVDA (NVIDIA Corp.): Technology sector, specifically semiconductors.
o LLY (Eli Lilly and Co.): Healthcare sector, specifically pharmaceuticals.
o LW (Lamb Weston Holdings, Inc.): Consumer Staples sector, specifically processed & packaged goods.
o TMUS (T-Mobile US, Inc.): Communication Services sector, specifically telecom services.
o OPCH (Option Care Health, Inc.): Healthcare sector, specifically healthcare services.
o NVDA (NVIDIA Corp.): Technology sector, specifically semiconductors.
o CPNG (Coupang Inc): Consumer Discretionary sector, specifically e-commerce.
o MSFT (Microsoft Corp.): Technology sector, specifically software and services.
o LLY (Eli Lilly and Co.): Healthcare sector, specifically pharmaceuticals.
o TECK (Teck Resources Ltd): Basic Materials sector, specifically mining and minerals.
2. Top 5 New Additions:
o GOOGL (Alphabet Inc.): Communication Services sector, specifically internet content and services.
o VST (Vistra Energy Corp.): Utilities sector, specifically electric utilities.
o STX (Seagate Technology Holdings): Technology sector, specifically data storage.
o AVGO (Broadcom Inc.): Technology sector, specifically semiconductors.
o BABA (Alibaba Group Holding Limited): Consumer Discretionary sector, specifically e-commerce.
3. Top 5 Reduced Positions:
o NVDA (NVIDIA Corp.): Technology sector, specifically semiconductors.
o LLY (Eli Lilly and Co.): Healthcare sector, specifically pharmaceuticals.
o LW (Lamb Weston Holdings, Inc.): Consumer Staples sector, specifically processed & packaged goods.
o TMUS (T-Mobile US, Inc.): Communication Services sector, specifically telecom services.
o OPCH (Option Care Health, Inc.): Healthcare sector, specifically healthcare services.
George Soros -Soros Fund Management
Summary:
The fund manager’s portfolio shows a strong leaning towards healthcare, reflecting confidence in the sector's resilience or growth potential. Simultaneously, there is an evident interest in the Communication Services sector, particularly in gaming and digital services, which may be seen as areas with significant growth prospects.
The reduction in Amazon might be a rebalancing act, given the company's massive growth in recent years, and taking profits could be a prudent move. Overall, the fund's strategy may be centered on diversification across steady healthcare stocks and growth-oriented tech and communication services stocks.
The reduction in Amazon might be a rebalancing act, given the company's massive growth in recent years, and taking profits could be a prudent move. Overall, the fund's strategy may be centered on diversification across steady healthcare stocks and growth-oriented tech and communication services stocks.
Sector specific insights:
• The fund manager seems to have a strong bullish stance on the Healthcare sector, with top holdings in Horizon Pharma, Abcam, and Novo Nordisk. This indicates a belief in the growth potential or stability of the healthcare industry.
• The Communication Services sector is also favored, with significant positions in Activision Blizzard and Alphabet Inc., despite the reduction in Alphabet.
• The addition of Splunk in the Technology sector and American Equity Investment Life in the Financials sector indicates a bullish outlook on these sectors.
• The reduced positions in Amazon and Intuit might suggest a bearish sentiment on specific aspects of the Consumer Discretionary and Technology sectors or a strategic rebalancing of the portfolio.
• The Communication Services sector is also favored, with significant positions in Activision Blizzard and Alphabet Inc., despite the reduction in Alphabet.
• The addition of Splunk in the Technology sector and American Equity Investment Life in the Financials sector indicates a bullish outlook on these sectors.
• The reduced positions in Amazon and Intuit might suggest a bearish sentiment on specific aspects of the Consumer Discretionary and Technology sectors or a strategic rebalancing of the portfolio.
Legend:
1. Top 5 Holdings:
o HZNP (Horizon Pharma): Healthcare sector.
o ATVI (Activision Blizzard): Communication Services sector, specifically interactive entertainment.
o GOOG (Alphabet Inc.): Communication Services sector, specifically internet content and services.
o ABCM (Abcam): Healthcare sector, specifically life sciences tools and services.
o NVO (Novo Nordisk): Healthcare sector, specifically pharmaceuticals.
2. Top 5 New Additions:
o ATVI (Activision Blizzard): Communication Services sector, specifically interactive entertainment.
o ABCM (Abcam): Healthcare sector, specifically life sciences tools and services.
o NVO (Novo Nordisk): Healthcare sector, specifically pharmaceuticals.
o SPLK (Splunk): Technology sector, specifically software.
o AEL (American Equity Investment Life Holding Company): Financials sector, specifically life insurance.
3. Top 5 Reduced Positions:
o HZNP (Horizon Pharma): Healthcare sector.
o GOOGL (Alphabet Inc.): Communication Services sector, specifically internet content and services.
o AMZN (Amazon.com): Consumer Discretionary sector, specifically e-commerce and cloud services.
o INTU (Intuit): Technology sector, specifically software.
o APTV (Aptiv): Consumer Discretionary sector, specifically auto parts.
o HZNP (Horizon Pharma): Healthcare sector.
o ATVI (Activision Blizzard): Communication Services sector, specifically interactive entertainment.
o GOOG (Alphabet Inc.): Communication Services sector, specifically internet content and services.
o ABCM (Abcam): Healthcare sector, specifically life sciences tools and services.
o NVO (Novo Nordisk): Healthcare sector, specifically pharmaceuticals.
2. Top 5 New Additions:
o ATVI (Activision Blizzard): Communication Services sector, specifically interactive entertainment.
o ABCM (Abcam): Healthcare sector, specifically life sciences tools and services.
o NVO (Novo Nordisk): Healthcare sector, specifically pharmaceuticals.
o SPLK (Splunk): Technology sector, specifically software.
o AEL (American Equity Investment Life Holding Company): Financials sector, specifically life insurance.
3. Top 5 Reduced Positions:
o HZNP (Horizon Pharma): Healthcare sector.
o GOOGL (Alphabet Inc.): Communication Services sector, specifically internet content and services.
o AMZN (Amazon.com): Consumer Discretionary sector, specifically e-commerce and cloud services.
o INTU (Intuit): Technology sector, specifically software.
o APTV (Aptiv): Consumer Discretionary sector, specifically auto parts.
Ray Dalio - Bridgewater Associates
Summary:
The investment strategy appears to blend a core holding of stable consumer staples with selective growth-oriented technology positions. The reductions in certain holdings could indicate a strategic response to market valuations, geopolitical risks, regulatory changes, or a shift in the fund's investment thesis.
The emphasis on consumer staples may also reflect a view that these companies can provide consistent performance even in the face of economic uncertainties. The diversification into asset management indicates an interest in financial firms that can benefit from market volatility and complex investment landscapes.
The emphasis on consumer staples may also reflect a view that these companies can provide consistent performance even in the face of economic uncertainties. The diversification into asset management indicates an interest in financial firms that can benefit from market volatility and complex investment landscapes.
Sector specific insights:
• The fund manager seems bullish on the Consumer Staples sector, as indicated by the strong positions in stable and mature companies like PG, KO, and COST. This could reflect a defensive investment stance focusing on steady earnings and dividends.
• The new additions in technology (AVGO, NVDA) and the inclusion of Netflix show an interest in companies with significant growth potential and a strong market presence.
• The reduction in healthcare, emerging markets, and consumer discretionary sectors suggests rebalancing or taking profits from these areas.
• The new additions in technology (AVGO, NVDA) and the inclusion of Netflix show an interest in companies with significant growth potential and a strong market presence.
• The reduction in healthcare, emerging markets, and consumer discretionary sectors suggests rebalancing or taking profits from these areas.
Legend:
1. Top 5 Holdings:
o IEMG (iShares Core MSCI Emerging Markets ETF): This ETF suggests exposure to emerging market equities, indicating a bullish view on emerging markets.
o IVV (iShares Core S&P 500 ETF): This ETF tracks the S&P 500 index, suggesting confidence in large-cap U.S. equities.
o PG (Procter & Gamble Co.): Consumer Staples sector, indicating a preference for stable, dividend-paying companies.
o KO (The Coca-Cola Company): Another Consumer Staples sector investment, reinforcing the preference for stability and dividends.
o COST (Costco Wholesale Corporation): Consumer Staples sector, focused on bulk wholesale retail.
2. Top 5 New Additions:
o AVGO (Broadcom Inc.): Technology sector, specifically semiconductors.
o NFLX (Netflix, Inc.): Communication Services sector, focusing on content streaming.
o NVDA (NVIDIA Corporation): Technology sector, again in semiconductors.
o APO (Apollo Global Management, Inc.): Financials sector, focusing on asset management and private equity.
o TRGP (Targa Resources Corp.): Energy sector, focusing on natural gas and natural gas liquids.
3. Top 5 Reduced Positions:
o JNJ (Johnson & Johnson): Healthcare sector, suggesting a reduced position in pharmaceuticals and consumer health products.
o PDD (Pinduoduo Inc.): Consumer Discretionary sector, specifically e-commerce in China.
o VWO (Vanguard FTSE Emerging Markets ETF): Another indication of reduced exposure to emerging market equities.
o SBUX (Starbucks Corporation): Consumer Discretionary sector, focusing on specialty coffee retail.
o GOOG (Alphabet Inc.): Communication Services sector, indicating a reduced position in digital advertising and cloud services.
o IEMG (iShares Core MSCI Emerging Markets ETF): This ETF suggests exposure to emerging market equities, indicating a bullish view on emerging markets.
o IVV (iShares Core S&P 500 ETF): This ETF tracks the S&P 500 index, suggesting confidence in large-cap U.S. equities.
o PG (Procter & Gamble Co.): Consumer Staples sector, indicating a preference for stable, dividend-paying companies.
o KO (The Coca-Cola Company): Another Consumer Staples sector investment, reinforcing the preference for stability and dividends.
o COST (Costco Wholesale Corporation): Consumer Staples sector, focused on bulk wholesale retail.
2. Top 5 New Additions:
o AVGO (Broadcom Inc.): Technology sector, specifically semiconductors.
o NFLX (Netflix, Inc.): Communication Services sector, focusing on content streaming.
o NVDA (NVIDIA Corporation): Technology sector, again in semiconductors.
o APO (Apollo Global Management, Inc.): Financials sector, focusing on asset management and private equity.
o TRGP (Targa Resources Corp.): Energy sector, focusing on natural gas and natural gas liquids.
3. Top 5 Reduced Positions:
o JNJ (Johnson & Johnson): Healthcare sector, suggesting a reduced position in pharmaceuticals and consumer health products.
o PDD (Pinduoduo Inc.): Consumer Discretionary sector, specifically e-commerce in China.
o VWO (Vanguard FTSE Emerging Markets ETF): Another indication of reduced exposure to emerging market equities.
o SBUX (Starbucks Corporation): Consumer Discretionary sector, focusing on specialty coffee retail.
o GOOG (Alphabet Inc.): Communication Services sector, indicating a reduced position in digital advertising and cloud services.