In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), EHP Funds Inc. reported 33 stock positions worth $89.7 million . Its top holding was iShares 20+ Year Treasury BD (TLT) at 13.7% of the portfolio, followed by SS Energy Select Sector (XLE, 12.2% ) and Vaneck Semiconductor ETF (SMH, 11.0% ). Compared with Q4 2024, it opened 18 new positions, sold out of 34, added to 5 and reduced 9. The biggest buy was a new position in iShares 20+ Year Treasury BD (TLT) and the biggest sale an exit from iShares US Transportation Et (IYT).
Location TORONTO, Z4
CIK 0001927881
Portfolio Value $89.7M (Q1 2025) Holdings 33 stocks · $89.7M Holdings quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 TLT iShares 20+ Year Treasury BD 135,000 $12.3M New XLE SS Energy Select Sector 117,100 $10.9M Add +69.0% SMH Vaneck Semiconductor ETF 46,800 $9.9M Reduce -17.5% QQQ Invesco QQQ Trust Series 1 21,100 $9.9M Reduce -20.7% XLB SS Materials Select Sector 95,000 $8.2M New XLF SS Financial Select Sector 149,600 $7.5M New BNO United States Brent Oil Fund 141,300 $4.4M New USO United States Oil Fund LP 41,000 $3.2M New SPHB Invesco S&P 500 High Beta Et 34,800 $2.7M Reduce -64.5% XME SS SPDR S&P Metals Mining 46,200 $2.6M Reduce -55.6% XLU St Sr Utl SL SE SPDR ETF-Usd 20,500 $1.6M Reduce -17.3% IYH iShares U.S. Healthcare ETF 26,300 $1.6M Reduce -17.8% SVIX -1X Short Vix Futures ETF 75,900 $1.5M Add +44.9% XLC SS Comm Select Sector SPDR 16,000 $1.5M New UGA United States Gas Fund LP 20,000 $1.3M New MCK McKesson Corp. 1,400 $942K No change VLTO Veralto Corp. 9,300 $906K New MSI Motorola Solutions Inc. 2,000 $876K New CRM Salesforce Inc. 3,200 $859K Add +18.5% GOOGL Alphabet Inc. Class A 5,400 $835K New WAB Wabtec Corp. 4,600 $834K Add +7.0% UNH Unitedhealth Group Inc. 1,500 $786K Reduce -6.3% DAL Delta Air Lines Inc. 15,300 $667K Reduce -15.0% DGX Quest Diagnostics Inc. 3,800 $643K Add +171.4% ADP Automatic Data Processing 2,100 $642K New DIS The Walt Disney Co. filed as DISNEY WALT CO 5,200 $513K New QCOM Qualcomm Inc. 3,300 $507K New KLAC KLA Corp. 500 $340K Reduce -37.5% NXST Nexstar Media Group Inc. 1,600 $287K New TMUS T-Mobile US Inc. 1,000 $267K New PAYX Paychex Inc. 1,700 $262K New GILD Gilead Sciences Inc. 2,200 $247K New CEG Constellation Energy 1,100 $222K New
Options reported separately and not counted above: INVESCO QQQ TR puts ($35.2M), ROBINHOOD MKTS INC calls ($2.2M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ IYT iShares US Transportation Et Sold out 0.00% −9.00 XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −6.42 XHB SS SPDR S&P Homebldrs ETF Sold out 0.00% −6.14 SPHB Invesco S&P 500 High Beta Et Reduce -64.5% 3.03% −5.94 XME SS SPDR S&P Metals Mining Reduce -55.6% 2.88% −3.21 SMH Vaneck Semiconductor ETF Reduce -17.5% 11.03% −3.14 QQQ Invesco QQQ Trust Series 1 Reduce -20.7% 11.03% −3.01 NVDA Nvidia Corp. Sold out 0.00% −2.36 IYM iShares U.S. Basic Materials Sold out 0.00% −1.93 NRG NRG Energy Inc. Sold out 0.00% −1.18 ALK Alaska Air Group Inc. Sold out 0.00% −1.10 UAL United Airlines Holdings Inc. Sold out 0.00% −1.00 ECL Ecolab Inc. Sold out 0.00% −0.97 APH Amphenol Corp. Class A Sold out 0.00% −0.93 GLW Corning Inc. Sold out 0.00% −0.86 NEE Nextera Energy Inc. Sold out 0.00% −0.84 WM Waste Management Inc. Sold out 0.00% −0.81 SBAC SBA Communications Corp. Sold out 0.00% −0.53 AVY Avery Dennison Corp. Sold out 0.00% −0.50 SLB SLB Ltd. Sold out 0.00% −0.49 ORCL Oracle Corp. Sold out 0.00% −0.48 HWM Howmet Aerospace Inc. Sold out 0.00% −0.47 CTAS Cintas Corp. Sold out 0.00% −0.45 DAL Delta Air Lines Inc. Reduce -15.0% 0.74% −0.38 BKR Baker Hughes Co. Sold out 0.00% −0.34 CI The Cigna Group Sold out 0.00% −0.31 ETR Entergy Corp. Sold out 0.00% −0.27 DLB Dolby Laboratories Inc. Class A Sold out 0.00% −0.26 MRK Merck & Co. Inc. Sold out 0.00% −0.26 SNA Snap-on Inc. Sold out 0.00% −0.25 NTAP Netapp Inc. Sold out 0.00% −0.24 BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.24 NFG National Fuel Gas Co. Sold out 0.00% −0.22 CHRD Chord Energy Corp. Sold out 0.00% −0.22 HIG Hartford Insurance Group Inc. Sold out 0.00% −0.21 MTG Mgic Investment Corp. Sold out 0.00% −0.21 TER Teradyne Inc. Sold out 0.00% −0.21 TT Trane Technologies PLC Sold out 0.00% −0.21 PK Park Hotels & Resorts Inc. Sold out 0.00% −0.16 KLAC KLA Corp. Reduce -37.5% 0.38% −0.14 IYH iShares U.S. Healthcare ETF Reduce -17.8% 1.78% −0.14 XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -17.3% 1.80% −0.14 UNH Unitedhealth Group Inc. Reduce -6.3% 0.88% +0.04
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ TLT iShares 20+ Year Treasury BD New 13.69% +13.69 XLB SS Materials Select Sector New 9.10% +9.10 XLF SS Financial Select Sector New 8.30% +8.30 XLE SS Energy Select Sector Add +69.0% 12.19% +6.07 BNO United States Brent Oil Fund New 4.90% +4.90 USO United States Oil Fund LP New 3.53% +3.53 XLC SS Comm Select Sector SPDR New 1.72% +1.72 UGA United States Gas Fund LP New 1.43% +1.43 VLTO Veralto Corp. New 1.01% +1.01 MSI Motorola Solutions Inc. New 0.98% +0.98 GOOGL Alphabet Inc. Class A New 0.93% +0.93 ADP Automatic Data Processing New 0.71% +0.71 DIS The Walt Disney Co. New 0.57% +0.57 QCOM Qualcomm Inc. New 0.56% +0.56 DGX Quest Diagnostics Inc. Add +171.4% 0.72% +0.50 SVIX -1X Short Vix Futures ETF Add +44.9% 1.72% +0.35 NXST Nexstar Media Group Inc. New 0.32% +0.32 TMUS T-Mobile US Inc. New 0.30% +0.30 PAYX Paychex Inc. New 0.29% +0.29 GILD Gilead Sciences Inc. New 0.27% +0.27 CEG Constellation Energy New 0.25% +0.25 WAB Wabtec Corp. Add +7.0% 0.93% +0.09 CRM Salesforce Inc. Add +18.5% 0.96% +0.03
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ INVESCO QQQ TR put New 75,000 $35.2M UNITED STS OIL FD LP call Sold out 80,000 $6.0Mbefore exit ISHARES TR call Sold out 56,200 $4.9Mbefore exit ROBINHOOD MKTS INC call New 52,500 $2.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q4 2025 25 $43.6M XLF, XLB, XLY, XLI, HYG Q3 2025 95 $76.0M SMH, QQQ, HYG, CPER, AAPL Q2 2025 34 $87.1M QQQ, HYG, SMH, CRWV, NVDA Q1 2025 33 $89.7M TLT, XLE, SMH, QQQ, XLB Q4 2024 49 $96.9M SMH, QQQ, IYT, SPHB, XOP Q3 2024 41 $142.6M IEF, HYG, QQQ, SMH, PROSHARES VIX SHORT-TERM FUT Q2 2024 83 $202.3M SMH, XME, QQQ, HYG, XLE Q1 2024 111 $144.6M IEF, HYG, PROSHARES VIX SHORT-TERM FUT, XLE, XLB