Groupama Asset Managment

Name: GROUPAMA ASSET MANAGMENT 13F holdings, Q3 2025
Creator: GROUPAMA ASSET MANAGMENT
Published: 2025-12-01

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed December 1, 2025), Groupama Asset Managment reported 405 stock positions worth $6.7 billion. Its top holding was Microsoft (MSFT) at 8.3% of the portfolio, followed by Nvidia (NVDA, 6.7%) and Broadcom (AVGO, 6.0%). Compared with Q2 2025, it opened 94 new positions, sold out of 30, added to 115 and reduced 180. The biggest buy was a new position in RTX (RTX) and the biggest sale Microsoft (MSFT, shares −1%).

Most Recent 13F: Q2 2026
Location: PARIS, I0
CIK: 0001055969
Portfolio Value: $6.7B (Q3 2025)
SEC Filing: 0001752724-25-215030 ↗ filed Dec 1, 2025

Holdings Value

Holdings 405 stocks · $6.7B


MSFT Microsoft Corp.	8.30%	1,074,521	$556.5M	Reduce -1.3%
NVDA Nvidia Corp.	6.73%	2,418,729	$451.3M	Add +1.1%
AVGO Broadcom Inc.	5.97%	1,212,390	$400.0M	Reduce -0.3%
AAPL Apple Inc.	4.86%	1,279,533	$325.8M	Add +6.5%
AEM Agnico Eagle Mines Ltd.	3.83%	1,522,678	$256.7M	Add +2.7%
JPM JPMorgan Chase & Co.	3.66%	777,144	$245.1M	Add +3.9%
AMZN Amazon.com Inc.	3.39%	1,033,825	$227.0M	Add +2.9%
MU Micron Technology Inc.	3.32%	1,330,108	$222.6M	Reduce -1.2%
GOOGL Alphabet Inc. Class A	3.23%	891,182	$216.6M	Add +7.3%
MSI Motorola Solutions Inc.	2.92%	428,732	$196.1M	Add +0.3%
META Meta Platforms Inc. Class A	2.32%	211,938	$155.6M	Add +6.5%
RTX RTX Corp.	2.24%	896,899	$150.1M	New
BSX Boston Scientific Corp.	1.94%	1,332,481	$130.1M	Reduce -5.5%
PH Parker Hannifin Corp.	1.88%	166,089	$125.9M	Add +9.8%
TMO Thermo Fisher Scientific Inc.	1.77%	245,016	$118.8M	Add +58.9%
WMT Walmart Inc.	1.68%	1,091,369	$112.5M	Add +4.8%
TECK Teck Resources Ltd.-CLS B	1.34%	2,031,735	$89.6M	Reduce -6.0%
XPO Xpo Inc.	1.26%	655,805	$84.8M	Reduce -1.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW	1.19%	552,307	$79.8M	Add +12.0%
TMUS T-Mobile US Inc.	1.17%	326,318	$78.1M	Reduce -10.0%
URI United Rentals Inc.	1.11%	77,612	$74.1M	Reduce -2.1%
GEV GE Vernova Inc.	1.09%	119,019	$73.2M	Add +9.6%
BKR Baker Hughes Co.	1.05%	1,446,425	$70.5M	Reduce -14.8%
MRK Merck & Co. Inc.	1.04%	832,605	$69.9M	Add +6.3%
LLY Eli Lilly & Co.	1.02%	89,223	$68.1M	Reduce -14.7%
CYBR Cyberark Software Ltd./Israel	1.01%	139,893	$67.6M	Reduce -21.1%
CME Cme Group Inc.	0.95%	236,660	$63.9M	Add +3.9%
MET Metlife Inc.	0.89%	721,888	$59.5M	Add +9.5%
PNC PNC Financial Services Group	0.79%	263,910	$53.0M	Add +3.2%
ETR Entergy Corp.	0.79%	565,918	$52.7M	Add +4.2%
TSLA Tesla Inc.	0.78%	117,308	$52.2M	Reduce -19.5%
PG The Procter & Gamble Co.	0.78%	339,053	$52.1M	Add +1.3%
PANW Palo Alto Networks Inc.	0.77%	253,955	$51.7M	Reduce -32.6%
NEE Nextera Energy Inc.	0.74%	656,512	$49.6M	Reduce -0.3%
MS Morgan Stanley	0.73%	309,042	$49.1M	Add +9.5%
C Citigroup Inc.	0.71%	471,801	$47.9M	Add +5.1%
SRE Sempra	0.67%	498,889	$44.9M	Reduce -2.9%
HON Honeywell International Inc.	0.63%	202,124	$42.5M	Add +10.9%
FNV Franco-Nevada Corp.	0.62%	185,601	$41.4M	Reduce -32.6%
HAL Halliburton Co.	0.59%	1,619,865	$39.8M	Add +3.0%
RACE Ferrari NV	0.56%	90,621	$37.3M	Add +22.8%
ABBV Abbvie Inc.	0.55%	160,541	$37.2M	Add +7.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.55%	323,739	$37.1M	Add +1.8%
IONS Ionis Pharmaceuticals Inc.	0.55%	561,777	$36.8M	Reduce -15.0%
REGN Regeneron Pharmaceuticals	0.53%	62,701	$35.3M	Reduce -7.6%
WELL Welltower Inc.	0.49%	183,268	$32.6M	Add +2.3%
VLO Valero Energy Corp.	0.44%	173,650	$29.6M	Add +10.7%
HUBS HubSpot Inc.	0.44%	62,664	$29.3M	Add +2.9%
BRK.B Berkshire Hathaway Inc. Class B	0.43%	57,621	$29.0M	Add +14.2%
EQIX Equinix Inc.	0.38%	32,315	$25.3M	Add +1.2%
V Visa Inc. Class A	0.36%	70,536	$24.1M	Add +22.9%
KO The Coca-Cola Co.	0.36%	362,249	$24.0M	Add +11.5%
TSM Taiwan Semiconductor-SP ADR	0.36%	85,317	$23.8M	Reduce -11.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.34%	439,356	$22.7M	Add +30.3%
AMT American Tower Corp.	0.34%	117,651	$22.6M	Add +17.0%
UNH Unitedhealth Group Inc.	0.33%	64,882	$22.4M	Add +3.5%
GOOG Alphabet Inc. Class C	0.33%	90,768	$22.1M	Reduce -20.1%
CDNS Cadence Design SYS Inc.	0.31%	58,950	$20.7M	Reduce -38.2%
SW Smurfit Westrock PLC	0.30%	644,001	$20.1M	Add +5.9%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.29%	564,695	$19.4M	Add +0.6%
ISRG Intuitive Surgical Inc.	0.29%	42,786	$19.1M	Reduce -35.0%
BNTX Biontech SE-ADR	0.28%	193,402	$19.1M	Reduce -13.4%
WTS Watts Water Technologies-A	0.28%	66,740	$18.6M	Reduce -33.1%
VRTX Vertex Pharmaceuticals Inc.	0.25%	43,381	$17.0M	Reduce -29.2%
LRCX Lam Research Corp.	0.24%	118,579	$15.9M	Add +22.9%
ALNY Alnylam Pharmaceuticals Inc.	0.22%	32,082	$14.6M	Reduce -33.7%
CB Chubb Ltd.	0.22%	51,216	$14.5M	Reduce -3.2%
COST Costco Wholesale Corp.	0.21%	14,974	$13.9M	Add +0.8%
HCA HCA Healthcare Inc.	0.19%	30,310	$12.9M	Reduce -50.0%
ORCL Oracle Corp.	0.19%	45,487	$12.8M	Reduce -15.7%
MDGL Madrigal Pharmaceuticals Inc.	0.19%	27,444	$12.6M	Reduce -32.9%
NTRA Natera Inc.	0.19%	77,184	$12.4M	Reduce -25.9%
NOW ServiceNow Inc.	0.18%	13,467	$12.4M	Reduce -14.8%
AGI Alamos Gold Inc. Class A	0.16%	316,870	$11.0M	Add +13.8%
SCI Service Corp. International	0.16%	131,413	$10.9M	Add +6.1%
WFC Wells Fargo & Co.	0.16%	127,267	$10.7M	Reduce -22.2%
T AT&T Inc.	0.16%	375,548	$10.6M	Add +35.1%
ECL Ecolab Inc.	0.15%	36,829	$10.1M	Add +17.3%
LIN Linde PLC	0.15%	20,927	$9.9M	Reduce -33.3%
CRH CRH PLC	0.14%	104,646	$9.3M	Reduce -3.1%
CRM Salesforce Inc.	0.14%	38,574	$9.1M	Reduce -18.2%
CSCO Cisco Systems Inc.	0.13%	131,234	$9.0M	Reduce -25.6%
DHR Danaher Corp.	0.13%	44,434	$8.8M	Add +2.2%
MA Mastercard Inc. Class A	0.13%	15,419	$8.8M	Add +7.7%
WBS Webster Financial Corp.	0.13%	142,272	$8.5M	Reduce -0.5%
ROP Roper Technologies Inc.	0.13%	16,890	$8.4M	Reduce -3.9%
ABT Abbott Laboratories	0.12%	59,338	$7.9M	Reduce -4.4%
CAT Caterpillar Inc.	0.12%	16,185	$7.7M	Reduce -11.8%
HD Home Depot Inc.	0.11%	18,918	$7.7M	Reduce -13.1%
NFLX Netflix Inc.	0.11%	6,117	$7.3M	Add +2.5%
JNJ Johnson & Johnson	0.10%	36,719	$6.8M	Reduce -6.4%
SPGI S&P Global Inc.	0.10%	13,834	$6.7M	Reduce -21.5%
ADBE Adobe Inc.	0.09%	17,842	$6.3M	Reduce -7.8%
UNP Union Pacific Corp.	0.09%	26,382	$6.2M	Reduce -23.2%
INCY Incyte Corp.	0.09%	73,075	$6.2M	Add +1.4%
NDAQ Nasdaq Inc.	0.09%	67,319	$6.0M	Reduce -32.8%
HEI Heico Corp.	0.09%	18,139	$5.9M	Add +24.0%
GILD Gilead Sciences Inc.	0.09%	52,281	$5.8M	Add +47.5%
AMD Advanced Micro Devices	0.09%	35,381	$5.7M	Reduce -7.6%
KLAC KLA Corp.	0.09%	5,286	$5.7M	Reduce -17.6%
NEM Newmont Corp.	0.08%	66,158	$5.6M	Reduce -30.4%
MDT Medtronic PLC	0.08%	57,642	$5.5M	Add +62.9%
ANET Arista Networks Inc.	0.08%	36,224	$5.3M	Reduce -31.3%
PLTR Palantir Technologies Inc. Class A	0.08%	28,728	$5.2M	Add +5.9%
GE General Electric filed as GE AEROSPACE	0.08%	17,411	$5.2M	Add +56.0%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW	0.07%	321,907	$4.8M	Reduce -42.5%
UBS UBS Group AG-Reg	0.07%	144,379	$4.7M	Reduce -1.0%
ALV Autoliv Inc.	0.07%	37,915	$4.7M	Reduce -16.5%
WPM Wheaton Precious Metals Corp.	0.07%	30,047	$4.7M	New
HUBB Hubbell Inc.	0.07%	10,849	$4.7M	Reduce -17.8%
MDB Mongodb Inc.	0.07%	14,822	$4.6M	Reduce -36.8%
MCO Moody's Corp.	0.07%	9,497	$4.5M	Add +12.5%
ALC Alcon Inc. filed as ALCON AG	0.07%	75,172	$4.5M	Add +5.7%
DB Deutsche Bank AG-Registered	0.06%	141,080	$4.2M	Add +0.8%
CP Canadian Pacific Kansas City	0.06%	55,048	$4.1M	New
EOG EOG Resources Inc.	0.06%	36,486	$4.1M	No change
XYL Xylem Inc.	0.06%	27,205	$4.0M	Reduce -9.1%
TT Trane Technologies PLC	0.06%	9,286	$3.9M	Add +8.0%
CMCSA Comcast Corp. Class A	0.05%	116,309	$3.7M	Reduce -10.6%
PM Philip Morris International	0.05%	22,364	$3.6M	Add +2.3%
SCHW Schwab (charles) Corp.	0.05%	37,753	$3.6M	Add +14.6%
AME Ametek Inc.	0.05%	18,997	$3.6M	Reduce -53.5%
AMGN Amgen Inc.	0.05%	12,362	$3.5M	Reduce -10.2%
APH Amphenol Corp. Class A	0.05%	27,261	$3.4M	Add +112.5%
PWR Quanta Services Inc.	0.05%	7,901	$3.3M	New
BKNG Booking Holdings Inc.	0.05%	605	$3.3M	Reduce -6.2%
ADSK Autodesk Inc.	0.05%	10,148	$3.2M	Reduce -35.5%
CEG Constellation Energy	0.05%	9,439	$3.1M	Reduce -53.2%
EMR Emerson Electric Co.	0.05%	23,647	$3.1M	Reduce -22.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.04%	10,589	$3.0M	Add +76.3%
WAB Wabtec Corp.	0.04%	14,323	$2.9M	Add +73.2%
PLD Prologis Inc.	0.04%	25,007	$2.9M	Reduce -33.0%
ADP Automatic Data Processing	0.04%	9,694	$2.8M	Add +106.2%
MCK McKesson Corp.	0.04%	3,596	$2.8M	Add +28.9%
PGR Progressive Corp.	0.04%	11,233	$2.8M	Reduce -27.6%
VZ Verizon Communications Inc.	0.04%	62,212	$2.7M	Add +16.4%
ELV Elevance Health Inc.	0.04%	8,447	$2.7M	Reduce -4.0%
KMI Kinder Morgan Inc.	0.04%	94,715	$2.7M	Add +112.8%
ALL Allstate Corp.	0.04%	12,401	$2.7M	Reduce -12.9%
INTU Intuit Inc.	0.04%	3,874	$2.6M	Add +113.9%
CNI Canadian Natl Railway Co.	0.04%	19,863	$2.6M	Reduce -2.8%
AMAT Applied Materials Inc.	0.04%	12,228	$2.5M	Reduce -38.5%
HIG Hartford Insurance Group Inc.	0.04%	18,712	$2.5M	Reduce -6.4%
MPC Marathon Petroleum Corp.	0.04%	12,384	$2.4M	Add +1.7%
MNST Monster Beverage Corp.	0.04%	35,378	$2.4M	Add +80.7%
ED Consolidated Edison Inc.	0.04%	23,444	$2.4M	New
QCOM Qualcomm Inc.	0.04%	14,124	$2.3M	Reduce -49.0%
CBRE CBRE Group Inc. Class A	0.03%	14,627	$2.3M	Add +306.2%
MCD McDonald's Corp.	0.03%	7,581	$2.3M	Reduce -24.0%
CL Colgate-Palmolive Co.	0.03%	28,752	$2.3M	Add +469.9%
PFE Pfizer Inc.	0.03%	89,302	$2.3M	Reduce -10.4%
OKE Oneok Inc.	0.03%	30,553	$2.2M	Add +2.3%
ETN Eaton Corp. PLC	0.03%	5,908	$2.2M	Reduce -47.6%
STZ Constellation Brands Inc. Class A	0.03%	16,399	$2.2M	Add +6.1%
HWM Howmet Aerospace Inc.	0.03%	11,211	$2.2M	Add +36.4%
COF Capital One Financial Corp.	0.03%	10,284	$2.2M	Add +10.4%
MO Altria Group Inc.	0.03%	32,744	$2.2M	Add +14.2%
ACN Accenture PLC Class A	0.03%	8,598	$2.1M	Reduce -6.3%
DNLI Denali Therapeutics Inc.	0.03%	135,758	$2.0M	Reduce -22.7%
PODD Insulet Corp.	0.03%	6,366	$2.0M	Reduce -16.8%
TRGP Targa Resources Corp.	0.03%	11,494	$1.9M	Add +755.2%
CAH Cardinal Health Inc.	0.03%	12,235	$1.9M	Reduce -3.8%
INSM Insmed Inc.	0.03%	13,175	$1.9M	No change
DOC Healthpeak Properties Inc.	0.03%	96,582	$1.8M	Reduce -28.6%
PSX Phillips 66	0.03%	13,593	$1.8M	Reduce -35.1%
CFG Citizens Financial Group	0.03%	34,530	$1.8M	Reduce -8.3%
BLK BlackRock Inc.	0.03%	1,536	$1.8M	Add +192.6%
PFG Principal Financial Group	0.03%	21,535	$1.8M	New
FRT Federal Realty Invs Trust	0.03%	17,545	$1.8M	New
DOV Dover Corp.	0.03%	10,415	$1.7M	Add +16.3%
TXN Texas Instruments Inc.	0.03%	9,407	$1.7M	Reduce -3.5%
L Loews Corp.	0.03%	17,162	$1.7M	New
BR Broadridge Financial Solutio	0.03%	7,142	$1.7M	Add +278.9%
INTC Intel Corp.	0.03%	49,947	$1.7M	Reduce -25.7%
HLT Hilton Worldwide Holdings Inc.	0.03%	6,449	$1.7M	Reduce -2.9%
FCX Freeport-McMoran Inc.	0.02%	42,618	$1.7M	Reduce -5.8%
FTNT Fortinet Inc.	0.02%	19,790	$1.7M	New
ADI Analog Devices Inc.	0.02%	6,756	$1.7M	Reduce -20.5%
LOW Lowe's Cos Inc.	0.02%	6,490	$1.6M	New
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC	0.02%	19,478	$1.6M	No change
TRV The Travelers Cos Inc.	0.02%	5,783	$1.6M	New
DD Dupont DE Nemours Inc.	0.02%	20,719	$1.6M	Reduce -17.9%
MDLZ Mondelez International Inc. Class A	0.02%	25,327	$1.6M	Reduce -4.1%
MPWR Monolithic Power Systems Inc.	0.02%	1,716	$1.6M	Reduce -49.2%
PEP Pepsico Inc.	0.02%	11,144	$1.6M	Add +29.2%
PYPL PayPal Holdings Inc.	0.02%	23,321	$1.6M	Reduce -44.2%
VRSN Verisign Inc.	0.02%	5,582	$1.6M	New
FAST Fastenal Co.	0.02%	31,346	$1.5M	New
SYK Stryker Corp.	0.02%	3,879	$1.4M	Reduce -30.6%
BMY Bristol-Myers Squibb Co.	0.02%	31,234	$1.4M	Add +23.4%
STLD Steel Dynamics Inc.	0.02%	9,955	$1.4M	Reduce -70.5%
EIX Edison International	0.02%	24,862	$1.4M	Reduce -46.6%
DRI Darden Restaurants Inc.	0.02%	7,100	$1.4M	Reduce -70.5%
EBAY eBay Inc.	0.02%	14,828	$1.3M	Add +49.0%
IPG Interpublic Group of Cos Inc.	0.02%	48,300	$1.3M	New
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.02%	41,226	$1.3M	New
HST Host Hotels & Resorts Inc.	0.02%	78,967	$1.3M	New
EW Edwards Lifesciences Corp.	0.02%	17,203	$1.3M	New
CTVA Corteva Inc.	0.02%	19,766	$1.3M	New
ORLY O'reilly Automotive Inc.	0.02%	12,261	$1.3M	New
PCG P G & E Corp.	0.02%	85,550	$1.3M	Reduce -47.6%
NUE Nucor Corp.	0.02%	9,432	$1.3M	Reduce -8.1%
RF Regions Financial Corp.	0.02%	48,391	$1.3M	Reduce -63.6%
CCI Crown Castle Inc.	0.02%	13,165	$1.3M	New
DASH DoorDash Inc. Class A	0.02%	4,658	$1.3M	Add +48.7%
ZTS Zoetis Inc.	0.02%	8,551	$1.3M	Add +19.5%
IBKR Interactive Brokers Gro Class A	0.02%	17,977	$1.2M	New
VLTO Veralto Corp.	0.02%	11,561	$1.2M	Reduce -42.1%
COR Cencora Inc.	0.02%	3,919	$1.2M	New
LDOS Leidos Holdings Inc.	0.02%	6,347	$1.2M	Reduce -19.1%
BIIB Biogen Inc.	0.02%	8,524	$1.2M	Reduce -4.4%
CNQ Canadian Natural Resources	0.02%	37,305	$1.2M	Reduce -0.9%
STLA Stellantis NV	0.02%	151,506	$1.2M	Reduce -47.1%
LII Lennox International Inc.	0.02%	2,247	$1.2M	New
CVS CVS Health Corp.	0.02%	15,636	$1.2M	Reduce -15.6%
MSCI MSCI Inc.	0.02%	2,063	$1.2M	Reduce -43.1%
CMI Cummins Inc.	0.02%	2,764	$1.2M	New
KKR KKR & Co. Inc.	0.02%	8,958	$1.2M	Add +303.5%
STE Steris PLC	0.02%	4,701	$1.2M	New
PEG Public Service Enterprise GP	0.02%	13,824	$1.2M	Reduce -45.7%
MOS The Mosaic Co.	0.02%	32,795	$1.1M	Add +211.6%
ZBRA Zebra Technologies Corp. Class A	0.02%	3,773	$1.1M	Add +439.8%
BALL Ball Corp.	0.02%	21,558	$1.1M	New
FLUT Flutter Entertainment PLC-Di	0.02%	5,599	$1.1M	Reduce -14.6%
SSNC Ss&c Technologies Holdings	0.02%	12,199	$1.1M	Reduce -70.5%
TEL Te Connectivity PLC	0.02%	4,932	$1.1M	Reduce -10.6%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.02%	9,901	$1.1M	New
BILL Bill Holdings Inc.	0.02%	20,000	$1.1M	No change
ALLE Allegion PLC	0.02%	5,950	$1.1M	New
TXT Textron Inc.	0.02%	12,448	$1.1M	New
FITB Fifth Third Bancorp	0.02%	23,332	$1.0M	Reduce -53.8%
TRMB Trimble Inc.	0.02%	12,670	$1.0M	New
SFM Sprouts Farmers Market Inc.	0.02%	9,390	$1.0M	New
DAL Delta Air Lines Inc.	0.02%	17,951	$1.0M	Reduce -18.7%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL	0.01%	15,513	$1.0M	Add +57.0%
KEYS Keysight Technologies Inc.	0.01%	5,696	$996K	Reduce -70.5%
HOLX Hologic Inc.	0.01%	14,739	$995K	Reduce -32.8%
FOX Fox Corp. Class B	0.01%	17,258	$989K	Add +4.2%
VTR Ventas Inc.	0.01%	14,120	$988K	Reduce -45.4%
CI The Cigna Group	0.01%	3,423	$987K	New
AMRZ Amrize Ltd.	0.01%	25,635	$984K	No change
GS Goldman Sachs Group Inc.	0.01%	1,220	$972K	Reduce -61.4%
FOXA Fox Corp. Class A	0.01%	15,385	$970K	New
ITUB Itau Unibanco H-Spon PRF ADR	0.01%	131,956	$969K	No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.01%	9,293	$954K	Add +188.2%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC	0.01%	10,563	$948K	New
SNPS Synopsys Inc.	0.01%	1,916	$945K	New
ADM Archer-Daniels-Midland Co.	0.01%	15,797	$944K	Add +106.7%
EXC Exelon Corp.	0.01%	20,645	$929K	New
WDAY Workday Inc. Class A	0.01%	3,860	$929K	Reduce -56.3%
RSG Republic Services Inc.	0.01%	4,040	$927K	Reduce -2.9%
BBY Best Buy Co. Inc.	0.01%	12,194	$922K	Reduce -39.9%
CSGP Costar Group Inc.	0.01%	10,916	$921K	New
ABNB Airbnb Inc. Class A	0.01%	7,566	$919K	Reduce -15.6%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.01%	10,294	$907K	Reduce -56.8%
ASX Ase Technology Holding -ADR	0.01%	80,446	$892K	No change
SHG Shinhan Financial Group-ADR	0.01%	17,525	$883K	No change
NXPI NXP Semiconductors NV	0.01%	3,871	$882K	Reduce -49.5%
LYV Live Nation Entertainment Inc.	0.01%	5,387	$880K	Add +35.0%
IDXX Idexx Laboratories Inc.	0.01%	1,367	$873K	New
RCL Royal Caribbean Cruises Ltd.	0.01%	2,699	$873K	Add +58.5%
BBD Banco Bradesco-ADR	0.01%	255,321	$863K	No change
ILMN Illumina Inc.	0.01%	9,066	$861K	Reduce -24.1%
OC Owens Corning	0.01%	6,047	$855K	Reduce -2.9%
FDX FedEx Corp.	0.01%	3,595	$848K	Add +184.9%
HAS Hasbro Inc.	0.01%	11,146	$845K	Add +32.1%
VMC Vulcan Materials Co.	0.01%	2,702	$831K	Reduce -77.4%
TPR Tapestry Inc.	0.01%	7,206	$816K	New
FICO Fair Isaac Corp.	0.01%	532	$796K	Reduce -56.5%
FISV Fiserv Inc.	0.01%	6,094	$786K	Reduce -62.9%
TPL Texas Pacific Land Corp.	0.01%	828	$773K	Reduce -52.6%
PAYX Paychex Inc.	0.01%	6,084	$771K	Add +70.4%
COIN Coinbase Global Inc. Class A	0.01%	2,272	$767K	New
ICE Intercontinental Exchange Inc.	0.01%	4,531	$763K	Reduce -59.7%
RDY Dr. Reddy's Laboratories-ADR	0.01%	54,507	$762K	No change
VRSK Verisk Analytics Inc.	0.01%	2,943	$740K	Reduce -31.2%
AVB Avalonbay Communities Inc.	0.01%	3,812	$736K	Reduce -70.5%
NKE Nike Inc. Class B	0.01%	10,521	$734K	Reduce -72.6%
HII Huntington Ingalls Industrie	0.01%	2,544	$732K	Reduce -14.6%
SNA Snap-on Inc.	0.01%	2,100	$728K	New
RMD Resmed Inc.	0.01%	2,658	$728K	Reduce -51.6%
GL Globe Life Inc.	0.01%	5,071	$725K	New
TSN Tyson Foods Inc. Class A	0.01%	13,049	$709K	Reduce -54.2%
OSK Oshkosh Corp.	0.01%	5,316	$689K	Reduce -2.9%
DXCM Dexcom Inc.	0.01%	10,058	$677K	Reduce -39.1%
CRWD CrowdStrike Holdings Inc. Class A	0.01%	1,365	$669K	Add +41.0%
IR Ingersoll-Rand Inc.	0.01%	8,006	$661K	Reduce -2.9%
AXON Axon Enterprise Inc.	0.01%	921	$661K	Add +52.7%
GEHC GE Healthcare Technology	0.01%	8,785	$660K	New
WM Waste Management Inc.	0.01%	2,987	$660K	Reduce -74.7%
MMM 3M Co.	0.01%	4,234	$657K	Reduce -62.4%
ROST Ross Stores Inc.	0.01%	4,266	$650K	Add +58.8%
AZO AutoZone Inc.	0.01%	146	$626K	New
GLW Corning Inc.	0.01%	7,613	$624K	New
TFC Truist Financial Corp.	0.01%	13,431	$614K	New
A Agilent Technologies Inc.	0.01%	4,756	$610K	Add +109.2%
CMG Chipotle Mexican Grill Inc.	0.01%	15,305	$600K	Reduce -80.4%
KEY Keycorp	0.01%	32,016	$598K	Add +37.5%
SPG Simon Property Group Inc.	0.01%	3,169	$595K	Reduce -68.5%
JBL Jabil Inc.	0.01%	2,733	$594K	New
TSCO Tractor Supply Company	0.01%	10,284	$585K	New
NTRS Northern Trust Corp.	0.01%	4,311	$580K	New
HPE Hewlett Packard Enterprise	0.01%	23,374	$574K	New
IVZ Invesco Ltd.	0.01%	24,968	$573K	New
FER Ferrovial NV	0.01%	11,576	$565K	Reduce -2.9%
DECK Deckers Outdoor Corp.	0.01%	5,562	$564K	Add +33.6%
UAL United Airlines Holdings Inc.	0.01%	5,787	$558K	Add +103.1%
ROK Rockwell Automation Inc.	0.01%	1,594	$557K	Reduce -48.1%
VFC VF Corp.	0.01%	38,467	$555K	Add +63.0%
NWSA News Corp. Class A	0.01%	17,830	$548K	Add +23.0%
NSC Norfolk Southern Corp.	0.01%	1,802	$541K	Reduce -8.7%
SKM SK Telecom Co. Ltd.-Spon ADR	0.01%	24,953	$539K	No change
GRMN Garmin Ltd.	0.01%	2,138	$526K	Reduce -54.3%
ACGL Arch Capital Group Ltd.	0.01%	5,721	$519K	Reduce -13.0%
CTSH Cognizant Tech Solutions-A	0.01%	7,716	$518K	New
COP Conocophillips	0.01%	5,403	$511K	No change
ULTA Ulta Beauty Inc.	0.01%	925	$506K	New
CLX Clorox Company	0.01%	4,096	$505K	Reduce -76.4%
GM General Motors Co.	0.01%	8,258	$503K	New
DDOG Datadog Inc. Class A	0.01%	3,523	$502K	New
MRSH Marsh & McLennan Cos	0.01%	2,469	$498K	Reduce -8.7%
ESS Essex Property Trust Inc.	0.01%	1,824	$488K	Add +6.4%
RL Ralph Lauren Corp.	0.01%	1,556	$488K	New
LUV Southwest Airlines Co.	0.01%	15,157	$484K	New
KR Kroger Co.	0.01%	7,068	$476K	New
PNR Pentair PLC	0.01%	4,292	$475K	Reduce -8.6%
WMB Williams Cos Inc.	0.01%	7,225	$458K	No change
QGEN Qiagen N.V.	0.01%	12,000	$452K	Reduce -3.0%
MKC McCormick & Co.-Non VTG SHRS	0.01%	6,750	$452K	Reduce -70.5%
PRU Prudential Financial Inc.	0.01%	4,274	$443K	Reduce -82.3%
CPRT Copart Inc.	0.01%	9,859	$443K	Reduce -70.6%
DELL Dell Technologies -C	0.01%	3,124	$443K	Reduce -8.7%
UPS United Parcel Service Class B	0.01%	5,239	$438K	Reduce -71.3%
FMX Fomento Economico Mex-SP ADR	0.01%	4,360	$430K	No change
TTWO Take-Two Interactive Softwre	0.01%	1,656	$428K	New
WST West Pharmaceutical Services	0.01%	1,627	$427K	New
ROL Rollins Inc.	0.01%	7,211	$424K	New
CAG Conagra Brands Inc.	0.01%	23,112	$423K	Add +31.5%
PKG Packaging Corp. of America	0.01%	1,938	$422K	Reduce -8.6%
AMP Ameriprise Financial Inc.	0.01%	859	$422K	Reduce -8.6%
CNC Centene Corp.	0.01%	11,649	$416K	Reduce -70.5%
CRL Charles River Laboratories	0.01%	2,656	$416K	New
IT Gartner Inc.	0.01%	1,571	$413K	Add +95.4%
GIS General Mills Inc.	0.01%	8,148	$411K	New
APD Air Products & Chemicals Inc.	0.01%	1,498	$409K	Reduce -8.7%
TGT Target Corp.	0.01%	4,502	$404K	New
CPT Camden Property Trust	0.01%	3,704	$396K	Reduce -77.2%
TAP Molson Coors Beverage Co. Class B	0.01%	8,724	$395K	Add +33.4%
PTC PTC Inc.	0.01%	1,937	$393K	Reduce -18.0%
DG Dollar General Corp.	0.01%	3,789	$392K	New
GEN Gen Digital Inc.	0.01%	13,774	$391K	New
BSY Bentley Systems Inc. Class B	0.01%	7,542	$388K	Reduce -64.5%
MKTX Marketaxess Holdings Inc.	0.01%	2,201	$384K	Add +27.4%
AXP American Express Co.	0.01%	1,149	$382K	Reduce -79.5%
UDR Udr Inc.	0.01%	9,975	$372K	Reduce -76.5%
RJF Raymond James Financial Inc.	0.01%	2,071	$357K	New
WTW Willis Towers Watson PLC	0.01%	1,033	$357K	New
AES AES Corp.	0.01%	26,990	$355K	New
EG Everest Group Ltd.	0.01%	1,011	$354K	Reduce -70.9%
WDC Western Digital Corp.	0.01%	2,944	$353K	New
MTCH Match Group Inc.	0.01%	9,996	$353K	Add +41.5%
MTB M & T Bank Corp. filed as M & T BK CORP	0.01%	1,723	$340K	New
JAZZ Jazz Pharmaceuticals PLC	0.01%	2,576	$340K	Reduce -70.5%
MCHP Microchip Technology Inc.	0.01%	5,257	$338K	New
VEEV Veeva Systems Inc. Class A	0.01%	1,123	$335K	Reduce -66.4%
CZR Caesars Entertainment Inc.	0.00%	11,819	$319K	New
KDP Keurig Dr Pepper Inc.	0.00%	12,425	$317K	Reduce -65.4%
EPAM Epam Systems Inc.	0.00%	2,082	$314K	Add +52.5%
ES Eversource Energy	0.00%	4,344	$309K	Add +22.0%
NATL NCR Atleos Corp.	0.00%	7,851	$309K	Reduce -70.5%
LEN Lennar Corp. Class A	0.00%	2,411	$304K	New
CSX CSX Corp.	0.00%	8,469	$301K	New
CARR Carrier Global Corp.	0.00%	4,981	$297K	Reduce -66.6%
APTV Aptiv PLC	0.00%	3,337	$288K	New
OTIS Otis Worldwide Corp.	0.00%	3,144	$287K	New
CBOE Cboe Global Markets Inc.	0.00%	1,172	$287K	New
INVH Invitation Homes Inc.	0.00%	9,798	$287K	Reduce -85.8%
SUZ Suzano SA - Spon ADR	0.00%	30,210	$284K	No change
OMC Omnicom Group	0.00%	3,479	$284K	New
TECH Bio-Techne Corp.	0.00%	5,076	$282K	New
BG Bunge Global SA	0.00%	3,474	$282K	Reduce -8.7%
CTAS Cintas Corp.	0.00%	1,354	$278K	Reduce -72.9%
TKO Tko Group Holdings Inc.	0.00%	1,370	$277K	New
HBAN Huntington Bancshares Inc.	0.00%	15,491	$268K	New
DLTR Dollar Tree Inc.	0.00%	2,763	$261K	New
BDX Becton Dickinson and Co.	0.00%	1,373	$257K	Reduce -8.7%
STX Seagate Technology Holdings	0.00%	1,088	$257K	New
AKAM Akamai Technologies Inc.	0.00%	3,351	$254K	Reduce -76.9%
EA Electronic Arts Inc.	0.00%	1,226	$247K	Reduce -88.3%
TU Telus Corp.	0.00%	11,008	$241K	No change
FSLR First Solar Inc.	0.00%	1,088	$240K	New
ATR Aptargroup Inc.	0.00%	1,785	$239K	Reduce -70.5%
TER Teradyne Inc.	0.00%	1,732	$238K	New
LULU Lululemon Athletica Inc.	0.00%	1,255	$223K	Reduce -86.0%
MTZ Mastec Inc.	0.00%	1,048	$223K	New
WRB WR Berkley Corp. filed as BERKLEY W R CORP	0.00%	2,845	$218K	New
CHRW C.H. Robinson Worldwide Inc.	0.00%	1,636	$217K	New
K Kellanova	0.00%	2,596	$213K	New
CCJ Cameco Corp.	0.00%	1,820	$213K	New
SWKS Skyworks Solutions Inc.	0.00%	2,724	$210K	New
LW Lamb Weston Holdings Inc.	0.00%	3,531	$205K	Reduce -70.5%
RGEN Repligen Corp.	0.00%	1,534	$205K	Reduce -70.4%
AMCR Amcor PLC	0.00%	25,059	$205K	New
SPOT Spotify Technology SA	0.00%	290	$202K	Add +12.0%
VTRS Viatris Inc.	0.00%	13,103	$130K	New

Options reported separately and not counted above: COIN puts ($431K), TECK calls ($183K), PANW calls ($101K).

Other holdings (60): bonds, preferreds, convertibles and warrants · $118.0M (not counted above)

Security	Class	Shares / Principal	Value	Change
RACE Ferrari NV	COM · principal	16,900,000	$16.6M	Add +5.6%
QGEN Qiagen N.V.	COM SHS · principal	15,000,000	$15.3M	No change
COIN Coinbase Global Inc. Class A	COM CL A · principal	6,550,000	$7.3M	Add +37.9%
MSFT Microsoft Corp.	COM · principal	5,000,000	$5.7M	No change
ZS Zscaler Inc.	COM · principal	4,750,000	$4.7M	New
DDOG Datadog Inc. Class A	CL A COM · principal	4,567,000	$4.6M	Reduce -30.8%
BILL Bill Holdings Inc.	COM · principal	4,450,000	$4.1M	No change
ALNY Alnylam Pharmaceuticals Inc.	COM · principal	4,000,000	$4.0M	Add +166.7%
DXCM Dexcom Inc.	COM · principal	4,000,000	$3.7M	No change
WELL Welltower Inc.	COM · principal	1,900,000	$2.8M	No change
PCG P G & E Corp.	COM · principal	1,867,850	$2.6M	No change
NET Cloudflare Inc. Class A	CL A COM · principal	2,100,000	$2.4M	Add +82.6%
LYV Live Nation Entertainment Inc.	COM · principal	2,000,000	$2.2M	No change
CYBR Cyberark Software Ltd./Israel	SHS · principal	2,000,000	$2.2M	Reduce -50.0%
BTG B2GOLD Corp.	COM · principal	1,000,000	$1.7M	Add +100.0%
HALO Halozyme Therapeutics Inc.	COM · principal	1,200,000	$1.7M	No change
NEE Nextera Energy Inc.	COM · principal	1,350,000	$1.6M	No change
SNOW Snowflake Inc.	COM SHS · principal	1,000,000	$1.6M	No change
F Ford Motor Co.	COM · principal	1,550,000	$1.6M	No change
AXON Axon Enterprise Inc.	COM · principal	500,000	$1.6M	No change
AWK American Water Works Co. Inc.	COM · principal	1,500,000	$1.5M	No change
DASH DoorDash Inc. Class A	CL A · principal	1,300,000	$1.5M	Add +85.7%
LITE Lumentum Holdings Inc.	COM · principal	600,000	$1.5M	No change
RIVN Rivian Automotive Inc. Class A	COM CL A · principal	1,500,000	$1.4M	No change
VRNS Varonis Systems Inc.	COM · principal	1,250,000	$1.4M	No change
LYFT LYFT Inc. Class A	CL A COM · principal	1,000,000	$1.3M	No change
AVAV Aerovironment Inc.	COM · principal	1,000,000	$1.2M	New
EXAS Exact Sciences Corp.	COM · principal	1,200,000	$1.1M	No change
MTH Meritage Homes Corp.	COM · principal	1,000,000	$1.0M	No change
RBRK Rubrik Inc. Class A	CL A · principal	1,000,000	$1.0M	No change
NTNX Nutanix Inc. Class A	CL A · principal	700,000	$999K	No change
GWRE Guidewire Software Inc.	COM · principal	850,000	$999K	No change
MIR Mirion Technologies Inc.	COM CL A · principal	800,000	$991K	No change
MP MP Materials Corp.	COM CL A · principal	300,000	$958K	Reduce -50.0%
TTEK Tetra Tech Inc.	COM · principal	750,000	$815K	No change
VTR Ventas Inc.	COM · principal	550,000	$702K	No change
IONS Ionis Pharmaceuticals Inc.	COM · principal	500,000	$685K	No change
PSN Parsons Corp.	COM · principal	600,000	$682K	Reduce -73.9%
UPWK Upwork Inc.	COM · principal	700,000	$679K	No change
GH Guardant Health Inc.	COM · principal	500,000	$648K	No change
DBX Dropbox Inc. Class A	CL A · principal	600,000	$620K	No change
ORA Ormat Technologies Inc.	COM · principal	500,000	$606K	No change
W Wayfair Inc. Class A	CL A · principal	400,000	$602K	Reduce -60.0%
IMCR Immunocore Holdings PLC-ADR	ADS · principal	600,000	$543K	No change
ASND Ascendis Pharma A/S	SPONSORED ADR · principal	400,000	$535K	No change
SYNA Synaptics Inc.	COM · principal	500,000	$498K	No change
WK Workiva Inc.	COM CL A · principal	500,000	$494K	No change
ON On Semiconductor	COM · principal	500,000	$464K	No change
UPST Upstart Holdings Inc.	COM · principal	500,000	$461K	New
MMSI Merit Medical Systems Inc.	COM · principal	400,000	$461K	No change
CYTK Cytokinetics Inc.	COM NEW · principal	350,000	$460K	No change
WIX Wix.com Ltd.	SHS · principal	400,000	$442K	Reduce -55.6%
CORZ Core Scientific Inc.	COM · principal	400,000	$438K	No change
LNTH Lantheus Holdings Inc.	COM · principal	400,000	$423K	No change
RGEN Repligen Corp.	COM · principal	400,000	$405K	No change
MARA Mara Holdings Inc.	COM · principal	400,000	$401K	No change
ENPH Enphase Energy Inc.	COM · principal	400,000	$348K	No change
FOUR SHIFT4 Payments Inc. Class A	CL A · principal	300,000	$297K	No change
NVMI Nova Ltd.	COM · principal	250,000	$295K	New
AFRM Affirm Holdings Inc.	COM CL A · principal	250,000	$272K	No change

Total filed on the 13F, all lines: $6.8B.

Portfolio Sells Q2 2025 → Q3 2025


MSFT Microsoft Corp.	Reduce -1.3%	8.30%	−0.80
BSX Boston Scientific Corp.	Reduce -5.5%	1.94%	−0.59
PANW Palo Alto Networks Inc.	Reduce -32.6%	0.77%	−0.50
LLY Eli Lilly & Co.	Reduce -14.7%	1.02%	−0.35
ISRG Intuitive Surgical Inc.	Reduce -35.0%	0.29%	−0.31
TMUS T-Mobile US Inc.	Reduce -10.0%	1.17%	−0.27
VRTX Vertex Pharmaceuticals Inc.	Reduce -29.2%	0.25%	−0.20
HCA HCA Healthcare Inc.	Reduce -50.0%	0.19%	−0.20
CDNS Cadence Design SYS Inc.	Reduce -38.2%	0.31%	−0.18
CYBR Cyberark Software Ltd./Israel	Reduce -21.1%	1.01%	−0.18
XPO Xpo Inc.	Reduce -1.9%	1.26%	−0.17
TECK Teck Resources Ltd.-CLS B	Reduce -6.0%	1.34%	−0.15
WTS Watts Water Technologies-A	Reduce -33.1%	0.28%	−0.14
FNV Franco-Nevada Corp.	Reduce -32.6%	0.62%	−0.13
WCN Waste Connections Inc.	Sold out	0.00%	−0.12
BNTX Biontech SE-ADR	Reduce -13.4%	0.28%	−0.12
NTRA Natera Inc.	Reduce -25.9%	0.19%	−0.11
LIN Linde PLC	Reduce -33.3%	0.15%	−0.10
NOW ServiceNow Inc.	Reduce -14.8%	0.18%	−0.09
CRM Salesforce Inc.	Reduce -18.2%	0.14%	−0.08
AME Ametek Inc.	Reduce -53.5%	0.05%	−0.07
REGN Regeneron Pharmaceuticals	Reduce -7.6%	0.53%	−0.07
CSCO Cisco Systems Inc.	Reduce -25.6%	0.13%	−0.07
DRI Darden Restaurants Inc.	Reduce -70.5%	0.02%	−0.07
CMG Chipotle Mexican Grill Inc.	Reduce -80.4%	0.01%	−0.06
CEG Constellation Energy	Reduce -53.2%	0.05%	−0.06
NDAQ Nasdaq Inc.	Reduce -32.8%	0.09%	−0.06
WFC Wells Fargo & Co.	Reduce -22.2%	0.16%	−0.06
STLD Steel Dynamics Inc.	Reduce -70.5%	0.02%	−0.05
SPGI S&P Global Inc.	Reduce -21.5%	0.10%	−0.05
ORLA Orla Mining Ltd.	Reduce -42.5%	0.07%	−0.05
NEE Nextera Energy Inc.	Reduce -0.3%	0.74%	−0.05
ALNY Alnylam Pharmaceuticals Inc.	Reduce -33.7%	0.22%	−0.05
HES Hess Corp.	Sold out	0.00%	−0.04
ROP Roper Technologies Inc.	Reduce -3.9%	0.13%	−0.04
UNP Union Pacific Corp.	Reduce -23.2%	0.09%	−0.04
SSNC Ss&c Technologies Holdings	Reduce -70.5%	0.02%	−0.04
VMC Vulcan Materials Co.	Reduce -77.4%	0.01%	−0.04
QCOM Qualcomm Inc.	Reduce -49.0%	0.04%	−0.04
BKR Baker Hughes Co.	Reduce -14.8%	1.05%	−0.04
KEYS Keysight Technologies Inc.	Reduce -70.5%	0.01%	−0.04
CB Chubb Ltd.	Reduce -3.2%	0.22%	−0.04
YUM Yum! Brands Inc.	Sold out	0.00%	−0.04
PRU Prudential Financial Inc.	Reduce -82.3%	0.01%	−0.04
JNPR Juniper Networks Inc.	Sold out	0.00%	−0.04
FISV Fiserv Inc.	Reduce -62.9%	0.01%	−0.04
NKE Nike Inc. Class B	Reduce -72.6%	0.01%	−0.04
WM Waste Management Inc.	Reduce -74.7%	0.01%	−0.04
ETN Eaton Corp. PLC	Reduce -47.6%	0.03%	−0.03
ATO Atmos Energy Corp.	Sold out	0.00%	−0.03

Portfolio Buys Q2 2025 → Q3 2025


RTX RTX Corp.	New	2.24%	+2.24
AEM Agnico Eagle Mines Ltd.	Add +2.7%	3.83%	+0.92
AAPL Apple Inc.	Add +6.5%	4.86%	+0.79
GOOGL Alphabet Inc. Class A	Add +7.3%	3.23%	+0.73
TMO Thermo Fisher Scientific Inc.	Add +58.9%	1.77%	+0.71
NVDA Nvidia Corp.	Add +1.1%	6.73%	+0.37
TJX TJX Companies Inc.	Add +12.0%	1.19%	+0.16
GEV GE Vernova Inc.	Add +9.6%	1.09%	+0.14
ABBV Abbvie Inc.	Add +7.3%	0.55%	+0.09
PH Parker Hannifin Corp.	Add +9.8%	1.88%	+0.09
VLO Valero Energy Corp.	Add +10.7%	0.44%	+0.08
LRCX Lam Research Corp.	Add +22.9%	0.24%	+0.08
C Citigroup Inc.	Add +5.1%	0.71%	+0.08
BAC Bank of America Corp.	Add +30.3%	0.34%	+0.07
WPM Wheaton Precious Metals Corp.	New	0.07%	+0.07
MS Morgan Stanley	Add +9.5%	0.73%	+0.06
CP Canadian Pacific Kansas City	New	0.06%	+0.06
HAL Halliburton Co.	Add +3.0%	0.59%	+0.05
PWR Quanta Services Inc.	New	0.05%	+0.05
AGI Alamos Gold Inc. Class A	Add +13.8%	0.16%	+0.04
ED Consolidated Edison Inc.	New	0.04%	+0.04
JPM JPMorgan Chase & Co.	Add +3.9%	3.66%	+0.03
RACE Ferrari NV	Add +22.8%	0.56%	+0.03
ETR Entergy Corp.	Add +4.2%	0.79%	+0.03
MDT Medtronic PLC	Add +62.9%	0.08%	+0.03
GE General Electric	Add +56.0%	0.08%	+0.03
APH Amphenol Corp. Class A	Add +112.5%	0.05%	+0.03
WELL Welltower Inc.	Add +2.3%	0.49%	+0.03
CL Colgate-Palmolive Co.	Add +469.9%	0.03%	+0.03
PFG Principal Financial Group	New	0.03%	+0.03
T AT&T Inc.	Add +35.1%	0.16%	+0.03
FRT Federal Realty Invs Trust	New	0.03%	+0.03
CBRE CBRE Group Inc. Class A	Add +306.2%	0.03%	+0.03
L Loews Corp.	New	0.03%	+0.03
FTNT Fortinet Inc.	New	0.02%	+0.02
TRGP Targa Resources Corp.	Add +755.2%	0.03%	+0.02
LOW Lowe's Cos Inc.	New	0.02%	+0.02
TRV The Travelers Cos Inc.	New	0.02%	+0.02
VRSN Verisign Inc.	New	0.02%	+0.02
FAST Fastenal Co.	New	0.02%	+0.02
V Visa Inc. Class A	Add +22.9%	0.36%	+0.02
GILD Gilead Sciences Inc.	Add +47.5%	0.09%	+0.02
IPG Interpublic Group of Cos Inc.	New	0.02%	+0.02
VICI Vici Properties Inc.	New	0.02%	+0.02
EW Edwards Lifesciences Corp.	New	0.02%	+0.02
HST Host Hotels & Resorts Inc.	New	0.02%	+0.02
CTVA Corteva Inc.	New	0.02%	+0.02
ORLY O'reilly Automotive Inc.	New	0.02%	+0.02
CCI Crown Castle Inc.	New	0.02%	+0.02
BRK.B Berkshire Hathaway Inc. Class B	Add +14.2%	0.43%	+0.02

Options Activity Q2 2025 → Q3 2025


ZS Zscaler Inc.	call	Sold out	4,000	$252Kbefore exit
CYBR Cyberark Software Ltd./Israel	call	Sold out	2,400	$122Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025


RACE Ferrari NV	COM · principal	Add +5.6%	16,900,000	$16.6M
COIN Coinbase Global Inc. Class A	COM CL A · principal	Add +37.9%	6,550,000	$7.3M
ZS Zscaler Inc.	COM · principal	New	4,750,000	$4.7M
DDOG Datadog Inc. Class A	CL A COM · principal	Reduce -30.8%	4,567,000	$4.6M
ALNY Alnylam Pharmaceuticals Inc.	COM · principal	Add +166.7%	4,000,000	$4.0M
NET Cloudflare Inc. Class A	CL A COM · principal	Add +82.6%	2,100,000	$2.4M
CYBR Cyberark Software Ltd./Israel	SHS · principal	Reduce -50.0%	2,000,000	$2.2M
NICE Nice Ltd. - Spon ADR	SPONSORED ADR · principal	Sold out	2,000,000	$2.0Mbefore exit
BTG B2GOLD Corp.	COM · principal	Add +100.0%	1,000,000	$1.7M
DASH DoorDash Inc. Class A	CL A · principal	Add +85.7%	1,300,000	$1.5M
AVAV Aerovironment Inc.	COM · principal	New	1,000,000	$1.2M
SNAP Snap Inc. Class A	CL A · principal	Sold out	1,200,000	$1.1Mbefore exit
MP MP Materials Corp.	COM CL A · principal	Reduce -50.0%	300,000	$958K
PSN Parsons Corp.	COM · principal	Reduce -73.9%	600,000	$682K
W Wayfair Inc. Class A	CL A · principal	Reduce -60.0%	400,000	$602K
TDOC Teladoc Health Inc.	COM · principal	Sold out	600,000	$554Kbefore exit
UPST Upstart Holdings Inc.	COM · principal	New	500,000	$461K
WIX Wix.com Ltd.	SHS · principal	Reduce -55.6%	400,000	$442K
NVMI Nova Ltd.	COM · principal	New	250,000	$295K
HAE Haemonetics Corp.	COM · principal	Sold out	250,000	$249Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	372	$7.9B	NVDA, MU, GOOGL, MSFT, AVGO
Q1 2026	366	$6.8B	NVDA, MSFT, AAPL, GOOGL, AVGO
Q4 2025	396	$6.8B	MSFT, NVDA, AAPL, GOOGL, AVGO
Q3 2025	405	$6.7B	MSFT, NVDA, AVGO, AAPL, AEM
Q2 2025	341	$5.9B	MSFT, NVDA, AVGO, AAPL, AMZN
Q1 2025	346	$4.9B	MSFT, NVDA, AAPL, AMZN, JPM
Q4 2024	353	$4.8B	MSFT, NVDA, AAPL, AMZN, GOOGL
Q3 2024	412	$3.8B	MSFT, NVDA, AAPL, AVGO, GOOGL
Q2 2024	396	$7.3B	TM, MUFG, MSFT, SONY, SMFG
Q1 2024	457	$5.5B	MSFT, ASML, NVDA, AAPL, NVO