Chip exposure deepens as internet and social weights are reduced
Intel Corporation and Applied Materials were the biggest additions, with Intel Corporation raised to the largest position and Applied Materials also increased sharply. Meta Platforms, Qualcomm, Alphabet Inc. (Class A), Alphabet Inc. (Class C), and PDD Holdings were all reduced, and no positions were fully exited. The new mix is most heavily exposed to semiconductor-related names, led by Intel Corporation, Applied Materials, and Qualcomm.
Portfolio changes
| Ticker | Company | Before | After | Change |
|---|---|---|---|---|
| INTC | Intel Corporation | 12.66% | 34.77% | Increased |
| AMAT | — | 14.33% | 27.64% | Increased |
| QCOM | — | 25.92% | 16.34% | Reduced |
| META | Meta Platforms | 16.90% | 6.43% | Reduced |
| GOOGL | Alphabet Inc. (Class A) | 13.26% | 6.02% | Reduced |
| GOOG | Alphabet Inc. (Class C) | 11.83% | 5.48% | Reduced |
| PDD | — | 5.10% | 3.33% | Reduced |