APA Corporation, CrowdStrike, Incyte Corp, Merck, and Revvity were added as new positions. Newmont was fully exited, while Marathon Petroleum, Valero Energy, Phillips 66, and Charles River Laboratories were all reduced to equal 11.11% weights, leaving the portfolio evenly split across nine holdings.
AddedAPACRWDINCYMRKRVTY
ReducedMPCVLOPSXCRL
ExitedNEM
PDD Holdings, Alphabet Inc. (Class A), and Alphabet Inc. (Class C) became the biggest new allocations, while Micron Technology and NVIDIA were cut sharply. The update also added to Broadcom Inc. and Applied Materials, while reducing Advanced Micro Devices Inc., Vertex Pharmaceuticals, Lam Research, Intuitive Surgical, and Regeneron Pharmaceuticals. The resulting portfolio is more exposed to PDD Holdings, Alphabet, and Applied Materials, with semiconductor names still a major part of the mix.
IncreasedPDDAMATGOOGLGOOGAVGO
ReducedISRGMUREGNVRTXLRCXNVDAAMD
Micron Technology, NVIDIA, Intuitive Surgical, Advanced Micro Devices Inc., Vertex Pharmaceuticals, Regeneron Pharmaceuticals, PDD Holdings, and Applied Materials were added or increased, while KLA Corporation, ASML Holding, Texas Instruments, Amazon.com, Apple, Intuit, and both Alphabet share classes were reduced or fully exited. The biggest exits were KLA Corporation, ASML Holding, and Texas Instruments, and the largest new allocations were Micron Technology, Intuitive Surgical, and NVIDIA. The resulting portfolio is most concentrated in semiconductor-related names, especially Micron Technology, Applied Materials, NVIDIA, and Advanced Micro Devices Inc., with healthcare also more prominent through Intuitive Surgical, Vertex Pharmaceuticals, and Regeneron Pharmaceuticals.
AddedISRGAMDPDD
IncreasedMUAMATNVDAVRTXREGN
ReducedLRCXGOOGGOOGLAVGO
ExitedKLACASMLTXNAMZNAAPLINTU
KLA Corporation became the largest new position, with bigger allocations also added to Texas Instruments, Applied Materials, and ASML Holding. The update reduced Apple, Broadcom Inc., Lam Research, NVIDIA, Vertex Pharmaceuticals, and Regeneron Pharmaceuticals, while keeping Alphabet Inc. (Class A and Class C), Amazon.com, Intuit, and Micron Technology in the mix. The resulting portfolio is most exposed to semiconductor and semiconductor equipment names.
IncreasedKLACAMATASMLTXNGOOGGOOGL
ReducedMULRCXREGNAMZNVRTXAVGONVDAAAPLINTU
Apple, Alphabet Inc. (Class A), Alphabet Inc. (Class C), Regeneron Pharmaceuticals, and Broadcom Inc. were the biggest additions, while KLA Corporation, Applied Materials, and ASML Holding were cut back the most. No positions were fully exited. The portfolio is now more balanced, with the largest weights spread across Lam Research, Micron Technology, KLA Corporation, and Applied Materials, alongside larger allocations to Apple and the two Alphabet shares.
IncreasedLRCXAAPLAVGOREGNGOOGNVDAGOOGLAMZNTXN
ReducedMUAMATKLACVRTXASMLINTU
KLA Corporation, Applied Materials, Lam Research, Micron Technology, and ASML Holding were the biggest additions, while Amazon.com, Broadcom Inc., both Alphabet Inc. share classes, Intuit, NVIDIA, and Regeneron Pharmaceuticals were cut back. Texas Instruments was also reduced, and Apple was increased slightly. The new allocation is most concentrated in semiconductor equipment and memory names, led by KLA Corporation and Applied Materials.
IncreasedKLACAMATLRCXASMLMUVRTXAAPL
ReducedNVDAAVGOINTUREGNAMZNGOOGLTXNGOOG
Amazon.com, NVIDIA, Broadcom Inc., and both Alphabet share classes were the biggest additions, while Micron Technology, Lam Research, Applied Materials, and Advanced Micro Devices Inc. were cut sharply or fully exited. The update also added Regeneron Pharmaceuticals, KLA Corporation, and Texas Instruments, while fully exiting Adobe, Qualcomm, Microsoft, and Meta Platforms. The new allocation is most concentrated in Amazon.com and the large semiconductor and cloud-related names, with much less weight in Micron Technology and the other trimmed chip positions.
AddedAMZNREGNKLACTXN
IncreasedAVGONVDAINTUGOOGLGOOGVRTX
ReducedASMLAMATLRCXAAPLMU
ExitedAMDADBEQCOMMSFTMETA
Applied Materials became the largest new position, with bigger allocations also added to Advanced Micro Devices Inc., ASML Holding, Intuit, Qualcomm, Broadcom Inc., and NVIDIA. The update fully exited Meta Platforms and reduced Adobe, Alphabet Inc. (Class A), Lam Research, Vertex Pharmaceuticals, Apple, and Microsoft, leaving the portfolio more concentrated in semiconductor-related names such as Micron Technology, Lam Research, Applied Materials, and Advanced Micro Devices Inc.
IncreasedMUAMATAMDINTUASMLQCOMAVGONVDA
ReducedLRCXADBEAAPLVRTXGOOGLGOOGMSFTMETA
Micron Technology and Lam Research became the largest positions after major increases, while Broadcom Inc., Qualcomm, Intuit, and NVIDIA were cut sharply. Adobe, Meta Platforms, Applied Materials, and Alphabet Inc. (Class A) were also added to, and ASML Holding and Alphabet Inc. (Class C) were increased modestly. The portfolio is now most exposed to semiconductor-related names, with a smaller but still meaningful tilt to Meta Platforms and Adobe.
IncreasedMULRCXMETAADBEAMATGOOGLGOOGASML
ReducedAMDVRTXINTUMSFTQCOMNVDAAVGO
Broadcom Inc. became the largest new position, with Intuit, Meta Platforms, NVIDIA, and Qualcomm also increased. The update fully exited no positions, but it sharply reduced Apple, Applied Materials, Alphabet Inc. (Class A and Class C), Vertex Pharmaceuticals, Micron Technology, and Lam Research. The portfolio is now most exposed to Broadcom Inc., Qualcomm, Intuit, NVIDIA, and Apple, with a heavier tilt toward semiconductors and related technology names.
IncreasedAVGOINTUQCOMNVDAAMDMETAADBE
ReducedMULRCXVRTXAAPLGOOGMSFTGOOGLAMATASML