Semiconductor exposure narrows as healthcare and AI weights rise
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.
Portfolio changes
| Ticker | Company | Before | After | Change |
|---|---|---|---|---|
| ISRG | — | — | 11.63% | Added |
| AMD | — | — | 6.88% | Added |
| PDD | — | — | 5.80% | Added |
| MU | — | 11.52% | 25.50% | Increased |
| AMAT | — | 11.59% | 14.08% | Increased |
| NVDA | — | 3.17% | 12.75% | Increased |
| VRTX | — | 3.38% | 9.30% | Increased |
| REGN | — | 4.97% | 8.53% | Increased |
| LRCX | — | 9.07% | 3.61% | Reduced |
| GOOG | — | 5.66% | 0.81% | Reduced |
| GOOGL | — | 5.50% | 0.69% | Reduced |
| AVGO | — | 3.22% | 0.41% | Reduced |
| KLAC | — | 20.34% | — | Exited |
| ASML | — | 7.91% | — | Exited |
| TXN | — | 6.96% | — | Exited |
| AMZN | — | 3.50% | — | Exited |
| AAPL | — | 2.46% | — | Exited |
| INTU | — | 0.77% | — | Exited |