Mega-cap tech and semiconductor exposure expands as several holdings exit

Intel Corporation, Micron Technology, Tesla, Advanced Micro Devices Inc., T-Mobile US, Walmart, Comcast, Cisco Systems, Meta Platforms, Alphabet Inc. (Class A), Alphabet Inc. (Class C), NVIDIA, Broadcom Inc., Apple, MicroStrategy Inc., Amazon.com, Diamondback Energy, PDD Holdings, and Microsoft were all increased to the same top weight. The update fully exited PayPal, Regeneron Pharmaceuticals, Intuit, Roper Technologies, Paccar, Baker Hughes, Mondelez International, PepsiCo, Gilead Sciences, Charter Communications, Costco, Netflix, Warner Bros. Discovery, Exelon, Xcel Energy, Vertex Pharmaceuticals, Keurig Dr Pepper, American Electric Power, Analog Devices, Linde plc, Texas Instruments, Intuitive Surgical, Synopsys, ASML Holding, and Applied Materials. The resulting portfolio is most exposed to a concentrated mix of large technology, semiconductor, and internet names, with Diamondback Energy and PDD Holdings also among the larger positions.