Eleven new positions were added, led by Valero Energy, Sandisk Corporation, and Marathon Petroleum, with no exits or reductions because the starting portfolio was empty. The new allocation is concentrated in energy and data-storage names, with additional exposure to semiconductor-related holdings through Micron Technology and Seagate Technology plc.
AddedVLOSNDKMPCPSXMUSTXCVXWDCOXYFANGXOM
Dollar Tree Inc, PulteGroup, and Datadog became the largest new positions, joined by Flex Ltd., Lam Research, and Palo Alto Networks. The update fully exited Moderna Inc. and Amphenol, along with smaller positions in Charles River Laboratories, Zebra Technologies, Bio-Techne, and Workday, Inc. The new allocation is most exposed to consumer retail, housing, software, and semiconductors, with Dollar Tree Inc. and PulteGroup among the biggest weights.
AddedDLTRPHMDDOGFLEXLRCXPANWINTCKLACGILDSNDKAMDGDDYEVRG
ExitedMRNAAPHCRLZBRATECHWDAY
Moderna Inc. was increased to the largest position, while Amphenol, Charles River Laboratories, and Zebra Technologies were all reduced. Robinhood Markets, Inc., Micron Technology, and Arista Networks were fully exited, and Workday, Inc. was added as a small new position. The resulting portfolio is now most concentrated in Moderna Inc. and Amphenol, with smaller allocations in Charles River Laboratories, Zebra Technologies, Bio-Techne, and Workday, Inc.
AddedWDAY
IncreasedMRNA
ReducedAPHCRLZBRA
ExitedHOODMUANET
Moderna Inc. and Amphenol remain the two largest positions, while Zebra Technologies and Charles River Laboratories were added in size and Robinhood Markets, Inc. was newly introduced. Datadog, Fortinet, 3M, and General Electric Co were fully exited, and Arista Networks, Micron Technology, and Bio-Techne were reduced. The new allocation is most concentrated in Moderna Inc. and Amphenol, with additional exposure to Charles River Laboratories and Zebra Technologies.
AddedHOOD
IncreasedMRNACRLZBRA
ReducedAPHMUANETTECH
ExitedDDOGFTNTMMMGE
Amphenol and Moderna Inc. became the two largest positions, with Amphenol rising to 44.9% and Moderna Inc. added at 36.4%. Zebra Technologies was cut to a token weight, while Charles River Laboratories, Datadog, 3M, Arista Networks, and Micron Technology were all reduced; General Electric Co and Bio-Techne were added in small sizes. The portfolio is now most concentrated in Amphenol and Moderna Inc., with much smaller remaining exposure across the other names.
AddedMRNAGETECH
IncreasedAPH
ReducedDDOGANETFTNTCRLMUMMMZBRA
Zebra Technologies became the largest new position, joined by sizable new allocations to Datadog and Charles River Laboratories. The update fully exited Flex Ltd., KLA Corporation, Intel Corporation, Lam Research, Lumentum Holdings Inc., and Comfort Systems USA, Inc., while cutting Micron Technology and adding smaller positions in Arista Networks, 3M, Amphenol, and Fortinet. The new mix is most concentrated in Zebra Technologies and Datadog, with meaningful exposure also in Charles River Laboratories and Arista Networks.
AddedZBRADDOGCRLANETMMMAPHFTNT
ReducedMU
ExitedFLEXKLACINTCLRCXLITEFIX
Flex Ltd., KLA Corporation, and Lam Research were added, while Sandisk Corporation, Corning Inc., and Teradyne were fully exited. Micron Technology and Intel Corporation were increased, while Lumentum Holdings Inc. and Comfort Systems USA, Inc. were reduced. The new allocation is most concentrated in semiconductor and electronics-related names, led by Flex Ltd., KLA Corporation, Lam Research, Micron Technology, and Intel Corporation.
AddedFLEXKLACLRCX
IncreasedMUINTC
ReducedLITEFIX
ExitedSNDKGLWTER
Sandisk Corporation became the largest new position, joined by new allocations to Intel Corporation and Comfort Systems USA, Inc. The update fully exited none of the existing names, but reduced Teradyne, Corning Inc., Lumentum Holdings Inc., and Micron Technology. The new mix is more concentrated in semiconductor-related names, with Sandisk Corporation, Intel Corporation, and Micron Technology carrying the largest weights.
AddedSNDKINTCFIX
ReducedMULITEGLWTER
Corning Inc. and Lumentum Holdings Inc. were the biggest increases, with Teradyne also added to. Sandisk Corporation was fully exited, and Micron Technology was trimmed slightly. The new mix is most concentrated in Corning Inc., Lumentum Holdings Inc., and Teradyne, with Micron Technology still a smaller holding.
IncreasedLITEGLWTER
ReducedMU
ExitedSNDK
Teradyne became the largest increase in the rebalance, while Lumentum Holdings Inc. saw the biggest reduction. Micron Technology was also added slightly, and Corning Inc. and Sandisk Corporation were trimmed. The portfolio remains concentrated in Corning Inc., Lumentum Holdings Inc., Teradyne, and Micron Technology, with Teradyne now the largest position.
IncreasedTERMU
ReducedGLWLITESNDK