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Sophon Surge

High RiskS&P 500GrowthStrong return
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Semiconductor and optical exposure rises as industrial holdings exit

Lumentum Holdings Inc. was the largest new position, joined by bigger allocations to Teradyne, Sandisk Corporation, and Micron Technology. The rebalance fully exited Vertiv Holdings Co, Applied Materials, Lam Research, Marvell Technology, Caterpillar, Comfort Systems USA, Inc., and Keysight Technologies, while increasing Corning Inc. The resulting portfolio is concentrated in Corning Inc., Teradyne, Lumentum Holdings Inc., Micron Technology, and Sandisk Corporation, with a clear tilt toward semiconductor and optical/networking-related names.

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Data center and semiconductor exposure expands as services names are reduced

Corning Inc. became the largest position after a large increase, with new allocations to Marvell Technology and Micron Technology and a bigger stake in Teradyne. The update fully exited Quanta Services and Monolithic Power Systems, and sharply reduced Sandisk Corporation and Keysight Technologies, leaving the portfolio more concentrated in Corning Inc. and still heavily exposed to semiconductor and infrastructure-related names.

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Semiconductor exposure expands as testing and power weights are cut

Sandisk Corporation became the largest increase, with Applied Materials, Lam Research, and Vertiv Holdings Co also added to. The biggest reductions were Monolithic Power Systems and Teradyne, with smaller cuts to Comfort Systems USA, Keysight Technologies, Corning Inc., and Caterpillar; no positions were fully exited. The resulting portfolio is most exposed to Sandisk Corporation, Vertiv Holdings Co, and Applied Materials, with semiconductor-related names still prominent.

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Infrastructure and testing exposure expands as chip equipment is trimmed

Vertiv Holdings Co, Corning Inc., Keysight Technologies, Comfort Systems USA, Inc., and Quanta Services were increased, while Applied Materials, Lam Research, Sandisk Corporation, Teradyne, and Caterpillar were reduced. Monolithic Power Systems was also trimmed slightly, and no positions were fully exited. The new mix is most exposed to Vertiv Holdings Co, Corning Inc., Applied Materials, Sandisk Corporation, and Comfort Systems USA, Inc.

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Industrial and infrastructure exposure grows as memory weight is cut

Applied Materials, Caterpillar, Quanta Services, and Comfort Systems USA, Inc. were increased, while Sandisk Corporation was cut the most. Lam Research, Corning Inc., Keysight Technologies, Vertiv Holdings Co, and Teradyne were also reduced, and Monolithic Power Systems was slightly higher. The resulting mix is still most exposed to semiconductor-related names, led by Sandisk Corporation, Applied Materials, and Lam Research, with more weight also in industrial and services names.

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Semiconductor exposure expands as industrial and infrastructure weights are cut

Sandisk Corporation became the largest position after a big increase, with Lam Research and Applied Materials also moved up sharply. The update cut Quanta Services, Comfort Systems USA, Inc., Vertiv Holdings Co, and Caterpillar, while adding to Corning Inc., Teradyne, and Monolithic Power Systems. The resulting portfolio is most exposed to semiconductor-related names, with smaller allocations across industrial and infrastructure holdings.

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Industrial and infrastructure exposure expands as Corning is cut sharply

Comfort Systems USA, Inc., Quanta Services, Vertiv Holdings Co, and Caterpillar were the biggest additions, and Keysight Technologies was added as a new position. Corning Inc. was cut from the largest holding to a very small weight, while Lam Research, Applied Materials, and Teradyne were also reduced. The new mix is most exposed to industrial and infrastructure names, with a smaller semiconductor sleeve still in place.

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Semiconductor exposure narrows as Corning takes a larger role

Corning Inc. became the largest position after a sharp increase, with Lam Research and Applied Materials also moved up. Monolithic Power Systems, Quanta Services, Teradyne, and Vertiv Holdings Co were cut, while Comfort Systems USA, Inc. and Caterpillar were modestly increased. The new mix is most exposed to Corning Inc. and other semiconductor-related names, with industrial and infrastructure holdings still present but smaller.

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Semiconductor exposure shifts toward power and testing names

Monolithic Power Systems and Teradyne were the biggest additions, while Corning Inc., Lam Research, and Applied Materials were cut back sharply. Quanta Services and Vertiv Holdings Co were also increased, while Sandisk Corporation and Comfort Systems USA, Inc. were reduced slightly; Caterpillar was essentially unchanged. The new mix is most exposed to Monolithic Power Systems, Teradyne, and Quanta Services, with semiconductor-related names still prominent but less dominant than before.

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Semiconductor exposure expands as industrial and travel weights are cut

Lam Research, Applied Materials, and Sandisk Corporation were the biggest additions, while Comfort Systems USA, Inc., Vertiv Holdings Co, and Expedia Inc were cut back or fully exited. Corning Inc. and Teradyne were also increased, and Caterpillar was raised from a very small weight. The new mix is most exposed to Corning Inc. and a larger semiconductor-related sleeve, with smaller positions in industrial and infrastructure names.

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