Axiom Investors portfolio

What changed this quarter

145 positions with a change (29 new, 37 added to, 62 trimmed, 17 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Amphenol−91%fewer sharesReduced
  6.0% → 0.6%
• Advanced Micro Devices+4.4 ppof portfolioNew
  — → 4.4%
• Micron Technology+197%more sharesIncreased
  0.7% → 5.9%
• JPMorgan Chase−45%fewer sharesReduced
  9.3% → 4.5%
• Lumentum Holdings+24,459%more sharesIncreased
  under 0.1% → 3.0%
• GE Vernova+48%more sharesIncreased
  2.7% → 4.2%
• Microsoft−1.2 ppof portfolioSold out
  1.5% → —
• Tower Semiconductor+1.2 ppof portfolioNew
  — → 1.2%
• STMicroelectronics+1.1 ppof portfolioNew
  — → 1.1%
• Millicom International Cellular+625%more sharesIncreased
  0.2% → 1.3%
• Johnson & Johnson+1.1 ppof portfolioNew
  — → 1.1%
• NVIDIA−8.4%fewer sharesReduced
  13.9% → 11.3%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• NVIDIANVDA11.3%
• AlphabetGOOGL9.9%
• ASML HoldingASML7.5%
• Micron TechnologyMU5.9%
• Amazon.comAMZN5.7%
• Morgan StanleyMS5.0%
• GE AerospaceGE4.5%
• JPMorgan ChaseJPM4.5%
• Advanced Micro DevicesAMD4.4%
• GE VernovaGEV4.2%
• Taiwan Semiconductor ManufacturingTSM3.7%
• Lumentum HoldingsLITE3.0%
• Howmet AerospaceHWM1.6%
• AppleAAPL1.6%
• BroadcomAVGO1.3%
• Millicom International CellularTIGO1.3%
• Tower SemiconductorTSEM1.2%
• STMicroelectronicsSTM1.1%
• Johnson & JohnsonJNJ1.1%
• TeradyneTER1.1%
• Curtiss-wrightCW1.0%
• TJXTJX1.0%
• iShares Core Msci Eafe ETFIEFA0.9%
• AerCap HoldingsAER0.9%
• EmbraerEMBJ0.8%
• EMCOR GroupEME0.7%
• NokiaNOK0.7%
• Cisco SystemsCSCO0.7%
• AmphenolAPH0.6%
• Southern Copper Corp/SCCO0.5%
• CintasCTAS0.5%
• PrologisPLD0.5%
• Costco WholesaleCOST0.5%
• CredicorpBAP0.3%
• NovaNVMI0.3%
• America Movil SAB De Cv/AMX0.3%
• HersheyHSY0.3%
• iShares Msci India ETFINDA0.3%
• AXON EnterpriseAXON0.3%
• VisaV0.3%
• United TherapeuticsUTHR0.3%
• Mercury SystemsMRCY0.2%
• Solaris Energy InfrastructureSEI0.2%
• Casey’s General StoresCASY0.2%
• RBC BearingsRBC0.2%
• Sterling InfrastructureSTRL0.2%
• Bloom EnergyBE0.2%
• Guardant HealthGH0.2%
• Firstcash HoldingsFCFS0.2%
• Garrett MotionGTX0.2%
• LegenceLGN0.2%
• Forgent Power SolutionsFPS0.2%
• IMAXIMAX0.2%
• PlexusPLXS0.2%
• VSEVSEC0.2%
• CelesticaCLS0.2%
• Janus LivingJAN0.2%
• Sensient TechnologiesSXT0.2%
• JFrogFROG0.2%
• iShares Russell 2000 Growth ETFIWO0.2%
• BrightSpring Health ServicesBTSG0.2%
• First Financial BanksharesFFIN0.2%
• Live Nation EntertainmentLYV0.2%
• Meta PlatformsMETA0.2%
• IsharesIEMG0.1%
• ArchrockAROC0.1%
• TeslaTSLA0.1%
• NovantaNOVT0.1%
• Ichor HoldingsICHR0.1%
• Valley National BancorpVLY0.1%
• Advanced Energy IndustriesAEIS0.1%
• LittelfuseLFUS0.1%
• Casella Waste SystemsCWST0.1%
• Viavi SolutionsVIAV0.1%
• ArganAGX0.1%
• NlightLASR0.1%
• AARAIR0.1%
• SPX TechnologiesSPXC0.1%
• Lincoln Educational ServicesLINC0.1%
• OneSpaWorld HoldingsOSW0.1%
• Sphere EntertainmentSPHR0.1%
• Esco TechnologiesESE0.1%
• Boot Barn HoldingsBOOT0.1%
• NPK InternationalNPKI0.1%
• HealthequityHQY0.1%
• Protagonist TherapeuticsPTGX0.1%
• Rhythm PharmaceuticalsRYTM0.1%
• InterdigitalIDCC0.1%
• Applied OptoelectronicsAAOI0.1%
• Lionsgate StudiosLION0.1%
• EzcorpEZPW0.1%
• RambusRMBS0.1%
• HeicoHEI0.1%
• Ensign GroupENSG0.1%
• Nu HoldingsNU0.1%
• Icici BankIBN0.1%
• SandiskSNDK0.1%
• Piper Sandler CompaniesPIPR0.1%
• Victoria's SecretVSXY0.1%
• Grupo CibestCIB0.1%