Nicholas Investment Partners portfolio

What changed this quarter

185 positions with a change (38 new, 70 added to, 38 trimmed, 39 sold); also, 2 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Kratos Defense & Security Solutions−1.8 ppof portfolioSold out
  2.3% → —
• Embraer−1.6 ppof portfolioSold out
  2.1% → —
• Kontoor Brands+1.4 ppof portfolioNew
  — → 1.4%
• Insmed−86%fewer sharesReduced
  2.4% → 0.2%
• Sterling Infrastructure−39%fewer sharesReduced
  1.7% → 1.6%
• Nuvalent−95%fewer sharesReduced
  1.3% → 0.1%
• Callaway Golf+74%more sharesIncreased
  1.3% → 2.4%
• Rhythm Pharmaceuticals+1.0 ppof portfolioNew
  — → 1.0%
• Bloom Energy−99%fewer sharesReduced
  1.2% → under 0.1%
• Life Time Group Holdings+0.9 ppof portfolioNew
  — → 0.9%
• Dianthus Therapeutics+264%more sharesIncreased
  0.4% → 1.2%
• Cytokinetics+199%more sharesIncreased
  0.4% → 1.1%

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

• BWX TechnologiesBWXT3.4%
• Revolution MedicinesRVMD3.0%
• Callaway GolfCALY2.4%
• Modine ManufacturingMOD1.9%
• Carpenter TechnologyCRS1.7%
• Lincoln Educational ServicesLINC1.7%
• NVIDIANVDA1.6%
• Sterling InfrastructureSTRL1.6%
• Axsome TherapeuticsAXSM1.6%
• GE VernovaGEV1.6%
• Xenon PharmaceuticalsXENE1.5%
• BridgeBio PharmaBBIO1.5%
• Lattice SemiconductorLSCC1.4%
• Kontoor BrandsKTB1.4%
• Taiwan Semiconductor ManufacturingTSM1.4%
• Wintrust FinancialWTFC1.4%
• SiTimeSITM1.3%
• TFI InternationalTFII1.3%
• Mirum PharmaceuticalsMIRM1.3%
• Enliven TherapeuticsELVN1.3%
• BroadcomAVGO1.3%
• Sphere EntertainmentSPHR1.3%
• Dianthus TherapeuticsDNTH1.2%
• Amazon.comAMZN1.2%
• CytokineticsCYTK1.1%
• CamecoCCJ1.1%
• Advanced Energy IndustriesAEIS1.1%
• TangerSKT1.1%
• Rush Street InteractiveRSI1.1%
• Monolithic Power SystemsMPWR1.1%
• KLAKLAC1.1%
• Powell IndustriesPOWL1.1%
• Once Upon a Farm, PBCOFRM1.0%
• Rhythm PharmaceuticalsRYTM1.0%
• FTAI AviationFTAI1.0%
• Roivant SciencesROIV1.0%
• Exxon MobilXOM0.9%
• Life Time Group HoldingsLTH0.9%
• Par Pacific HoldingsPARR0.9%
• MACOM Technology Solutions HoldingsMTSI0.9%
• SemtechSMTC0.9%
• Goldman Sachs GroupGS0.8%
• XPOXPO0.8%
• HappenHAPN0.8%
• Steven MaddenSHOO0.8%
• Planet Labs PBCPL0.8%
• AstronicsATRO0.8%
• ONTO InnovationONTO0.7%
• ArganAGX0.7%
• AlphabetGOOG0.7%
• Simon Property GroupSPG0.7%
• FlowserveFLS0.7%
• Lam ResearchLRCX0.7%
• YETI HoldingsYETI0.7%
• Ascendis Pharma A/SASND0.7%
• Bank of AmericaBAC0.7%
• Chefs’ WarehouseCHEF0.6%
• Viavi SolutionsVIAV0.6%
• NovaNVMI0.6%
• Everus Construction GroupECG0.6%
• Lindblad Expeditions HoldingsLIND0.6%
• Construction PartnersROAD0.6%
• CAVA GroupCAVA0.6%
• Marvell TechnologyMRVL0.6%
• Williams CompaniesWMB0.6%
• Century AluminumCENX0.6%
• FabrinetFN0.6%
• Ultra Clean HoldingsUCTT0.6%
• COHUCOHU0.5%
• Micron TechnologyMU0.5%
• VaxcytePCVX0.5%
• NextpowerNXT0.5%
• Palvella TherapeuticsPVLA0.5%
• Ryman Hospitality PropertiesRHP0.5%
• Victoria's SecretVSXY0.5%
• Delta Air LinesDAL0.5%
• TransDigm GroupTDG0.5%
• Piper Sandler CompaniesPIPR0.5%
• MoogMOG/A0.5%
• TargetTGT0.5%
• MaxLinearMXL0.5%
• Seacoast Banking Corporation of FloridaSBCF0.5%
• RambusRMBS0.5%
• Applied OptoelectronicsAAOI0.4%
• ChevronCVX0.4%
• TeslaTSLA0.4%
• JPMorgan ChaseJPM0.4%
• ConocoPhillipsCOP0.4%
• Kymera TherapeuticsKYMR0.4%
• Cardinal Infrastructure GroupCDNL0.4%
• MP MaterialsMP0.4%
• TJXTJX0.4%
• Unity SoftwareU0.4%
• ASML HoldingASML0.4%
• CompassCOMP0.4%
• CitigroupC0.4%
• Cadence Design SystemsCDNS0.4%
• D-Wave QuantumQBTS0.4%
• Target HospitalityTH0.4%
• SaiaSAIA0.4%