Tower Research Capital LLC (TRC) portfolio

What changed this quarter

5105 positions with a change (455 new, 1911 added to, 2354 trimmed, 385 sold); also, 102 entered through an IPO, 128 exited through an acquisition or merger, 14 entered through a spin-off. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Invesco QQQ Trust Series 1 ETF−82%fewer sharesReduced
  3.6% → 0.8%
• State Str Spdr S&P 500 ETF T+331%more sharesIncreased
  0.9% → 4.3%
• Direxion Shares ETF Trust−90%fewer sharesReduced
  3.0% → 1.6%
• Micron Technology−79%fewer sharesReduced
  2.4% → 1.6%
• Apple−39%fewer sharesReduced
  2.9% → 1.9%
• Tesla−60%fewer sharesReduced
  1.8% → 0.8%
• State Street SPDR P Int C Corp ETF+176%more sharesIncreased
  0.7% → 1.7%
• Microsoft−41%fewer sharesReduced
  2.4% → 1.4%
• iShares Core U.s. Aggregate ETF−97%fewer sharesReduced
  1.0% → under 0.1%
• iShares 0-3 Month Treasury B ETF+1,028%more sharesIncreased
  0.1% → 1.0%
• iShares Core S&P Total U.s ETF+699%more sharesIncreased
  0.1% → 0.9%
• iShares Russell 2000 ETF+1,915%more sharesIncreased
  under 0.1% → 0.8%

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

• State Str Spdr S&P 500 ETF TSPY4.3%
• NVIDIANVDA2.3%
• iShares Core S&P 500 ETFIVV2.1%
• AppleAAPL1.9%
• AlphabetGOOGL · GOOG1.7%
• State Street SPDR P Int C Corp ETFSPIB1.7%
• Micron TechnologyMU1.6%
• Direxion Shares ETF TrustSOXL1.6%
• MicrosoftMSFT1.4%
• BroadcomAVGO1.3%
• Amazon.comAMZN1.3%
• IntelINTC1.1%
• iShares 0-3 Month Treasury B ETFSGOV1.0%
• Advanced Micro DevicesAMD1.0%
• iShares Core S&P Total U.s ETFITOT0.9%
• Eli LillyLLY0.8%
• iShares Russell 2000 ETFIWM0.8%
• Invesco QQQ Trust Series 1 ETFQQQ0.8%
• TeslaTSLA0.8%
• Applied MaterialsAMAT0.7%
• Lam ResearchLRCX0.7%
• ProShares Ultrapro QQQ ETFTQQQ0.7%
• Marvell TechnologyMRVL0.7%
• RIO TintoRIO0.6%
• KLAKLAC0.6%
• State Street SPDR P St C Corp ETFSPSB0.6%
• State Street SPDR BB High Yield Bond ETFJNK0.6%
• GSKGSK0.6%
• SandiskSNDK0.5%
• Meta PlatformsMETA0.5%
• Texas InstrumentsTXN0.5%
• Cisco SystemsCSCO0.5%
• BPBP0.5%
• BarclaysBCS0.4%
• Vanguard Russell 1000 Growth ETFVONG0.4%
• JPMorgan ChaseJPM0.4%
• Vodafone Group PublicVOD0.4%
• BlackRock ETF Trust IICLOA0.4%
• DiageoDEO0.4%
• Novo Nordisk A/sNVO0.4%
• Analog DevicesADI0.4%
• BilibiliBILI0.4%
• NatWest GroupNWG0.4%
• British American Tobacco p.l.c.BTI0.3%
• BHP GroupBHP0.3%
• ChevronCVX0.3%
• Berkshire HathawayBRK/B0.3%
• Pimco Ultra Shrt Govt Active ETFBILZ0.3%
• QualcommQCOM0.3%
• Invesco Nasdaq 100 ETFQQQM0.3%
• State Street SPDR P High Yield ETFSPHY0.3%
• Monolithic Power SystemsMPWR0.3%
• ING GroepING0.3%
• iShares Msci USA Momentum FA ETFMTUM0.3%
• OracleORCL0.3%
• NXP SemiconductorsNXPI0.3%
• ASML HoldingASML0.3%
• Astera LabsALAB0.3%
• Microchip TechnologyMCHP0.2%
• Palantir TechnologiesPLTR0.2%
• WalmartWMT0.2%
• Johnson & JohnsonJNJ0.2%
• Direxion Shares ETF TrustSPXL0.2%
• iShares Russell Mid-cap ETFIWR0.2%
• State Street Materials Select Sector ETFXLB0.2%
• ShellSHEL0.2%
• State Street SPDR BB 1-3m T-bill ETFBIL0.2%
• QXOQXO0.2%
• Smith & NephewSNN0.2%
• CaterpillarCAT0.2%
• iShares Russell Mid-cap Grow ETFIWP0.2%
• iShares Ibonds DEC 2026 Term ETFIBTG0.2%
• VisaV0.2%
• CrowdStrike HoldingsCRWD0.2%
• AmphenolAPH0.2%
• MastercardMA0.2%
• Hilton Worldwide HoldingsHLT0.2%
• Vanguard World FundMGK0.2%
• iShares U.s. Aerospace & DEF ETFITA0.2%
• Howmet AerospaceHWM0.2%
• Vanguard S/t Corp Bond ETFVCSH0.2%
• iShares Semiconductor ETFSOXX0.2%
• BlackRockBLK0.2%
• TopBuildBLD0.2%
• Anheuser-Busch InBevBUD0.2%
• First Trust Nasdq 100 Tech I ETFQTEC0.2%
• iShares Russell 2000 Value E ETFIWN0.2%
• Costco WholesaleCOST0.2%
• Honeywell InternationalHON0.2%
• iShares 1-3 Year Treasury BO ETFSHY0.2%
• GE AerospaceGE0.2%
• American Airlines GroupAAL0.2%
• iShares Russell 1000 ETFIWB0.2%
• AbbVieABBV0.2%
• Vaneck ETF TrustSMH0.2%
• iShares Russell 3000 ETFIWV0.2%
• Schwab Govt Money Market ETFSGVT0.2%
• Goldman Sachs GroupGS0.2%
• Exxon MobilXOM0.2%