Quadrature Capital portfolio

What changed this quarter

2048 positions with a change (791 new, 340 added to, 331 trimmed, 586 sold); also, 3 entered through an IPO, 5 exited through an acquisition or merger, 1 entered through a spin-off. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• UnitedHealth Group−83%fewer sharesReduced
  3.0% → 0.6%
• Vaneck ETF Trust+2.0 ppof portfolioNew
  — → 2.0%
• Seagate Technology Holdings+221%more sharesIncreased
  0.5% → 2.6%
• Lumentum Holdings+1,458%more sharesIncreased
  0.1% → 1.9%
• Micron Technology−1.7 ppof portfolioSold out
  2.3% → —
• Enbridge+1.6 ppof portfolioNew
  — → 1.6%
• Berkshire Hathaway+800%more sharesIncreased
  0.3% → 1.8%
• Suncor Energy+530%more sharesIncreased
  0.5% → 1.9%
• Sandisk−79%fewer sharesReduced
  2.2% → 1.2%
• Tesla−1.6 ppof portfolioSold out
  2.2% → —
• Microsoft−99%fewer sharesReduced
  1.8% → under 0.1%
• SAP−87%fewer sharesReduced
  2.3% → 0.2%

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

• Advanced Micro DevicesAMD3.8%
• IntelINTC3.6%
• ASML HoldingASML3.4%
• Seagate Technology HoldingsSTX2.6%
• Amazon.comAMZN2.2%
• Vaneck ETF TrustSMH2.0%
• Suncor EnergySU1.9%
• Lumentum HoldingsLITE1.9%
• Berkshire HathawayBRK/B1.8%
• EnbridgeENB1.6%
• FerrariRACE1.6%
• Dell TechnologiesDELL1.5%
• SandiskSNDK1.2%
• Vaneck ETF TrustGDXJ1.2%
• IntuitINTU1.1%
• iShares Semiconductor ETFSOXX1.1%
• SPDR Gold Shares ETFGLD1.1%
• BrookfieldBN1.0%
• Agnico Eagle MinesAEM1.0%
• Palantir TechnologiesPLTR1.0%
• CME GroupCME1.0%
• Western DigitalWDC1.0%
• JPMorgan ChaseJPM1.0%
• Bank of Nova ScotiaBNS0.9%
• Taiwan Semiconductor ManufacturingTSM0.9%
• StrategyMSTR0.9%
• OracleORCL0.8%
• NVIDIANVDA0.8%
• Texas InstrumentsTXN0.8%
• QualcommQCOM0.8%
• Eli LillyLLY0.8%
• ProShares Ultrapro QQQ ETFTQQQ0.8%
• Super Micro ComputerSMCI0.8%
• NokiaNOK0.7%
• CelesticaCLS0.7%
• MercadoLibreMELI0.7%
• AccentureACN0.7%
• AdobeADBE0.7%
• Ishares TrLQD0.6%
• United Airlines HoldingsUAL0.6%
• Hewlett Packard EnterpriseHPE0.6%
• UnitedHealth GroupUNH0.6%
• Monolithic Power SystemsMPWR0.5%
• Vaneck ETF TrustGDX0.5%
• Canadian National RailwayCNI0.5%
• Global X Silver Miners ETFSIL0.5%
• iShares 20+ Year Treasury BD ETFTLT0.5%
• Morgan StanleyMS0.5%
• AbbVieABBV0.5%
• Brookfield Asset ManagementBAM0.5%
• TelusTU0.4%
• FedExFDX0.4%
• Credo Technology Group HoldingCRDO0.4%
• FortisFTS0.4%
• BlackRockBLK0.4%
• Wells FargoWFC0.4%
• Circle Internet GroupCRCL0.4%
• Sun Life FinancialSLF0.4%
• CGIGIB0.4%
• American Airlines GroupAAL0.4%
• FabrinetFN0.3%
• GE AerospaceGE0.3%
• Intercontinental ExchangeICE0.3%
• ZoetisZTS0.3%
• NovartisNVS0.3%
• AlphabetGOOG0.3%
• RedditRDDT0.3%
• Charles SchwabSCHW0.3%
• Thomson ReutersTRI0.3%
• Delta Air LinesDAL0.3%
• Boston ScientificBSX0.3%
• BRPDOO0.3%
• Alibaba Group HoldingBABA0.3%
• United STS Oil FundUSO0.3%
• CoherentCOHR0.3%
• BlackRock ETF TrustBAI0.3%
• MARA HoldingsMARA0.3%
• SemtechSMTC0.3%
• AXON EnterpriseAXON0.3%
• CamecoCCJ0.3%
• Wheaton Precious MetalsWPM0.3%
• Kinross GoldKGC0.3%
• Magna InternationalMGA0.3%
• United RentalsURI0.3%
• Regeneron PharmaceuticalsREGN0.3%
• iShares Msci USA Momentum FA ETFMTUM0.3%
• AstrazenecaAZN0.3%
• Global X Copper Miners ETFCOPX0.3%
• ProShares Ultra QQQ ETFQLD0.2%
• Manulife FinancialMFC0.2%
• NetflixNFLX0.2%
• Goldman Sachs GroupGS0.2%
• IsharesEWY0.2%
• Invesco Exchange Traded Fund TRSPT0.2%
• CienaCIEN0.2%
• Vanguard Long-term Corp Bond ETFVCLT0.2%
• Novo Nordisk A/sNVO0.2%
• PepsicoPEP0.2%
• Bank of MontrealBMO0.2%
• SAPSAP0.2%