Caption Management portfolio

What changed this quarter

686 positions with a change (226 new, 113 added to, 127 trimmed, 220 sold); also, 7 entered through an IPO, 8 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Taiwan Semiconductor Manufacturing+9.5 ppof portfolioNew
  — → 9.5%
• Microsoft+1,932%more sharesIncreased
  0.4% → 6.8%
• NVIDIA+22%more sharesIncreased
  12.5% → 13.0%
• State Street Financial Select Sector ETF+3,329%more sharesIncreased
  0.1% → 2.2%
• Meta Platforms−76%fewer sharesReduced
  3.1% → 0.5%
• Tesla+33%more sharesIncreased
  5.3% → 5.9%
• Alphabet+1.4 ppof portfolioIncreased
  1.2% → 2.3%
• Take-two Interactive Software−61%fewer sharesReduced
  2.5% → 0.9%
• United Therapeutics−87%fewer sharesReduced
  2.1% → 0.2%
• State Street SPDR S&P Regional Bank ETF+1.0 ppof portfolioNew
  — → 1.0%
• Insmed+0.9 ppof portfolioNew
  — → 0.9%
• Amazon.com−17%fewer sharesReduced
  5.1% → 3.6%

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

• NVIDIANVDA13.0%
• Taiwan Semiconductor ManufacturingTSM9.5%
• MicrosoftMSFT6.8%
• TeslaTSLA5.9%
• Blue OWL CapitalOWL4.9%
• Amazon.comAMZN3.6%
• Core ScientificCORZW(warrant)2.3%
• AlphabetGOOG2.3%
• State Street Financial Select Sector ETFXLF2.2%
• State Street Health Care Select Sector ETFXLV1.9%
• SandiskSNDK1.4%
• CG OncologyCGON1.2%
• State Street SPDR S&P Regional Bank ETFKRE1.0%
• Take-two Interactive SoftwareTTWO0.9%
• InsmedINSM0.9%
• State Street Materials Select Sector ETFXLB0.9%
• State Street SPDR S&P Homebldrs ETFXHB0.7%
• ErascaERAS0.7%
• CelcuityCELC0.6%
• Design TherapeuticsDSGN0.6%
• Meta PlatformsMETA0.5%
• Johnson & JohnsonJNJ0.5%
• MongodbMDB0.5%
• Vaneck ETF TrustSMH0.5%
• Ross StoresROST0.5%
• Boston ScientificBSX0.5%
• Unum GroupUNM0.5%
• SynopsysSNPS0.5%
• DigitalOcean HoldingsDOCN0.5%
• Cisco SystemsCSCO0.4%
• Gilead SciencesGILD0.4%
• DatadogDDOG0.4%
• Primo BrandsPRMB0.4%
• BoeingBA0.4%
• Bank of AmericaBAC0.4%
• Mineralys TherapeuticsMLYS0.4%
• Eli LillyLLY0.4%
• GEO GroupGEO0.4%
• Compass Diversified HoldingsCODI0.4%
• COMPASS PathwaysCMPS0.4%
• Circle Internet GroupCRCL0.4%
• IRENIREN0.4%
• Morgan StanleyMS0.4%
• US Bancorp \de\USB0.3%
• State Street SPDR S&P OG EXP & Prod ETFXOP0.3%
• TopBuildBLD0.3%
• XperiXPER0.3%
• Match GroupMTCH0.3%
• TEVA Pharmaceutical IndustriesTEVA0.3%
• Replimune GroupREPL0.3%
• Champion HomesSKY0.3%
• Amprius TechnologiesAMPX/WS(warrant)0.3%
• Caesars EntertainmentCZR0.3%
• State Street SPDR S&P Metals Mining ETFXME0.3%
• Zoom CommunicationsZM0.3%
• OkloOKLO0.3%
• IsharesEWT0.3%
• Amer SportsAS0.3%
• Tarsus PharmaceuticalsTARS0.3%
• Goldman Sachs GroupGS0.3%
• SkydancePSKY0.3%
• Chipotle Mexican GrillCMG0.3%
• TAL Education GroupTAL0.3%
• Energy Vault HoldingsNRGV0.3%
• Qnity ElectronicsQ0.3%
• MedtronicMDT0.2%
• Ascendis Pharma A/SASND0.2%
• HumanaHUM0.2%
• AstrazenecaAZN0.2%
• Procore TechnologiesPCOR0.2%
• Zebra TechnologiesZBRA0.2%
• Brookdale Senior LivingBKD0.2%
• Equinox GoldEQX0.2%
• ON SemiconductorON0.2%
• Protagonist TherapeuticsPTGX0.2%
• MasTecMTZ0.2%
• Genmab A/SGMAB0.2%
• Immunocore HoldingsIMCR0.2%
• Domino’s PizzaDPZ0.2%
• State Street Energy Select Sector ETFXLE0.2%
• Rush Street InteractiveRSI0.2%
• PrecigenPGEN0.2%
• Electronic ArtsEA0.2%
• United TherapeuticsUTHR0.2%
• Coinbase GlobalCOIN0.2%
• Neurocrine BiosciencesNBIX0.2%
• Novo Nordisk A/sNVO0.2%
• Carrier GlobalCARR0.2%
• NextpowerNXT0.2%
• Floor & Decor HoldingsFND0.2%
• Revolution MedicinesRVMDW(warrant)0.2%
• Carlyle GroupCG0.2%
• MGIC InvestmentMTG0.2%
• Burlington StoresBURL0.2%
• Vertex PharmaceuticalsVRTX0.2%
• CBL & Associates PropertiesCBL0.2%
• BiogenBIIB0.2%
• State Street Consumer Disc Select Sect ETFXLY0.2%
• MKSMKSI0.2%
• NetflixNFLX0.2%