E Fund Management portfolio

What changed this quarter

476 positions with a change (33 new, 194 added to, 219 trimmed, 30 sold); also, 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).

• Lam Research+430%more sharesIncreased
  0.7% → 5.9%
• Advanced Micro Devices+189%more sharesIncreased
  0.9% → 5.6%
• Lumentum Holdings−92%fewer sharesReduced
  4.4% → 0.3%
• Asml Holding+153%more sharesIncreased
  1.3% → 3.9%
• Alphabet−62%fewer sharesReduced
  3.7% → 1.3%
• Intel+86%more sharesIncreased
  1.1% → 4.7%
• Astera Labs+2.1 ppof portfolioNew
  — → 2.1%
• KLA+131%more sharesIncreased
  1.0% → 3.7%
• Corning−69%fewer sharesReduced
  2.8% → 1.2%
• AXT−96%fewer sharesReduced
  2.1% → 0.1%
• Tower Semiconductor−96%fewer sharesReduced
  1.8% → 0.1%
• Taiwan Semiconductor Manufacturing−21%fewer sharesReduced
  5.2% → 4.4%

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

• PDD HoldingsPDD8.1%
• Lam ResearchLRCX5.9%
• Advanced Micro DevicesAMD5.6%
• NVIDIANVDA5.3%
• IntelINTC4.7%
• AppleAAPL4.5%
• Taiwan Semiconductor ManufacturingTSM4.4%
• ASML HoldingASML3.9%
• KLAKLAC3.7%
• SandiskSNDK3.5%
• Micron TechnologyMU3.1%
• MicrosoftMSFT2.9%
• Marvell TechnologyMRVL2.4%
• AlphabetGOOGL · GOOG2.3%
• Astera LabsALAB2.1%
• BroadcomAVGO1.9%
• Applied MaterialsAMAT1.8%
• Amazon.comAMZN1.5%
• CorningGLW1.2%
• TeslaTSLA1.0%
• Seagate Technology HoldingsSTX0.9%
• Full Truck AllianceYMM0.9%
• iShares Core S&P 500 ETFIVV0.8%
• Meta PlatformsMETA0.8%
• Cisco SystemsCSCO0.7%
• Tencent Music Entertainment GroupTME0.7%
• KanzhunBZ0.6%
• United MicroelectronicsUMC0.6%
• TAL Education GroupTAL0.6%
• WalmartWMT0.6%
• GE VernovaGEV0.5%
• Vipshop HoldingsVIPS0.5%
• State Street SPDR S&P Biotech ETFXBI0.5%
• Costco WholesaleCOST0.4%
• Western DigitalWDC0.4%
• Bloom EnergyBE0.4%
• Palantir TechnologiesPLTR0.4%
• Texas InstrumentsTXN0.4%
• Futu HoldingsFUTU0.4%
• Palo Alto NetworksPANW0.4%
• Invesco DB Multi-sector CommDBO0.4%
• United STS Oil FundUSO0.4%
• Lumentum HoldingsLITE0.3%
• CienaCIEN0.3%
• NetflixNFLX0.3%
• Atour Lifestyle HoldingsATAT0.3%
• State Str Spdr S&P 500 ETF TSPY0.3%
• Credo Technology Group HoldingCRDO0.3%
• CrowdStrike HoldingsCRWD0.3%
• Analog DevicesADI0.3%
• QualcommQCOM0.3%
• United STS Brent Oil FundBNO0.3%
• Abrdn Physical Gold Shares ETFSGOL0.3%
• SPDR Gold Shares ETFGLD0.3%
• iShares Gold Trust ETFIAU0.3%
• Eli LillyLLY0.2%
• LindeLIN0.2%
• JPMorgan ChaseJPM0.2%
• JOYYJOYY0.2%
• AXON EnterpriseAXON0.2%
• AppLovinAPP0.2%
• International Business MachinesIBM0.2%
• OracleORCL0.2%
• PepsicoPEP0.2%
• AmgenAMGN0.2%
• Berkshire HathawayBRK/B0.2%
• CoherentCOHR0.2%
• Qfin HoldingsQFIN0.2%
• Johnson Controls InternationalJCI0.2%
• Johnson & JohnsonJNJ0.2%
• AutohomeATHM0.2%
• Marriott InternationalMAR0.2%
• Gilead SciencesGILD0.2%
• VisaV0.2%
• T-mobile USTMUS0.1%
• FortinetFTNT0.1%
• Cadence Design SystemsCDNS0.1%
• Exxon MobilXOM0.1%
• AmphenolAPH0.1%
• AbbVieABBV0.1%
• Intuitive SurgicalISRG0.1%
• Vertex PharmaceuticalsVRTX0.1%
• Yum China HoldingsYUMC0.1%
• Booking HoldingsBKNG0.1%
• DatadogDDOG0.1%
• CaterpillarCAT0.1%
• SynopsysSNPS0.1%
• ARM HoldingsARM0.1%
• AdobeADBE0.1%
• MastercardMA0.1%
• ShopifySHOP0.1%
• Arista NetworksANET0.1%
• ErascaERAS0.1%
• CelcuityCELC0.1%
• EyePointEYPT0.1%
• UnitedHealth GroupUNH0.1%
• TeradyneTER0.1%
• StarbucksSBUX0.1%
• IntuitINTU0.1%