Pine Valley Investments Ltd Liability portfolio

What changed this quarter

438 positions with a change (52 new, 230 added to, 136 trimmed, 20 sold); also, 2 entered through an IPO, 2 exited through an acquisition or merger, 2 entered through a spin-off. 11 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Graphic Packaging Holding+1.6 ppof portfolioNew
  — → 1.6%
• Fidelity National Information Services+1.0 ppof portfolioNew
  — → 1.0%
• Harley-Davidson−42%fewer sharesReduced
  2.2% → 1.4%
• Columbia Core Bond ETF+119%more sharesIncreased
  0.7% → 1.2%
• Centene−24%fewer sharesReduced
  1.6% → 2.1%
• Flowers Foods+0.7 ppof portfolioNew
  — → 0.7%
• Precision Drilling−0.6 ppof portfolioSold out
  0.7% → —
• Columbia Divers FIX Inc ETF−92%fewer sharesReduced
  0.7% → 0.1%
• Warner Bros. Discovery−47%fewer sharesReduced
  1.5% → 0.7%
• Insperity−0.5 ppof portfolioSold out
  0.6% → —
• Global Payments+30%more sharesIncreased
  1.8% → 2.2%

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

• State Str Spdr S&P 500 ETF TSPY4.8%
• AppleAAPL3.1%
• NVIDIANVDA2.9%
• AlphabetGOOG · GOOGL2.8%
• Global PaymentsGPN2.2%
• CenteneCNC2.1%
• Invesco QQQ Trust Series 1 ETFQQQ2.0%
• Victory Portfolios IIUITB · VFLO · USTB1.9%
• CelaneseCE1.8%
• MicrosoftMSFT1.7%
• Molina HealthcareMOH1.6%
• Graphic Packaging HoldingGPK1.6%
• Amazon.comAMZN1.4%
• Harley-DavidsonHOG1.4%
• Johnson & JohnsonJNJ1.3%
• Columbia Core Bond ETFCRUX1.2%
• ADTADT1.2%
• First Tr Exchange-traded FundFTCB1.1%
• Fidelity National Information ServicesFIS1.0%
• First Trust Rising Dividend ETFRDVY1.0%
• Janus Henderson AAA CLO ETFJAAA1.0%
• Meta PlatformsMETA0.9%
• Assured GuarantyAGO0.9%
• EQTEQT0.8%
• J P Morgan Exchange Traded FundJBND0.8%
• Applied MaterialsAMAT0.8%
• iShares Core S&P 500 ETFIVV0.8%
• AbbVieABBV0.8%
• Lam ResearchLRCX0.8%
• First Trust Smid Cap Rising ETFSDVY0.7%
• FortinetFTNT0.7%
• J P Morgan Exchange Traded FundJTEK0.7%
• 3mMMM0.7%
• Janus Henderson Mortg Backed ETFJMBS0.7%
• Exxon MobilXOM0.7%
• Flowers FoodsFLO0.7%
• J P Morgan Exchange Traded FundJIVE0.7%
• Warner Bros. DiscoveryWBD0.7%
• First Tr Exchange Traded FundTDIV0.7%
• JPMorgan ChaseJPM0.6%
• CorningGLW0.6%
• Vanguard Ftse Developed ETFVEA0.6%
• Micron TechnologyMU0.6%
• ProShares S&P High Incom ETFISPY0.6%
• State Street Technology Select Sector ETFXLK0.6%
• Vanguard S&P 500 ETFVOO0.6%
• STE Str SPDR PT S&P 500 ETFSPYM0.6%
• Eli LillyLLY0.5%
• VisaV0.5%
• Columbia EM Core Ex-china ETFXCEM0.5%
• Janus Detroit Str TrJSI0.5%
• John Hancock Exchange TradedJHMM0.5%
• Columbia Resear ENH COR ETFRECS0.5%
• Home DepotHD0.5%
• iShares Russell 2000 ETFIWM0.5%
• CrowdStrike HoldingsCRWD0.5%
• Lockheed MartinLMT0.4%
• First Trust Nasdaq Cybersecu ETFCIBR0.4%
• MattelMAT0.4%
• Marvell TechnologyMRVL0.4%
• Vanguard Mrngstar GR ETF-sui ETFVUG0.4%
• TeslaTSLA0.4%
• DeereDE0.4%
• OracleORCL0.4%
• Goldman Sachs GroupGS0.4%
• Thermo Fisher ScientificTMO0.4%
• ChevronCVX0.4%
• Vanguard Mrngstr Val ETF-aui ETFVTV0.4%
• WalmartWMT0.3%
• CaterpillarCAT0.3%
• Palantir TechnologiesPLTR0.3%
• PepsicoPEP0.3%
• Air Products and ChemicalsAPD0.3%
• Invesco Nasdaq 100 ETFQQQM0.3%
• Costco WholesaleCOST0.3%
• IQVIA HoldingsIQV0.3%
• GE AerospaceGE0.3%
• RTXRTX0.3%
• MerckMRK0.3%
• GE VernovaGEV0.3%
• Berkshire HathawayBRK/B0.3%
• First Trust Value Line DVD ETFFVD0.3%
• AppLovinAPP0.3%
• Procter & GamblePG0.3%
• Vanguard International Equity Index FVEU0.3%
• Vanguard International Equity Index FVWO0.3%
• First Tr Exchng Traded Fund VIBUFR0.3%
• NetflixNFLX0.3%
• NRG EnergyNRG0.2%
• United RentalsURI0.2%
• International Business MachinesIBM0.2%
• First Tr Exchng Traded Fund VIFIXD0.2%
• Sprott Asset ManagementPSLV0.2%
• Verizon CommunicationsVZ0.2%
• SPDR Gold Shares ETFGLD0.2%
• NXP SemiconductorsNXPI0.2%
• AmphenolAPH0.2%