Marex Group portfolio

What changed this quarter

1070 positions with a change (281 new, 277 added to, 298 trimmed, 214 sold); also, 14 entered through an IPO, 13 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).

• Applied Optoelectronics+879%more sharesIncreased
  0.3% → 3.1%
• ServiceNow+41,687%more sharesIncreased
  under 0.1% → 2.8%
• Sandisk−46%fewer sharesReduced
  3.7% → 5.1%
• Alphabet+2.5 ppof portfolioIncreased
  0.9% → 3.3%
• AST Spacemobile+136%more sharesIncreased
  2.3% → 4.1%
• Lumentum Holdings−38%fewer sharesReduced
  6.2% → 3.4%
• AXT+44,399%more sharesIncreased
  under 0.1% → 1.9%
• Mastercard−77%fewer sharesReduced
  2.9% → 0.5%
• Microsoft+130%more sharesIncreased
  1.6% → 2.7%
• Booking Holdings−97%fewer sharesReduced
  1.9% → under 0.1%
• Marvell Technology+45%more sharesIncreased
  1.4% → 4.3%
• Strategy−57%fewer sharesReduced
  4.4% → 1.0%

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

• SandiskSNDK5.1%
• Marvell TechnologyMRVL4.3%
• AST SpacemobileASTS4.1%
• BroadcomAVGO3.7%
• Lumentum HoldingsLITE3.4%
• NVIDIANVDA3.4%
• AlphabetGOOGL · GOOG3.3%
• Applied OptoelectronicsAAOI3.1%
• ServiceNowNOW2.8%
• Space Exploration TechnologiesSPCX2.7%
• MicrosoftMSFT2.7%
• Coinshares Bitcoin ETFBRRR2.2%
• Eli LillyLLY2.2%
• UnitedHealth GroupUNH2.0%
• AXTAXTI1.9%
• Roundhill ETF TrustDRAM1.8%
• Nebius GroupNBIS1.6%
• IonQIONQ1.5%
• Goldman Sachs GroupGS1.4%
• Vertiv HoldingsVRT1.3%
• CorningGLW1.3%
• Ishares Bitcoin Trust ETFIBIT1.3%
• Amazon.comAMZN1.2%
• Robinhood MarketsHOOD1.2%
• TeslaTSLA1.1%
• GE VernovaGEV1.1%
• Micron TechnologyMU1.0%
• StrategyMSTR1.0%
• Nuscale PowerSMR0.9%
• RedditRDDT0.9%
• Vanguard S&P 500 ETFVOO0.8%
• MARA HoldingsMARA0.8%
• Invesco QQQ Trust Series 1 ETFQQQ0.8%
• Berkshire HathawayBRK/B · BRK/A0.8%
• IRENIREN0.8%
• AdobeADBE0.8%
• ARM HoldingsARM0.7%
• Cerebras SystemsCBRS0.7%
• Bloom EnergyBE0.7%
• OracleORCL0.7%
• CoreWeaveCRWV0.6%
• Travelers CompaniesTRV0.6%
• Super Micro ComputerSMCI0.6%
• RedwireRDW0.6%
• AmgenAMGN0.5%
• Rocket LabRKLB0.5%
• MastercardMA0.5%
• State Street SPDR BB 1-3m T-bill ETFBIL0.5%
• Circle Internet GroupCRCL0.5%
• OkloOKLO0.5%
• Meta PlatformsMETA0.5%
• Credo Technology Group HoldingCRDO0.4%
• OndasONDS0.4%
• IntuitINTU0.4%
• IntelINTC0.3%
• USA Rare EarthUSAR0.3%
• iShares 0-3 Month Treasury B ETFSGOV0.3%
• Advanced Micro DevicesAMD0.3%
• International Business MachinesIBM0.3%
• D-Wave QuantumQBTS0.3%
• Joint Stock Company Kaspi.kzKSPI0.3%
• Taiwan Semiconductor ManufacturingTSM0.3%
• PDD HoldingsPDD0.3%
• ASML HoldingASML0.3%
• Critical MetalsCRML0.3%
• Applied MaterialsAMAT0.3%
• Palantir TechnologiesPLTR0.3%
• Core ScientificCORZ0.3%
• MongodbMDB0.3%
• HIMS & Hers HealthHIMS0.3%
• NokiaNOK0.2%
• SPDR Gold Shares ETFGLD0.2%
• Trulieve Cannabis0.2%
• Rivian AutomotiveRIVN0.2%
• iShares 20+ Year Treasury BD ETFTLT0.2%
• Opendoor TechnologiesOPEN0.2%
• GameStopGME0.2%
• Firefly AerospaceFLY0.2%
• SoFi TechnologiesSOFI0.2%
• Tempus AITEM0.2%
• Cigna GroupCI0.2%
• SalesforceCRM0.2%
• AppleAAPL0.2%
• MercadoLibreMELI0.2%
• EchoStarECHO0.2%
• Novo Nordisk A/sNVO0.2%
• StellantisSTLA0.2%
• Energy FuelsUUUU0.2%
• Futu HoldingsFUTU0.2%
• Quantum ComputingQUBT0.2%
• State Str Spdr S&P 500 ETF TSPY0.1%
• ProShares Ultra Spacex ETFSPCF0.1%
• Bitmine Immersion TechnologiesBMNR0.1%
• eToro GroupETOR0.1%
• Sprott Asset ManagementPHYS0.1%
• Star Bulk CarriersSBLK0.1%
• iShares Ethereum Trust ETFETHA0.1%
• Alibaba Group HoldingBABA0.1%