GF Fund Management portfolio

What changed this quarter

516 positions with a change (52 new, 257 added to, 183 trimmed, 24 sold); also, 1 entered through an IPO. 11 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Sandisk−76%fewer sharesReduced
  8.9% → 1.8%
• Marvell Technology+383%more sharesIncreased
  0.7% → 3.1%
• Micron Technology−27%fewer sharesReduced
  6.2% → 4.5%
• Space Exploration Technologies+1,086%more sharesIncreased
  0.2% → 1.8%
• Microsoft+40%more sharesIncreased
  2.4% → 5.0%
• Innio−91%fewer sharesReduced
  2.4% → 0.1%
• Intel+60%more sharesIncreased
  1.8% → 2.7%
• Meta Platforms+46%more sharesIncreased
  1.6% → 3.2%
• Cerebras Systems−98%fewer sharesReduced
  0.8% → under 0.1%
• Broadcom−22%fewer sharesReduced
  2.8% → 2.2%
• FormFactor−39%fewer sharesReduced
  1.5% → 0.9%

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

• NVIDIANVDA6.9%
• AppleAAPL6.1%
• AlphabetGOOG · GOOGL5.6%
• Advanced Micro DevicesAMD5.1%
• MicrosoftMSFT5.0%
• Amazon.comAMZN4.5%
• Micron TechnologyMU4.5%
• Meta PlatformsMETA3.2%
• Marvell TechnologyMRVL3.1%
• IntelINTC2.7%
• Lam ResearchLRCX2.7%
• Applied MaterialsAMAT2.5%
• ASML HoldingASML2.3%
• BroadcomAVGO2.2%
• SandiskSNDK1.8%
• TeslaTSLA1.8%
• Space Exploration TechnologiesSPCX1.8%
• TeradyneTER1.4%
• WalmartWMT1.3%
• Palantir TechnologiesPLTR1.1%
• Cisco SystemsCSCO1.1%
• Costco WholesaleCOST1.0%
• Seagate Technology HoldingsSTX1.0%
• PDD HoldingsPDD1.0%
• Palo Alto NetworksPANW0.9%
• Nebius GroupNBIS0.9%
• FormFactorFORM0.9%
• ARM HoldingsARM0.8%
• CrowdStrike HoldingsCRWD0.8%
• NetflixNFLX0.7%
• ONTO InnovationONTO0.7%
• AmgenAMGN0.7%
• Texas InstrumentsTXN0.7%
• KLAKLAC0.7%
• Eli LillyLLY0.6%
• QualcommQCOM0.6%
• Gilead SciencesGILD0.6%
• LindeLIN0.6%
• Robinhood MarketsHOOD0.5%
• Coca-ColaKO0.5%
• Analog DevicesADI0.5%
• ShopifySHOP0.5%
• FortinetFTNT0.5%
• T-mobile USTMUS0.5%
• PepsicoPEP0.4%
• Lumentum HoldingsLITE0.4%
• Booking HoldingsBKNG0.4%
• Vertex PharmaceuticalsVRTX0.4%
• Western DigitalWDC0.4%
• Intuitive SurgicalISRG0.4%
• Ross StoresROST0.4%
• Tower SemiconductorTSEM0.3%
• StarbucksSBUX0.3%
• MKSMKSI0.3%
• Automatic Data ProcessingADP0.3%
• AdobeADBE0.2%
• Regeneron PharmaceuticalsREGN0.2%
• Marriott InternationalMAR0.2%
• DatadogDDOG0.2%
• Cadence Design SystemsCDNS0.2%
• Constellation EnergyCEG0.2%
• AppLovinAPP0.2%
• ConocoPhillipsCOP0.2%
• VicorVICR0.2%
• MercadoLibreMELI0.2%
• Johnson & JohnsonJNJ0.2%
• CSXCSX0.2%
• SynopsysSNPS0.2%
• Monster BeverageMNST0.2%
• Taiwan Semiconductor ManufacturingTSM0.2%
• CintasCTAS0.2%
• Warner Bros. DiscoveryWBD0.2%
• ComcastCMCSA0.2%
• IntuitINTU0.2%
• DoorDashDASH0.2%
• Diamondback EnergyFANG0.2%
• Mondelez InternationalMDLZ0.2%
• O Reilly AutomotiveORLY0.2%
• AirbnbABNB0.2%
• Honeywell InternationalHON0.2%
• Valero EnergyVLO0.2%
• Monolithic Power SystemsMPWR0.2%
• Marathon PetroleumMPC0.2%
• American Electric PowerAEP0.2%
• AbbVieABBV0.2%
• Astera LabsALAB0.2%
• NXP SemiconductorsNXPI0.2%
• PaccarPCAR0.1%
• FastenalFAST0.1%
• StrategyMSTR0.1%
• Baker HughesBKR0.1%
• CoherentCOHR0.1%
• CoreWeaveCRWV0.1%
• MerckMRK0.1%
• Honeywell AerospaceHONA0.1%
• Idexx LaboratoriesIDXX0.1%
• UnitedHealth GroupUNH0.1%
• PayPal HoldingsPYPL0.1%
• Coca-cola Europacific PartnersCCEP0.1%