Lead Investor

Stanley Druckenmiller

Duquesne Family Office LLC

Q4 2025

filed 2026-02-17

SEC 13F-HR ↗

AUM Reported

$4.5B

Positions

Versus

Q3 2025

What changed this quarter

Big rotation into broad-market and emerging-markets ETFs — opened $301M in XLF, $225M in RSP, and ~$247M total across two Brazil (EWZ) lots. Trimmed health care hard: exited a prior Verona Pharma stake worth $107M, and reduced reported Teva and Insmed exposure by $152M and $91M. Mega-cap conviction adds: roughly tripled Alphabet (+$96M, +277%) and Sea Ltd (+$71M, +244%). Net Health Care weight down -6.8pp; Financials up +5.9pp.

+28 new−31 closed↑13 increased↓16 decreased| 5 unchangedreported 13F value change +$432M

Exposure view

Quarter-end weights. Market performance can move these bars even when shares are unchanged.

Sector exposure shifts

Health Care

−7 pp

Financials

+6 pp

Materials

+2 pp

Utilities

−2 pp

Information Technology

+2 pp

Communication Services

−1 pp

Consumer Staples

+1 pp

Energy

−1 pp

center line = no change

Theme exposure shifts

+8 pp

−7 pp

−3 pp

+2 pp

+1 pp

Industrial & real assets

−0 pp

center line = no change

Granular exposure coverage: 100.0% of AUM

Granular exposure shifts

+6 pp

+5 pp

−4 pp

−4 pp

+4 pp

−3 pp

−3 pp

−2 pp

center line = no change

Activity view

Estimated buy/sell decisions from active share-count changes. Unchanged winners are excluded.

Theme activity

theme-tagged bought $1.8B sold $1.7B net +$165M

Estimated capital bought/sold from new, closed, increased, decreased, and buy/sell activity rows. Unchanged positions are excluded so market gains do not drive this view. Multi-theme positions count once in each assigned theme.

Consumer platforms

+$41M

Health care

-$476M

Industrial & real assets

+$33M

Market beta & EM

+$401M

Financials & credit

+$121M

Semis & AI hardware

+$45M

left = sold / reduced, right = bought / added

Granular activity

granular-tagged bought $1.8B sold $1.7B net +$165M

Grouped by granular sub-tags using the same estimated buy/sell methodology.

-$162M

+$272M

+$176M

-$127M

E-commerce marketplaces

+$210M

Broad-market ETFs

+$225M

Pharma / generics

-$217M

Power & electrification

-$45M

left = sold / reduced, right = bought / added

Position movements

Largest adds
XLF
FINANCIAL SELECT SECTOR SPDR ETF
new$301M
RSP
INVESCO S&P 500 EQUAL WEIGHT ETF
new$225M
EWZ
ISHARES MSCI BRAZIL ETF
new$134M

Largest exits / trims
TEVA
TEVA PHARMACEUTICAL-SP ADR
trimmed$217M
INSM
INSMED INC
trimmed$136M
NTRA
NATERA INC
trimmed$113M

Price = reported fair value divided by reported shares at quarter-end. Since q-end shows price change since the end of the reported quarter; ordinary-share rows also include estimated value move, while shaded option rows show underlying stock move only and sort after ordinary equity.

NEW POSITIONS (28)+$1.3B deployed

Ticker	Name	Sector	Themes	Granular	Price*	Since q-end*	Size	Change
XLF	FINANCIAL SELECT SECTOR SPDR ETF	Financials / Diversified Financials ETF	Financials & credit	Financial ETFs	$54.77	-$8M (-2.6%)	$301M	NEW
RSP	INVESCO S&P 500 EQUAL WEIGHT ETF	Information Technology / Diversified ETF	Market beta & EM	Broad-market ETFs	$191.56	+$24M (+10.5%)	$225M	NEW
EWZ	ISHARES MSCI BRAZIL ETF	Financials / Emerging Markets ETF	Market beta & EM	EM / country ETFs	$31.77	+$12M (+10.5%)	$113M	NEW
AA	ALCOA CORP	Materials / Aluminum	Industrial & real assets	Metals & materials	$53.14	+$22M (+29.4%)	$73M	NEW
ENTG	ENTEGRIS INC	Information Technology / Semiconductor Equipment & Materials	Semis & AI hardware	Semicap materials	$84.25	+$56M (+78.7%)	$71M	NEW
LSCC	LATTICE SEMICONDUCTOR CORP	Information Technology / Semiconductors	Semis & AI hardware	Edge / power semis	$73.58	+$66M (+96.4%)	$68M	NEW
BE	BLOOM ENERGY CORP- A	Industrials / Electrical Equipment & Parts	Industrial & real assets	Power & electrification	$86.89	+$128M (+199.5%)	$64M	NEW
DAL	DELTA AIR LINES INC	Industrials / Airlines	Industrial & real assets	Aerospace & transport	$69.40	+$9M (+19.7%)	$45M	NEW
UAL	UNITED AIRLINES HOLDINGS INC	Industrials / Airlines	Industrial & real assets	Aerospace & transport	$111.82	+$1M (+3.3%)	$39M	NEW
ON	ON SEMICONDUCTOR	Information Technology / Semiconductors	Semis & AI hardware	Edge / power semis	$54.15	+$34M (+115.7%)	$29M	NEW
GS	GOLDMAN SACHS GROUP INC	Financials / Capital Markets	Financials & credit	Banks & credit	$879.02	+$5M (+20.9%)	$24M	NEW
STM	STMICROELECTRONICS NV-NY SHS	Information Technology / Semiconductors	Semis & AI hardware	Edge / power semis	$25.94	+$40M (+198.0%)	$20M	NEW
SCCO	SOUTHERN COPPER CORP	Materials / Copper	Industrial & real assets	Metals & materials	$143.47	+$6M (+32.3%)	$17M	NEW
RH	RH	Consumer Discretionary / Specialty Retail	Consumer platforms	Housing & retail	$179.15	-$2M (-14.6%)	$16M	NEW
Z	ZILLOW GROUP INC - C	Communication Services / Internet Content & Information	Consumer platforms	Housing & retail	$68.22	-$7M (-53.0%)	$13M	NEW
CDTX	CIDARA THERAPEUTICS INC	Health Care / Biotechnology	Health care	Therapeutics biotech	$220.89	-	$11M	NEW
PM	PHILIP MORRIS INTERNATIONAL	Consumer Staples / Tobacco	Consumer platforms	Restaurants & staples	$160.40	+$2M (+14.9%)	$11M	NEW
AAL	AMERICAN AIRLINES GROUP INC	Industrials / Airlines	Industrial & real assets	Aerospace & transport	$15.33	-$224K (-2.3%)	$10M	NEW
AGX	ARGAN INC	Industrials / Engineering & Construction	Industrial & real assets	Power & electrification	$313.33	+$10M (+104.8%)	$9M	NEW
DASH	DOORDASH INC - A	Consumer Discretionary / Internet Retail	Consumer platforms	E-commerce marketplaces	$226.49	-$3M (-33.5%)	$8M	NEW
PGNY	PROGYNY INC	Health Care / Healthcare Plans	Health care	Care delivery	$25.68	+$280K (+3.7%)	$8M	NEW
ADMA	ADMA BIOLOGICS INC	Health Care / Biotechnology	Health care	Therapeutics biotech	$18.24	-$3M (-55.0%)	$5M	NEW
ALM	ALMONTY INDUSTRIES INC	Materials / Other Industrial Metals & Mining	Industrial & real assets	Metals & materials	$8.81	+$4M (+100.7%)	$4M	NEW
WOLF	WOLFSPEED INC	Information Technology / Semiconductors	Semis & AI hardware	Edge / power semis	$17.41	+$5M (+147.8%)	$3M	NEW
WVE	WAVE LIFE SCIENCES LTD	Health Care / Biotechnology	Health care	Therapeutics biotech	$17.00	-$2M (-65.5%)	$3M	NEW
NP	NEPTUNE INSURANCE HOLDI-CL A	Financials / Insurance Brokers	Financials & credit	Banks & credit	$29.15	-$35K (-6.0%)	$583K	NEW
EWZ	ISHARES MSCI BRAZIL ETF	Financials / Emerging Markets ETF	Market beta & EM	EM / country ETFs	Call option	underlying +10.5%	$134M	NEW
AMZN	AMAZON.COM INC	Consumer Discretionary / Internet Retail	Consumer platforms	E-commerce marketplaces	Call option	underlying +3.3%	$23M	NEW

INCREASED (13)+$495M value change on added shares

Ticker	Name	Sector	Themes	Granular	Price*	Since q-end*	Size	Change
GOOGL	ALPHABET INC-CL A	Communication Services / Internet Content & Information	Consumer platforms	Digital media & apps	$243.10 -> $313.00	+$18M (+14.9%)	+276.7%	+$96M
AMZN	AMAZON.COM INC	Consumer Discretionary / Internet Retail	Consumer platforms	E-commerce marketplaces	$219.57 -> $230.82	+$6M (+3.3%)	+68.8%	+$74M
SE	SEA LTD-ADR	Consumer Discretionary / Internet Retail	Consumer platforms	E-commerce marketplaces	$178.73 -> $127.57	-$42M (-35.0%)	+244.3%	+$71M
COGT	COGENT BIOSCIENCES INC	Health Care / Biotechnology	Health care	Therapeutics biotech	$14.36 -> $35.52	-$5M (-6.8%)	+109.0%	+$63M
TBBB	BBB FOODS INC	Consumer Staples / Grocery Stores	Consumer platforms	Restaurants & staples	$26.96 -> $33.39	+$23M (+26.1%)	+126.1%	+$57M
NAMS	NEWAMSTERDAM PHARMA COMPANY NV	Health Care / Biotechnology	Health care	Therapeutics biotech	$28.44 -> $35.08	-$14M (-13.3%)	+59.6%	+$53M
OPCH	OPTION CARE HEALTH INC	Health Care / Medical Care Facilities	Health care	Care delivery	$27.76 -> $31.86	-$19M (-34.8%)	+78.6%	+$28M
YPF	YPF S.A.-SPONSORED ADR	Energy / Oil & Gas Integrated	Industrial & real assets	Energy resources	$24.29 -> $36.16	+$12M (+54.6%)	+429.2%	+$19M
CRH	CRH PLC	Materials / Building Materials	Industrial & real assets	Metals & materials	$119.90 -> $124.80	-$9M (-14.7%)	+20.6%	+$12M
CPNG	COUPANG INC	Consumer Discretionary / Internet Retail	Consumer platforms	E-commerce marketplaces	$32.20 -> $23.59	-$46M (-28.7%)	+46.2%	+$11M
QSR	RESTAURANT BRANDS INTERN	Consumer Discretionary / Restaurants	Consumer platforms	Restaurants & staples	$64.14 -> $68.23	+$8M (+9.7%)	+6.9%	+$10M
PCT	PURECYCLE TECHNOLOGIES INC	Industrials / Pollution & Treatment Controls	Industrial & real assets	Industrial tech	$13.15 -> $8.59	+$834K (+3.4%)	+25.0%	-$6M
CMG	CHIPOTLE MEXICAN GRILL INC	Consumer Discretionary / Restaurants	Consumer platforms	Restaurants & staples	$39.19 -> $37.00	-$2M (-12.9%)	+68.1%	+$5M

DECREASED (16)-$473M value change on trimmed shares

Ticker	Name	Sector	Themes	Granular	Price*	Since q-end*	Size	Change
TEVA	TEVA PHARMACEUTICAL-SP ADR	Health Care / Drug Manufacturers - Specialty & Generic	Health care	Pharma / generics	$20.20 -> $31.21	+$20M (+11.0%)	-64.6%	-$152M
INSM	INSMED INC	Health Care / Biotechnology	Health care	Therapeutics biotech	$144.01 -> $174.04	-$113M (-43.8%)	-38.9%	-$91M
NTRA	NATERA INC	Health Care / Diagnostics & Research	Health care	Diagnostics & research	$160.97 -> $229.09	-$43M (-7.4%)	-21.9%	+$58M
EEM	ISHARES MSCI EMERGING MARKETS ETF	Financials / Emerging Markets ETF	Market beta & EM	EM / country ETFs	$53.40 -> $54.71	+$12M (+24.1%)	-52.5%	-$52M
DOCU	DOCUSIGN INC	Information Technology / Software - Application	Consumer platforms	Digital media & apps	$72.09 -> $68.40	-$24M (-34.2%)	-39.6%	-$52M
TSM	TAIWAN SEMICONDUCTOR-SP ADR	Information Technology / Semiconductors	Semis & AI hardware	AI foundry	$279.29 -> $303.89	+$65M (+39.5%)	-29.0%	-$49M
MELI	MERCADOLIBRE INC	Consumer Discretionary / Internet Retail	Consumer platforms	E-commerce marketplaces	$2,336.93 -> $2,014.25	-$20M (-21.1%)	-19.2%	-$41M
STUB	STUBHUB HOLDINGS INC-CLASS A	Communication Services / Internet Content & Information	Consumer platforms	Digital media & apps	$16.84 -> $13.53	-$5M (-15.3%)	-45.9%	-$41M
ROKU	ROKU INC	Communication Services / Entertainment	Consumer platforms	Digital media & apps	$100.13 -> $108.49	+$21M (+32.4%)	-29.1%	-$19M
WWD	WOODWARD INC	Industrials / Aerospace & Defense	Industrial & real assets	Aerospace & transport	$252.71 -> $302.32	+$50M (+28.0%)	-6.6%	+$19M
U	UNITY SOFTWARE INC	Information Technology / Software - Application	Consumer platforms	Digital media & apps	$40.04 -> $44.17	-$7M (-38.3%)	-53.5%	-$17M
FIGR	FIGURE TECHNOLOGY SOLUT-CL A	Financials / Capital Markets	Financials & credit	Fintech / capital markets	$36.37 -> $40.84	-$20M (-31.6%)	-27.3%	-$14M
DAKT	DAKTRONICS INC	Information Technology / Electronic Components	Industrial & real assets	Industrial tech	$20.92 -> $19.77	+$452K (+2.7%)	-40.6%	-$13M
CLF	CLEVELAND-CLIFFS INC	Materials / Steel	Industrial & real assets	Metals & materials	$12.20 -> $13.28	+$873K (+3.8%)	-35.7%	-$10M
WAB	WABTEC CORP	Industrials / Railroads	Industrial & real assets	Aerospace & transport	$200.47 -> $213.45	+$16M (+24.2%)	-0.8%	+$3M
AEVA	AEVA TECHNOLOGIES INC	Information Technology / Software - Infrastructure	Consumer platforms	Digital media & apps	$14.50 -> $13.28	+$21M (+87.4%)	-0.8%	-$2M

CLOSED (31)$941M prior value exited

Closed value is the prior quarter-end reported stake value, not realized sale proceeds or fund P/L.

Ticker	Name	Sector	Themes	Granular	Price*	Since q-end*	Size	Change
VRNA	VERONA PHARMA PLC	Health Care / Biotechnology	Health care	Therapeutics biotech	$106.71	-	was $107M	CLOSED
META	META PLATFORMS INC-CLASS A	Communication Services / Internet Content & Information	Consumer platforms	Digital media & apps	$581.25-$759.16	-	was $56M	CLOSED
CRS	CARPENTER TECHNOLOGY	Industrials / Metal Fabrication	Industrial & real assets	Metals & materials	$233.78-$342.11	-	was $54M	CLOSED
C	CITIGROUP INC	Financials / Banks - Diversified	Financials & credit	Banks & credit	$93.66-$122.84	-	was $52M	CLOSED
TWLO	TWILIO INC - A	Information Technology / Software - Infrastructure	-	-	$99.22-$145.90	-	was $51M	CLOSED
BAC	BANK OF AMERICA CORP	Financials / Banks - Diversified	Financials & credit	Banks & credit	$48.53-$56.55	-	was $51M	CLOSED
EQT	EQT CORP	Energy / Oil & Gas E&P	Industrial & real assets	Energy resources	$50.91-$62.23	-	was $49M	CLOSED
GEV	GE VERNOVA INC	Industrials / Specialty Industrial Machinery	Industrial & real assets	Power & electrification	$530.16-$731.00	-	was $48M	CLOSED
VST	VISTRA CORP	Utilities / Utilities - Independent Power Producers	Industrial & real assets	Power & electrification	$158.65-$217.10	-	was $46M	CLOSED
LEN	LENNAR CORP-A	Consumer Discretionary / Residential Construction	Consumer platforms	Housing & retail	$102.72-$133.76	-	was $35M	CLOSED
DHI	DR HORTON INC	Consumer Discretionary / Residential Construction	Consumer platforms	Housing & retail	$134.74-$176.22	-	was $35M	CLOSED
FWONK	LIBERTY MEDIA CORP-FORMULA-C	Communication Services / Entertainment	Consumer platforms	Digital media & apps	$90.27-$109.36	-	was $30M	CLOSED
DKS	DICK'S SPORTING GOODS INC	Consumer Discretionary / Specialty Retail	Consumer platforms	Housing & retail	$197.18-$237.31	-	was $29M	CLOSED
KBE	SPDR S&P BANK ETF	Financials / Banks ETF	Financials & credit	Financial ETFs	$54.64-$63.28	-	was $29M	CLOSED
PCG	P G & E CORP	Utilities / Utilities - Regulated Electric	Industrial & real assets	Power & electrification	$14.75-$17.07	-	was $25M	CLOSED
ARM	ARM HOLDINGS PLC-ADR	Information Technology / Semiconductors	Semis & AI hardware	Edge / power semis	$108.38-$183.16	-	was $24M	CLOSED
NU	NU HOLDINGS LTD	Financials / Banks - Diversified	Financials & credit	Fintech / capital markets	$14.56-$17.84	-	was $23M	CLOSED
SMTC	SEMTECH CORP	Information Technology / Semiconductors	Semis & AI hardware	Edge / power semis	$60.28-$81.32	-	was $22M	CLOSED
STX	SEAGATE TECHNOLOGY HOLDINGS PLC	Information Technology / Computer Hardware	Semis & AI hardware	Storage hardware	$209.00-$308.93	-	was $20M	CLOSED
GPC	GENUINE PARTS CO	Consumer Discretionary / Auto Parts	Consumer platforms	Housing & retail	$121.60-$140.76	-	was $20M	CLOSED
ELVN	ENLIVEN THERAPEUTICS INC	Health Care / Biotechnology	Health care	Therapeutics biotech	$15.14-$24.64	-	was $19M	CLOSED
POST	POST HOLDINGS INC	Consumer Staples / Packaged Foods	Consumer platforms	Restaurants & staples	$95.07-$109.79	-	was $19M	CLOSED
SNDK	SANDISK CORP	Information Technology / Computer Hardware	Semis & AI hardware	Storage hardware	$112.00-$284.76	-	was $19M	CLOSED
SYF	SYNCHRONY FINANCIAL	Financials / Credit Services	Financials & credit	Banks & credit	$68.00-$86.48	-	was $19M	CLOSED
ARGT	GLOBAL X MSCI ARGENTINA ETF	Financials / Emerging Markets ETF	Market beta & EM	EM / country ETFs	$66.49-$96.58	-	was $18M	CLOSED
COF	CAPITAL ONE FINANCIAL CORP	Financials / Credit Services	Financials & credit	Banks & credit	$199.09-$249.74	-	was $9M	CLOSED
SEI	SOLARIS ENERGY INFRASTRUCTUR	Energy / Oil & Gas Equipment & Services	Industrial & real assets	Energy resources	$38.50-$57.17	-	was $6M	CLOSED
MDB	MONGODB INC	Information Technology / Software - Infrastructure	Consumer platforms	Digital media & apps	$307.20-$440.67	-	was $5M	CLOSED
TXRH	TEXAS ROADHOUSE INC	Consumer Discretionary / Restaurants	Consumer platforms	Restaurants & staples	$156.00-$181.00	-	was $5M	CLOSED
CHYM	CHIME FINANCIAL INC-CL A	Information Technology / Software - Application	Financials & credit	Fintech / capital markets	$16.17-$27.89	-	was $872K	CLOSED
NTRA	NATERA INC	Health Care / Diagnostics & Research	Health care	Diagnostics & research	Call option	-	was $16M	CLOSED

Mark-to-market since quarter-end +$294Mlatest quotes: 6/12/2026

Estimated from reported quarter-end value per share versus latest Yahoo Finance quotes. This is not cost basis or realized fund P/L.

Ticker	Name	Shares	Q-end px	Latest	Move	Est. value move
BE	BLOOM ENERGY CORP- A	740,545	$86.89	$260.22	+199.5%	+$128M
INSM	INSMED INC	1,481,752	$174.04	$97.85	-43.8%	-$113M
LSCC	LATTICE SEMICONDUCTOR CORP	925,970	$73.58	$144.53	+96.4%	+$66M
TSM	TAIWAN SEMICONDUCTOR-SP ADR	543,085	$303.89	$423.93	+39.5%	+$65M
ENTG	ENTEGRIS INC	844,160	$84.25	$150.52	+78.7%	+$56M
WWD	WOODWARD INC	590,930	$302.32	$386.85	+28.0%	+$50M
CPNG	COUPANG INC	6,772,909	$23.59	$16.82	-28.7%	-$46M
NTRA	NATERA INC	2,511,357	$229.09	$212.07	-7.4%	-$43M
SE	SEA LTD-ADR	944,120	$127.57	$82.94	-35.0%	-$42M
STM	STMICROELECTRONICS NV-NY SHS	773,555	$25.94	$77.30	+198.0%	+$40M
ON	ON SEMICONDUCTOR	536,260	$54.15	$116.79	+115.7%	+$34M
DOCU	DOCUSIGN INC	1,019,085	$68.40	$45.03	-34.2%	-$24M
RSP	INVESCO S&P 500 EQUAL WEIGHT ETF	1,173,925	$191.56	$211.65	+10.5%	+$24M
TBBB	BBB FOODS INC	2,675,152	$33.39	$42.12	+26.1%	+$23M
AA	ALCOA CORP	1,376,050	$53.14	$68.77	+29.4%	+$22M
AEVA	AEVA TECHNOLOGIES INC	1,824,862	$13.28	$24.89	+87.4%	+$21M
ROKU	ROKU INC	582,980	$108.49	$143.66	+32.4%	+$21M
TEVA	TEVA PHARMACEUTICAL-SP ADR	5,874,870	$31.21	$34.63	+11.0%	+$20M
MELI	MERCADOLIBRE INC	47,149	$2,014.25	$1,589.60	-21.1%	-$20M
FIGR	FIGURE TECHNOLOGY SOLUT-CL A	1,539,785	$40.84	$27.93	-31.6%	-$20M
OPCH	OPTION CARE HEALTH INC	1,745,950	$31.86	$20.76	-34.8%	-$19M
GOOGL	ALPHABET INC-CL A	385,000	$313.00	$359.68	+14.9%	+$18M
WAB	WABTEC CORP	300,110	$213.45	$265.20	+24.2%	+$16M
NAMS	NEWAMSTERDAM PHARMA COMPANY NV	3,070,146	$35.08	$30.40	-13.3%	-$14M
FLUT	FLUTTER ENTERTAINMENT PLC	115,245	$215.04	$110.65	-48.5%	-$12M
YPF	YPF S.A.-SPONSORED ADR	606,990	$36.16	$55.89	+54.6%	+$12M
EEM	ISHARES MSCI EMERGING MARKETS ETF	902,500	$54.71	$67.88	+24.1%	+$12M
EWZ	ISHARES MSCI BRAZIL ETF	3,552,575	$31.77	$35.10	+10.5%	+$12M
AGX	ARGAN INC	30,000	$313.33	$641.68	+104.8%	+$10M
DAL	DELTA AIR LINES INC	650,910	$69.40	$83.06	+19.7%	+$9M
CRH	CRH PLC	474,955	$124.80	$106.48	-14.7%	-$9M
QSR	RESTAURANT BRANDS INTERN	1,209,000	$68.23	$74.85	+9.7%	+$8M
XLF	FINANCIAL SELECT SECTOR SPDR ETF	5,495,600	$54.77	$53.34	-2.6%	-$8M
Z	ZILLOW GROUP INC - C	192,640	$68.22	$32.03	-53.0%	-$7M
U	UNITY SOFTWARE INC	410,020	$44.17	$27.24	-38.3%	-$7M
AMZN	AMAZON.COM INC	737,940	$230.82	$238.55	+3.3%	+$6M
SCCO	SOUTHERN COPPER CORP	120,817	$143.47	$189.79	+32.3%	+$6M
COGT	COGENT BIOSCIENCES INC	2,214,470	$35.52	$33.10	-6.8%	-$5M
GS	GOLDMAN SACHS GROUP INC	27,500	$879.02	$1,062.75	+20.9%	+$5M
WOLF	WOLFSPEED INC	186,900	$17.41	$43.14	+147.8%	+$5M
STUB	STUBHUB HOLDINGS INC-CLASS A	2,305,751	$13.53	$11.46	-15.3%	-$5M
ALM	ALMONTY INDUSTRIES INC	469,880	$8.81	$17.68	+100.7%	+$4M
PTGX	PROTAGONIST THERAPEUTICS INC	159,700	$87.34	$109.78	+25.7%	+$4M
DASH	DOORDASH INC - A	35,900	$226.49	$150.58	-33.5%	-$3M
ADMA	ADMA BIOLOGICS INC	252,200	$18.24	$8.21	-55.0%	-$3M
RH	RH	88,200	$179.15	$153.04	-14.6%	-$2M
WVE	WAVE LIFE SCIENCES LTD	173,000	$17.00	$5.87	-65.5%	-$2M
CMG	CHIPOTLE MEXICAN GRILL INC	391,930	$37.00	$32.23	-12.9%	-$2M
PM	PHILIP MORRIS INTERNATIONAL	67,400	$160.40	$184.30	+14.9%	+$2M
UAL	UNITED AIRLINES HOLDINGS INC	348,400	$111.82	$115.52	+3.3%	+$1M
CLF	CLEVELAND-CLIFFS INC	1,745,655	$13.28	$13.78	+3.8%	+$873K
PCT	PURECYCLE TECHNOLOGIES INC	2,878,434	$8.59	$8.88	+3.4%	+$834K
DAKT	DAKTRONICS INC	852,960	$19.77	$20.30	+2.7%	+$452K
SATS	ECHOSTAR CORP-A	60,765	$108.70	$114.08	+5.0%	+$327K
PGNY	PROGYNY INC	295,115	$25.68	$26.63	+3.7%	+$280K
AAL	AMERICAN AIRLINES GROUP INC	639,785	$15.33	$14.98	-2.3%	-$224K
NP	NEPTUNE INSURANCE HOLDI-CL A	20,000	$29.15	$27.40	-6.0%	-$35K

5 positions held steady · $162M (3.6% of AUM) click to expand

Ticker	Name	Sector	Themes	Granular	Shares	Value	% port
SPY	SPDR S&P 500 ETF TRUST	Information Technology	Market beta & EM	Broad-market ETFs	90,000	$61M	1.4%
IWM	ISHARES RUSSELL 2000 ETF	Industrials	Market beta & EM	Broad-market ETFs	226,000	$56M	1.2%
FLUT	FLUTTER ENTERTAINMENT PLC	Consumer Discretionary	Consumer platforms	Digital media & apps	115,245	$25M	0.6%
PTGX	PROTAGONIST THERAPEUTICS INC	Health Care	Health care	Therapeutics biotech	159,700	$14M	0.3%
SATS	ECHOSTAR CORP-A	Communication Services	Consumer platforms	Digital media & apps	60,765	$7M	0.1%