{"slug":"thirdpoint","name":"Third Point (Loeb)","style":"activist","grade":"C","book":[{"ticker":"AMZN","issuer":"AMAZON COM INC","shares":1940000.0,"value_usd":404043800.0,"pct_book":19.4,"position_rank":1,"tilt_pp":16.298,"action":"trim","shares_change_pct":-10.4,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Cyclical","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"us_sector_discretionary","name":"Consumer Discretionary (Equal-Weight)","name_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0696,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":70.0,"tier":"high","components":{"pct_book":{"value":1.0,"points":35.0},"rank_top10":{"value":1,"points":15.0},"tilt":{"value":16.298,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TDS","issuer":"TELEPHONE & DATA SYS INC","shares":6600000.0,"value_usd":277860000.0,"pct_book":13.34,"position_rank":2,"tilt_pp":10.24,"action":"hold","shares_change_pct":-1.1,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[],"since_excess":-0.1788,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":68.9,"tier":"moderate","components":{"pct_book":{"value":0.969,"points":33.91},"rank_top10":{"value":2,"points":15.0},"tilt":{"value":10.24,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CRH","issuer":"CRH PLC","shares":1900000.0,"value_usd":199728000.0,"pct_book":9.59,"position_rank":3,"tilt_pp":6.488,"action":"trim","shares_change_pct":-26.9,"add_streak_q":0,"persistence":"persisted","sector":"Basic Materials","themes":[{"key":"us_sector_materials","name":"Materials (Equal-Weight)","name_zh":"\u6750\u6599\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0139,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":67.8,"tier":"moderate","components":{"pct_book":{"value":0.938,"points":32.81},"rank_top10":{"value":3,"points":15.0},"tilt":{"value":6.488,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SGI","issuer":"SOMNIGROUP INTERNATIONAL INC","shares":2270769.0,"value_usd":167855244.0,"pct_book":8.06,"position_rank":4,"tilt_pp":4.958,"action":"trim","shares_change_pct":-33.2,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Discretionary","themes":[],"since_excess":0.1508,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":66.7,"tier":"moderate","components":{"pct_book":{"value":0.906,"points":31.72},"rank_top10":{"value":4,"points":15.0},"tilt":{"value":4.958,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CRS","issuer":"CARPENTER TECHNOLOGY CORP","shares":310000.0,"value_usd":122186500.0,"pct_book":5.87,"position_rank":5,"tilt_pp":2.765,"action":"trim","shares_change_pct":-60.5,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"fv:automationdprinting","name":"3D Printing","name_zh":"3D Printing"},{"key":"fv:defensemanufacturing","name":"Manufacturing","name_zh":"Manufacturing"}],"since_excess":0.3401,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":65.6,"tier":"moderate","components":{"pct_book":{"value":0.875,"points":30.62},"rank_top10":{"value":5,"points":15.0},"tilt":{"value":2.765,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MTZ","issuer":"MASTEC INC","shares":320000.0,"value_usd":102956800.0,"pct_book":4.94,"position_rank":6,"tilt_pp":1.842,"action":"trim","shares_change_pct":-65.4,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[],"since_excess":-0.1942,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":64.5,"tier":"moderate","components":{"pct_book":{"value":0.844,"points":29.53},"rank_top10":{"value":6,"points":15.0},"tilt":{"value":1.842,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DHR","issuer":"DANAHER CORP DEL","shares":525000.0,"value_usd":99540000.0,"pct_book":4.78,"position_rank":7,"tilt_pp":1.678,"action":"trim","shares_change_pct":-12.5,"add_streak_q":0,"persistence":"persisted","sector":"Healthcare","themes":[{"key":"us_sector_health","name":"Health Care (Equal-Weight)","name_zh":"\u533b\u7597\u4fdd\u5065\uff08\u7b49\u6743\uff09"}],"since_excess":0.2532,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":63.4,"tier":"moderate","components":{"pct_book":{"value":0.812,"points":28.44},"rank_top10":{"value":7,"points":15.0},"tilt":{"value":1.678,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TSM","issuer":"TAIWAN SEMICONDUCTOR MANUFAC","shares":275000.0,"value_usd":92936250.0,"pct_book":4.46,"position_rank":8,"tilt_pp":1.361,"action":"trim","shares_change_pct":-35.3,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"fv:aicompute","name":"Compute","name_zh":"Compute"},{"key":"fv:semiscompute","name":"Compute","name_zh":"Compute"},{"key":"fv:semisfoundries","name":"Foundries","name_zh":"Foundries"}],"since_excess":0.0001,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":62.3,"tier":"moderate","components":{"pct_book":{"value":0.781,"points":27.34},"rank_top10":{"value":8,"points":15.0},"tilt":{"value":1.361,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"APG","issuer":"API GROUP CORP","shares":2030000.0,"value_usd":82255600.0,"pct_book":3.95,"position_rank":9,"tilt_pp":0.848,"action":"trim","shares_change_pct":-32.3,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[],"since_excess":-0.0716,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":61.2,"tier":"moderate","components":{"pct_book":{"value":0.75,"points":26.25},"rank_top10":{"value":9,"points":15.0},"tilt":{"value":0.848,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LYV","issuer":"LIVE NATION ENTERTAINMENT IN","shares":465000.0,"value_usd":70917150.0,"pct_book":3.4,"position_rank":10,"tilt_pp":0.304,"action":"trim","shares_change_pct":-73.0,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"travel","name":"Travel & Experiences","name_zh":"\u65c5\u884c\u4e0e\u4f53\u9a8c"},{"key":"us_sector_comm","name":"Communication Services (Equal-Weight)","name_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09"}],"since_excess":0.0355,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":60.2,"tier":"moderate","components":{"pct_book":{"value":0.719,"points":25.16},"rank_top10":{"value":10,"points":15.0},"tilt":{"value":0.304,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"META","issuer":"META PLATFORMS INC","shares":90000.0,"value_usd":51491700.0,"pct_book":2.47,"position_rank":11,"tilt_pp":-0.629,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"ai_software","name":"AI Software & Platforms","name_zh":"AI \u8f6f\u4ef6\u4e0e\u5e73\u53f0"},{"key":"us_sector_comm","name":"Communication Services (Equal-Weight)","name_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09"}],"since_excess":0.0673,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":49.1,"tier":"moderate","components":{"pct_book":{"value":0.688,"points":24.06},"rank_top10":{"value":11,"points":0.0},"tilt":{"value":-0.629,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":true,"points":10.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"GOOGL","issuer":"ALPHABET INC","shares":175000.0,"value_usd":50323000.0,"pct_book":2.42,"position_rank":12,"tilt_pp":-0.685,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"ai_software","name":"AI Software & Platforms","name_zh":"AI \u8f6f\u4ef6\u4e0e\u5e73\u53f0"},{"key":"quantum_computing","name":"Quantum Computing","name_zh":"\u91cf\u5b50\u8ba1\u7b97"}],"since_excess":-0.1218,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":48.0,"tier":"moderate","components":{"pct_book":{"value":0.656,"points":22.97},"rank_top10":{"value":12,"points":0.0},"tilt":{"value":-0.685,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":true,"points":10.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"GLD","issuer":"SPDR GOLD TR","shares":95000.0,"value_usd":40877550.0,"pct_book":1.96,"position_rank":13,"tilt_pp":-1.139,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":-0.1242,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.9,"tier":"low","components":{"pct_book":{"value":0.625,"points":21.88},"rank_top10":{"value":13,"points":0.0},"tilt":{"value":-1.139,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"HUT","issuer":"HUT 8 CORP","shares":869563.0,"value_usd":40791200.0,"pct_book":1.96,"position_rank":14,"tilt_pp":-1.143,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[{"key":"ai_neoclouds","name":"AI Neoclouds & HPC Hosting","name_zh":"AI \u65b0\u4e91\u4e0e\u9ad8\u6027\u80fd\u7b97\u529b\u6258\u7ba1"}],"since_excess":-0.1187,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.9,"tier":"low","components":{"pct_book":{"value":0.625,"points":21.88},"rank_top10":{"value":14,"points":0.0},"tilt":{"value":-1.143,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"NVDA","issuer":"NVIDIA CORPORATION","shares":190000.0,"value_usd":33136000.0,"pct_book":1.59,"position_rank":15,"tilt_pp":-1.51,"action":"trim","shares_change_pct":-93.6,"add_streak_q":0,"persistence":"persisted","sector":"Technology","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"ai_infra","name":"AI Infrastructure","name_zh":"AI \u57fa\u7840\u8bbe\u65bd"},{"key":"ai_semiconductors","name":"AI Semiconductors","name_zh":"AI\u534a\u5bfc\u4f53"}],"since_excess":-0.0941,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.7,"tier":"low","components":{"pct_book":{"value":0.562,"points":19.69},"rank_top10":{"value":15,"points":0.0},"tilt":{"value":-1.51,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TDG","issuer":"TRANSDIGM GROUP INC","shares":25000.0,"value_usd":28974000.0,"pct_book":1.39,"position_rank":16,"tilt_pp":-1.71,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Industrials","themes":[{"key":"defense","name":"Defense & Aerospace","name_zh":"\u56fd\u9632\u4e0e\u822a\u7a7a\u822a\u5929"},{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.0559,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":23.6,"tier":"low","components":{"pct_book":{"value":0.531,"points":18.59},"rank_top10":{"value":16,"points":0.0},"tilt":{"value":-1.71,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"NSC","issuer":"NORFOLK SOUTHN CORP","shares":100000.0,"value_usd":28700000.0,"pct_book":1.38,"position_rank":17,"tilt_pp":-1.723,"action":"trim","shares_change_pct":-89.7,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.0187,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":27.5,"tier":"low","components":{"pct_book":{"value":0.5,"points":17.5},"rank_top10":{"value":17,"points":0.0},"tilt":{"value":-1.723,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"COF","issuer":"CAPITAL ONE FINL CORP","shares":140000.0,"value_usd":25540200.0,"pct_book":1.23,"position_rank":18,"tilt_pp":-1.875,"action":"trim","shares_change_pct":-87.3,"add_streak_q":0,"persistence":"persisted","sector":"Financial","themes":[{"key":"payments_fintech","name":"Payments & Fintech","name_zh":"\u652f\u4ed8\u4e0e\u91d1\u878d\u79d1\u6280"},{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":0.1215,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.4,"tier":"low","components":{"pct_book":{"value":0.469,"points":16.41},"rank_top10":{"value":18,"points":0.0},"tilt":{"value":-1.875,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"UNP","issuer":"UNION PAC CORP","shares":100000.0,"value_usd":24262000.0,"pct_book":1.16,"position_rank":19,"tilt_pp":-1.936,"action":"trim","shares_change_pct":-94.5,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.0968,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":25.3,"tier":"low","components":{"pct_book":{"value":0.438,"points":15.31},"rank_top10":{"value":19,"points":0.0},"tilt":{"value":-1.936,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SRTA","issuer":"STRATA CRITICAL MEDICAL INC","shares":5000000.0,"value_usd":20900000.0,"pct_book":1.0,"position_rank":20,"tilt_pp":-2.098,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.2,"tier":"low","components":{"pct_book":{"value":0.406,"points":14.22},"rank_top10":{"value":20,"points":0.0},"tilt":{"value":-2.098,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"KLAC","issuer":"KLA CORP","shares":11000.0,"value_usd":16196510.0,"pct_book":0.78,"position_rank":21,"tilt_pp":-2.324,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Technology","themes":[{"key":"ai_infra","name":"AI Infrastructure","name_zh":"AI \u57fa\u7840\u8bbe\u65bd"},{"key":"semicap_equipment","name":"Semiconductor Equipment (WFE)","name_zh":"\u534a\u5bfc\u4f53\u8bbe\u5907\uff08\u6676\u5706\u5382\u8bbe\u5907\uff09"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":0.2017,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.1,"tier":"low","components":{"pct_book":{"value":0.375,"points":13.12},"rank_top10":{"value":21,"points":0.0},"tilt":{"value":-2.324,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"LRCX","issuer":"LAM RESEARCH CORP","shares":75000.0,"value_usd":16024500.0,"pct_book":0.77,"position_rank":22,"tilt_pp":-2.332,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Technology","themes":[{"key":"ai_infra","name":"AI Infrastructure","name_zh":"AI \u57fa\u7840\u8bbe\u65bd"},{"key":"semicap_equipment","name":"Semiconductor Equipment (WFE)","name_zh":"\u534a\u5bfc\u4f53\u8bbe\u5907\uff08\u6676\u5706\u5382\u8bbe\u5907\uff09"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":0.1125,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":17.0,"tier":"low","components":{"pct_book":{"value":0.344,"points":12.03},"rank_top10":{"value":22,"points":0.0},"tilt":{"value":-2.332,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"AVGO","issuer":"BROADCOM INC","shares":50000.0,"value_usd":15475500.0,"pct_book":0.74,"position_rank":23,"tilt_pp":-2.358,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Technology","themes":[{"key":"ai_infra","name":"AI Infrastructure","name_zh":"AI \u57fa\u7840\u8bbe\u65bd"},{"key":"ai_semiconductors","name":"AI Semiconductors","name_zh":"AI\u534a\u5bfc\u4f53"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":-0.1336,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":15.9,"tier":"low","components":{"pct_book":{"value":0.312,"points":10.94},"rank_top10":{"value":23,"points":0.0},"tilt":{"value":-2.358,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"SMH","issuer":"VANECK ETF TRUST","shares":40000.0,"value_usd":15336000.0,"pct_book":0.74,"position_rank":24,"tilt_pp":-2.365,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":0.007,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":15.9,"tier":"low","components":{"pct_book":{"value":0.312,"points":10.94},"rank_top10":{"value":24,"points":0.0},"tilt":{"value":-2.365,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"SN","issuer":"SHARKNINJA INC","shares":130509.0,"value_usd":13820903.0,"pct_book":0.66,"position_rank":25,"tilt_pp":-2.438,"action":"trim","shares_change_pct":-89.1,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Discretionary","themes":[{"key":"fv:consumerhousehold","name":"Household","name_zh":"Household"}],"since_excess":0.3994,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.8,"tier":"low","components":{"pct_book":{"value":0.25,"points":8.75},"rank_top10":{"value":25,"points":0.0},"tilt":{"value":-2.438,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"HTZWW","issuer":"HERTZ GLOBAL HLDGS INC","shares":3970000.0,"value_usd":9051600.0,"pct_book":0.43,"position_rank":26,"tilt_pp":-2.667,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":17.7,"tier":"low","components":{"pct_book":{"value":0.219,"points":7.66},"rank_top10":{"value":26,"points":0.0},"tilt":{"value":-2.667,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SPRY","issuer":"ARS PHARMACEUTICALS INC","shares":1000000.0,"value_usd":8030000.0,"pct_book":0.39,"position_rank":27,"tilt_pp":-2.716,"action":"add","shares_change_pct":79.8,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.6,"tier":"low","components":{"pct_book":{"value":0.188,"points":6.56},"rank_top10":{"value":27,"points":0.0},"tilt":{"value":-2.716,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AUR","issuer":"AURORA INNOVATION INC","shares":1032463.0,"value_usd":4253748.0,"pct_book":0.2,"position_rank":28,"tilt_pp":-2.897,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"fv:evsselfdriving","name":"Self-Driving","name_zh":"Self-Driving"},{"key":"fv:transportationnextgen","name":"Next-Gen","name_zh":"Next-Gen"},{"key":"fv:roboticsavmobility","name":"AV & Mobility","name_zh":"AV & Mobility"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":15.5,"tier":"low","components":{"pct_book":{"value":0.156,"points":5.47},"rank_top10":{"value":28,"points":0.0},"tilt":{"value":-2.897,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FLYX","issuer":"FLYEXCLUSIVE INC","shares":1022000.0,"value_usd":2309720.0,"pct_book":0.11,"position_rank":29,"tilt_pp":-2.99,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":14.4,"tier":"low","components":{"pct_book":{"value":0.125,"points":4.38},"rank_top10":{"value":29,"points":0.0},"tilt":{"value":-2.99,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CTEV","issuer":"CLARITEV CORPORATION","shares":44000.0,"value_usd":718960.0,"pct_book":0.03,"position_rank":30,"tilt_pp":-3.067,"action":"trim","shares_change_pct":-69.7,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":13.3,"tier":"low","components":{"pct_book":{"value":0.094,"points":3.28},"rank_top10":{"value":30,"points":0.0},"tilt":{"value":-3.067,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AUROW","issuer":"AURORA INNOVATION INC","shares":1835000.0,"value_usd":365165.0,"pct_book":0.02,"position_rank":31,"tilt_pp":-3.084,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":12.2,"tier":"low","components":{"pct_book":{"value":0.062,"points":2.19},"rank_top10":{"value":31,"points":0.0},"tilt":{"value":-3.084,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FLYX-WS","issuer":"FLYEXCLUSIVE INC","shares":367499.0,"value_usd":88200.0,"pct_book":0.0,"position_rank":32,"tilt_pp":-3.097,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":11.1,"tier":"low","components":{"pct_book":{"value":0.031,"points":1.09},"rank_top10":{"value":32,"points":0.0},"tilt":{"value":-3.097,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}}],"book_meta":{"n_positions":33,"n_resolved":32,"resolution_pct":97.0,"book_value_usd":2082795760.0,"filing_date":"2026-05-15","period_end":"2026-03-31"},"sector_series":[{"period_end":"2023-03-31","filing_date":"2023-05-15","weights":{"Healthcare":17.64,"Utilities":16.51,"Unclassified":16.1,"Consumer Defensive":13.59,"Technology":10.35,"Consumer Discretionary":8.23,"Communication Services":8.06,"Basic Materials":3.84,"Industrials":3.25,"Financial":2.43},"top_theme_weights":{"US Sectors (EW)":19.25,"AI & Technology":18.42,"Energy & Power":16.51,"Consumer Defensive":13.59,"Healthcare":2.59,"Financials":2.43}},{"period_end":"2023-06-30","filing_date":"2023-08-14","weights":{"Unclassified":22.91,"Technology":15.87,"Utilities":14.95,"Healthcare":11.81,"Consumer Cyclical":7.83,"Consumer Discretionary":7.61,"Industrials":5.97,"Financial":5.79,"Basic Materials":3.09,"Communication Services":2.5,"Health Care":1.67},"top_theme_weights":{"AI & Technology":24.45,"US Sectors (EW)":22.08,"Energy & Power":14.95,"Financials":2.73,"Industrials":1.64}},{"period_end":"2023-09-30","filing_date":"2023-11-14","weights":{"Utilities":15.72,"Unclassified":15.48,"Technology":13.59,"Communication Services":9.79,"Healthcare":9.22,"Consumer Cyclical":9.02,"Industrials":7.89,"Consumer Discretionary":7.1,"Financial":6.95,"Health Care":2.67,"Basic Materials":2.56},"top_theme_weights":{"AI & Technology":26.47,"US Sectors (EW)":24.55,"Energy & Power":15.72,"Financials":2.96,"Industrials":1.36}},{"period_end":"2023-12-31","filing_date":"2024-02-14","weights":{"Utilities":18.38,"Unclassified":17.89,"Technology":12.34,"Consumer Cyclical":9.61,"Communication Services":9.39,"Consumer Discretionary":9.0,"Healthcare":8.3,"Financial":6.14,"Industrials":4.73,"Basic Materials":2.51,"Energy":1.14,"Health Care":0.56},"top_theme_weights":{"AI & Technology":27.21,"US Sectors (EW)":20.39,"Energy & Power":19.52,"Financials":3.52,"Industrials":1.31}},{"period_end":"2024-03-31","filing_date":"2024-05-15","weights":{"Communication Services":17.61,"Utilities":16.32,"Financial":12.32,"Consumer Cyclical":11.72,"Technology":11.66,"Consumer Discretionary":9.81,"Unclassified":6.96,"Healthcare":6.52,"Industrials":4.57,"Basic Materials":1.53,"Energy":0.94},"top_theme_weights":{"AI & Technology":35.98,"US Sectors (EW)":23.66,"Energy & Power":17.25,"Financials":3.44,"Industrials":1.15}},{"period_end":"2024-06-30","filing_date":"2024-08-14","weights":{"Technology":17.1,"Communication Services":16.42,"Utilities":15.14,"Consumer Cyclical":11.28,"Unclassified":9.86,"Financial":9.01,"Consumer Discretionary":8.12,"Healthcare":5.86,"Industrials":4.33,"Basic Materials":1.97,"Energy":0.83,"Information Technology":0.08},"top_theme_weights":{"AI & Technology":37.11,"US Sectors (EW)":22.2,"Energy & Power":15.96,"Consumer Cyclical":3.15,"Financials":2.93}},{"period_end":"2024-09-30","filing_date":"2024-11-14","weights":{"Utilities":18.5,"Unclassified":17.63,"Communication Services":11.17,"Consumer Cyclical":10.69,"Technology":9.36,"Financial":9.32,"Healthcare":8.63,"Industrials":6.12,"Consumer Discretionary":5.06,"Basic Materials":2.56,"Energy":0.96},"top_theme_weights":{"AI & Technology":24.24,"US Sectors (EW)":23.88,"Energy & Power":19.26,"Consumer Cyclical":3.45,"Industrials":2.58,"Healthcare":1.33}},{"period_end":"2024-12-31","filing_date":"2025-02-14","weights":{"Unclassified":24.02,"Utilities":15.0,"Consumer Cyclical":12.88,"Communication Services":12.54,"Financial":10.05,"Healthcare":8.31,"Industrials":6.86,"Technology":5.13,"Basic Materials":3.38,"Energy":1.83},"top_theme_weights":{"US Sectors (EW)":24.39,"AI & Technology":23.25,"Energy & Power":16.83,"Consumer Cyclical":2.99,"Industrials":2.8,"Financials":2.22}},{"period_end":"2025-03-31","filing_date":"2025-05-15","weights":{"Unclassified":26.77,"Utilities":16.73,"Financial":12.17,"Communication Services":10.29,"Consumer Cyclical":8.83,"Industrials":8.58,"Technology":4.21,"Basic Materials":3.65,"Consumer Defensive":3.26,"Energy":2.41,"Real Estate":2.39,"Consumer Discretionary":0.7},"top_theme_weights":{"US Sectors (EW)":23.66,"Energy & Power":19.14,"AI & Technology":11.05,"Consumer Cyclical":4.19,"Consumer Defensive":3.26,"Financials":2.88}},{"period_end":"2025-06-30","filing_date":"2025-08-14","weights":{"Unclassified":22.03,"Utilities":15.54,"Financial":12.7,"Consumer Cyclical":10.23,"Technology":9.37,"Industrials":9.26,"Communication Services":8.53,"Real Estate":3.26,"Basic Materials":3.12,"Consumer Defensive":2.34,"Consumer Discretionary":1.59,"Healthcare":1.3,"Information Technology":0.72},"top_theme_weights":{"US Sectors (EW)":20.73,"AI & Technology":18.64,"Energy & Power":16.85,"Financials":5.04,"Consumer Cyclical":3.93,"Consumer Defensive":2.34}},{"period_end":"2025-09-30","filing_date":"2025-11-14","weights":{"Unclassified":25.23,"Industrials":15.23,"Technology":12.27,"Utilities":12.11,"Consumer Cyclical":10.02,"Communication Services":7.19,"Consumer Discretionary":5.98,"Financial":4.24,"Basic Materials":2.89,"Real Estate":2.83,"Consumer Defensive":1.9,"Healthcare":0.11},"top_theme_weights":{"AI & Technology":20.94,"US Sectors (EW)":19.3,"Energy & Power":13.95,"Financials":3.28,"Consumer Cyclical":2.46,"Consumer Defensive":1.9}},{"period_end":"2025-12-31","filing_date":"2026-02-17","weights":{"Industrials":18.99,"Unclassified":14.41,"Technology":13.73,"Consumer Cyclical":12.75,"Utilities":12.13,"Communication Services":7.15,"Consumer Discretionary":6.03,"Basic Materials":4.47,"Financial":4.36,"Real Estate":2.93,"Healthcare":2.29,"Consumer Defensive":0.77},"top_theme_weights":{"US Sectors (EW)":25.44,"AI & Technology":20.61,"Energy & Power":13.48,"Financials":4.36,"Consumer Cyclical":3.38,"Consumer Defensive":0.77}},{"period_end":"2026-03-31","filing_date":"2026-05-15","weights":{"Communication Services":21.63,"Consumer Cyclical":19.4,"Industrials":18.69,"Unclassified":12.08,"Basic Materials":9.59,"Consumer Discretionary":8.72,"Healthcare":4.78,"Technology":3.88,"Financial":1.23},"top_theme_weights":{"AI & Technology":28.17,"US Sectors (EW)":16.91,"Consumer Cyclical":3.4,"Artificial Intelligence":1.96,"Industrials & Defense":1.39,"Financials":1.23}}],"sector_rotation":{"into":[{"sector":"Communication Services","delta_pp":14.48},{"sector":"Consumer Cyclical","delta_pp":6.65},{"sector":"Basic Materials","delta_pp":5.12}],"out_of":[{"sector":"Utilities","delta_pp":-12.13},{"sector":"Technology","delta_pp":-9.85},{"sector":"Financial","delta_pp":-3.13}],"deltas":{"Communication Services":14.48,"Consumer Cyclical":6.65,"Basic Materials":5.12,"Consumer Discretionary":2.69,"Healthcare":2.49,"Industrials":-0.3,"Consumer Defensive":-0.77,"Unclassified":-2.33,"Real Estate":-2.93,"Financial":-3.13,"Technology":-9.85,"Utilities":-12.13},"period_end":"2026-03-31","prev_period_end":"2025-12-31","method_note":{"en":"Current sector/theme map applied to history \u2014 historical quarters are classified with today's sector and theme membership (survivorship-lite; past classification changes are not reconstructed).","zh":"\u4ee5\u5f53\u524d\u884c\u4e1a/\u4e3b\u9898\u6620\u5c04\u56de\u6eaf\u5386\u53f2\u2014\u2014\u5386\u53f2\u5b63\u5ea6\u6309\u4eca\u65e5\u7684\u884c\u4e1a\u4e0e\u4e3b\u9898\u6210\u5458\u5206\u7c7b\uff08\u8f7b\u5ea6\u5e78\u5b58\u8005\u53e3\u5f84\uff1b\u4e0d\u91cd\u5efa\u8fc7\u53bb\u7684\u5206\u7c7b\u53d8\u66f4\uff09\u3002"}},"theme_read":{"leans":[{"theme_key":"mag7","label":"Magnificent Seven","label_zh":"\u4e03\u5de8\u5934","category":"AI & Technology","source":"basket","tickers":["META","GOOGL"],"added_pp":4.89,"held_pp":25.88,"n_names":4},{"theme_key":"ai_software","label":"AI Software & Platforms","label_zh":"AI \u8f6f\u4ef6\u4e0e\u5e73\u53f0","category":"AI & Technology","source":"basket","tickers":["META","GOOGL"],"added_pp":4.89,"held_pp":4.89,"n_names":2},{"theme_key":"us_sector_comm","label":"Communication Services (Equal-Weight)","label_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["META","GOOGL"],"added_pp":4.89,"held_pp":8.29,"n_names":3},{"theme_key":"quantum_computing","label":"Quantum Computing","label_zh":"\u91cf\u5b50\u8ba1\u7b97","category":"AI & Technology","source":"basket","tickers":["GOOGL"],"added_pp":2.42,"held_pp":4.01,"n_names":2},{"theme_key":"ai_infra","label":"AI Infrastructure","label_zh":"AI \u57fa\u7840\u8bbe\u65bd","category":"AI & Technology","source":"basket","tickers":["KLAC","LRCX","AVGO"],"added_pp":2.29,"held_pp":3.88,"n_names":4},{"theme_key":"us_sector_tech","label":"Technology (Equal-Weight)","label_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["KLAC","LRCX","AVGO"],"added_pp":2.29,"held_pp":3.88,"n_names":4}],"core":{"theme_key":"mag7","label":"Magnificent Seven","label_zh":"\u4e03\u5de8\u5934","category":"AI & Technology","source":"basket","tickers":["META","GOOGL"],"added_pp":4.89,"held_pp":25.88,"n_names":4},"narrative_en":"Core lean: Magnificent Seven \u2014 added META, GOOGL (+4.9pp of book this quarter)","narrative_zh":"\u6838\u5fc3\u503e\u5411\uff1a\u4e03\u5de8\u5934 \u2014 \u672c\u5b63\u5ea6\u52a0\u4ed3 META\u3001GOOGL\uff08\u5360\u7ec4\u5408 +4.9pp\uff09"}}