ADAGE CAPITAL PARTNERS GP, L.L.C.

Adage Capital Partners, the Boston endowment-style hedge fund, held $64.8B across 956 positions, with a megacap core — NVIDIA (5.9%), Apple (5.1%), Microsoft (3.8%), Amazon and Alphabet. The Q1 activity showed a rotation away from those leaders: Microsoft (-$771M), NVIDIA (-$297M), Apple (-$285M), Tesla (-$214M) and Broadcom (-$189M) were the largest reductions, with 28 positions trimmed against 13 added. New capital went to energy and healthcare — additions to Chevron (+$246M), Johnson & Johnson (+$145M) and Roivant Sciences — with new positions in Revolution Medicines, Boston Scientific, Ovintiv, CSX and Coterra. Exits included Boeing, Dover, Salesforce, IBM and Wells Fargo. Assets eased from $66.1B to $64.8B.