ALKEON CAPITAL MANAGEMENT LLC

Alkeon Capital Management held $59.5B in a focused 188-name book with an extraordinary index overlay — SPDR S&P 500 (SPY, 23.0%) and Invesco QQQ (22.8%) together account for nearly half of assets, with Taiwan Semiconductor (5.5%), NVIDIA and Amazon the largest single names. The Q1 activity sharpened a semiconductor theme: the firm added Taiwan Semiconductor (+$972M), NVIDIA (+$417M), Broadcom (+$410M), Teradyne and Vertiv, while cutting both index ETFs — SPY (-$1.6B) and QQQ (-$915M) — along with Microsoft (-$1.2B), Lam Research and Alphabet. New positions in Microchip, Intel, Caterpillar and ASML; exits in 3M, Salesforce, Las Vegas Sands, TransDigm and GE. Assets eased from $63.1B to $59.5B.