ARDSLEY ADVISORY PARTNERS LP

Ardsley Advisory Partners cut its SanDisk share count by 54.5% this quarter (55,000 down to 25,000 shares) — a real, more-than-halved reduction — yet the position's dollar value actually rose from $35.0 million to $56.7 million and remains the fund's largest holding, because SanDisk's price more than tripled over the same period. The share-flow figure of -$68.0 million is the only number that shows what really happened. Turnover elsewhere was extreme: 24 positions opened, 24 closed, including a new $54.0 million AMD stake and an 84.9% cut to Broadcom (139,500 to 21,000 shares, -$44.7 million in flow terms). NVIDIA, Meta, and Arista Networks were all fully exited.