BOOTHBAY FUND MANAGEMENT, LLC

The book is organized in three visible tiers. The first tier is a single dominating single-name position: AT&T at $1.40 billion and 18.1 percent of gross assets. No other name comes closer than half that weight. SPDR S&P 500 (SPY) sits at $704 million (9.1 percent) and iShares Russell 2000 (IWM) at $80 million as baseline broad-market exposure. These two ETF allocations — alongside the smaller Invesco QQQ ($36 million), iShares PHLX Semiconductor (SOXX, $29 million), and Invesco KBW Bank (KWB, $58 million) — form an ETF core that accounts for roughly $812 million or 10.5 percent of the book. That is the manager's systematic beta sleeve.

The second tier consists of the healthcare and biotech names that give this book its most legible active read. Revolution Medicines, Praxis Precision, United Therapeutics, Vaxcyte, Exelixis, and Cytokinetics are not names a broad-market ETF holds in meaningful size; each of them reflects a specific clinical-stage or commercial-stage bet inside oncology, gene therapy, or rare disease. Abivax ($62 million), Alnylam ($44 million), and Biogen-era Alkeremes ($70 million) form a gastroenterology and neurological-disorder cluster. Vericel at $42 million, Natera at $24 million, Terns Pharmaceuticals at $44 million, and Mineralys Therapeutics at $47 million round out a healthcare sleeve that is substantial enough to have shaped the portfolio's overall return profile in a meaningful way.