CAXTON ASSOCIATES LLP

2. Key Holdings

The portfolio is dominated by "Magnificent Seven" technology giants and major ETFs, which serve as core liquidity positions.

• Tesla (TSLA): Reclaimed the top spot as the largest holding at $569.69 million (13.46% of the portfolio). This represents a massive conviction bet on the consumer cyclical/tech hybrid.
• Apple (AAPL): The second-largest holding at $548.10 million (12.95%). Despite a reduction in stake value during the quarter, it remains a cornerstone asset.
• SPDR S&P 500 ETF (SPY): A new position and immediately the third-largest holding at $466.33 million (11.02%). This indicates a strategic pivot toward gaining immediate, broad market exposure, likely to manage beta or reduce idiosyncratic risk.
• Microsoft (MSFT) & Amazon (AMZN): Rounding out the top five, these positions solidify the fund's heavy weighting toward large-cap technology dominance, totaling over $697 million combined.

3. Sector Allocation

The sector breakdown reveals a distinct tilt toward growth and economic sensitivity, balanced with hedging instruments.

• Technology ($1.26B - ~29.8%): This is the largest sector allocation. Despite significant reductions in semiconductors (NVDA, MU), the sector remains overweight due to positions in AAPL, MSFT, and legacy tech like INTC.
• Consumer Cyclical ($927M - ~21.9%): Driven almost entirely by Tesla and Amazon, this sector suggests the fund is positioned for economic expansion or consumer resilience.
• ETFs ($677.77M - ~16%): A notable allocation to ETFs (SPY, EWW, EWZ, KWEB) suggests a macro-driven approach. The fund uses these instruments to gain exposure to specific regions (Emerging Markets, Latin America via EWZ) and themes (China via KWEB) without single-stock risk.
• Basic Materials ($133M - ~3.1%): A concentrated bet on Uranium (UEC, CCJ) and Teck Resources, indicating a specific thematic play on energy and commodities.