FLPUTNAM INVESTMENT MANAGEMENT CO

Against that backdrop, one trade reads as a genuine, deliberate decision rather than portfolio drift: a brand-new $131.9 million position in Analog Devices, the semiconductor maker, which entered the book this quarter and immediately became the seventh-largest holding — bigger than JPMorgan, Visa, or Lam Research, and more than 50% larger than any other new position FLPutnam opened. For a firm whose top ten holdings are dominated by broad index ETFs, a single-stock bet of that size is a real statement about where the firm sees value in semiconductors specifically.

The rest of the activity looks like normal rebalancing around the edges. FLPutnam added to Morgan Stanley (+37% in shares, $8.4 million) and Eli Lilly (+32%, $7.6 million), and built out its emerging-markets exposure with a new $84.3 million position in iShares Core MSCI Emerging Markets (IEMG). On the exit side, it fully sold Netflix ($38.6 million), Apollo Global Management ($33.3 million), Boston Scientific ($32.0 million), and Palo Alto Networks ($31.4 million) — four clean, complete exits spanning streaming, alternative asset management, medical devices, and cybersecurity, none individually large enough to be the headline.