HMS Capital Management, LLC

2. Key Holdings

The portfolio is dominated by Exchange Traded Funds (ETFs) and Large-Cap Technology, reflecting a "core and satellite" structure.

• Core ETF Exposure: The largest position is the SPDR S&P 500 ETF Trust (SPY) at $38.26M (15.83%). This is followed by two iShares Trust positions (likely core index or sector ETFs based on the naming convention) totaling $34.07M (14.1%) and the Invesco QQQ Trust (QQQ) at $12.91M (5.34%). Collectively, these passive vehicles represent roughly 36% of the entire portfolio, providing a beta-driven foundation.
• Technology Titans: The firm maintains significant direct exposure to the "Magnificent Seven" and semiconductor leaders. NVIDIA is the largest individual equity holding at $9.25M (3.83%), followed closely by Microsoft ($5.45M), Broadcom ($5.19M), Alphabet ($4.28M), Apple ($4.01M), and Amazon ($3.33M).
• Financials & Industrials: Goldman Sachs ($5.49M) and JPMorgan Chase ($3.38M) represent key financial exposure, while McKesson ($3.39M) and Parker-Hannifin ($2.56M) provide industrial and healthcare diversification.