Holocene Advisors, LP

2. Key Holdings

The portfolio is top-heavy, with a strong conviction in mega-cap technology leaders. The top three positions—NVIDIA (NVDA), Tesla (TSLA), and Amazon (AMZN)—account for 18.65% of the total portfolio value, highlighting a significant concentration risk in these specific equities.

• NVIDIA Corporation (NVDA): This is the largest holding, valued at $3.14 billion, representing 7.15% of the portfolio. The firm increased its stake by 73.3% (adding $1.60 billion), signaling strong conviction in the semiconductor/AI trade.
• Tesla Inc (TSLA): The second-largest position at $2.74 billion (6.24%). Notably, this was the most aggressive expansion during the quarter, with the stake growing by 132.2% (an injection of $1.90 billion).
• Amazon.com Inc (AMZN): Maintained as the third-largest holding at $2.31 billion (5.26%).
• Microsoft Corp (MSFT): Despite holding a significant position ($1.38B), the firm reduced its stake by 9.6%, suggesting a slight rotation away from this name relative to NVDA and TSLA.
• Apple Inc (AAPL): Represents a smaller portion of the tech allocation (1.13%) compared to its peers, and the firm reduced this position by 36.6%, indicating a lower conviction or a shift toward higher-beta tech names.