HOWARD HUGHES MEDICAL INSTITUTE

2. Key Holdings

The dominance of the SPDR S&P 500 ETF Trust (SPY) is the defining characteristic of this portfolio.

• SPY Dominance: The SPY position is valued at $158.47 million, comprising a staggering 92.87% of the total portfolio. With 238,000 shares, this holding effectively dictates the performance of the entire fund.
• Top Individual Equities: Outside of the ETF, the top positions are a "who's who" of mega-cap technology and blue-chip stocks.
  • NVIDIA (NVDA): $977.68K (0.57%)
  • Microsoft (MSFT): $827.17K (0.48%)
  • Apple (AAPL): $811.76K (0.48%)
• Significance: The top 10 individual equity positions (excluding SPY) are remarkably uniform in size, generally ranging between 0.1% and 0.5% of the portfolio. This suggests that rather than trying to pick winners through position sizing, HHMI is using these individual stocks to complement the broad market exposure provided by SPY.