Kodai Capital Management LP

Twenty-seven new positions, twenty-seven complete exits, and zero holdings left unchanged: Kodai Capital Management's Q1 2025 13F reads less like an update and more like a rebuild of its $2.53B book. The fund sold out of Nvidia ($75.2M), Western Digital, Adobe, Snowflake, and Monolithic Power — the 2024 AI-compute cluster — while more than doubling MKS Instruments (+138%, now 2.2% of assets) and opening new stakes in Lam Research and Allegro Microsystems. The AI bet was not abandoned; it was relocated a layer down the stack, from the chips to the equipment and components that make them. The other half of the new money went old-economy: W.W. Grainger arrived at $67.6M as the instant No. 2 holding, joined by Emerson Electric and Ingersoll Rand, while the largest position remains AT&T at 3.5% — itself cut by a third. In a 145-name book where no position tops 3.5%, the signal is in the turnover, not the sizing: this is a relative-value machine that just took itself entirely out of the market's leading AI name and repositioned for leadership to broaden down the supply chain.