Main Street Research LLC

The Core Thesis Shift

Nvidia (NVDA) held its #1 ranking at 6.3% of the portfolio ($108.3M), but the interesting point is that the position grew in share count — roughly 25,000 additional shares — while shrinking slightly in absolute dollar terms from the prior quarter's $111M. That asymmetry is a tell: the manager added into strength in dollar terms, yet the overall portfolio shrank roughly $30M from Q4 2025's $1.748B, which means NVDA's new capital was partially absorbed by broader repositioning elsewhere. Apple (AAPL) jumped from $79M to $102M to reclaim the #2 spot, closing the concentration gap at the portfolio's apex: NVDA and AAPL together now represent 12.3% of assets under management.