MARK ASSET MANAGEMENT LP

Mark Asset Management's Q1 2026 13F is a $1.10B, 37-position portfolio that is one of the most dramatically rebalanced books in institutional data -- total AUM fell from $1.51B in Q4 2025 to $1.10B in Q1 2026 (-$409.2M or -27.1%), the largest single-quarter AUM contraction in this cohort, driven by the liquidation of 14 positions ($625.5M in gross sales proceeds) and mark-to-market weakness in several anchors. The portfolio's six core anchor positions -- NVIDIA ($130.4M, 11.9%, 747,714 shares, +2.6% shares, a slight add into weakness despite the AUM decline), META ($75.6M, 6.9%, 132,076 shares, flat-to-slightly-up), Amazon ($73.1M, 6.7%, 350,887 shares, +8.1% shares, +$21.5M), Alphabet ($72.3M, 6.6%, 251,573 shares, slightly reduced, -$11.8M), Taiwan Semi ($69.8M, 6.4%, 206,675 shares, +389.4% shares, dramatically increased from 42K shares to 206K shares, a +$57.0M add -- the portfolio's largest conviction trade), and ARM Holdings ($56.0M, 5.1%, 370,441 shares, +30.5% shares, +$25.0M) -- account for 43.4% of AUM. The technology sleeve -- NVIDIA, META, Amazon, Alphabet, Taiwan Semi, ARM, GE Vernova ($48.8M), Apple ($31.5M), Oracle ($9.2M), Micron ($8.3M, NEW), Corning ($8.2M, NEW), Datadog ($4.7M) -- is dominant but the manager aggressively rotated OUT of 14 Q4 legacy names to concentrate capital. 14 sold in Q1: TLT (iShares 20+ Year Treasury ETF, $68.9M), Flutter Entertainment ($54.5M), Microsoft ($52.7M), RTX (older RTX position, $40.9M -- re-purchased as a new opening in Q1), Spotify ($14.8M), Wells Fargo ($11.1M), Salesforce ($10.1M), Union Pacific ($9.8M), Nike ($6.8M), Intuitive Surgical ($5.4M), Warner Bros Discovery ($4.7M), Alphabet Class C ($4.1M), Scholastic ($3.3M), and Pinterest ($1.2M). 5 new opens: RTX Corporation ($40.6M, RTX / defense-and-aerospace -- a re-opening of the Q4 RTX position that was sold at $40.9M, suggesting immediate re-entry after a brief exit), Micron Technology ($8.3M, memory-semiconductors), Corning ($8.2M, glass-and-ceramics / optical-fiber), Mineralys Therapeutics ($3.9M, a small biotech toehold), and Liquidia ($0.7M, a micro-cap biotech). 13 increased -- the most dramatic being Taiwan Semi (+389.4% shares, the portfolio's defining conviction trade, adding 164K shares at ~$346/share for roughly +$57M deployed), ARM (+30.5%, +$25.0M), DraftKings (+482.1%, +$4.8M from a very small base), ASML (+2.5%), Riot Platforms (+21.4%), and Apple (+24.6%). 14 decreased -- the most significant being Tesla (-95.9% shares, from 85,596 to 3,549 shares, a near-complete liquidation that reduced the position from $38.5M to $1.3M, the portfolio's largest absolute reduction), Disney (-60.1%, from $38.7M to $13.1M), Oracle (-55.7%, from $27.4M to $9.2M), Google Class C (-6.5%), Boring (-2.2%), GE Vernova (-5.3%), Chime Financial (-64.3%), and Charles Schwab (-8.4%). Capital One (+3.4%) and Boeing (-2.2%) were held near-flat. The sector breakdown -- Technology $364.6M (33.2%), ETF $259.5M (23.7%, SPY), Communication Services $183.3M (16.7%), Consumer Cyclical $155.5M (14.2%), Unknown $65.9M (6.0%), Financial Services $58.4M (5.3%), Basic Materials $9.2M (0.8%), Healthcare $0.7M (0.1%) -- reflects a technology-and-consumer-discretionary-heavy manager with meaningful SPY overlay. The -27.1% AUM decline from $1.51B to $1.10B is the quarter's defining headline -- the combination of forced-liquidations (likely investor redemptions given the scale) and the manager's deliberate rebalancing away from Q4 legacy names. The portfolio's identity is best read as a long-biased growth-and-technology fund with strong semiconductor (NVIDIA, Taiwan Semi, ARM, Micron), AI-infrastructure (NVIDIA, ARM, GE Vernova, Amazon), and mega-cap-tech (META, Alphabet, Apple, Amazon) core positions, overlaid with a SPY beta-sleeve and aggressive turnover in the consumer-and-financial satellite names. The 77.0 whaleScore on $1.10B (note: this is one of the rare sub-77.25 scores, reflecting AUM just above threshold) reflects AUM. The Q1 delta is best read as: Mark Asset Management, a concentrated technology-and-growth hedge fund, underwent a forced-AUM-contraction and thematic-rebalancing event in Q1 2026 -- reducing Q4 legacy positions that no longer fit the manager's AI-and-semiconductor thesis (Microsoft, TLT, Flutter, Disney, Spotify, Wells Fargo, Salesforce, Union Pacific, Nike) while concentrating capital into the core AI-semiconductor-and-cloud narrative (NVIDIA, Taiwan Semi +389%, ARM, Micron, Amazon) and re-entering the defense-aerospace sleeve (RTX). The $1.51B → $1.10B contraction (-27.1%) is the portfolio's most significant structural event in years.