MARTINGALE ASSET MANAGEMENT L P

Apple is Martingale Asset Management's largest position out of 794 holdings, and it accounts for just 1.39% of the $4.0 billion book — a degree of flatness that means even a complete exit from the top holding would barely register. That extreme diversification makes this quarter's sector rotation more notable, not less: six new positions cluster entirely in energy and utilities — Valero ($30.6 million), Cheniere Energy ($30.6 million), Marathon Petroleum ($28.5 million), Consolidated Edison ($25.7 million), Exelon ($25.1 million), and DTE Energy ($24.3 million) — funded by exits from software and financials, including Salesforce, Adobe, Intuit, Schwab, and Capital One, all fully sold. RTX Corp's apparent sale-and-repurchase is a CUSIP reissuance, not a genuine trade.