Newlands Management Operations LLC

Newlands Management Operations ended March with $15.5 billion in assets, down approximately $3.9 billion from the $19.4 billion it held three months earlier — a contraction that was almost entirely the product of an active portfolio realignment rather than a broad-market decline. The March 31 filing documents what looks like a deliberate repositioning away from a single-name concentration and toward a different technology narrative. Apple, which had been carried at $67.7 million as a barely-there token position at the start of the period, shrank further to $63.2 million worth of shares — a minimal holding that underscores how little the portfolio now relies on the consumer hardware story. Instead, the portfolio draws its value and its identity from a much younger cohort of growth and platform names. Meta constitutes the portfolio's dominant load-bearing structure at 36.3% of the book, or $5.61 billion — essentially unchanged in share count but accounting for more than one-third of the entire portfolio. Robinhood is at 10.8%, or $1.67 billion, making it the largest single financial-names position and the signal that the portfolio's growth-stage fintech conviction remains intact. Tesla moved up to $1.40 billion, Amazon to $1.37 billion, and DoorDash became a $1.06 billion position — a $625 million gain in share value that makes it one of the portfolio's larger additions in recent history. The portfolio also cleaned up two enterprise-SaaS positions, liquidating Workday completely (−$293M) and selling all of its remaining DocuSign (−$200M) — names that represent the more mature software infrastructure angle. The modern portfolio that emerged is tightly concentrated in a digital-platform thesis: social-media monopolies (Meta), consumer-cyclical disruptors (Tesla, Amazon, DoorDash), and financial-market infrastructure (Robinhood). This is not a diversified portfolio; it is a high-conviction five-name core wrapped in smaller satellite bets, and the损失的 AUM in Q1 is best read as a deliberate trimming of prior-quarter tail positions rather than a traumatic exit from any one theme.