Profund Advisors' $2.72B Q1 2026 filing is one of the most concentrated technology hedge funds in the dataset — the top 10 positions are NVIDIA ($319M, 11.7%), Apple ($116M, 4.3%), Broadcom ($110M, 4.1%), Microsoft ($88M, 3.2%), Amazon ($76M, 2.8%), Tesla ($54M, 2.0%), Meta ($54M, 2.0%), Alphabet ($99M combined, 3.6%), Micron ($46M, 1.7%), and Walmart ($43M, 1.6%) — but the Q1 changes reveal a major rotation underway. The manager slashed NVIDIA by $95M (-17.6% shares), Microsoft by $52M (-18.3%), Broadcom by $39M (-17.3%), Apple by $36M (-18.4%), Meta by $27M (-22.9%), Amazon by $25M (-16.7%), Alphabet GOOGL by $19M (-20.8%), and Palantir by $13M (-19.0%) — a synchronized $351M reduction in the AI-and-megacap core that dominated 2024-2025. The offset was new energy exposure (ExxonMobil +$9.9M, Chevron opened at $16.6M) and healthcare additions (Walmart initiated at $43M, Intuitive Surgical opened at $12.4M, Agnico Eagle Mines opened at $11M, Johnson & Johnson opened at $8.0M, ASML opened at $8.7M). The portfolio's 1,092 holdings read like a diversified tech hedge fund but the Q1 delta is unmistakable: the manager is reducing exposure to the crowded AI-and-semiconductor complex — names that had delivered the portfolio's strongest 2024-2025 returns — and redeploying into energy, healthcare, and basic materials that offer uncorrelated return drivers. At a whaleScore of 54.50, this is a high-conviction, high-turnover hedge fund whose Q1 positioning suggests a view that the AI trade is becoming overcrowded and that energy and healthcare offer better risk-adjusted opportunity at current valuations.
The sell list is remarkable for its scale and uniformity. Every name in the portfolio's AI-and-megacap core was reduced by roughly the same percentage — 16-23% in share count — across a spread of positions that ranged from $13M (Palantir) to $95M (NVIDIA) in absolute terms. NVIDIA's reduction of $95M and 391,210 shares is the single largest dollar cut in the filing and brings the position down from 12.6% to 11.7% of AUM — still the largest holding, but no longer by as wide a margin. Microsoft was cut by $52M (-18.3% shares), Broadcom by $39M (-17.3%), Apple by $36M (-18.4%), and Amazon by $25M (-16.7%). The pattern is too coordinated to be coincidence: a manager concluding that the risk-reward on crowded AI-and-growth names has shifted and trimming across the board rather than exiting individual positions. That is the behavior of a desk that has reached a portfolio-level decision.
The adds tell the same story in reverse. Energy received two significant new positions: ExxonMobil was increased by $9.9M (+27% shares) and Chevron opened from scratch at $16.6M — together a $26.5M new energy allocation. XOM is a supermajor E&P-and-integrated name, CVX is another supermajor with a different upstream-and-downstream mix; the pairing is deliberate. Healthcare received three new openings: Intuitive Surgical ($12.4M, robotic surgery), Agnico Eagle Mines ($11.0M, gold mining), and Johnson & Johnson ($8.0M, diversified healthcare). ASML ($8.7M, semiconductor equipment) opened as a new position in the semiconductor supply chain — a different layer of the AI trade than the fabless chip names being reduced. Walmart ($43.2M) opened as the portfolio's largest new position and represents a deliberate consumer-defensive bet that is entirely uncorrelated to the tech core. The common thread across these opens is names that benefited from different macroeconomic drivers than the AI-semiconductor complex — energy from commodity prices, healthcare from aging demographics and medical innovation, gold from monetary debasement fears, and Walmart from consumer-staples resilience.