Quadrant Private Wealth Management, LLC

The anchor is NVIDIA at 8.5% of AUM, the only position in the book that clears 8% and by far the largest single-name equity. The manager added 9,162 shares in Q1, a 3% increase that cost roughly $2.1M in additional value — executed even though the prior-quarter mark-to-market on the existing position showed a $2.1M decline. That asymmetry — buying into weakness rather than trimming — is the strongest conviction signal in the filing and is the kind of behavior that usually precedes outsized returns when the thesis resolves. It also comes with built-in crowding risk: at 8.5% weight, a single material earnings miss or regulatory headline in NVIDIA that moves the name double-digits would reprice the entire book by roughly 85 basis points before any other position adjusted.

The Q1 delta shows where that conviction is being tested. Snowflake — the second-largest single-name tech at 1.4% — was trimmed by roughly half its share count, shedding $4.0M in value despite the name's AI-data positioning being directionally consistent with the NVDA bet. SPDR S&P 500 Growth (IVW) was cut by $6.6M and Disney by $1.3M. These reductions don't necessarily signal a sector rotation away from tech; more likely they reflect a move from broad/growth beta into the more granular conviction names at the top of the book. That is a common and rational compression: managers trim the ETF wrappers as single-name conviction builds.