Qube Research & Technologies Ltd

Qube Research & Technologies reported approximately $90B in 13F holdings across 3,481 positions as of Q1 2026, with a Technology-heavy core (Nvidia, Apple, and Microsoft together account for roughly 5.5% of the book) and a pronounced macro overlay. The quarter's defining move is a simultaneous exit from large-cap consumer staples and entry into cyclical/sectorsensitive names: Qube closed positions in Walmart, Berkshire Hathaway, Procter & Gamble, and Intel, while initiating new stakes in Sandisk, Chevron, Lockheed Martin, Newmont, and General Electric. The combination reads as a deliberate bet that the AI-commodity supply chain — semiconductors (SNDK HBM exposure), energy (CVX), aerospace/defense (LMT), gold miners (NEM), and industrial infrastructure (GE) — offers better risk-reward than mature consumer-discretionary and traditional insurance names at current valuations. With Technology still comprising $10.9B of the book and Communication Services at $4.5B, Qube's core AI thesis remains intact; the rotation is a perimetershift, not a retreat from the central theme.