STANCE CAPITAL LLC

One position - exactly one - came through the first quarter untouched in Stance Capital's top book. Thirty-five of the systematic manager's 50 largest holdings are new to the portfolio this quarter and thirty-five prior names are gone, a near-wholesale rotation that dumped Nvidia, Intel, Visa, Delta and United while opening evenly sized stakes in Mastercard, Texas Instruments, Home Depot, AutoZone and Ross Stores. The tells are everywhere: Visa was sold outright and replaced with a near-identical $4.2M Mastercard position, and all ten of the largest new buys land between 1.7% and 2.3% of assets - the fingerprint of an optimizer rebalancing a factor screen, not a manager building conviction.

What survives the churn says more than what fills it. The only stable anchors in the $206M book (down 24% from $272M at year-end) are two ETFs at a combined 10.7% of assets - including the fund whose ticker, STNC, spells out the firm's own name at 7.3% - while the largest single-stock commitment is a tripled Bristol-Myers Squibb stake (+208%, now 2.5%). The durable information here is the tilt, not the tickers: out of AI semiconductors (Nvidia sold, AMD cut 62%) and travel, into cash-generative value tech, off-price retail and deep-value pharma.