StoneX Group Inc.

The quarter showed a notable reset. Total reported value dropped from $2.30B to $1.86B, and several of the largest growth-linked positions were reduced. IVV shares fell about 18%, MSFT shares dropped roughly 31%, AAPL fell 27%, NVDA fell 27%, SPY fell 45%, AMZN fell 41%, IVW fell 62%, and VUG fell 49%. Those cuts do not remove mega-cap technology from the book—AAPL and NVDA still sit near 1.8% each, and MSFT remains about 1.05%—but they do reduce the direct weight of the same mega-cap complex that often drives broad-index risk.

The offset was not a single heroic stock pick. StoneX increased FNDF by about 12%, taking the Schwab Fundamental International Equity ETF to $73.9M, and lifted VB shares by almost 45%, making the Vanguard small-cap ETF a $31.0M position. It also kept meaningful exposure to IWD, IWF, RSP, QQQM, BUFR, RSMC, NLR, and RSPT. Some change records around QQQ appear affected by identifier mapping, so the cleanest conclusion is not a precise new-position story there; it is the broader shift away from pure mega-cap growth concentration and toward a more mixed factor-and-sleeve allocation.