SVRN Asset Management, LLC

SVRN Asset Management runs a $103 million book that is already ETF-heavy by design, but the first quarter of 2026 marked a decisive break with single-stock exposure entirely. The fund exited Broadcom, Microsoft, and Alphabet — the only remaining individual equity positions — and did not replace them with any new stock names. That is a clean category move, not a trim.

Where did the capital go? Mostly back into the ETF sleeve, with a strong preference for structured-income and defined-outcome products. The EA Series Trust ORR vehicle, already the fund’s fifth-largest holding at 7.9%, was increased by 32% in share count and now represents a $8.1 million position. BOXX, another EA Series product, was built by 28%. The shift suggests the manager is deliberately replacing single-stock risk with ETF-wrapped options or buffer strategies that offer equity-like upside with embedded tail-risk protection.