Swan Global Investments, LLC

Swan Global Investments, LLC (CIK 0001591505, AUM declining from $3.38B to $2.99B, WhaleScore 75.50, 77 holdings) filed March 31, 2026 with its 13F-HR on May 7, producing the most concentrated single-register shift processed so far in Round 2: HEGD (Pacer Hedge Fund ETF) collapsed from $70.9M to $39.3M (–43.4%, –1.22M shares), roughly halving the hedge-equity exposure in a single quarter. SPDR S&P 500 (SPY non-ticker class) reduced from $1.24B to $1.11B (–11.6%, –243K shares) and IVV reduced $35M (–3.7%); SWAN's core large-cap equity exposure is shifting weight within SPY vs IVV rather than broadly reducing. Eleven SPDR Select Sector ETFs declined en bloc: XLK (–22.7%), XLF (–23.0%), XLY (–22.8%), XLC (–23.6%), XLV (–22.5%), XLI (–22.8%), XLP (–23.5%), XLE (–22.4%), XLU (–16.3%), XLRE (–21.4%), XLB (–21.4%). The simultaneous cuts across all 11 SPDR sectors suggest a deliberate sector-diversification reduction — possibly the manager is switching to broader (XLK inverse-weighted through Pacer ETF tax alpha strategies) or trimming overall SPDR sector exposure in favor of broader index vehicles (SPY/IVV) or specific security selection. Two new positions appeared: JPMorgan Chase (JPM, $607K, 2,064 shares) and Berkshire Hathaway (BRK/B, $573K, 1,196 shares) — token-level openings that signal the manager is testing individual-stock addition strategy. Two positions sold entirely: Netflix (NFLX, $2.4M → $0) and SPDR Gold Trust (GLD, $733K → $0). Honest read: Swan Global is cutting its hedge-equity allocation by roughly half, reducing SPDR sector-diversification ETFs across the board, and beginning to open individual mega-cap tech names — early evidence of a shift from pure-ETF implementation toward a core-satellite model with a concentrated security-selection layer.