TOMS Capital Investment Management LP

TOMS Capital Investment Management produced one of the most active and directional quarters in the top-80-by-AUM tier, executing 27 position changes including 10 full liquidations and 9 brand-new initiations. The defining trade was a 65% increase in Taiwan Semiconductor Manufacturing (TSM) — from $472M to $868M on share count rising from 1.55M to 2.57M — making TSM the portfolio's second-largest position at 22.7%. That aggressive TSM add was funded in part by a $1.07B halving of the SPDR S&P 500 ETF (SPY), from $2.05B to $976M, the quarter's largest single value change. The fund also fully exited Union Pacific ($530M), Target ($258M), Walmart ($223M), American International Group ($214M), Fidelity National Information Services ($111M), Kimberly-Clark ($92M), and — notably — Meta Platforms ($72M), Riot Platforms ($51M), Core Scientific ($44M), and API Group ($14M). The new positions included Golar LNG ($335M, LNG shipping), Invesco Senior Loan ETF BKLN ($286M), AerCap Holdings aircraft leasing ($191M), Seagate Technology ($130M), FedEx ($128M), Warner Bros Discovery ($107M), Wabtec ($68M), Sysco ($61M), and Qiagen ($61M). The portfolio contracted from $4.76B to $3.81B — roughly a $950M drawdown that reflects the SPY reduction offset partially by the TSM mark appreciation. The overall Q1 read is of a concentrated, thematic, opportunistic manager making deliberate mid-cycle bets: doubling down on semiconductor manufacturing infrastructure (TSM, NVDA), rotating out of broad US equity index exposure, and pivoting the new capital into energy-transition infrastructure (Golar LNG, AerCap), logistics (FedEx, Wabtec, WBD as media/entertainment content infrastructure), software-and-processing (Seagate, Qiagen, Sysco), and high-yield credit (BKLN).