Versant Capital Management, Inc

The more interesting move is what that hedge is paired against. In the same quarter, Versant sold JPMorgan ($3.6M), Johnson & Johnson ($3.5M), and Walmart ($3.1M) to zero — the classic defensive blue-chip trio — alongside the TFI municipal-bond ETF. Meanwhile, three new semiconductor lines appeared: Micron ($5.4M), AMD ($3.7M), and ASML ($3.6M), opened while Nvidia (-3.7% of shares) and Broadcom (-3.3%) were shaved. That is a broadening of the AI-capex bet down the supply stack rather than a doubling of the leaders — and it means this book is not risk-off despite the gold. The posture is a specific pairing: hard-asset inflation hedge on one side, cyclical semiconductor exposure on the other, funded by exiting exactly the names most allocators hold for safety.

The third tilt is international. Dimensional's emerging-markets core fund (DFEM) grew 64% by share count, EM value (DFEV) 77%, and international vector equity (DXIV) 125% — building on AVDE and AVEM, which already sit near the top of the book. Ex-US factor exposure is now the largest structural allocation after the domestic core funds.