Vident Advisory, LLC

Despite the large number of holdings, the portfolio is not entirely fragmented; the top 10 positions account for roughly 22.8% of the total assets. This suggests a core-satellite approach or a rules-based strategy that allows for significant concentration in specific winners while maintaining a long tail of smaller positions to mitigate idiosyncratic risk. The management was highly active this quarter, with 50 positions seeing changes (buys, sells, or new entries), indicating a dynamic rebalancing rather than a passive buy-and-hold strategy.

Key Holdings

The portfolio is heavily anchored in the "Magnificent Seven" and leading technology names, with NVIDIA (NVDA) emerging as the largest holding at $394.4 million (3.77%). Vident significantly increased its stake in NVDA by 34.4%, adding $145.9 million, signaling strong conviction in the AI infrastructure narrative.