Gates Capital Management’s State Street Industrial Select Sector SPDR ETF XLI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-5,000,000	Closed	-$771M	–	37
2025 Q3	$771M	Sell	5,000,000 -1,000,000	-17%	-$151M	13.8%	2
2025 Q2	$885M	Buy	6,000,000 +500,000	+9%	+$68.2M	15.26%	2
2025 Q1	$721M	Buy	5,500,000 +750,000	+16%	+$101M	14.15%	2
2024 Q4	$626M	Sell	4,750,000 -250,000	-5%	-$34.5M	11.75%	2
2024 Q3	$677M	Buy	5,000,000 +500,000	+11%	+$63.6M	11.83%	2
2024 Q2	$548M	Sell	4,500,000 -500,000	-10%	-$61.6M	10.87%	2
2024 Q1	$630M	Buy	5,000,000 +1,000,000	+25%	+$118M	13.13%	1
2023 Q4	$456M	Buy	4,000,000 +250,000	+7%	+$26.2M	10.51%	2
2023 Q3	$380M	Hold	3,750,000	–	–	9.52%	1
2023 Q2	$402M	Hold	3,750,000	–	–	9.47%	1
2023 Q1	$379M	Buy	3,750,000 +2,250,000	+150%	+$226M	10.09%	1
2022 Q4	$147M	Buy	+1,500,000	New	+$143M	4.63%	7