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
2026 Q1	$390M	Sell	2,411,500 -903,500	-27%	-$152M	10.66%	1
2025 Q4	$514M	Sell	3,315,000 -3,185,000	-49%	-$490M	13.54%	1
2025 Q3	$1B	Hold	6,500,000	–	–	17.93%	1
2025 Q2	$959M	Buy	6,500,000 +500,000	+8%	+$68.2M	16.54%	1
2025 Q1	$786M	Sell	6,000,000 -500,000	-8%	-$67.6M	15.43%	1
2024 Q4	$856M	Buy	6,500,000 +500,000	+8%	+$68.9M	16.08%	1
2024 Q3	$813M	Buy	6,000,000 +500,000	+9%	+$63.6M	14.2%	1
2024 Q2	$670M	Buy	5,500,000 +500,000	+10%	+$61.6M	13.29%	1
2024 Q1	$630M	Hold	5,000,000	–	–	13.13%	2
2023 Q4	$570M	Buy	5,000,000 +1,250,000	+33%	+$131M	13.13%	1
2023 Q3	$380M	Hold	3,750,000	–	–	9.52%	2
2023 Q2	$402M	Hold	3,750,000	–	–	9.47%	2
2023 Q1	$379M	Buy	3,750,000 +1,000,000	+36%	+$101M	10.09%	2
2022 Q4	$270M	Buy	+2,750,000	New	+$262M	8.49%	1