Headlands Technologies Portfolio holdings

AUM $835M

1-Year Return 40.04%

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4

This Quarter Return

-1.84%

1 Year Return

+40.04%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$203M

AUM Growth

-$109M (-35%)

Cap. Flow

-$104M

Cap. Flow % of AUM

-51.33%

Top 10 Holdings % Top 10 Hldgs %

22.8%

Holding

1,279

New

508

Increased

148

Reduced

231

Closed

391

Top Buys

1	Honeywell HON	+$5.99M
2	iShares iBoxx $ High Yield Corporate Bond ETF HYG	+$4.85M
3	Alphabet (Google) Class A GOOGL	+$4.08M
4	PepsiCo PEP	+$3.7M
5	Alphabet (Google) Class C GOOG	+$3.51M

Top Sells

1	Apple AAPL	+$11.9M
2	SPDR Bloomberg 1-3 Month T-Bill ETF BIL	+$11.8M
3	Invesco QQQ Trust QQQ	+$6.28M
4	iShares 20+ Year Treasury Bond ETF TLT	+$5.54M
5	Qualcomm QCOM	+$5.16M

Sector Composition

1	Technology	17.69%
2	Communication Services	10.42%
3	Industrials	10.39%
4	Healthcare	8.72%
5	Financials	8.43%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
301	301 Hilton Worldwide HLT $64.7B	$99.3K	0.05%	661 +654	+9,343%	+$98.2K
302	302 ProShares Bitcoin Strategy ETF BITO $2.73B	$99.2K	0.05%	+7,181	New	+$99.2K
303	303 Simon Property Group SPG $58.6B	$99.1K	0.05%	917 +905	+7,542%	+$97.8K
304	304 Celanese CE $4.89B	$98.8K	0.05%	+787	New	+$98.8K
305	305 iShares US Treasury Bond ETF GOVT $28.1B	$98.6K	0.05%	4,475 +1,317	+42%	+$29K
306	306 Charles Schwab SCHW $170B	$98.4K	0.05%	+1,793	New	+$98.4K
307	307 Paychex PAYX $48.3B	$97.9K	0.05%	849 -13,620	-94%	-$1.57M
308	308 Southern Copper SCCO $81.1B	$97.8K	0.05%	+1,364	New	+$97.8K
309	BECN 309 DELISTED Beacon Roofing Supply, Inc. BECN	$97.7K	0.05%	+1,266	New	+$97.7K
310	310 Markel Group MKL $24.4B	$97.2K	0.05%	66 +64	+3,200%	+$94.2K
311	311 Texas Roadhouse TXRH $11.2B	$96.3K	0.05%	+1,002	New	+$96.3K
312	BPMC 312 DELISTED Blueprint Medicines BPMC	$96K	0.05%	1,911 +489	+34%	+$24.6K
313	313 Pool Corp POOL $12B	$95.8K	0.05%	+269	New	+$95.8K
314	314 Tenaris TS $18.3B	$95.6K	0.05%	3,024 +41	+1%	+$1.3K
315	315 Ametek AME $43.3B	$95.5K	0.05%	646 +525	+434%	+$77.6K
316	316 Keysight KEYS $29.1B	$95.3K	0.05%	+720	New	+$95.3K
317	317 Willis Towers Watson WTW $32.1B	$94.9K	0.05%	+454	New	+$94.9K
318	318 Snowflake SNOW $76.4B	$94.1K	0.05%	+616	New	+$94.1K
319	319 MGM Resorts International MGM $9.8B	$93.2K	0.05%	+2,535	New	+$93.2K
320	320 MSC Industrial Direct MSM $5.12B	$92.9K	0.05%	+946	New	+$92.9K
321	321 Petco WOOF $1.02B	$92.5K	0.05%	22,613 +15,273	+208%	+$62.5K
322	322 Johnson Controls International JCI $69.6B	$92.4K	0.05%	+1,736	New	+$92.4K
323	323 NETSCOUT NTCT $1.8B	$91.5K	0.05%	3,266 -127	-4%	-$3.56K
324	324 Molina Healthcare MOH $9.84B	$90.8K	0.04%	+277	New	+$90.8K
325	325 Fiserv FI $74.2B	$90K	0.04%	+797	New	+$90K