Headlands Technologies Portfolio holdings

AUM $1.2B

1-Year Est. Return 37.13%

This Fund

S&P 500

This Quarter Est. Return

1 Year Est. Return

+37.13%

3 Year Est. Return

5 Year Est. Return

10 Year Est. Return

AUM

$1.2B

AUM Growth

-$53.9M (-4.3%)

Cap. Flow

Cap. Flow % of AUM

Top 10 Holdings % Top 10 Hldgs %

Holding

900

New

Increased

Reduced

Closed

Top Buys

1		+$49M
2		+$39.1M
3		+$28.1M
4	Electronic Arts EA	+$15.7M
5	Microsoft MSFT	+$11.7M

Top Sells

1		+$50M
2		+$24.7M
3		+$24.3M
4	Intuitive Surgical ISRG	+$23.5M
5	Alphabet (Google) Class C GOOG	+$23.3M

Sector Composition

1	Technology	28.01%
2	Consumer Discretionary	10.96%
3	Communication Services	8.43%
4	Financials	8.33%
5	Healthcare	8.3%

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
326	EXE 326 Expand Energy Corp EXE $24B	$726K	0.06%	6,582 -3,944
327	327 Fox Class B FOX $24.2B	$725K	0.06%	+11,168
328	328 dLocal DLO $4.06B	$723K	0.06%	51,102 +20,096
329	329 Dorman Products DORM $3.4B	$719K	0.06%	+5,837
330	330 Direxion Daily NVDA Bull 2X ETF NVDU $562M	$719K	0.06%	6,104 -14,460
331	331 WaFd WAFD $2.62B	$714K	0.06%	22,290 +6,151
332	332 Cencora COR $59.1B	$711K	0.06%	+2,105
333	333 Flywire FLYW $1.73B	$702K	0.06%	49,604 -32,624
334	334 Vicor VICR $12.2B	$701K	0.06%	6,393 -4,855
335	335 iShares Core Universal USD Bond ETF IUSB $36.3B	$700K	0.06%	+15,050
336	336 Sony SONY $117B	$698K	0.06%	+27,279
337	337 iShares US Real Estate ETF IYR $4.17B	$698K	0.06%	7,430 +2,753
338	338 Veeva Systems VEEV $28B	$694K	0.06%	+3,109
339	339 Lyft LYFT $5.51B	$692K	0.06%	+35,749
340	340 Trex TREX $4.03B	$689K	0.06%	+19,642
341	341 SPDR Gold Trust GLD $155B	$684K	0.06%	1,727 -6,470
342	342 ING ING $82B	$680K	0.06%	+24,281
343	343 Pinduoduo PDD $142B	$677K	0.06%	5,974 -10,916
344	344 Ametek AME $52.8B	$677K	0.06%	3,299 +508
345	345 Novavax NVAX $1.32B	$674K	0.06%	100,283 -222,747
346	346 Dynatrace DT $11.2B	$672K	0.06%	+15,513
347	UCTT 347 Ultra Clean Holdings UCTT $3.34B	$669K	0.06%	26,429 +1,416
348	348 QuantumScape Corp QS $4.47B	$660K	0.06%	63,360 -146,043
349	VNET 349 VNET Group VNET $2.37B	$659K	0.06%	77,880 -69,513
350	350 F5 FFIV $18.3B	$659K	0.06%	+2,580