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

+6.02%

1 Year Return

+40.04%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$313M

AUM Growth

+$162M (+108%)

Cap. Flow

+$149M

Cap. Flow % of AUM

47.57%

Top 10 Holdings % Top 10 Hldgs %

23.34%

Holding

1,056

New

567

Increased

134

Reduced

Closed

284

Top Buys

1	Apple AAPL	+$12.5M
2	SPDR Bloomberg 1-3 Month T-Bill ETF BIL	+$11.5M
3	Invesco QQQ Trust QQQ	+$6.77M
4	Costco COST	+$5.43M
5	Microsoft MSFT	+$5.34M

Top Sells

1	Tesla TSLA	+$45.7M
2	Automatic Data Processing ADP	+$4.03M
3	Meta Platforms (Facebook) META	+$3.13M
4	ATVI Activision Blizzard Inc. ATVI	+$2.41M
5	Coinbase COIN	+$2.25M

Sector Composition

1	Technology	26.71%
2	Consumer Discretionary	10.08%
3	Healthcare	8.83%
4	Consumer Staples	8.62%
5	Financials	7.82%

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
426	426 Burlington BURL $17.7B	$71.3K	0.02%	453 -332	-42%	-$52.3K
427	BBBY 427 Bed Bath & Beyond, Inc. BBBY $619M	$71.2K	0.02%	+2,186	New	+$71.2K
428	428 OGE Energy OGE $8.81B	$70.5K	0.02%	+1,963	New	+$70.5K
429	ETRN 429 DELISTED Equitrans Midstream Corporation Common Stock ETRN	$70.1K	0.02%	+7,336	New	+$70.1K
430	430 Lumen LUMN $6.1B	$69.4K	0.02%	+30,697	New	+$69.4K
431	431 Sleep Number SNBR $217M	$69.3K	0.02%	+2,540	New	+$69.3K
432	432 iShares Core MSCI EAFE ETF IEFA $152B	$68.8K	0.02%	+1,019	New	+$68.8K
433	433 iShares US Home Construction ETF ITB $3.23B	$68.8K	0.02%	805 -1,565	-66%	-$134K
434	434 Direxion Daily Gold Miners Index Bull 2X Shares NUGT $886M	$68.4K	0.02%	+1,962	New	+$68.4K
435	435 Texas Capital Bancshares TCBI $3.99B	$67.5K	0.02%	+1,310	New	+$67.5K
436	436 Graco GGG $14.1B	$67.2K	0.02%	778 +139	+22%	+$12K
437	437 Cemex CX $13.7B	$66.8K	0.02%	+9,429	New	+$66.8K
438	438 Parker-Hannifin PH $97.3B	$66.7K	0.02%	+171	New	+$66.7K
439	439 Rollins ROL $27.3B	$66.6K	0.02%	+1,554	New	+$66.6K
440	440 iQIYI IQ $2.48B	$66.5K	0.02%	+12,458	New	+$66.5K
441	441 GoPro GPRO $258M	$66.1K	0.02%	+15,964	New	+$66.1K
442	XIFR 442 XPLR Infrastructure, LP XIFR $924M	$65.4K	0.02%	+1,115	New	+$65.4K
443	443 Petco WOOF $1.02B	$65.3K	0.02%	+7,340	New	+$65.3K
444	444 Adaptive Biotechnologies ADPT $1.96B	$64K	0.02%	+9,532	New	+$64K
445	445 OneSpan OSPN $583M	$63.7K	0.02%	+4,291	New	+$63.7K
446	HA 446 DELISTED Hawaiian Holdings, Inc. HA	$63.4K	0.02%	+5,889	New	+$63.4K
447	447 United States Natural Gas Fund UNG $600M	$62.5K	0.02%	+2,107	New	+$62.5K
448	448 Antero Midstream AM $8.75B	$60.1K	0.02%	+5,185	New	+$60.1K
449	449 Arcturus Therapeutics ARCT $485M	$60.1K	0.02%	+2,095	New	+$60.1K
450	450 LendingTree TREE $973M	$60K	0.02%	+2,713	New	+$60K