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

+8.71%

1 Year Return

+40.04%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$416M

AUM Growth

+$81M (+24%)

Cap. Flow

+$66.2M

Cap. Flow % of AUM

15.9%

Top 10 Holdings % Top 10 Hldgs %

16.16%

Holding

1,612

New

688

Increased

305

Reduced

217

Closed

397

Top Buys

1	Microsoft MSFT	+$7.15M
2	Linde LIN	+$6.49M
3	Vanguard S&P 500 ETF VOO	+$6.44M
4	ASML ASML	+$4.83M
5	Rio Tinto RIO	+$4.61M

Top Sells

1	Apple AAPL	+$30.2M
2	Amazon AMZN	+$11.5M
3	Tesla TSLA	+$11.1M
4	Alphabet (Google) Class C GOOG	+$6.76M
5	iShares iBoxx $ High Yield Corporate Bond ETF HYG	+$5.42M

Sector Composition

1	Technology	25.62%
2	Financials	13.52%
3	Healthcare	9.39%
4	Consumer Discretionary	6.93%
5	Materials	6.34%

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
601	601 Textron TXT $14.4B	$78.1K	0.02%	814 -1,979	-71%	-$190K
602	602 Darden Restaurants DRI $24.7B	$78.1K	0.02%	+467	New	+$78.1K
603	603 Eversource Energy ES $23.8B	$78K	0.02%	+1,305	New	+$78K
604	604 Allogene Therapeutics ALLO $251M	$77.8K	0.02%	+17,396	New	+$77.8K
605	AXNX 605 DELISTED Axonics, Inc. Common Stock AXNX	$77K	0.02%	1,117 +265	+31%	+$18.3K
606	606 Dave & Buster's PLAY $764M	$76.8K	0.02%	1,227 +233	+23%	+$14.6K
607	607 Yeti Holdings YETI $2.87B	$75.6K	0.02%	+1,960	New	+$75.6K
608	608 Howmet Aerospace HWM $73.6B	$75.3K	0.02%	+1,100	New	+$75.3K
609	609 FTI Consulting FCN $5.25B	$74.2K	0.02%	+353	New	+$74.2K
610	610 Federal Realty Investment Trust FRT $8.68B	$73.2K	0.02%	+717	New	+$73.2K
611	611 Emcor EME $28.4B	$73.2K	0.02%	209 +71	+51%	+$24.9K
612	612 Under Armour Class C UA $2.08B	$73.2K	0.02%	10,249 +10,207	+24,302%	+$72.9K
613	613 ArcBest ARCB $1.61B	$73.1K	0.02%	+513	New	+$73.1K
614	614 Dycom Industries DY $7.48B	$72.5K	0.02%	+505	New	+$72.5K
615	615 SiriusXM SIRI $8.04B	$72.5K	0.02%	1,868 -7,455	-80%	-$289K
616	616 Noble Corp NE $4.85B	$72.3K	0.02%	1,492 +1,355	+989%	+$65.7K
617	617 Direxion Daily Technology Bull 3x Shares TECL $3.73B	$72.2K	0.02%	+901	New	+$72.2K
618	618 AES AES $9.09B	$71.7K	0.02%	+4,000	New	+$71.7K
619	619 10x Genomics TXG $1.59B	$71K	0.02%	+1,892	New	+$71K
620	620 ArcelorMittal MT $26.1B	$70.9K	0.02%	+2,569	New	+$70.9K
621	621 Editas Medicine EDIT $236M	$70.4K	0.02%	9,493 +7,861	+482%	+$58.3K
622	622 Allegiant Air ALGT $1.17B	$70.1K	0.02%	932 -1,043	-53%	-$78.4K
623	623 MarketAxess Holdings MKTX $6.87B	$69.9K	0.02%	319 -260	-45%	-$57K
624	DNB 624 DELISTED Dun & Bradstreet DNB	$69.9K	0.02%	+6,965	New	+$69.9K
625	625 Jackson Financial JXN $6.75B	$69.8K	0.02%	1,055 +308	+41%	+$20.4K