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

+13.11%

1 Year Return

+40.04%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$335M

AUM Growth

+$132M (+65%)

Cap. Flow

+$119M

Cap. Flow % of AUM

35.6%

Top 10 Holdings % Top 10 Hldgs %

30.11%

Holding

1,385

New

497

Increased

232

Reduced

188

Closed

462

Top Buys

1	Apple AAPL	+$36.5M
2	Tesla TSLA	+$11.1M
3	Amazon AMZN	+$10.8M
4	NVIDIA NVDA	+$5.12M
5	Invesco QQQ Trust QQQ	+$5.09M

Top Sells

1	Alphabet (Google) Class A GOOGL	+$7.4M
2	Honeywell HON	+$4.36M
3	JPMorgan Ultra-Short Income ETF JPST	+$3.99M
4	Texas Instruments TXN	+$3.21M
5	Vanguard Total Stock Market ETF VTI	+$3.18M

Sector Composition

1	Technology	26.48%
2	Consumer Discretionary	12.79%
3	Financials	10.53%
4	Healthcare	8.4%
5	Communication Services	6.58%

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
751	751 Xylem XYL $33.5B	$11.6K	﹤0.01%	+101	New	+$11.6K
752	PENG 752 Penguin Solutions, Inc. Ordinary Shares PENG $1.34B	$11.5K	﹤0.01%	+607	New	+$11.5K
753	753 Lazard LAZ $5.25B	$11.3K	﹤0.01%	326 -1,615	-83%	-$56.2K
754	754 Direxion Daily Energy Bear 2X Shares ERY $22.1M	$11.2K	﹤0.01%	+400	New	+$11.2K
755	FLG 755 Flagstar Financial, Inc. FLG $5.24B	$10.9K	﹤0.01%	+354	New	+$10.9K
756	756 Lufax Holding LU $2.54B	$10.7K	﹤0.01%	+3,490	New	+$10.7K
757	757 Light & Wonder LNW $7.43B	$10.7K	﹤0.01%	130 -301	-70%	-$24.7K
758	758 AnaptysBio ANAB $637M	$10.6K	﹤0.01%	+496	New	+$10.6K
759	759 BGC Group BGC $4.76B	$10K	﹤0.01%	1,388 -632	-31%	-$4.56K
760	NRGD 760 DELISTED MicroSectors US Big Oil -3x Inverse Leveraged ETN NRGD	$9.88K	﹤0.01%	+43	New	+$9.88K
761	761 Norfolk Southern NSC $61.1B	$9.69K	﹤0.01%	41 -331	-89%	-$78.2K
762	762 Esperion Therapeutics ESPR $524M	$9.59K	﹤0.01%	+3,208	New	+$9.59K
763	763 SL Green Realty SLG $4.29B	$9.58K	﹤0.01%	+212	New	+$9.58K
764	764 Methanex MEOH $2.98B	$9.57K	﹤0.01%	+202	New	+$9.57K
765	AMED 765 DELISTED Amedisys AMED	$9.51K	﹤0.01%	100 +56	+127%	+$5.32K
766	766 Brink's BCO $4.76B	$9.5K	﹤0.01%	108 +60	+125%	+$5.28K
767	767 Smith & Wesson SWBI $416M	$9.47K	﹤0.01%	+698	New	+$9.47K
768	768 National Fuel Gas NFG $7.87B	$9.43K	﹤0.01%	+188	New	+$9.43K
769	769 Canadian National Railway CNI $57.7B	$9.42K	﹤0.01%	75 +61	+436%	+$7.66K
770	VNET 770 VNET Group VNET $2.13B	$9.34K	﹤0.01%	3,255 -1,515	-32%	-$4.35K
771	771 Lindsay Corp LNN $1.5B	$9.3K	﹤0.01%	+72	New	+$9.3K
772	772 Apogee Enterprises APOG $896M	$9.29K	﹤0.01%	+174	New	+$9.29K
773	773 FIGS FIGS $1.11B	$9.06K	﹤0.01%	+1,303	New	+$9.06K
774	774 Cooper-Standard Automotive CPS $685M	$9.05K	﹤0.01%	+463	New	+$9.05K
775	775 Payoneer PAYO $2.33B	$9.04K	﹤0.01%	+1,735	New	+$9.04K