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

+7.28%

1 Year Return

+40.04%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$870M

AUM Growth

-$72.9M (-7.7%)

Cap. Flow

-$114M

Cap. Flow % of AUM

-13.15%

Top 10 Holdings % Top 10 Hldgs %

19.89%

Holding

1,630

New

526

Increased

318

Reduced

295

Closed

477

Top Buys

1	Palantir PLTR	+$15.4M
2	SPDR S&P 500 ETF Trust SPY	+$13.2M
3	Alphabet (Google) Class C GOOG	+$10.9M
4	Comcast CMCSA	+$9.43M
5	Alphabet (Google) Class A GOOGL	+$8.47M

Top Sells

1	Apple AAPL	+$68.1M
2	Amazon AMZN	+$48.9M
3	Tesla TSLA	+$29.6M
4	Broadcom AVGO	+$11.6M
5	Exxon Mobil XOM	+$11.3M

Sector Composition

1	Technology	21.89%
2	Financials	13.03%
3	Healthcare	12.56%
4	Communication Services	8.93%
5	Industrials	8.49%

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 Crown Castle CCI $40.9B	$67.3K	0.01%	+567	New	+$67.3K
752	752 VICI Properties VICI $35.3B	$67.2K	0.01%	2,017 -21,771	-92%	-$725K
753	753 LendingTree TREE $977M	$67.1K	0.01%	+1,157	New	+$67.1K
754	754 Direxion Daily S&P Oil & Gas Exp & Prod Bull 2X Shares GUSH $249M	$66.4K	0.01%	2,357 +2,284	+3,129%	+$64.4K
755	755 TopBuild BLD $11.8B	$66.3K	0.01%	163 -1,019	-86%	-$415K
756	756 Duolingo DUOL $13.1B	$66.3K	0.01%	235 -3,222	-93%	-$909K
757	757 Cars.com CARS $815M	$66K	0.01%	3,940 +3,630	+1,171%	+$60.8K
758	758 CubeSmart CUBE $9.29B	$65.6K	0.01%	+1,218	New	+$65.6K
759	CMBT 759 CMB.TECH NV CMBT $2.75B	$65.5K	0.01%	3,942 +1,505	+62%	+$25K
760	JBTM 760 JBT Marel Corporation JBTM $7.09B	$64.8K	0.01%	658 +608	+1,216%	+$59.9K
761	761 iShares MSCI EAFE Value ETF EFV $28B	$63.9K	0.01%	1,111 -1,640	-60%	-$94.3K
762	762 iShares Russell Mid-Cap ETF IWR $44.5B	$63.5K	0.01%	+720	New	+$63.5K
763	763 Autoliv ALV $9.63B	$62.3K	0.01%	667 -4,276	-87%	-$399K
764	764 RPM International RPM $16B	$62K	0.01%	+512	New	+$62K
765	765 Direxion Daily Technology Bull 3x Shares TECL $3.76B	$61.9K	0.01%	707 -1,720	-71%	-$151K
766	ETHE 766 Grayscale Ethereum Trust ETF ETHE $4.88B	$61.1K	0.01%	+2,790	New	+$61.1K
767	767 Everest Group EG $14.3B	$60.3K	0.01%	154 -82	-35%	-$32.1K
768	QD 768 Qudian QD $680M	$59.8K	0.01%	+28,091	New	+$59.8K
769	769 Pembina Pipeline PBA $22.5B	$59.2K	0.01%	+1,436	New	+$59.2K
770	770 Zimmer Biomet ZBH $20.3B	$59.2K	0.01%	548 -14,583	-96%	-$1.57M
771	771 Endava DAVA $511M	$59K	0.01%	+2,309	New	+$59K
772	772 PagerDuty PD $1.49B	$58.5K	0.01%	3,156 -1,824	-37%	-$33.8K
773	773 Virtus Investment Partners VRTS $1.31B	$58K	0.01%	+277	New	+$58K
774	774 ATI ATI $10.5B	$57.7K	0.01%	863 -7,347	-89%	-$492K
775	775 ProShares Short Bitcoin Strategy ETF BITI $74.7M	$57.7K	0.01%	1,547 -5,803	-79%	-$216K