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
826	QD 826 Qudian QD $680M	$30.3K	0.01%	12,138 -2,170	-15%	-$5.43K
827	827 Bloomin' Brands BLMN $586M	$30.2K	0.01%	+1,052	New	+$30.2K
828	828 Heron Therapeutics HRTX $195M	$30.2K	0.01%	+10,886	New	+$30.2K
829	829 Gentherm THRM $1.07B	$30.1K	0.01%	523 +242	+86%	+$13.9K
830	NOAH 830 Noah Holdings NOAH $787M	$30.1K	0.01%	+2,633	New	+$30.1K
831	831 NETGEAR NTGR $823M	$30.1K	0.01%	+1,906	New	+$30.1K
832	832 Petco WOOF $1B	$30K	0.01%	+13,169	New	+$30K
833	833 New Jersey Resources NJR $4.71B	$30K	0.01%	699	–	–
834	834 Federated Hermes FHI $4.1B	$29.9K	0.01%	828 +711	+608%	+$25.7K
835	835 PagSeguro Digital PAGS $2.7B	$29.6K	0.01%	+2,071	New	+$29.6K
836	836 Dayforce DAY $10.9B	$29.5K	0.01%	+445	New	+$29.5K
837	837 Lear LEA $5.76B	$29.4K	0.01%	+203	New	+$29.4K
838	838 Upbound Group UPBD $1.46B	$29.4K	0.01%	+834	New	+$29.4K
839	MOMO 839 Hello Group MOMO $1.22B	$29.2K	0.01%	4,709 +666	+16%	+$4.14K
840	840 Kulicke & Soffa KLIC $1.98B	$28.8K	0.01%	+572	New	+$28.8K
841	841 Synchrony SYF $27.8B	$27.9K	0.01%	+646	New	+$27.9K
842	842 Ingersoll Rand IR $31.9B	$27.8K	0.01%	+293	New	+$27.8K
843	843 Ultragenyx Pharmaceutical RARE $3.02B	$27.7K	0.01%	+594	New	+$27.7K
844	844 Cars.com CARS $815M	$27.6K	0.01%	+1,606	New	+$27.6K
845	845 Kratos Defense & Security Solutions KTOS $11.1B	$27.6K	0.01%	1,501 -795	-35%	-$14.6K
846	846 ASGN Inc ASGN $2.23B	$27.6K	0.01%	+263	New	+$27.6K
847	847 Corebridge Financial CRBG $17.9B	$27.4K	0.01%	953 -2,040	-68%	-$58.6K
848	848 Neurocrine Biosciences NBIX $14B	$27.3K	0.01%	198 -1,356	-87%	-$187K
849	849 National Grid NGG $70.1B	$27.3K	0.01%	+418	New	+$27.3K
850	850 MaxLinear MXL $1.37B	$27.1K	0.01%	+1,451	New	+$27.1K