{"slug":"elliott","name":"Elliott Investment Management","style":"activist","grade":"A","book":[{"ticker":"TFPM","issuer":"TRIPLE FLAG PRECIOUS METAL","shares":133248215.0,"value_usd":4625045543.0,"pct_book":23.04,"position_rank":1,"tilt_pp":19.703,"action":"hold","shares_change_pct":-0.4,"add_streak_q":0,"persistence":"persisted","sector":"Basic Materials","themes":[{"key":"fv:commmetalsprecious","name":"Precious","name_zh":"Precious"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":70.0,"tier":"high","components":{"pct_book":{"value":1.0,"points":35.0},"rank_top10":{"value":1,"points":15.0},"tilt":{"value":19.703,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PSX","issuer":"PHILLIPS 66","shares":19251000.0,"value_usd":3507147180.0,"pct_book":17.47,"position_rank":2,"tilt_pp":14.135,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Energy","themes":[{"key":"energy_complex","name":"US Energy Complex","name_zh":"\u7f8e\u56fd\u80fd\u6e90\u7efc\u5408"},{"key":"us_sector_energy","name":"Energy (Equal-Weight)","name_zh":"\u80fd\u6e90\uff08\u7b49\u6743\uff09"}],"since_excess":0.1897,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":68.8,"tier":"moderate","components":{"pct_book":{"value":0.967,"points":33.83},"rank_top10":{"value":2,"points":15.0},"tilt":{"value":14.135,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SU","issuer":"SUNCOR ENERGY INC NEW","shares":52670800.0,"value_usd":3482066588.0,"pct_book":17.34,"position_rank":3,"tilt_pp":14.01,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Energy","themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":67.7,"tier":"moderate","components":{"pct_book":{"value":0.933,"points":32.67},"rank_top10":{"value":3,"points":15.0},"tilt":{"value":14.01,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"XLI","issuer":"SELECT SECTOR SPDR TR","shares":7500000.0,"value_usd":1212975000.0,"pct_book":6.04,"position_rank":4,"tilt_pp":2.708,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.0353,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":66.5,"tier":"moderate","components":{"pct_book":{"value":0.9,"points":31.5},"rank_top10":{"value":4,"points":15.0},"tilt":{"value":2.708,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LUV","issuer":"SOUTHWEST AIRLS CO","shares":30346000.0,"value_usd":1140099220.0,"pct_book":5.68,"position_rank":5,"tilt_pp":2.345,"action":"trim","shares_change_pct":-40.6,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"travel","name":"Travel & Experiences","name_zh":"\u65c5\u884c\u4e0e\u4f53\u9a8c"},{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.2571,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":65.3,"tier":"moderate","components":{"pct_book":{"value":0.867,"points":30.33},"rank_top10":{"value":5,"points":15.0},"tilt":{"value":2.345,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"XLP","issuer":"SELECT SECTOR SPDR TR","shares":9140000.0,"value_usd":749297200.0,"pct_book":3.73,"position_rank":6,"tilt_pp":0.399,"action":"trim","shares_change_pct":-54.3,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":-0.0014,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":64.2,"tier":"moderate","components":{"pct_book":{"value":0.833,"points":29.17},"rank_top10":{"value":6,"points":15.0},"tilt":{"value":0.399,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"HPE","issuer":"HEWLETT PACKARD ENTERPRISE C","shares":27421735.0,"value_usd":652911510.0,"pct_book":3.25,"position_rank":7,"tilt_pp":-0.081,"action":"add","shares_change_pct":47.2,"add_streak_q":1,"persistence":"persisted","sector":"Technology","themes":[{"key":"non_ai_tech","name":"Non-AI Tech & Hardware","name_zh":"\u975eAI\u79d1\u6280\u4e0e\u786c\u4ef6"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":0.3462,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":58.0,"tier":"moderate","components":{"pct_book":{"value":0.8,"points":28.0},"rank_top10":{"value":7,"points":15.0},"tilt":{"value":-0.081,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"UNIT","issuer":"UNITI GROUP LLC","shares":59012219.0,"value_usd":553534614.0,"pct_book":2.76,"position_rank":8,"tilt_pp":-0.576,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"fv:realestateittelecom","name":"IT & Telecom","name_zh":"IT & Telecom"}],"since_excess":-0.0121,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":51.8,"tier":"moderate","components":{"pct_book":{"value":0.767,"points":26.83},"rank_top10":{"value":8,"points":15.0},"tilt":{"value":-0.576,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PINS","issuer":"PINTEREST INC","shares":28000000.0,"value_usd":513520000.0,"pct_book":2.56,"position_rank":9,"tilt_pp":-0.776,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"fv:aiadssearch","name":"Ads & Search","name_zh":"Ads & Search"},{"key":"fv:ecommercesocial","name":"Social","name_zh":"Social"},{"key":"fv:socialnetworks","name":"Networks","name_zh":"Networks"}],"since_excess":0.1676,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":50.7,"tier":"moderate","components":{"pct_book":{"value":0.733,"points":25.67},"rank_top10":{"value":9,"points":15.0},"tilt":{"value":-0.776,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"XLY","issuer":"SELECT SECTOR SPDR TR","shares":4300000.0,"value_usd":468614000.0,"pct_book":2.33,"position_rank":10,"tilt_pp":-0.999,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":-0.0204,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":54.5,"tier":"moderate","components":{"pct_book":{"value":0.7,"points":24.5},"rank_top10":{"value":10,"points":15.0},"tilt":{"value":-0.999,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":true,"points":10.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"HYG","issuer":"ISHARES TR","shares":5000000.0,"value_usd":397800000.0,"pct_book":1.98,"position_rank":11,"tilt_pp":-1.352,"action":"add","shares_change_pct":31.6,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.004,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":38.3,"tier":"low","components":{"pct_book":{"value":0.667,"points":23.33},"rank_top10":{"value":11,"points":0.0},"tilt":{"value":-1.352,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"GDX","issuer":"VANECK ETF TRUST","shares":3650000.0,"value_usd":334960500.0,"pct_book":1.67,"position_rank":12,"tilt_pp":-1.665,"action":"trim","shares_change_pct":-73.9,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":-0.1941,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":32.2,"tier":"low","components":{"pct_book":{"value":0.633,"points":22.17},"rank_top10":{"value":12,"points":0.0},"tilt":{"value":-1.665,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DLR","issuer":"DIGITAL RLTY TR INC","shares":1500000.0,"value_usd":270315000.0,"pct_book":1.35,"position_rank":13,"tilt_pp":-1.987,"action":"add","shares_change_pct":50.0,"add_streak_q":1,"persistence":"persisted","sector":"Real Estate","themes":[{"key":"us_sector_realestate","name":"Real Estate (Equal-Weight)","name_zh":"\u623f\u5730\u4ea7\uff08\u7b49\u6743\uff09"}],"since_excess":-0.069,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":36.0,"tier":"low","components":{"pct_book":{"value":0.6,"points":21.0},"rank_top10":{"value":13,"points":0.0},"tilt":{"value":-1.987,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ETSY","issuer":"ETSY INC","shares":5000000.0,"value_usd":249900000.0,"pct_book":1.24,"position_rank":14,"tilt_pp":-2.089,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Cyclical","themes":[{"key":"fv:softwareecommerce","name":"E-Commerce","name_zh":"E-Commerce"},{"key":"fv:ecommercemarketplaces","name":"Marketplaces","name_zh":"Marketplaces"},{"key":"fv:ecommercesocial","name":"Social","name_zh":"Social"}],"since_excess":0.4431,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.8,"tier":"low","components":{"pct_book":{"value":0.567,"points":19.83},"rank_top10":{"value":14,"points":0.0},"tilt":{"value":-2.089,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"NCLH","issuer":"NORWEGIAN CRUISE LINE HLDGS","shares":13186000.0,"value_usd":246578200.0,"pct_book":1.23,"position_rank":15,"tilt_pp":-2.105,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Consumer Cyclical","themes":[{"key":"travel","name":"Travel & Experiences","name_zh":"\u65c5\u884c\u4e0e\u4f53\u9a8c"},{"key":"us_sector_discretionary","name":"Consumer Discretionary (Equal-Weight)","name_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":0.2518,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":23.7,"tier":"low","components":{"pct_book":{"value":0.533,"points":18.67},"rank_top10":{"value":15,"points":0.0},"tilt":{"value":-2.105,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"QQQ","issuer":"INVESCO QQQ TR","shares":400000.0,"value_usd":230872000.0,"pct_book":1.15,"position_rank":16,"tilt_pp":-2.183,"action":"trim","shares_change_pct":-84.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":-0.0221,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":27.5,"tier":"low","components":{"pct_book":{"value":0.5,"points":17.5},"rank_top10":{"value":16,"points":0.0},"tilt":{"value":-2.183,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SDRL","issuer":"SEADRILL LTD","shares":4719085.0,"value_usd":214718368.0,"pct_book":1.07,"position_rank":17,"tilt_pp":-2.264,"action":"hold","shares_change_pct":3.5,"add_streak_q":0,"persistence":"persisted","sector":"Energy","themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.3,"tier":"low","components":{"pct_book":{"value":0.467,"points":16.33},"rank_top10":{"value":17,"points":0.0},"tilt":{"value":-2.264,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IWD","issuer":"ISHARES TR","shares":1000000.0,"value_usd":213670000.0,"pct_book":1.06,"position_rank":18,"tilt_pp":-2.269,"action":"trim","shares_change_pct":-64.3,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.0597,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":25.2,"tier":"low","components":{"pct_book":{"value":0.433,"points":15.17},"rank_top10":{"value":18,"points":0.0},"tilt":{"value":-2.269,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PEP","issuer":"PEPSICO INC","shares":1275000.0,"value_usd":197994750.0,"pct_book":0.99,"position_rank":19,"tilt_pp":-2.347,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Defensive","themes":[{"key":"defensives","name":"Defensives","name_zh":"\u9632\u5fa1\u677f\u5757"},{"key":"us_sector_staples","name":"Consumer Staples (Equal-Weight)","name_zh":"\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":-0.086,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.0,"tier":"low","components":{"pct_book":{"value":0.4,"points":14.0},"rank_top10":{"value":19,"points":0.0},"tilt":{"value":-2.347,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"EQIX","issuer":"EQUINIX INC","shares":150000.0,"value_usd":147036000.0,"pct_book":0.73,"position_rank":20,"tilt_pp":-2.601,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Real Estate","themes":[{"key":"us_sector_realestate","name":"Real Estate (Equal-Weight)","name_zh":"\u623f\u5730\u4ea7\uff08\u7b49\u6743\uff09"}],"since_excess":-0.039,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.8,"tier":"low","components":{"pct_book":{"value":0.367,"points":12.83},"rank_top10":{"value":20,"points":0.0},"tilt":{"value":-2.601,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IWM","issuer":"ISHARES TR","shares":500000.0,"value_usd":124000000.0,"pct_book":0.62,"position_rank":21,"tilt_pp":-2.716,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.049,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.7,"tier":"low","components":{"pct_book":{"value":0.333,"points":11.67},"rank_top10":{"value":21,"points":0.0},"tilt":{"value":-2.716,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"OR","issuer":"OR ROYALTIES INC.","shares":3111000.0,"value_usd":118280220.0,"pct_book":0.59,"position_rank":22,"tilt_pp":-2.744,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Basic Materials","themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":20.5,"tier":"low","components":{"pct_book":{"value":0.3,"points":10.5},"rank_top10":{"value":22,"points":0.0},"tilt":{"value":-2.744,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RIG","issuer":"TRANSOCEAN LTD","shares":15626834.0,"value_usd":103605909.0,"pct_book":0.52,"position_rank":23,"tilt_pp":-2.817,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Energy","themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.3,"tier":"low","components":{"pct_book":{"value":0.267,"points":9.33},"rank_top10":{"value":23,"points":0.0},"tilt":{"value":-2.817,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CCI","issuer":"CROWN CASTLE INC","shares":1225000.0,"value_usd":99604750.0,"pct_book":0.5,"position_rank":24,"tilt_pp":-2.837,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Real Estate","themes":[{"key":"us_sector_realestate","name":"Real Estate (Equal-Weight)","name_zh":"\u623f\u5730\u4ea7\uff08\u7b49\u6743\uff09"}],"since_excess":-0.1018,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.2,"tier":"low","components":{"pct_book":{"value":0.233,"points":8.17},"rank_top10":{"value":24,"points":0.0},"tilt":{"value":-2.837,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"XME","issuer":"SPDR SERIES TRUST","shares":900000.0,"value_usd":97209000.0,"pct_book":0.48,"position_rank":25,"tilt_pp":-2.849,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":-0.1584,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":17.0,"tier":"low","components":{"pct_book":{"value":0.2,"points":7.0},"rank_top10":{"value":25,"points":0.0},"tilt":{"value":-2.849,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FTV","issuer":"FORTIVE CORP","shares":750000.0,"value_usd":41460000.0,"pct_book":0.21,"position_rank":26,"tilt_pp":-3.127,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Industrials","themes":[{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.0347,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":10.8,"tier":"low","components":{"pct_book":{"value":0.167,"points":5.83},"rank_top10":{"value":26,"points":0.0},"tilt":{"value":-3.127,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"EMR","issuer":"EMERSON ELEC CO","shares":200000.0,"value_usd":26204000.0,"pct_book":0.13,"position_rank":27,"tilt_pp":-3.203,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Industrials","themes":[{"key":"reshoring","name":"Reshoring & Industrial Capex","name_zh":"\u56de\u6d41\u4e0e\u5de5\u4e1a\u8d44\u672c\u5f00\u652f"},{"key":"robotics_automation","name":"Robotics & Automation","name_zh":"\u673a\u5668\u4eba\u4e0e\u81ea\u52a8\u5316"},{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.0226,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":9.7,"tier":"low","components":{"pct_book":{"value":0.133,"points":4.67},"rank_top10":{"value":27,"points":0.0},"tilt":{"value":-3.203,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"GLIBK","issuer":"GCI LIBERTY INC","shares":659928.0,"value_usd":24555921.0,"pct_book":0.12,"position_rank":28,"tilt_pp":-3.211,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":13.5,"tier":"low","components":{"pct_book":{"value":0.1,"points":3.5},"rank_top10":{"value":28,"points":0.0},"tilt":{"value":-3.211,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"HDB","issuer":"HDFC BANK LTD","shares":797085.0,"value_usd":19831475.0,"pct_book":0.1,"position_rank":29,"tilt_pp":-3.235,"action":"add","shares_change_pct":267.7,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.3,"tier":"low","components":{"pct_book":{"value":0.067,"points":2.33},"rank_top10":{"value":29,"points":0.0},"tilt":{"value":-3.235,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"WPM","issuer":"WHEATON PRECIOUS METALS CORP","shares":100000.0,"value_usd":13101000.0,"pct_book":0.07,"position_rank":30,"tilt_pp":-3.268,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Basic Materials","themes":[{"key":"fv:commmetalsgold","name":"Gold","name_zh":"Gold"},{"key":"fv:commmetalssilver","name":"Silver","name_zh":"Silver"},{"key":"fv:commmetalsprecious","name":"Precious","name_zh":"Precious"}],"since_excess":-0.2095,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":16.2,"tier":"low","components":{"pct_book":{"value":0.033,"points":1.17},"rank_top10":{"value":30,"points":0.0},"tilt":{"value":-3.268,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}}],"book_meta":{"n_positions":30,"n_resolved":30,"resolution_pct":100.0,"book_value_usd":20076907948.0,"filing_date":"2026-05-15","period_end":"2026-03-31"},"sector_series":[{"period_end":"2023-03-31","filing_date":"2023-05-15","weights":{"Unclassified":44.26,"Energy":20.21,"Basic Materials":15.74,"Industrials":8.18,"Communication Services":6.26,"Consumer Cyclical":1.38,"Healthcare":1.23,"Technology":1.08,"Real Estate":0.79,"Financial":0.59,"Utilities":0.27},"top_theme_weights":{"Energy & Power":11.67,"Industrials & Defense":8.18,"US Sectors (EW)":2.24,"Consumer Cyclical":1.38,"Financials":0.59,"Semiconductors":0.35}},{"period_end":"2023-06-30","filing_date":"2023-08-14","weights":{"Unclassified":35.07,"Energy":24.25,"Basic Materials":17.73,"Industrials":8.08,"Communication Services":7.79,"Healthcare":1.86,"Utilities":1.3,"Real Estate":1.29,"Consumer Defensive":1.03,"Technology":0.64,"Financial":0.57,"Consumer Cyclical":0.39},"top_theme_weights":{"Energy & Power":13.99,"Industrials & Defense":8.08,"US Sectors (EW)":4.45,"Financials":0.57,"Semiconductors":0.43,"Consumer Cyclical":0.39}},{"period_end":"2023-09-30","filing_date":"2023-11-14","weights":{"Unclassified":42.77,"Energy":23.65,"Basic Materials":14.43,"Communication Services":6.68,"Utilities":3.54,"Technology":2.1,"Industrials":2.08,"Healthcare":1.48,"Consumer Defensive":1.04,"Financial":0.93,"Consumer Cyclical":0.81,"Real Estate":0.5},"top_theme_weights":{"Energy & Power":17.88,"US Sectors (EW)":3.42,"Industrials & Defense":2.08,"Financials":0.93,"AI & Technology":0.93,"Consumer Cyclical":0.81}},{"period_end":"2023-12-31","filing_date":"2024-02-14","weights":{"Unclassified":58.32,"Energy":13.41,"Basic Materials":9.95,"Communication Services":6.8,"Utilities":2.99,"Healthcare":2.78,"Consumer Cyclical":1.81,"Real Estate":1.29,"Industrials":0.73,"Financial":0.7,"Consumer Defensive":0.68,"Technology":0.54},"top_theme_weights":{"Energy & Power":12.74,"US Sectors (EW)":3.1,"Consumer Cyclical":0.95,"Industrials & Defense":0.73,"Financials":0.7,"Semiconductors":0.35}},{"period_end":"2024-03-31","filing_date":"2024-05-15","weights":{"Unclassified":41.74,"Energy":25.89,"Basic Materials":12.37,"Communication Services":7.55,"Utilities":4.49,"Healthcare":3.43,"Real Estate":1.46,"Consumer Cyclical":0.99,"Consumer Defensive":0.88,"Financial":0.61,"Technology":0.55,"Industrials":0.04},"top_theme_weights":{"Energy & Power":16.97,"US Sectors (EW)":3.77,"Semiconductors":0.52,"Crypto & Digital Assets":0.08,"Industrials & Defense":0.04,"AI & Technology":0.03}},{"period_end":"2024-06-30","filing_date":"2024-08-14","weights":{"Unclassified":43.57,"Energy":21.22,"Basic Materials":12.22,"Communication Services":9.54,"Utilities":4.75,"Healthcare":2.9,"Industrials":2.03,"Consumer Cyclical":1.56,"Technology":0.87,"Real Estate":0.8,"Financial":0.54},"top_theme_weights":{"Energy & Power":12.93,"Consumer Cyclical":1.98,"US Sectors (EW)":1.92,"Semiconductors":0.53,"AI & Technology":0.14,"Industrials & Defense":0.05}},{"period_end":"2024-09-30","filing_date":"2024-11-14","weights":{"Unclassified":47.03,"Basic Materials":11.37,"Energy":11.0,"Industrials":10.68,"Communication Services":7.45,"Utilities":4.62,"Healthcare":2.57,"Consumer Cyclical":2.12,"Technology":2.06,"Real Estate":1.08},"top_theme_weights":{"Consumer Cyclical":11.29,"Energy & Power":5.16,"US Sectors (EW)":2.26,"Semiconductors":0.81,"AI & Technology":0.71,"Semiconductors & Hardware":0.54}},{"period_end":"2024-12-31","filing_date":"2025-02-14","weights":{"Unclassified":45.86,"Industrials":12.25,"Basic Materials":12.23,"Energy":12.22,"Communication Services":7.67,"Technology":2.68,"Utilities":2.63,"Consumer Cyclical":2.25,"Healthcare":1.54,"Real Estate":0.68},"top_theme_weights":{"Consumer Cyclical":12.83,"Energy & Power":3.17,"AI & Technology":1.3,"Semiconductors":0.82,"US Sectors (EW)":0.68,"Semiconductors & Hardware":0.57}},{"period_end":"2025-03-31","filing_date":"2025-05-15","weights":{"Unclassified":27.98,"Energy":27.41,"Basic Materials":17.09,"Industrials":12.17,"Communication Services":7.38,"Technology":2.37,"Consumer Cyclical":2.19,"Healthcare":1.75,"Real Estate":1.67},"top_theme_weights":{"Energy & Power":12.95,"Consumer Cyclical":12.71,"US Sectors (EW)":1.67,"Semiconductors & Hardware":1.42,"Semiconductors":0.84,"AI & Technology":0.1}},{"period_end":"2025-06-30","filing_date":"2025-08-14","weights":{"Unclassified":31.14,"Energy":24.91,"Basic Materials":18.4,"Industrials":9.99,"Communication Services":5.98,"Technology":5.51,"Real Estate":2.14,"Consumer Cyclical":1.92},"top_theme_weights":{"Energy & Power":13.1,"Consumer Cyclical":10.48,"AI & Technology":2.33,"Semiconductors & Hardware":2.17,"US Sectors (EW)":2.14,"Semiconductors":1.02}},{"period_end":"2025-09-30","filing_date":"2025-11-14","weights":{"Unclassified":37.04,"Energy":21.77,"Basic Materials":17.99,"Industrials":7.2,"Technology":6.29,"Communication Services":5.65,"Real Estate":1.8,"Consumer Cyclical":1.47,"Consumer Defensive":0.79},"top_theme_weights":{"Energy & Power":11.56,"Consumer Cyclical":7.2,"AI & Technology":3.57,"Semiconductors & Hardware":2.02,"US Sectors (EW)":1.8,"Consumer Defensive":0.79}},{"period_end":"2025-12-31","filing_date":"2026-02-18","weights":{"Unclassified":34.24,"Energy":22.09,"Basic Materials":20.21,"Industrials":9.38,"Technology":5.19,"Communication Services":5.16,"Real Estate":1.68,"Consumer Cyclical":1.23,"Consumer Defensive":0.81},"top_theme_weights":{"Energy & Power":11.02,"Consumer Cyclical":9.38,"AI & Technology":2.48,"Semiconductors & Hardware":1.99,"US Sectors (EW)":1.68,"Consumer Defensive":0.81}},{"period_end":"2026-03-31","filing_date":"2026-05-15","weights":{"Energy":36.4,"Basic Materials":23.69,"Unclassified":19.17,"Industrials":6.02,"Communication Services":5.44,"Technology":3.25,"Real Estate":2.57,"Consumer Cyclical":2.47,"Consumer Defensive":0.99},"top_theme_weights":{"Energy & Power":17.47,"Consumer Cyclical":6.91,"Semiconductors & Hardware":3.25,"US Sectors (EW)":2.78,"Consumer Defensive":0.99,"Industrials & Defense":0.13}}],"sector_rotation":{"into":[{"sector":"Energy","delta_pp":14.31},{"sector":"Basic Materials","delta_pp":3.48},{"sector":"Consumer Cyclical","delta_pp":1.24}],"out_of":[{"sector":"Industrials","delta_pp":-3.36},{"sector":"Technology","delta_pp":-1.94}],"deltas":{"Energy":14.31,"Basic Materials":3.48,"Consumer Cyclical":1.24,"Real Estate":0.89,"Communication Services":0.28,"Consumer Defensive":0.18,"Technology":-1.94,"Industrials":-3.36,"Unclassified":-15.07},"period_end":"2026-03-31","prev_period_end":"2025-12-31","method_note":{"en":"Current sector/theme map applied to history \u2014 historical quarters are classified with today's sector and theme membership (survivorship-lite; past classification changes are not reconstructed).","zh":"\u4ee5\u5f53\u524d\u884c\u4e1a/\u4e3b\u9898\u6620\u5c04\u56de\u6eaf\u5386\u53f2\u2014\u2014\u5386\u53f2\u5b63\u5ea6\u6309\u4eca\u65e5\u7684\u884c\u4e1a\u4e0e\u4e3b\u9898\u6210\u5458\u5206\u7c7b\uff08\u8f7b\u5ea6\u5e78\u5b58\u8005\u53e3\u5f84\uff1b\u4e0d\u91cd\u5efa\u8fc7\u53bb\u7684\u5206\u7c7b\u53d8\u66f4\uff09\u3002"}},"theme_read":{"leans":[{"theme_key":"non_ai_tech","label":"Non-AI Tech & Hardware","label_zh":"\u975eAI\u79d1\u6280\u4e0e\u786c\u4ef6","category":"Semiconductors & Hardware","source":"basket","tickers":["HPE"],"added_pp":3.25,"held_pp":3.25,"n_names":1},{"theme_key":"us_sector_tech","label":"Technology (Equal-Weight)","label_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["HPE"],"added_pp":3.25,"held_pp":3.25,"n_names":1},{"theme_key":"us_sector_realestate","label":"Real Estate (Equal-Weight)","label_zh":"\u623f\u5730\u4ea7\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["DLR"],"added_pp":1.35,"held_pp":2.58,"n_names":3},{"theme_key":"travel","label":"Travel & Experiences","label_zh":"\u65c5\u884c\u4e0e\u4f53\u9a8c","category":"Consumer Cyclical","source":"basket","tickers":["NCLH"],"added_pp":1.23,"held_pp":6.91,"n_names":2},{"theme_key":"us_sector_discretionary","label":"Consumer Discretionary (Equal-Weight)","label_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["NCLH"],"added_pp":1.23,"held_pp":1.23,"n_names":1},{"theme_key":"us_sector_industrials","label":"Industrials (Equal-Weight)","label_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["FTV","EMR"],"added_pp":0.34,"held_pp":6.02,"n_names":3}],"core":{"theme_key":"non_ai_tech","label":"Non-AI Tech & Hardware","label_zh":"\u975eAI\u79d1\u6280\u4e0e\u786c\u4ef6","category":"Semiconductors & Hardware","source":"basket","tickers":["HPE"],"added_pp":3.25,"held_pp":3.25,"n_names":1},"narrative_en":"Core lean: Non-AI Tech & Hardware \u2014 added HPE (+3.2pp of book this quarter)","narrative_zh":"\u6838\u5fc3\u503e\u5411\uff1a\u975eAI\u79d1\u6280\u4e0e\u786c\u4ef6 \u2014 \u672c\u5b63\u5ea6\u52a0\u4ed3 HPE\uff08\u5360\u7ec4\u5408 +3.2pp\uff09"}}