Ctc LLC Leans Into AI, Silicon, and Silver in 2026-Q1 Rotation

The biggest buys cluster around one idea: own the picks, shovels, and platforms of computational demand, then wrap it in convex macro optionality. SLV is now the single largest line at 19.54% after an +83.9% add, a $111.4M dollar increase that turns silver into the fund’s dominant macro hedge, even as it sits roughly +29.8% above their average cost.

On the growth side, Ctc is visibly rebuilding the equity core around AI. They more than tripled TSM (+302.8%) and more than tripled GOOG (+216.7%), while initiating ASML at 3.12%, collectively signaling a preference for semis and hyperscale over narrower software stories.

The new 8.77% TSLA position is the other headline: a $109.6M swing into the stock makes it a top-three stake and the fund’s de facto mobility and battery macro bet. Parallel moves in COIN (+96.9%) and MSTR (+117.9%), both underwater at -34.1% and -52.7% vs cost, show they are adding into pain on crypto rails, treating the drawdown as an entry point rather than an exit signal.

Elsewhere, they quietly round out the AI/consumer internet complex with fresh META, AMZN, AAPL, and MSFT positions, and a new SMH ETF stake for broad semiconductor beta. New HYG exposure at 2.67% suggests a measured reach for spread and carry as a portfolio shock absorber around a very growth-heavy core.

The clearest funding source is gold. GLD was cut -68.5%, freeing about $100.8M, and shrinking from a very large prior sleeve to just 3.71%. That capital has effectively been recycled into SLV, TSLA, and the semis — a statement that silver offers better upside and that macro defense now sits more in cyclical hard assets than in pure bullion.

Within tech, they are pruning around the edges of prior winners. MU, despite sitting an extraordinary +516.9% above their average cost, was trimmed -16.0%, a classic risk-management sale that keeps the exposure meaningful at 7.96% but recycles $18.9M into higher-conviction names like TSM and GOOG.

PLTR was slashed -60.4%, a $28.4M reduction, indicating a clear preference for scaled platforms and infrastructure over single-name, narrative-heavy software. On the consumer side, BKNG was more than halved (-55.5%), and DIS and BAC were modestly reduced, collectively signaling that ‘old economy’ and discretionary exposure is now mostly a funding pool rather than a growth engine.

The sector chart shows a decisive pivot from diffuse hedging to targeted growth. Technology climbs to 51.76% from 44.59%, driven by larger TSM and GOOG lines and new ASML, AMD, META, AAPL, MSFT, and a bigger MSTR position, while unclassified exposures — dominated by GLD and SLV — fall to 27.9% from 40.26% as gold is harvested.

Industrials jumps from 0% to 8.77% on the back of the new TSLA stake, underscoring that Ctc wants direct exposure to electrification and AI-adjacent auto hardware rather than just software beneficiaries. Consumer Discretionary drops to 2.88% from 6.49%, as BKNG, DIS, and legacy consumer cyclicals are shrunk to make room for higher-conviction tech and macro expressions.

Finance is broadly stable at 5.67% vs 5.56%, but the composition skews more toward crypto rails (COIN) and away from traditional banking (BAC). Real-estate-labeled e-commerce and China tech (MELI and BABA) hold roughly steady around 3.02%, suggesting these are still seen as structural growth, not near-term trade currency.

Taken together, the portfolio says Ctc is positioning for an environment where AI capex, semiconductor demand, and liquidity-sensitive assets lead, while classic defensives and old-world consumer cyclicals lag. The willingness to buy into drawdowns in COIN and MSTR, size TSLA at 8.77%, and lean heavily into TSM, GOOG, ASML, and AMD shows they view recent volatility as an opportunity, not a warning.

The simultaneous rotation from GLD into SLV, and the addition of HYG, points to a nuanced macro view: they still want hedges and carry, but with more torque to an upcycle and reflation than to a pure risk-off panic. If that regime persists, the current book is geared to outperform through leverage to AI infrastructure, platform-scale tech, and crypto beta.

The flip side is obvious: this is a high-octane lineup, concentrated at 82.3% in the top 10 names, and it will underperform if growth, liquidity, and AI spending disappoint. But Ctc’s recent multi-year track record, with a 3-year weighted annualized return of 34.86%, suggests they are comfortable leaning into cycles early. The 2026-Q1 filing reads less like a defensive reset and more like a deliberate reload for the next phase of the tech-led market.