CTC LLC (Chicago Trading Company) 13F Portfolio

The biggest adds are not faddish stock‑of‑the‑month punts; they’re core building blocks. SPY is new at 11.79% and instantly the fund’s largest position, a clear statement that they want S&P 500 upside without stock‑picking basis risk on a meaningful slice of capital.

Underneath that, they’re scaling a specific platform stack:

• AMZN is exploded, up 979.2% in shares and now 9.5% of the book, turning a prior small flyer into a central ecommerce and cloud bet at a 23.4% gain vs average cost.
• PLTR is pushed 486.6% in shares to 5.12%, with a 48.7% mark‑to‑cost gain, signaling they see durable data‑software optionality rather than a spent story.
• ASML and AMAT, both in the semiconductor equipment chain, see fresh capital: ASML is raised 63.2%, AMAT shows up as a new 1.24% position with a 52.1% gain vs cost, reinforcing that they still like the AI capex arms dealers even as they sell down the banner chip names.
• MELI and BABA, despite being classified under Real Estate in the feed, are economically ecommerce/fintech platforms; Ctc ramps MELI 151.8% and BABA 613.4% in shares, pushing that theme toward a combined mid‑single‑digit percentage stake.

On the financial side, conviction is outright new build. GS debuts at 7.03%, MA at 2.37%, and a cluster of money‑center banks (JPM, WFC, C, plus a larger BAC) establishes a diversified bet that higher nominal activity and spread income are still underappreciated. This isn’t a timid hedge; it’s a structural wager on the plumbing of the global dollar system.

The funding sources tell you what Ctc considers “done” trades. TSM is effectively abandoned as a core holding, with shares cut 97.3%, taking the position down to 0.32% of the book and freeing roughly $196.0M of capital at a 47.5% gain vs average cost.

MU is treated similarly, though left as a big, residual winner: they slice 53.2% of the position, pulling about $180.7M out while MU still sits at 9.34% and is marked an extraordinary 500.6% above their average buy. These two trims alone more than fund the new SPY and GS stakes.

Elsewhere in tech, they’re cleaning up lower‑conviction or underperforming risk. ORCL is cut 32.7% while sitting 19.7% below cost, suggesting they’re unwilling to wait for a full turnaround. MSTR, down 54.4% vs cost, is trimmed 14.5%, and COIN is reduced 9.3% while underwater by 38.7% — a clear step back from high‑beta crypto proxies in favor of regulated banks and payments.

SLV, even as it stays a 9.2% macro hedge, is quietly shaved by 18.2% in shares, likely a partial profit‑take with a 37.2% gain vs cost. Smaller consumer names like DIS and even a touch of BKNG are tapped as marginal funding sources rather than core convictions.

By sector, the story is a decisive deconcentration. Technology drops from a towering 69.29% of the reported book to 39.2%, even though they still own a who’s‑who of AI and software — MU, INTC, ASML, PLTR, QCOM, AAPL, ORCL, MSTR, AMAT, and a stub of TSM.

That freed‑up risk migrates in three directions:

• Broad and macro vehicles: SPY, SLV, and XLE now sit in a 22.41% “unclassified” bucket, up from 18.18%. In reality that’s US equity beta, precious metals, and energy — a macro triangle against inflation, policy, and earnings breadth.
• Financials: the sector jumps from 5.67% to 13.54% with GS, COIN, MA’s true payment role, and the major banks. They are swapping some crypto‑adjacent speculation for plain‑vanilla balance sheet leverage.
• Consumer‑platform and ecommerce exposure: Consumer Discretionary rises from 3.58% to 10.79% led by AMZN and BKNG, while the mislabeled “Real Estate” bucket climbs from 3.29% to 9.74% via MELI, BABA, and MA — all effectively digital commerce and payments.

New stakes in CAT at 2.98% and in UNH and LLY at a combined 1.34% round out a tilt toward real‑economy and healthcare beneficiaries. The result is a book that still leans into AI and software, but now sits on a much broader base of cyclicals, platforms, and hard assets.

Put together, these moves describe a manager that wants to stay long secular digital demand, but no longer through one crowded door. The outsized gains in MU, TSM and the AI complex are being locked in, with proceeds recycled into SPY, financials, and asset‑backed hedges that can work across a wider range of macro outcomes.

The concentration in a handful of scalable platforms — AMZN, PLTR, MELI, BABA, MA — suggests they still believe data, logistics and payments remain the dominant equity narrative, just with less single‑node semiconductor risk. Those names now sit alongside GS, JPM, WFC and C as the financial circuitry that monetizes that activity.

SLV and XLE provide a quiet backstop if inflation or geopolitical shocks reassert themselves, while CAT, UNH and LLY add exposure to infrastructure, health spending and innovation outside pure tech. If the last three years of 42.88% annualized performance were driven by bold AI and crypto timing, this quarter’s 28.68% and the new positioning look like a deliberate attempt to institutionalize those gains into a more durable, multi‑engine equity book.

Investors reading this 13F should see a manager that still wants upside, but now with more knobs to turn: less binary AI hardware, more diversified beta, more banks and payments, and a deeper bench of global demand plays.