Gotham Asset Management Llc Doubles Down on Index Core and AI Leaders

The "biggest buys" table makes it clear Gotham is rebuilding the portfolio around a broad-market spine and a concentrated AI-and-data risk budget. The largest single add is SPY, but the story is the cluster: fresh money into SPY, IVV, VOO, IWV, VTI, QQQ, and VUG is Gotham expressing that index beta is the default setting until opportunity is undeniable.

Within that framework, they are very deliberately scaling the winners of the last cycle rather than rotating away from them. Apple is up +83.9% in shares this quarter, adding about $332.6M in capital to a position already showing a 31.98% gain vs average cost. Nvidia gets another +39.9% in shares and roughly $205.7M of incremental dollars despite already being up 77.37% from Gotham’s average buy.

The AI stack isn’t just chips and phones. Microsoft and Alphabet both see incremental adds, and Micron, Broadcom, Lam Research, and NetApp all get topped up, signaling Gotham’s preference for the memory, networking, and storage “plumbing” necessary for AI rather than speculative software stories. Even Palantir — up 49.15% vs average cost — is being increased by +19.2% in shares, suggesting Gotham sees durable demand for data analytics throughput, not just hype.

Outside tech, two themes stand out. First, they initiated a new $107.0M position in IWV (a Russell 3000 proxy), and added aggressively to IEFA and IEMG, pushing more capital into diversified international and emerging-market beta. Second, in health care, Gotham more than doubles down on Incyte (+91.9% in shares, roughly $30.5M more at work) and steps up Charles River Labs by +23.8%, framing a longer-horizon bet on biopharma R&D throughput rather than on binary-drug outcomes.

The outlier in the "rising conviction" bucket is Iridium. Gotham lifted the satellite operator by +45.2% in shares and about $29.0M in dollar terms, with the name already up 107.73% vs their average buy. That looks like a structural call on always-on connectivity rather than a tactical trade.

If the buys show where Gotham wants risk, the sells tell you what they no longer need. The single biggest trim is almost clinical: SanDisk gets cut -55.3% in shares, freeing about $78.8M from a legacy position now showing an eye-popping 1,686.87% gain versus cost. Western Digital, another huge winner at +835.53% vs average buy, is trimmed -27.4%, releasing roughly $37.6M.

These aren’t thesis breaks, they’re risk-budget reallocations. Gotham is rotating capital from mature, deeply in-the-money storage trades into fresher AI and index exposure, effectively swapping old-cycle semis risk for newer-cycle AI infrastructure and broad beta.

On the defensive side, the fund is raiding its own "cash drawer." SGOV, their ultra-short Treasury ETF, is sliced by -30.7% in shares, pulling out about $55.3M. Gold exposure via IAU is trimmed -8.3%, and Duke Energy is cut -12.0%, indicating they are willing to reduce ballast and interest-rate proxies to fund more offensive positions.

The cooling is more pointed in consumer and service cyclicals. Amazon is down -20.5% in shares, freeing around $42.4M despite still being up 46.74% vs Gotham’s cost, and Airbnb is trimmed -20.7% after only a modest 3.35% gain. Southern Copper, a classic late-cycle commodity beneficiary, is reduced -11.8% even though the position still shows an 84.73% gain. The pattern: take profits where cyclical upside has already been crystallized and redirect toward structural, index-like, or secular tech themes.

Even high-flying industrials get clipped at the margins. Comfort Systems, a huge winner at +250.63% vs cost, is trimmed -10.2%, and Caterpillar nudged lower by -4.4%. Gotham is not abandoning industrial exposure, but they’re clearly less interested in leaning further into late-cycle winners after a long run.

The sector breakdown understates how radical Gotham’s internal rebalancing really is, because so much of the book sits in "unclassified" ETFs that are, in reality, market-wide equity exposure. That bucket jumps from 61.77% to 64.69% of the book, driven by large adds to SPY, VOO, VTI, QQQ, IWV, IEFA, IEMG, and VUG. The message is simple: the core is now diversified beta, not single-stock concentration.

Technology’s weight barely moves on paper — 20.44% to 20.56% — but underneath, it rotates from older storage winners and legacy components toward AI platforms and enablers. Gotham trims Western Digital and SanDisk while adding to Apple, Nvidia, Microsoft, Broadcom, Micron, Lam Research, NetApp, and Palantir. The sector’s risk profile is less "cheap hardware recovery" and more "AI and data infrastructure stack."

Consumer discretionary is where the real net reduction shows up, sliding from 7.40% to 5.71%. Gotham cuts Amazon, Airbnb, Weatherford, TechnipFMC, and AST SpaceMobile, even as it modestly tops up Tapestry, Boyd Gaming, and Expedia. They are pruning capital-intensive and more speculative names while keeping selective exposure to asset-light brands and travel platforms.

Industrials drift down from 5.02% to 4.20% as Gotham trims Caterpillar, Comfort Systems, nVent, and RBC Bearings, offset partly by a small Tesla add. Basic materials shrinks from 1.55% to 1.19% with cuts to Southern Copper, while energy edges lower from 0.98% to 0.81% despite a small APA increase — net, less direct commodity-cycle risk.

Defensives are being leaned against rather than leaned on. Utilities drop from 0.74% to 0.53% via the Duke Energy trim, and gold-linked exposures fall as IAU is reduced. Health care, by contrast, inches up from 1.46% to 1.55% on the back of Incyte and Charles River, suggesting Gotham prefers long-duration innovation risk in labs and biotech services over old-economy defensives.

Taken together, Gotham’s 2026-Q1 moves sketch a manager that wants to participate fully in an equity-led cycle without wagering the franchise on deep value or narrow macro calls. The dominant configuration is a barbell: broad U.S. and global equity beta on one end, and a tight cluster of durable compounders and infrastructure-like tech on the other.

On the growth side, Gotham is signaling that AI and data infrastructure remain central to its worldview. Capital is flowing toward Nvidia, Apple, Microsoft, Broadcom, Micron, Lam Research, and NetApp, plus data-platform names like Palantir and Iridium. These are not moonshots; they’re scaled beneficiaries of spending that persists across rate cycles and political regimes.

The retreat from cyclicals, gold, utilities, and some commodity exposure hints at a view that the most straightforward inflation and reopening trades are behind us. Gotham is not shorting the economy — they still hold Caterpillar, Tesla, Boyd, Expedia, and APA — but they’re less willing to add marginal dollars there relative to capex-light platforms and diversified indices.

The expanding international beta via IEFA and IEMG, along with the new IWV position, suggests they expect a broader equity participation beyond the U.S. megacap cohort. But they’re doing it the simplest way possible: ETFs, not single-stock adventures in unfamiliar jurisdictions.

Going forward, expect Gotham to keep using winners and cash-like exposures as funding sources whenever AI infrastructure, large-cap platforms, or index-level dislocations appear. If volatility increases, this structure gives them room to either add more beta at the core or recycle into yet another crop of structural compounders without having to unwind the entire book.