Gotham Asset Management 13F Portfolio · Joel Greenblatt

Gotham’s biggest dollar add is SPY, up 26.5% in shares and +$1.78B in value, and that’s the tell. They’re explicitly scaling a benchmark core and surrounding it with factor tilts in growth, value, and quality via VTV, VUG, QQQ, IWV, and GVLU rather than reaching for ever more concentrated AI bets.

Beneath the ETF slab, stock‑picking conviction is showing up in a different set of cash flows. Health care jumps from 1.09% to 1.64% as Gotham turns Humana from a rounding error into a real line: HUM shares explode +6478.7%, adding about $87.9M and effectively initiating a full‑sized managed‑care bet. CRL is up 20.8% and INCY up 6.3%, rounding out a services‑and‑biotech complex that benefits from secular health‑spend growth rather than GPU cycles.

Consumer discretionary adds center on experiences and asset‑light platforms, not old‑fashioned retail.

• ABNB is up 50.8% in shares, adding roughly $45.1M, a clear expression that travel and alternative lodging still have room to run even after strong gains.
• EXPE rises 57.4% in shares and about $39.3M in value, echoing the same thesis in more traditional online travel.
• AMZN gets a 6.3% share bump as Gotham sticks with logistics, cloud, and ad tailwinds through a diversified e‑commerce giant.

On the tech front they’re not abandoning software; they’re cheapening it. GEN Digital’s stake triples (+204.6% in shares, +$74.5M), and SNOW, MSFT, GOOGL, and META all see incremental adds. That mix reads like a shift from explosive AI manufacturing cyclicals toward subscription and cloud cash flows that compound more quietly inside an ETF‑heavy core.

The trims tell a blunt story: Gotham is cashing out of the most spectacular AI hardware wins to pay for everything else. Technology’s weight drops over 5 points even though many tech names are still making money versus cost — this is deliberate de‑risking, not capitulation.

The clearest pattern is in semis and memory:

• MU is cut 48.0% in shares, freeing about $135.5M after a towering 754.2% gain versus Gotham’s average buy.
• WDC is slashed 54.7%, unlocking around $128.4M on an 884.8% gain.
• SNDK is reduced 38.4%, monetizing roughly $87.7M after an eye‑popping 2138.2% gain.

That trio alone explains a large chunk of the capital redeployed into SPY, HUM, GEN, NEU, and EXE. Elsewhere in semis, AVGO, AMAT, LRCX, KLAC and even headline AI leader NVDA all get trimmed at the margin, despite still sitting on triple‑digit percentage gains.

Outside chips, Gotham is tidying up aging industrial and telecom winners. CAT, NVT, FIX, JBL, and CSCO all see share reductions, typically after strong runs, while IRDM is cut 25.0%, shedding about $46.1M despite a 150.6% gain. The message: they’re not exiting cyclicals, but they are pulling chips off the most extended parts of the table to re‑concentrate risk where upside‑to‑valuation still looks asymmetrical.

Look through the NASDAQ labels and the sector‑level story is clean: beta up, single‑name AI hardware down, real‑asset and defensives up at the margin. The “Unclassified” bar — really Gotham’s ETF toolkit across SPY, GSPY, IVV, VOO, VTV, QQQ, VUG, IWV, IEFA, IEMG, GVLU, and SGOV — climbs from 60.89% to 65.41%, making this far more of a core‑satellite book than a pure stock‑picker’s roster.

Technology falls from 27.3% to 22.15%, and that’s almost entirely the unwind of the AI memory and semicap super‑cycle. They keep the platforms (AAPL, MSFT, GOOGL, META) and choice software names (SNOW, GEN, HPE, SNX), but rotate capital out of ultra‑cyclical semis and storage. It’s a shift from high‑beta manufacturing to fee‑like software and index exposure.

Elsewhere, sector moves are small in absolute size but directionally consistent. Health care rises from 1.09% to 1.64% on HUM, CRL, and INCY, building a defensive growth pillar. Energy edges up from 0.77% to 1.09% via big adds in EXE (+160.7% in shares) and APA (+7.9%), pointing to a modest inflation and commodity‑price hedge. Consumer discretionary ticks up from 3.61% to 3.84% with ABNB, EXPE, AMZN and FTI, effectively betting that services‑heavy spending cushions any goods slowdown, while telecommunications drops from 1.88% to 1.32% as IRDM and CSCO are recycled into more compelling stories.

Taken together, this quarter reads like Gotham locking in an extraordinary three‑year run — 22.1% annualized on a weighted basis, 29.3% unweighted — and re‑underwriting the next leg of returns through cheaper, broader risk. Swapping a chunk of triple‑digit AI hardware gains into SPY and growth/value ETFs is essentially a timing call on market‑level earnings compounding, without needing to be exactly right on which GPU vendor wins the next benchmark.

The single‑name adds outline where they still think idiosyncratic alpha is available. Health care services (HUM, CRL), travel platforms (ABNB, EXPE), and select software and security (GEN, SNOW, MSFT, GOOGL, META) form a spine of secular growers that can compound inside, and occasionally ahead of, the indices. Energy adds (EXE, APA) and gold exposure via NEM hint at a quiet macro hedge in case inflation or geopolitics surprise.

For followers of Gotham, the signal is that the “AI trade” here is mature. The fund is not abandoning technology; it is reframing it as one of several growth engines, not the whole story. If the next few years look more like grinding earnings growth than another liquidity‑driven melt‑up, this quarter’s repositioning — more beta, more defensives and real assets, less chip‑cycle volatility — is exactly the profile you’d want already on the books.