Group One Trading 13F Portfolio

The biggest adds are tightly clustered around four ideas: AI infrastructure, health-care cash flows, uranium, and high-end consumer demand.

On AI infrastructure, they push harder into the picks-and-shovels of the cycle:

• MRVL is boosted by +292.2%, a $41.5M add, pointing to confidence in networking and accelerator plumbing.
• TSM is increased 40%, adding $26.4M, reinforcing a view that leading-edge foundry capacity is the real AI bottleneck.
• New positions in NVDA, WDC, VSH, and the SOXX and XLK ETFs round out a diversified AI stack rather than a single-name bet.

Health care is the other major gainer. UNH gets a massive +390.6% lift worth $42.1M, CI is up +130.7%, and MRNA is increased +325.7%. That is a clear statement that they want insurer and innovation exposure with real earnings power. PFE, up +46.6% from a near-flat gain profile, looks like a contrarian re-rating bet.

Real-asset optionality comes through incremental adds to uranium and energy:

• URA and URNM both see measured increases, strengthening the nuclear-fuel theme.
• FCEL, up +1270.3% and +$23.2M, and SLB, up 24.4%, create a speculative-to-core energy barbell.

On the consumer side, the new BKNG stake at $34.2M, plus a large ramp in PEP (+810.1% by shares) and a solid lift in TGT, say they still trust premium travel, staples pricing power, and resilient U.S. demand.

Funding clearly comes from trimming the frothiest AI and cyclically sensitive names that have already delivered outsized gains.

The standout harvest is MU: shares are cut -53.2%, a roughly $95.5M reduction, despite the position still sitting +342.1% above average cost. INTC is slashed -77.6%, freeing about $50.9M with a +251.0% gain. Together, those moves say they see memory and legacy CPUs as sources of cash, not the center of the next leg of AI returns.

They’re also lightening up on riskier or more volatile tech:

• IREN is trimmed -38.8% after a +426.3% run versus cost.
• COHR is cut -29.2% despite being up +139.1%.
• AAOI is down -18.8% after a huge +639.0% move.

Outside tech, they are quietly de-risking from more cyclical or speculative exposures. MAR is reduced -39.6%, AAL by -24.6%, SGHC by -30.5%, and AG by -32.1%. In uranium, CCJ is eased back slightly (-3.3%), while GLW and ET see moderate trims, consistent with a broader shift from pure cyclicals and volatile metals into steadier, more diversified structures like URA, URNM, and SLB.

Under the hood, the sector bars show a deliberate rebalancing rather than a wholesale style change. Technology’s share drops from 43.04% to 36.7% even as they open fresh NVDA, WDC, VSH, PLTR, DASH, and SOXX positions. The message: keep the AI upside, but smooth it using ETFs, infrastructure names, and software platforms instead of concentrated legacy winners.

Health care is the clearest relative winner, climbing to 11.59% from 7.68%. This is anchored in large adds to UNH and CI plus a big step-up in MRNA, with OSCR modestly trimmed but still meaningful. It reads like a barbell of defensive managed care and optionality on biotech innovation.

Energy’s weight more than doubles to 3.42%, driven by the FCEL and SLB moves, while Consumer Staples jumps to 1.29% on the PEP ramp. Meanwhile, Basic Materials falls from 6.35% to 4.3% and Industrials from 5.42% to 4.04%, signaling reduced reliance on broad commodity and capex cycles.

Consumer Discretionary nudges up to 12.27% from 10.69%, but the mix improves: BKNG, ALK, and GLNG are being emphasized, while AAL, MAR, and SGHC are pared back. Finance inches higher to 8.36% with KKR and LMND adds and a new CIFR crypto-adjacent stake, suggesting they still want exposure to financial innovation and fee-based models.

Taken together, this book looks built for an environment where AI remains powerful, but leadership broadens to quality cash flows and real assets. They are still long the AI theme through NVDA, TSM, MRVL, SOXX, XLK, and PLTR, yet they’ve decisively recycled capital from early-cycle semis like MU and INTC into more diversified and higher-margin infrastructure plays.

The surge in health-care weight, led by UNH and CI, suggests they expect earnings durability and policy risk to be more than priced in. That sleeve should cushion volatility if AI or cyclicals wobble. Energy and uranium ETFs add a macro hedge: if power demand, nuclear adoption, or inflation stay elevated, those exposures can work even if pure growth re-rates lower.

On the consumer side, favoring BKNG, TGT, and PEP over weaker airlines and lower-quality leisure indicates a bet that demand persists at the upper end, but investors will reward brands with balance-sheet strength and pricing power. Incremental moves in KKR, CIFR, and LMND keep a toe in financial innovation without dominating the book.

Expect Group One to keep trading around these cores, but the direction of travel is clear: less reliance on one-way AI beta, more emphasis on AI infrastructure, health-care oligopolies, and energy-backed optionality as the backbone of returns.