Quantinno Capital Management 13F Portfolio

The biggest buys table makes clear they’re not merely buying AI narratives; they’re building exposure across the full hardware and hyperscale stack. Nvidia is the obvious centerpiece, but the supporting cast tells the more interesting story.

On the compute side, Nvidia’s 19.8% share increase is flanked by aggressive adds to other silicon: Micron is up +23.3% in shares with a massive +256.2% gain vs cost, AMD is up +36.7% with a +131.6% gain, and Intel is up +66.2% while they’re almost +89.3% in the money. Lam Research, Applied Materials, and KLA were all increased, reinforcing a bet that wafer tools and inspection are long‑cycle beneficiaries of capacity build‑out.

The platform layer is just as clear. Beyond Apple and Microsoft, Alphabet’s GOOGL and GOOG lines together saw roughly half a billion dollars of incremental capital, both up more than 17% in shares with 45–51% gains vs cost. Meta and Amazon were raised double‑digits in share count, even though Meta currently sits modestly below their average entry.

Outside narrow AI, they’re building a second growth complex in health and payments. Eli Lilly’s shares are up +26.2% with a +34.3% gain vs cost; Johnson & Johnson, AbbVie, Merck, and UnitedHealth were all increased. Visa and Mastercard — mis‑tagged as real estate but economically pure payment networks — saw +35.1% and +30.5% share growth, respectively. The through‑line: scalable, high‑margin platforms sitting atop enduring demand curves.

On the visible tape, this is almost a one‑way quarter: the top‑50 list shows adds everywhere and only one named trim. That alone is telling — they are not using the AI strength to wholesale de‑risk; they’re compounding into it.

The lone notable trim is Airbnb, where shares were cut a modest -3.9%, shrinking the position by about $8.4M. They’re still up +41.2% vs their average buy price, so this looks less like a repudiation and more like skimming liquidity from a successful but non‑core consumer internet name.

The absence of other disclosed trims doesn’t mean there were no exits — 13F top‑50 data can’t show full sells of smaller positions — but it does mean their largest visible capital reallocation came from winners they chose not to lighten. In practice, the funding for bigger AI, health, and financials bets likely came from outside this top‑50 and from inbound performance gains, not from slashing marquee holdings.

In that context, incremental raises in out‑of‑favor names like Meta (slightly below cost) and Tesla (also modestly underwater) are especially revealing. They’re leaning against near‑term drawdowns in high‑beta growth to preserve long‑term optionality, while only gently pruning around the edges of consumer platforms like Airbnb.

Despite all the stock‑level drama, sector weights barely budged at the top line — which is precisely the point. Technology slipped only from 60.16% to 59.86% even after huge AI adds, meaning the rest of the book is being adjusted just enough to keep the portfolio an explicit tech‑first vehicle.

Consumer exposure inched up from 9.95% to 10.28% as they added to Amazon, Walmart, Costco, Procter & Gamble, Colgate, Home Depot, and TJX. That’s not a swing at high‑beta discretionary so much as a tilt toward durable, cash‑flowing franchises that can survive if the AI enthusiasm cools.

Health care climbed from 5.56% to 5.66%, with every major pharma/managed-care line increased. Finance moved from 4.93% to 4.99% as they added across JPMorgan, Bank of America, Citi, Goldman Sachs, and Morgan Stanley, positioning the book to benefit if credit normalizes and rate cuts eventually steepen curves.

“Unclassified” exposure — effectively broad beta via SPY, VOO, VTI, IVV, QQQ, plus Berkshire — is steady around 9.35%. Industrials ticked down from 4.92% to 4.75% even as they added to Tesla, Caterpillar, RTX, and lab-tools name 10x Genomics, reflecting that growth elsewhere outpaced them. Net-net, this is still a tech powerhouse, now buttressed by a more deliberate ring of defensives and financial infrastructure names.

Taken together, the quarter’s moves sketch a blunt forecast: the AI build‑out is still early, its winners are already known, and owning the full stack — platform, silicon, tools, and memory — will keep compounding. Quantinno is not trying to outsmart the tape with exotic small caps; it is scaling into the same mega‑cap complex that drove its 90.34% cumulative 3‑year gain.

The supporting bets are equally telling. Big adds to Eli Lilly and other pharmas, plus incremental moves in UnitedHealth, suggest a view that blockbuster obesity and diabetes drugs, aging demographics, and managed care remain secular growth drivers that don’t depend on multiple expansion. Expanding positions in banks and brokers indicate confidence that capital markets activity and credit normalization can coexist with high‑growth tech leadership.

Index ETFs and Berkshire effectively give them a market‑beta chassis around which to bolt high‑conviction overweights in AI, health, and payments. That structure lets them accept idiosyncratic risk in Nvidia and peers without blowing up tracking error at the portfolio level.

Going forward, unless something breaks structurally in the AI narrative, expect more of the same: tech remains the undisputed core, health and financials keep inching higher as second engines, and consumer staples plus big‑box retail serve as cash‑flow ballast. This is a fund that would rather be approximately right in the biggest structural themes than precisely right in marginal trades.