Qube Research & Technologies 13F Portfolio

The biggest buys cluster around three ideas: own the market, own the cycle, and own the AI infrastructure layer rather than just its poster children.

On the “own the market” side, Qube opened SPY at $987.7M (1.10%) and QQQ at $654.2M (0.73%), while almost tripling DIA to $364.9M. That’s a deliberate choice to keep equity beta high, but with less idiosyncratic blow‑up risk than a book stuffed with crowded AI winners.

Energy and cyclicals were another clear push. Chevron was lifted 180.6% to $941.5M, Exxon Mobil is a new $560.5M stake, and new Halliburton and Bloom Energy positions add oilfield torque and energy-transition optionality. Banks also benefited: Goldman Sachs was boosted 338.5% to $728.9M, Wells Fargo up 143.8% to $630.9M, and Citigroup up 34.6% to $602.0M, a broad vote that higher-for-longer rates and active capital markets still have legs.

The third leg is a rotation inside AI hardware. While tech headline weight is down, Qube is aggressively funding new and enlarged positions in Intel ($662.1M, new), AMD (up +55,537.4% by shares to $631.2M), Western Digital ($585.0M, new), Seagate (up +34,043.3% to $533.4M), Credo ($365.0M, new) and Texas Instruments (up +1,281.1% to $345.2M). That basket says they see the AI build‑out moving into memory, storage, networking and analog, not just into Nvidia alone.

Outside tech and energy, there is a quiet but meaningful build in durable growth and healthcare. UnitedHealth is a new $584.3M anchor, Gilead explodes by +2,449.5% to $389.9M, and McKesson, Boston Scientific and MMM all see incremental adds. Layer in bigger stakes in Ametek, ATI, Northrop Grumman and Parker-Hannifin, and Qube is clearly paying for AI and beta with a backbone of industrial and healthcare compounders.

The funding sources are unambiguous: Qube is actively skimming cream off the most explosive AI and GLP‑1 trades and slimming the mega‑cap tech complex.

The most dramatic trims are in semiconductor and storage names. Micron was cut 65.6%, taking out an estimated $1.66B of exposure even though it still sits at $871.0M and up 349.9% versus cost. SanDisk was halved (-51.5%) with roughly $988.2M taken off the table after an eye‑watering 774.3% gain; this is the textbook “sell your biggest winners before they sell you” trade.

Mega-cap software and platforms also got clipped. Apple was reduced 34.2% (about $547.0M) despite a 23.3% gain vs cost, while Microsoft was trimmed 34.8% (about $313.4M) with only a modest 2.8% gain. Eli Lilly — another high‑expectation story, up 25.3% vs cost — was cut in half (-51.5%, roughly $442.1M out), echoing the pattern of pruning the most crowded, sentiment‑rich winners.

Even within financials there’s a nuance: Capital One was pared back 24.4% (~$106.1M out), while more levered capital-markets franchises like Goldman, ICE and CME were aggressively scaled up. Across the book, the message is consistent: Qube is not walking away from growth and AI, but it is trading crowded exposure for more diversified, more cyclical, and often cheaper ways to express the same macro views.

At the sector level, this quarter is all about diluting pure-play tech beta and building a more macro-balanced engine.

Technology’s share of the top-50 drops from 51.32% to 36.5%. Crucially, this isn’t a retreat from the theme: new Intel, Western Digital, Credo, HPE, QCOM and big adds to AMD, Oracle, Salesforce and Texas Instruments show they’re broadening AI and cloud exposure from a narrow set of darlings into a broader supply chain.

The biggest gainer in pure percentage terms is the “unclassified” bucket — effectively SPY, QQQ, DIA and Berkshire — which jumps from 1.77% to 9.08%. That ETF and Berkshire backbone transforms Qube’s book from a mosaic of single-name trades into something closer to a barbell between stock-picking and market-level calls.

Energy’s allocation nearly quadruples from 2.26% to 8.8%, via Chevron, Exxon, Halliburton and Bloom Energy. Utilities surge from 0.55% to 2.68% with big builds in Atmos and PPL. Together, those moves hedge rate and inflation risk and create a more cash‑flow heavy counterweight to the growth complex.

Healthcare nudges down from 11.18% to 9.55% despite new UNH and large Gilead and McKesson adds, because the Lilly and BSX trims bite. Industrials slip from 7.21% to 6.07%, but the mix tilts more toward defense (Northrop), high‑spec metals (ATI) and mission‑critical machinery (Ametek, Parker-Hannifin), all of which align with a longer AI and reshoring capex cycle rather than short‑term GDP calls.

Read against a 3‑year annualized return of 32.2% and a latest-quarter pop of 45.69%, this filing looks like a manager trying hard not to round‑trip its gains. The through‑line is simple: keep riding AI and US equities, but on more diversified, more cyclically balanced rails.

The ETF build says Qube still wants high gross exposure to US risk assets, even as single‑name tech concentration falls. Energy, utilities and value-tilted financials add a tangible macro overlay: if inflation and rates stay sticky, those are the sectors that absorb the punch instead of mega‑cap growth.

Within tech, the pivot from hero names to infrastructure — storage (WDC, STX), connectivity (CRDO, CSCO), diversified semis (TXN, QCOM, INTC) and cloud software platforms (CRM, ORCL, INTU) — suggests they see AI demand seeping across the stack. That’s a bet on longevity of the capex cycle rather than another quarter of Nvidia‑driven upside.

The healthcare and industrial complex they’ve quietly accumulated functions as a third leg: durable cash generative growth that can keep compounding across cycles. If we see a de‑rating in the most speculative AI names, this book is positioned to lag some upside blow‑offs but to hold onto far more of the capital Qube has already compounded.

For allocators reading this 13F, the signal is clear: Qube is transitioning from a highly tactical AI-and-megacap book into a more all‑weather growth and cycle portfolio, still aggressive but less beholden to a handful of narrative stocks.