Tudor Investment Corp Et Al 13F Portfolio

The biggest dollar adds sketch Tudor’s core bet: AI infrastructure, software tollbooths, and cyclical beta. IVV’s +$1.06B add and IWM’s +$341.1M build show a conscious decision to own the S&P and small‑cap factor directly, not just through single names.

On the AI side, the capital shift is unambiguous.

• TSM is ramped +340.4% to $653.9M; NVDA is doubled‑plus (+137.4%) to $467.7M; MSFT is up +148.0% to $623.9M. Tudor is leaning into the chips‑plus‑cloud stack as the AI profit pool.
• New or sharply increased software positions — ORCL at $185.0M (new), INTU at $107.6M (new), SNPS up +388.6%, PLTR up +431.5% — extend that thesis into the software and tooling layer.
• Astera Labs (ALAB) is multiplied almost ten‑fold (+866.6%), a clear bet on the connectivity and data‑center plumbing needed for AI workloads.

Cyclical and consumer growth adds round out the pro‑risk tilt. NFLX is boosted by +1,237.4% to $191.0M despite being modestly underwater, and META, AMZN, and TSLA all see increased capital. Tudor is willing to add into drawdowns or early‑cycle volatility where they see structurally advantaged franchises.

Health care is re‑tooled more than reduced. XLV jumps +890.4% to $156.0M and XBI debuts at $79.4M, signaling a preference for diversified sector and biotech exposure over concentrated single‑name risk.

The funding side tells an equally sharp story: Tudor is not de‑risking so much as rotating between expressions of the same macro and AI themes. The biggest source of cash is SPY, cut -62.6% with an estimated -$522.9M pulled out, even as they recycle into IVV — a like‑for‑like S&P exposure swap that raises questions about fees, liquidity, or operational pref­erence rather than a view on U.S. equities.

In AI, the clearest statement is on AMD and Micron:

• AMD is slashed -73.8%, freeing about $229.8M while the position still sits +170.9% above cost. That looks like disciplined profit‑taking and a view that incremental AI upside lies more with TSM, NVDA, and newer names like ALAB.
• MU is trimmed a modest -6.8% after a huge run (+591.6% vs cost), another gain‑harvesting move rather than a wholesale exit.

They are also rotating within Big Tech. A‑shares of Alphabet (GOOGL) are cut -39.2% (about -$78.9M), but C‑shares (GOOG) soar +1,465.7% to $110.0M — more share‑class arbitrage and position reshaping than a bearish call on the franchise itself.

Outside tech, health care and banks are clear cash machines. UNH is reduced -37.9% (roughly -$76.6M) and PEN is shaved, even as they scale sector ETFs. In financials, Webster Financial (WBS) and Capital One (COF) are trimmed -23.8% and -38.1% respectively, while risk migrates to capital‑markets (ICE +252.4%) and a new Goldman Sachs stake at $68.1M.

At the sector level, Technology’s weight jumps from 34.76% to 39.64%, confirming that Tudor’s core macro expression is “own the AI and software infrastructure, but curate the components.” The incremental dollars skew hard to semis (TSM, NVDA, INTC, TXN, MRVL, ALAB) and software/platforms (MSFT, ORCL, INTU, PLTR, SNPS), while AMD is the notable de‑risk.

Unclassified exposure — essentially ETFs — rises from 20.12% to 23.28%, driven by the big builds in IVV, IWM, XLV, XBI, and EEM with SPY and a touch of GLD as partial offsets. That combination pushes the book toward factor and sector bets and away from idiosyncratic single‑name volatility.

Consumer Discretionary nudges down from 15.93% to 13.91%, but the mix improves in quality: more AMZN, NFLX, HLT, and a new Topbuild (BLD) offset small trims in KVUE. Industrials slip from 10.74% to 9.02% despite new BA and ACA positions, reflecting that TSLA and TECK are no longer being scaled.

The real retrenchment is in Finance (9.56% to 6.37%) and Health Care (6.03% to 3.63%). In both, Tudor shifts from credit‑sensitive and idio­syncratic names (regional/big banks, UNH) toward diversified, liquid exposure (XLV, XBI) and more cyclical fee‑earners (ICE, GS, MA). Utilities and Telecom edges higher via PPL, PCG, and ROKU, but remain sideshows rather than core bets.

Put together, this quarter’s moves say Tudor wants to be long global risk and AI, but with less single‑stock blow‑up risk and more liquidity. The surge in IVV, IWM, XLV, XBI, GLD stability, and EEM hints at a house view that the macro backdrop remains supportive for equities, small caps, and biotech, and that any turbulence is better ridden through with ETF sleeves than heroics in individual names.

Within Tech, they are clearly consolidating around what they see as durable tollbooths: TSM, NVDA, MSFT, ORCL, INTC, TXN, and the design/software ecosystem around SNPS and PLTR. The sharp AMD cut and modest MU trim look like risk hygiene after strong gains, not a loss of faith in AI.

The retreat from bank stocks alongside adds to GS, ICE, and MA suggests a preference for market‑structure and payments economics over traditional balance sheets. Combined with new stakes in cyclical industrials like BA and infrastructure‑linked ACA, Tudor appears to be underwriting a world of still‑solid nominal growth, ongoing AI capex, and functioning credit markets.

If that world persists, expect further scaling of tech platforms and ETFs and more use of single names for targeted thematics rather than broad exposure. If volatility spikes, this more liquid, ETF‑heavy book gives them optionality: they can cut beta quickly while keeping hard‑earned positions in the AI and software winners they’ve deliberately concentrated into.