Walleye Trading 13F Portfolio

The biggest buys table is effectively a map of where Walleye thinks the next tranche of AI upside will accrue. It’s not in esoteric hardware – it’s in the platforms, tooling, and the indices that sit on top of that stack.

They pushed TSM up 122.6% to 7.25% of the book and increased NVDA by 625.9% to 3.39%, leaning hard into core AI foundry and GPU capacity. At the same time, GOOGL’s stake was lifted 54.4% and complemented with a new GOOG line, signaling a view that Alphabet’s AI monetization runway justifies its now-dominant 10.5%-ish combined footprint.

On the software side, they almost tripled ADBE, more than doubled MSFT, and ramped NOW and CRM sharply. These are classic "AI productivity" beneficiaries with entrenched enterprise relationships – Walleye is willing to add even when ADBE and NOW are slightly underwater vs. cost, suggesting process conviction over near-term P&L.

The new 4.35% SPY allocation plus larger XLK and SOXX positions are the other tell. Instead of chasing every next AI ticker, they’re buying the factor: broad S&P, tech sector, and semis ETFs as cheap ways to ride the theme without taking idiosyncratic blow-up risk.

Outside pure tech, UNH’s $161.8M new position stands out: they are re-anchoring health care exposure in the highest-quality managed-care franchise while letting older names shrink.

The funding list is unambiguous: Walleye is cashing in mature winners and rotating out of lower-conviction health care. Intel and Micron are textbook examples of “trade, don’t marry” in semis.

They cut INTC by 41.4%, freeing roughly $339.5M from a position now sitting about 193.0% above their average cost. MU was trimmed 42.2%, with a roughly 419.5% gain vs. cost – exactly the sort of windfall you recycle into fresher AI expressions like NVDA, AVGO, SOXX, and TSM.

Health care shows a similar pattern. CI was slashed 64.4% and CNC by 25.0%, while a new UNH stake became the flagship, and BIIB was increased 39.9%. That’s a clear swap from more politically exposed managed care toward a blend of dominant scale (UNH) and targeted biotech optionality (BIIB).

In cyclicals and financials, the moves are more about pruning edges than abandoning themes. AMZN, TTWO, GS, BX and XLE were all reduced, but not eliminated, to liberate tens of millions per name. Walleye is tightening capital around the highest-conviction earnings and AI-linked names, not bailing on consumers or banks altogether.

On the surface, tech’s share of the book has inched down from 65.3% to 63.14%. Underneath, though, the composition of that tech risk has changed materially in favor of diversified and platform exposure.

Individual semis and software remain the backbone – GOOGL, TSM, NVDA, MSFT, ADBE, AVGO, AMD and others – but there’s a distinct migration into wrappers: XLK, SOXX and SPY now sit in a beefed-up “unclassified” bucket that rose from 9.37% to 14.61%. Walleye is effectively moving part of its tech book from stock-picking to factor bets.

Health care has been dialed back from 9.96% to 7.76% even as UNH was added, reflecting the large CI and CNC trims. Finance slipped from 5.14% to 4.22%, despite aggressive adds to BK, C and SOFI, because GS and BX were cut and more capital went elsewhere.

Two smaller but telling shifts: telecom exposure (really cable, via CHTR) jumped from 0.36% to 1.31%, and consumer staples rose from 0.03% to 0.54% via a big SJM build. Combined with a larger GDX position, those moves add a modest defensive and inflation-hedge ring around an otherwise growth-heavy core.

Overall, Walleye is keeping a high-tech identity while smoothing out idiosyncratic risk through ETFs and a bit more exposure to cash-generative, non-tech franchises.

Taken together, this quarter says Walleye believes the AI and large-cap U.S. earnings cycle still has legs – but that the easy money in early-cycle chip trades has mostly been made. The fund is shifting from high-octane, single-name semis toward durable platforms, enterprise software, and broad market and tech beta.

The adds to GOOGL, GOOG, MSFT, NVDA, TSM, ADBE, NOW, CRM, AVGO and PLTR show a willingness to pay up for entrenched distribution, data, and cloud infrastructure, not just raw hardware torque. They are effectively constructing a "full-stack" AI basket spanning compute, tooling, and monetization, then overlaying it with SPY, XLK and SOXX.

The concurrent build in UNH and BIIB, alongside trimmed but intact stakes in AMZN, BKNG, CHTR, SJM and GDX, suggests they expect a still-growing, somewhat inflationary U.S. economy with ongoing health-care and consumer spend. Gold miners and energy ETFs being managed, not chased, points to hedging rather than a core macro bet.

Going forward, expect Walleye to keep monetizing mature winners and recycling capital into liquid, scalable expressions of the same core theses. This is a book built to trade around volatility in AI, rates, and politics – but its center of gravity is clear: long high-quality, cash-generative platforms that sit on the right side of structural tech and health-care spending.