2019 Q4 Smart Money Report

Largest fresh entries initiated this quarter by dollar value.

Fund	Stock	Value	Weight	Conviction
LMR Partners LLP	CACAESARS ENTMT CORP	$9.6B	+15.7%	98
FRANKLIN RESOURCES INC	MICROSOFT CORP	$4.2B	+2.2%	83
RENAISSANCE TECHNOLOGIES LLC	BRISTOL-MYERS SQUIBB CO	$3.9B	+3.0%	83
LMR Partners LLP	CLCLEVELAND-CLIFFS INC	$3.2B	+5.2%	98
LMR Partners LLP	TETESLA INC	$3.1B	+5.0%	98
LMR Partners LLP	LILIBERTY INTERACTIVE LLC	$3B	+5.0%	88
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	STATE STR SPDR S&P 500 ETF T	$2.9B	+12.6%	98
FRANKLIN RESOURCES INC	WELLS FARGO & CO	$2.9B	+1.5%	73
LMR Partners LLP	ISISTAR INC	$2.8B	+4.6%	88
DEUTSCHE BANK AG\	WAWAYFAIR INC	$2.6B	+1.7%	73

Positions completely sold this quarter, ranked by previous value.

Fund	Stock	Previous Value
Capital World Investors	TATARGET CORP	$1.9B
Blackstone Inc.	INVITATION HOMES INC	$1.7B
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	BB&T CORP	$1.6B
HBK INVESTMENTS L P	CELGENE CORP	$1.6B
FARALLON CAPITAL MANAGEMENT, L.L.C.	CELGENE CORP	$1.5B
AGADAGE CAPITAL PARTNERS GP, L.L.C.	CELGENE CORP	$1.5B
BAILLIE GIFFORD & CO	CTRIP COM INTL LTD	$1.4B
Capital International Investors	SUSUNTRUST BKS INC	$1.4B
DODGE & COX	BB&T CORP	$1.3B
GEODE CAPITAL MANAGEMENT, LLC	CELGENE CORP	$1.1B

Funds increasing positions into price weakness - contrarian conviction.

Fund	Stock	Position Increase	Price Drop	DD Score
FIL Ltd	ARISTA NETWORKS INC	+318.5Kx	-16.3%	518,621,846
DEUTSCHE BANK AG\	NORTHERN DYNASTY MINERALS	+112.0Kx	-32.8%	367,177,049
Cubist Systematic Strategies, LLC	NOKIA CORP-SPON ADR	+37.4Kx	-26.9%	100,721,369
MWMARSHALL WACE, LLP	AMTD IDEA Group	+38.9Kx	-5.3%	20,797,201
Cubist Systematic Strategies, LLC	HIGH TEMPLAR TECH LIMITED	+5099x	-32.8%	16,721,721
MWMARSHALL WACE, LLP	OPKO HEALTH INC	+5573x	-29.8%	16,610,633
Walleye Trading LLC	ETFMG	+5298x	-23.0%	12,178,939
BARCLAYS PLC	WESTWATER RES INC	+2210x	-35.2%	7,784,478
DEUTSCHE BANK AG\	CO-DIAGNOSTICS INC	+5350x	-14.5%	7,750,000
UBS Group AG	AYTU BIOPHARMA INC	+3233x	-23.6%	7,622,520

The positions funds are most committed to this quarter.

Fund	Stock	Type	Value	Conviction
KING STREET CAPITAL MANAGEMENT, L.P.	ISHR IBX USD HIYLD CB ETF-UI	New	$659.6M	100
Rakuten Investment Management, Inc.	VANGUARD TOTAL STOCK MARKET VIPERS	New	$682.7M	100
GQG Partners LLC	ALIBABA GROUP HOLDING-SP ADR	Increased	$1.6B	100
SOSquarepoint Ops LLC	ISHARES CORE S&P 500 ETF	Increased	$3.8B	100
DUDurable Capital Partners LP	ISHARES RUSSELL 2000 ETF ETF	New	$499.5M	100
H&H International Investment, LLC	AMAZON.COM INC	Increased	$314.1M	100
NMNational Mutual Insurance Federation of Agricultural Cooperatives	VANGUARD TOTAL STOCK MARKET VIPERS	Increased	$830.2M	100
VIKING GLOBAL INVESTORS LP	UBER TECHNOLOGIES INC	Increased	$1.1B	100
Soroban Capital Partners LP	CSX CORP	New	$497.3M	100
M&T BANK CORP	ISHARES S&P 100 ETF CL USD INC	Increased	$5.6B	100

Top 5 winners and losers by estimated P&L.

Top Winners

GPAEFSteward Partners Investment Advisory, LLC

+519x

NVDABLACKROCK ADVISORS LLC

+324x

QNCXVanguard Global Advisers, LLC

+312x

QNCXBelvedere Trading LLC

+312x

QNCXROYAL BANK OF CANADA

+312x

Top Losers

FRCBCAISSE DE DEPOT ET PLACEMENT DU QUEBEC

-100.0%

EVFMUS BANCORP \DE\

-100.0%

TWNPQBANK OF AMERICA CORP /DE/

-100.0%

ADNHBALYASNY ASSET MANAGEMENT L.P.

-100.0%

FRCBNORDEA INVESTMENT MANAGEMENT AB

-100.0%

Stocks where members of Congress AND institutional investors both bought — disclosed in Q2 2026. 10 stocks overlapped this quarter.

Stock	Congress	Funds
DVNDEVON ENERGY CORP	1 members	268 funds
TSLATESLA INC	1 members	229 funds
KVUEKENVUE INC	1 members	158 funds
SPGSIMON PROPERTY GROUP INC	1 members	156 funds
COOCOOPER COS INC/THE	1 members	150 funds
SPHRSPHERE ENTERTAINMENT CO	1 members	105 funds
TCBITEXAS CAPITAL BANCSHARES INC	1 members	104 funds
QNTQUANTINUUM INC	1 members	90 funds
MTNVAIL RESORTS INC	1 members	88 funds
FOURSHIFT4 PAYMENTS INC-CLASS A	1 members	70 funds