2020 Q1 Smart Money Report

Largest fresh entries initiated this quarter by dollar value.

Fund	Stock	Value	Weight	Conviction
LMR Partners LLP	TETESLA INC	$13.1B	+13.6%	98
LMR Partners LLP	MIMICROCHIP TECHNOLOGY INC.	$5.8B	+6.0%	98
LMR Partners LLP	CYCYPRESS SEMICONDUCTOR CO	$4.3B	+4.4%	88
LMR Partners LLP	SESEA LTD	$4.2B	+4.3%	88
LMR Partners LLP	WOWORKDAY INC	$3.4B	+3.6%	88
Pacer Advisors, Inc.	UNUNITED STATES TREAS BILLS	$2.5B	+50.1%	98
LMR Partners LLP	TTTTM TECHNOLOGIES INC	$1.9B	+2.0%	73
Capital Research Global Investors	RTX CORPORATION	$1.8B	+0.7%	62
MetLife Investment Management, LLC	ISHARES INC	$1.7B	+12.0%	98
FARALLON CAPITAL MANAGEMENT, L.L.C.	ALLERGAN PLC	$1.6B	+14.4%	98

Positions completely sold this quarter, ranked by previous value.

Fund	Stock	Previous Value
Belvedere Trading LLC	Invesco QQQ Trust, Series 1 UNIT SER 1	$24.4B
Belvedere Trading LLC	ISHARES TR	$15.5B
XPONANCE LLC	ISHARES TR	$15.1B
XPONANCE LLC	ISHARES TR	$8.4B
XPONANCE LLC	ISHARES INC	$5.1B
XPONANCE LLC	ISHARES INC	$4.3B
SOSquarepoint Ops LLC	iShares Trust CORE S&P500 ETF	$3.8B
XPONANCE LLC	ISHARES TR	$3.7B
XPONANCE LLC	WISDOMTREE TR	$3.3B
XPONANCE LLC	SSSSGA SPDR ETFS EUROPE II PLC MS	$2.9B

Funds increasing positions into price weakness - contrarian conviction.

Fund	Stock	Position Increase	Price Drop	DD Score
BARCLAYS PLC	BANCO SANTANDER SA	+423.5Kx	-40.3%	1,706,063,743
Boston Partners	PPG INDS INC	+310.9Kx	-35.1%	1,090,605,085
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	INGEVITY CORP	+92.7Kx	-60.9%	564,442,862
MWMARSHALL WACE, LLP	ALTRIA GROUP INC	+162.2Kx	-23.2%	375,596,649
Boston Partners	CUMMINS INC	+136.9Kx	-24.4%	333,425,694
DBDZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	DXC TECHNOLOGY CO	+45.5Kx	-59.7%	271,827,034
CAPSTONE INVESTMENT ADVISORS, LLC	VanEck Oil Services ETF	+36.1Kx	-70.9%	255,983,983
MWMARSHALL WACE, LLP	AFLAC INC	+66.7Kx	-30.9%	205,875,855
Parallax Volatility Advisers, L.P.	BECTON DICKINSON & CO	+111.0Kx	-17.3%	192,519,974
TTTwin Tree Management, LP	SCHWAB CHARLES CORP	+62.4Kx	-27.9%	174,272,026

The positions funds are most committed to this quarter.

Fund	Stock	Type	Value	Conviction
H&H International Investment, LLC	APPLE INC	Increased	$1.7B	100
Soroban Capital Partners LP	AMAZON COM INC	New	$594.7M	100
TCI Fund Management Ltd	VISA INC	Increased	$1.2B	100
D1 Capital Partners L.P.	DISNEY WALT CO	Increased	$737.1M	100
NMNational Mutual Insurance Federation of Agricultural Cooperatives	VANGUARD INDEX FDS	Increased	$1.3B	100
WPWINDACRE PARTNERSHIP LLC	TRANSDIGM GROUP INC	Increased	$723.9M	100
Soroban Capital Partners LP	CSX CORP	Increased	$840.6M	100
Soroban Capital Partners LP	NORTHROP GRUMMAN CORP	New	$460.6M	100
Pershing Square Capital Management, L.P.	AGILENT TECHNOLOGIES INC	Increased	$904.3M	100
D1 Capital Partners L.P.	OREILLY AUTOMOTIVE INC	Increased	$848.6M	100

Top 5 winners and losers by estimated P&L.

Top Winners

GPAEFSteward Partners Investment Advisory, LLC

+532x

JDJDZGUBS Group AG

+384x

WINGBLACKROCK ADVISORS LLC

+332x

NVDABLACKROCK ADVISORS LLC

+296x

GSIWJANE STREET GROUP, LLC

+197x

Top Losers

VCIGCITADEL ADVISORS LLC

-100.0%

EVFMPentwater Capital Management LP

-100.0%

WLWLGSFCITADEL ADVISORS LLC

-100.0%

FRGTSUSQUEHANNA INTERNATIONAL GROUP, LLP

-100.0%

GMBLSUSQUEHANNA INTERNATIONAL GROUP, LLP

-100.0%

Stocks where members of Congress AND institutional investors both bought — disclosed in Q1 2026. 72 stocks overlapped this quarter.

Stock	Congress	Funds
WATWATERS CORP	2 members	275 funds
AZNASTRAZENECA PLC	2 members	272 funds
TSLATESLA INC	3 members	228 funds
WELLWELLTOWER INC	2 members	227 funds
HBANHUNTINGTON BANCSHARES INC	1 members	225 funds
EXEEXPAND ENERGY CORPORATION	1 members	203 funds
PFEPFIZER INC	1 members	202 funds
GOOGALPHABET INC	4 members	198 funds
TSMTAIWAN SEMICONDUCTOR MANUFAC	4 members	192 funds
KVUEKENVUE INC	3 members	184 funds