2023 Q4 Smart Money Report

Largest fresh entries initiated this quarter by dollar value.

Fund	Stock	Value	Weight	Conviction
CTC LLC	STATE STR SPDR S&P 500 ETF T	$5.8B	+3.0%	83
THOMA BRAVO, L.P.	NASDAQ INC	$4.2B	+37.5%	100
TCI Fund Management Ltd	MICROSOFT CORP	$4B	+11.1%	100
FMR LLC	CRH PLC	$1.5B	+0.1%	53
PEPentwater Capital Management LP	PIONEER NATURAL RESOURCES CO	$1.3B	+14.7%	98
DODGE & COX	INTERNATIONAL FLAVORS&FRAGRA	$1.3B	+0.8%	62
HBK INVESTMENTS L P	HESS CORP	$1.2B	+5.5%	98
CTC LLC	INVESCO QQQ TR	$1.2B	+0.6%	62
GQG Partners LLC	ADVANCED MICRO DEVICES INC	$1.1B	+2.4%	83
Alberta Investment Management Corp	ISHARES TR	$1.1B	+10.6%	98

Positions completely sold this quarter, ranked by previous value.

Fund	Stock	Previous Value
MANUFACTURERS LIFE INSURANCE COMPANY, THE	UBUBER TECHNOLOGIES INC	$2.1B
Fisher Asset Management, LLCKen Fisher (Founder)	LVMH MOET	$1.2B
Nuveen Asset Management, LLC	SESEAGATE TECHNOLOGY HLDNGS PL	$989.3M
GQG Partners LLC	NETFLIX INC.	$958.8M
VIKING GLOBAL INVESTORS LP	MICROSOFT CORP	$955M
Optiver Holding B.V.	INVESCO QQQ TR	$950.7M
Fisher Asset Management, LLCKen Fisher (Founder)	L OREAL CO	$892.7M
EDGEWOOD MANAGEMENT LLC	ALIGN TECHNOLOGY INC	$872.4M
Fisher Asset Management, LLCKen Fisher (Founder)	Bnp Paribas Sponsored Adr Reps	$835.6M
Fisher Asset Management, LLCKen Fisher (Founder)	Siemens Ag Com Dm50 (New)	$828M

Funds increasing positions into price weakness - contrarian conviction.

Fund	Stock	Position Increase	Price Drop	DD Score
TWO SIGMA ADVISERS, LP	ACLARIS THERAPEUTICS INC	+873.3%	-84.7%	73,943
MILLENNIUM MANAGEMENT LLC	ATARA BIOTHERAPEUTICS INC	+793.1%	-65.3%	51,819
JANE STREET GROUP, LLC	CHARGEPOINT HOLDINGS INC	+962.8%	-52.9%	50,948
TWO SIGMA INVESTMENTS, LP	OUTSET MED INC	+977.4%	-50.3%	49,137
BANK OF AMERICA CORP /DE/	PMV PHARMACEUTICALS INC	+866.8%	-49.5%	42,916
JACOBS LEVY EQUITY MANAGEMENT, INC	OPORTUN FINL CORP	+833.3%	-45.8%	38,200
CITADEL ADVISORS LLCKen Griffin	COGENT BIOSCIENCES INC	+957.3%	-39.7%	37,997
BNP PARIBAS FINANCIAL MARKETS	B. RILEY FINANCIAL INC	+818.2%	-46.4%	37,929
JANE STREET GROUP, LLC	DIREXION SHS ETF TR	+920.0%	-40.9%	37,631
SOSquarepoint Ops LLC	SLEEP NUMBER CORP	+878.7%	-39.7%	34,878

The positions funds are most committed to this quarter.

Fund	Stock	Type	Value	Conviction
SOSOFTBANK GROUP CORP.	T-MOBILE US INC	Increased	$14.8B	100
THOMA BRAVO, L.P.	NASDAQ INC	New	$4.2B	100
TCI Fund Management Ltd	MICROSOFT CORP	New	$4B	100
Rafferty Asset Management, LLC	ISHARES TR	Increased	$3.6B	100
Varma Mutual Pension Insurance Co	ISHARES TR	Increased	$1.8B	100
EdgePoint Investment Group Inc.	NORFOLK SOUTHN CORP	Increased	$804.7M	100
Egerton Capital (UK) LLP	AMAZON COM INC	Increased	$706.4M	100
VAValueAct Holdings, L.P.	EXPEDIA GROUP INC	New	$645.3M	100
HRT FINANCIAL LP	ISHARES TR	Increased	$712.1M	99
RLRokos Capital Management LLP	ISHARES TR	Increased	$708.2M	99

This quarter's top-ranked fund: GREENLIGHT CAPITAL INC

GREENLIGHT CAPITAL INC

Top 5 winners and losers by estimated P&L.

Top Winners

GPAEFSteward Partners Investment Advisory, LLC

+556x

AGLHB Wealth Management, LLC

+125x

AGLMerit Financial Group, LLC

+125x

AGLFarther Finance Advisors, LLC

+123x

AGLLPL Financial LLC

+106x

Top Losers

VMARUBS Group AG

-100.0%

WKHSCULLEN/FROST BANKERS, INC.

-100.0%

SOBRCOMMONWEALTH EQUITY SERVICES, LLC

-100.0%

CMBMWOLVERINE ASSET MANAGEMENT LLC

-100.0%

SRNEHudson Bay Capital Management LP

-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 member	275 funds
TSLATESLA INC	1 member	232 funds
KVUEKENVUE INC	1 member	163 funds
SPGSIMON PROPERTY GROUP INC	1 member	161 funds
COOCOOPER COS INC/THE	1 member	154 funds
TCBITEXAS CAPITAL BANCSHARES INC	1 member	106 funds
SPHRSPHERE ENTERTAINMENT CO	1 member	106 funds
QNTQUANTINUUM INC	1 member	90 funds
MTNVAIL RESORTS INC	1 member	89 funds
FOURSHIFT4 PAYMENTS INC-CLASS A	1 member	69 funds