2025 Q3 Smart Money Report

Largest fresh entries initiated this quarter by dollar value.

Fund	Stock	Value	Weight	Conviction
Clear Street Group Inc.	NVIDIA CORPORATION	$6.2B	+21.1%	98
BERKSHIRE HATHAWAY INC	ALPHABET INC	$4.3B	+1.6%	74
PUBLIC INVESTMENT FUND	LUCID GROUP INC	$4.2B	+21.7%	100
SOSOFTBANK GROUP CORP.	INTEL CORP	$2.9B	+11.2%	99
AXA Investment Managers S.A.	NVIDIA CORPORATION	$2.6B	+7.1%	98
NOMURA HOLDINGS INC	ALALIBABA GROUP HLDG LTD	$2.5B	+3.8%	88
AXA Investment Managers S.A.	MICROSOFT CORP	$2.2B	+5.9%	98
Optiver Holding B.V.	STATE STR SPDR S&P 500 ETF T	$2.2B	+0.9%	62
SC US (TTGP), LTD.	KLARNA GROUP PLC	$2B	+12.4%	100
CIBC Bancorp USA Inc.	NVIDIA CORPORATION	$1.9B	+10.4%	98

Positions completely sold this quarter, ranked by previous value.

Fund	Stock	Previous Value
VANGUARD GROUP INC	HESS CORP	$4.8B
VANGUARD GROUP INC	ANSYS INC	$3.9B
PUBLIC INVESTMENT FUND	LUCID GROUP INC	$3.7B
BlackRock, Inc.	HESS CORP	$3.6B
BlackRock, Inc.	ANSYS INC	$3.5B
FARALLON CAPITAL MANAGEMENT, L.L.C.	STATE STR SPDR S&P 500 ETF T	$3.4B
PRUDENTIAL PLC	VANGUARD SCOTTSDALE FDS	$3.1B
BNP Paribas Asset Management Holding S.A.	MICROSOFT CORP	$2.5B
STATE STREET CORP	HESS CORP	$2.2B
VANGUARD GROUP INC	JUNIPER NETWORKS INC	$1.7B

Funds increasing positions into price weakness - contrarian conviction.

Fund	Stock	Position Increase	Price Drop	DD Score
LMR Partners LLP	FLUOR CORP	+144.8Kx	-17.1%	247,285,120
Pacer Advisors, Inc.	TWILIO INC - A	+118.7Kx	-15.0%	178,386,953
PEAK6 LLC	STRATEGY INC	+100.2Kx	-15.0%	149,907,215
CANADA PENSION PLAN INVESTMENT BOARD	CHESAPEAKE ENERGY CORP	+127.5Kx	-7.8%	98,798,227
BANK OF AMERICA CORP /DE/	NAKAMOTO INC	+7659x	-91.8%	70,316,299
RAYMOND JAMES FINANCIAL INC	ABUNDIA GLOBAL IMPACT GROUP	+12.9Kx	-46.3%	59,657,388
UBS Group AG	SMART DIGITAL GROUP LTD	+4409x	-76.9%	33,921,537
Walleye Capital LLC	INSPIRE MED SYS INC	+7144x	-42.9%	30,646,376
Russell Investments Group, Ltd.	FARADAY FUTURE INTLGT ELEC I	+12.2Kx	-22.6%	27,676,667
PEAK6 LLC	MONDAY COM LTD	+7841x	-34.5%	27,086,336

The positions funds are most committed to this quarter.

Fund	Stock	Type	Value	Conviction
Situational Awareness LP	COREWEAVE INC-CL A	New	$563.2M	100
MONETA GROUP INVESTMENT ADVISORS LLC	VANGUARD S&P 500 ETF	Increased	$1.7B	100
PFPhoenix Financial Ltd.	TEVA PHARMACEUTICAL-SP ADR	Increased	$1.7B	100
REGIONS FINANCIAL CORP	ISHARES S&P 100 ETF CL USD INC	Increased	$3.4B	100
PFPhoenix Financial Ltd.	ISHARES MSCI ACWI ETF	Increased	$898.2M	100
Situational Awareness LP	Core Scientific Inc	Increased	$362M	100
Ninety One UK Ltd	MICROSOFT CORP	Increased	$7.7B	100
TEACHER RETIREMENT SYSTEM OF TEXAS	VANGUARD S&P 500 ETF	Increased	$1.5B	100
IEQ CAPITAL, LLC	APPLOVIN CORP-CLASS A	Increased	$11.3B	100
JAJericho Capital Asset Management L.P.	WARNER BROS DISCOVERY INC	Increased	$685.4M	100

This quarter's top-ranked fund: Cubist Systematic Strategies, LLC

Cubist Systematic Strategies, LLC

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