2025 Q4 Smart Money Report

Largest fresh entries initiated this quarter by dollar value.

Fund	Stock	Value	Weight	Conviction
NOMURA HOLDINGS INC	ECECHOSTAR CORP	$19.2B	+25.6%	98
Carlyle Group Inc.	MEDLINE INC	$9B	+66.7%	100
NVIDIA CORP	INTEL CORP	$7.9B	+60.5%	100
VANGUARD GROUP INC	TOTALENERGIES SE	$5.3B	+0.1%	44
NATIXIS	VANGUARD INDEX FDS	$5.2B	+18.4%	98
BNP Paribas Asset Management Holding S.A.	MICROSOFT CORP	$4.7B	+5.4%	98
Walleye Capital LLC	ISHARES TR	$4.5B	+13.9%	98
Capital International Investors	TOTALENERGIES SE	$3.4B	+0.5%	62
NANOMURA ASSET MANAGEMENT INTERNATIONAL INC.	NVIDIA CORPORATION	$3B	+4.5%	88
Amundi	ALALIBABA GROUP HLDG LTD	$2.9B	+0.8%	62

Positions completely sold this quarter, ranked by previous value.

Fund	Stock	Previous Value
SOSOFTBANK GROUP CORP.	NVIDIA CORPORATION	$6B
PUBLIC INVESTMENT FUND	TAKE-TWO INTERACTIVE SOFTWAR	$2.9B
VANGUARD GROUP INC	KELLANOVA	$2.7B
BlackRock, Inc.	KELLANOVA	$2.5B
WELLINGTON MANAGEMENT GROUP LLP	UNILEVER PLC-SPONSORED ADR	$2.1B
BlackRock, Inc.	MR COOPER GROUP INC	$1.8B
Jefferies Financial Group Inc.	VANGUARD WORLD FD	$1.7B
KEYBANK NATIONAL ASSOCIATION/OH	KELLANOVA	$1.6B
CANADA PENSION PLAN INVESTMENT BOARD	INFORMATICA INC	$1.6B
VANGUARD GROUP INC	MR COOPER GROUP INC	$1.4B

Funds increasing positions into price weakness - contrarian conviction.

Fund	Stock	Position Increase	Price Drop	DD Score
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	CAESARS ENTERTAINMENT INC NE	+2.5Mx	-15.6%	3,853,658,288
BlackRock, Inc.	HYPERSCALE DATA INC	+221.7Kx	-57.8%	1,281,045,422
BARCLAYS PLC	TENAYA THERAPEUTICS INC	+185.0Kx	-55.7%	1,030,379,747
Clear Street Group Inc.	OCEANPAL INC	+665.6Kx	-15.2%	1,011,771,280
MORGAN STANLEY	FIDELITY WISE ORIGIN BITCOIN	+346.3Kx	-23.3%	807,125,030
NATIONAL BANK OF CANADA /FI/	ETSY INC	+279.0Kx	-25.5%	712,231,266
PEAK6 LLC	COINBASE GLOBAL INC -CLASS A	+181.5Kx	-33.0%	598,928,980
UBS Group AG	ANGEL STUDIOS INC.	+289.0Kx	-15.7%	453,879,314
BARCLAYS PLC	LINEAGE CELL THERAPEUTICS IN	+348.5Kx	-10.6%	369,925,754
BARCLAYS PLC	MICROBOT MED INC	+59.4Kx	-35.9%	213,382,500

The positions funds are most committed to this quarter.

Fund	Stock	Type	Value	Conviction
SRS Investment Management, LLC	NETFLIX INC	Increased	$1.4B	100
CIBC WORLD MARKETS CORP	FLUTTER ENTMT PLC	Increased	$1.7B	100
Rathbones Group PLC	MICROSOFT CORP	Increased	$3.4B	100
HSBC HOLDINGS PLC	MICROSOFT CORP	Increased	$21.4B	100
NVIDIA CORP	SYNOPSYS INC	New	$2.3B	100
NVIDIA CORP	INTEL CORP	New	$7.9B	100
Carlyle Group Inc.	MEDLINE INC	New	$9B	100
PEPentwater Capital Management LP	ELECTRONIC ARTS INC	Increased	$2.2B	100
PEPentwater Capital Management LP	KENVUE INC	Increased	$978.4M	100
Invesco Ltd.	NVIDIA CORP	Increased	$63.6B	100

This quarter's top-ranked fund: TWO SIGMA ADVISERS, LP

TWO SIGMA ADVISERS, LP

Top 5 winners and losers by estimated P&L.

Top Winners

GPAEFSteward Partners Investment Advisory, LLC

+519x

QNCXVANGUARD CAPITAL MANAGEMENT LLC

+321x

QNCXLPL Financial LLC

+321x

QNCXROYAL BANK OF CANADA

+321x

QNCXMariner, LLC

+321x

Top Losers

EVFMUBS Group AG

-100.0%

JTAICentiva Capital, LP

-100.0%

JAGXExodusPoint Capital Management, LP

-100.0%

FRCBPoint72 Asset Management, L.P.

-100.0%

FRCBSHELTON CAPITAL MANAGEMENT

-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