Rafferty Asset Management Q2 Portfolio Shift: Focus on Tech Growth with Selective Adjustments

As of June 30th, Rafferty Asset Management's portfolio reflects a dynamic quarter marked by strategic adjustments. The total value stands at $4.36 billion.

Significant Increases in Tech Exposure

Rafferty significantly boosted its positions in several high-profile technology companies this quarter, reflecting confidence or changing market dynamics for these stocks:

• NVIDIA Corporation (NVDA) saw a massive increase of over 5.1 million shares (+66.61%), pushing its portfolio allocation up to 5.83%. This suggests strong conviction in the stock's performance.
• Broadcom Inc. (AVGO) also experienced substantial buying, adding over 1.6 million shares (+55.69%) and maintaining its allocation at a healthy 3.85%.
• KLA Corporation (KLAC) was another notable addition, with nearly 4 million shares added (+1574.5%) to increase its weight by almost three times.

Growth in High-Growth Names Dominates Portfolio Changes

The investor's buying activity this quarter appears heavily concentrated on names within the Technology sector. Among the top holdings, significant additions include:

• Apple Inc. (AAPL), which gained over a million shares (+60.7%), adding to its portfolio allocation.
• Taiwan Semiconductor Manufacturing Co. (TSM) saw nearly one million share additions (+110.99%) despite a relatively small position size, indicating potential interest in its exposure.
• Microchip Technology Inc. (MCHP) also received significant share increases (+29.86%), adding to the investor's holdings.

Selective Reductions and Exits in Portfolio Holdings

Conversely, Rafferty Asset Management reduced or exited certain positions during this quarter:

• The investment in iShares Core USD Treasury Bond ETF (TLT), a fixed income play, decreased by over 5.7 million shares (-25.14%), lowering its allocation.

While the Technology sector remains dominant at nearly 60% of the portfolio value ($26.5 billion), other sectors also show activity:

• The investor maintained a significant position in Vaneck Gold Miners ETF (GDX) despite some share increase (+16.02%), though this is not the primary focus.
• In the Technology space, there were notable reductions: Marvell Technology Inc. (MRVL) saw a decrease of over 164 thousand shares (-3.87%), and Lam Research Corp. (LRCX) experienced a moderate reduction (+55.4% increase, but overall allocation might be context-dependent).

Overall Portfolio Composition and Trends

Rafferty's portfolio continues to favor Technology holdings across various sub-sectors, including chips (NVIDIA, Broadcom, KLA Corp., AMD), semiconductor equipment (Lam Research) and hardware/software components. The overall allocation breakdown shows:

• Technology: ~60% ($26.5B)
• Unknown sectors: ~20%
• Financial Services: ~5.5%

The top five holdings account for approximately 25.9% of the total portfolio value, indicating a core concentration strategy.