Rafferty Asset Management, LLC
Reported US equity positions for Q1 2026 — $24.6B across 1,057 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| TLT iShares 20+ Year Treasury Bond ETF | $2.0B | 8.1% | 23,042,423 |
| NVDA NVIDIA Corporation | $1.3B | 5.4% | 7,678,302 |
| IWM iShares Russell 2000 Index Fund | $907.0M | 3.7% | 3,657,167 |
| AVGO Broadcom Inc. | $889.9M | 3.6% | 2,875,284 |
| MU Micron Technology, Inc. | $775.7M | 3.1% | 2,295,973 |
| TSLA Tesla, Inc. | $645.8M | 2.6% | 1,737,215 |
| AMD Advanced Micro Devices, Inc. | $605.6M | 2.5% | 2,976,776 |
| EWY iShares MSCI South Korea ETF | $560.4M | 2.3% | 4,555,986 |
| GDX VanEck Gold Miners ETF | $550.5M | 2.2% | 5,999,083 |
| AMAT Applied Materials, Inc. | $536.1M | 2.2% | 1,568,561 |
| AAPL Apple Inc. | $535.6M | 2.2% | 2,110,273 |
| MSFT Microsoft Corporation | $476.3M | 1.9% | 1,286,837 |
| MRVL Marvell Technology, Inc. | $421.5M | 1.7% | 4,255,004 |
| FXI iShares China Large-Cap ETF | $394.4M | 1.6% | 10,985,718 |
| INTC Intel Corporation | $388.5M | 1.6% | 8,803,318 |
| KLAC KLA Corporation | $381.6M | 1.5% | 259,157 |
| LRCX Lam Research Corporation | $381.5M | 1.5% | 1,785,457 |
| TXN Texas Instruments Incorporated | $361.9M | 1.5% | 1,863,867 |
| ADI Analog Devices, Inc. | $349.7M | 1.4% | 1,099,206 |
| QCOM QUALCOMM Incorporated | $348.9M | 1.4% | 2,709,238 |
| MPWR Monolithic Power Systems, Inc. | $347.1M | 1.4% | 317,473 |
| TER Teradyne, Inc. | $323.2M | 1.3% | 1,090,120 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $321.1M | 1.3% | 950,073 |
| QQQ Invesco QQQ Trust, Series 1 | $318.2M | 1.3% | 551,290 |
| N6596X109 Nxp Semiconductors N V | $315.5M | 1.3% | 1,602,565 |
| N07059210 Asml Hldg Nv | $293.6M | 1.2% | 222,251 |
| MCHP Microchip Technology Incorporated | $259.1M | 1.1% | 4,010,114 |
| BRK.B Berkshire Hathaway Inc. | $225.6M | 0.9% | 470,766 |
| AMZN Amazon.com, Inc. | $219.1M | 0.9% | 1,052,114 |
| GOOGL Alphabet Inc. | $215.0M | 0.9% | 747,620 |
| JPM JP Morgan Chase & Co. | $192.8M | 0.8% | 655,498 |
| PLTR Palantir Technologies Inc. | $187.6M | 0.8% | 1,282,554 |
| ON ON Semiconductor Corporation | $175.0M | 0.7% | 2,826,300 |
| GDXJ VanEck Junior Gold Miners ETF | $172.0M | 0.7% | 1,432,540 |
| META Meta Platforms, Inc. | $147.4M | 0.6% | 257,690 |
| KWEB KraneShares CSI China Internet ETF | $143.3M | 0.6% | 5,039,239 |
| V Visa Inc. | $123.9M | 0.5% | 409,950 |
| ENTG Entegris, Inc. | $123.3M | 0.5% | 1,051,873 |
| XOM ExxonMobil Holdings Corporation | $113.0M | 0.5% | 665,983 |
| G25457105 Credo Technology Group Holdi | $105.5M | 0.4% | 1,124,374 |
| MTSI MACOM Technology Solutions Holdings, Inc. | $103.8M | 0.4% | 467,587 |
| ALAB Astera Labs, Inc. | $103.6M | 0.4% | 945,506 |
| MA Mastercard Incorporated | $99.3M | 0.4% | 198,756 |
| M7516K103 Nova LTD | $96.0M | 0.4% | 221,019 |
| GOOG Alphabet Inc. - Class C Capital Stock | $88.0M | 0.4% | 306,879 |
| CSCO Cisco Systems, Inc. | $87.7M | 0.4% | 1,130,511 |
| BAC Bank of America Corporation | $78.6M | 0.3% | 1,613,204 |
| ASX ASE Technology Holding Co., Ltd. American Preferred | $77.6M | 0.3% | 3,580,130 |
| GE GE Aerospace | $76.8M | 0.3% | 270,596 |
| CVX Chevron Corporation | $75.0M | 0.3% | 362,588 |
| NFLX Netflix, Inc. | $71.3M | 0.3% | 741,113 |
| RTX RTX Corporation | $66.8M | 0.3% | 346,312 |
| RMBS Rambus, Inc. | $64.1M | 0.3% | 745,519 |
| EWZ iShares MSCI Brazil ETF | $62.4M | 0.3% | 1,625,304 |
| GS The Goldman Sachs Group, Inc. | $61.9M | 0.3% | 73,208 |
| ORCL Oracle Corporation | $61.0M | 0.2% | 414,754 |
| WFC Wells Fargo & Company | $59.9M | 0.2% | 751,874 |
| LLY Eli Lilly and Company | $58.9M | 0.2% | 63,993 |
| SWKS Skyworks Solutions, Inc. | $58.0M | 0.2% | 1,083,845 |
| ARM Arm Holdings plc | $57.8M | 0.2% | 382,080 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| TLT iShares 20+ Year Treasury Bond ETF | Trim | $2.0B | $2.6B | -24% |
| NVDA NVIDIA Corporation | Trim | $1.3B | $1.6B | -12% |
| IWM iShares Russell 2000 Index Fund | Trim | $907.0M | $1.2B | -27% |
| AVGO Broadcom Inc. | Add | $889.9M | $917.1M | +9% |
| MU Micron Technology, Inc. | Trim | $775.7M | $772.9M | -15% |
| TSLA Tesla, Inc. | Add | $645.8M | $614.9M | +27% |
| AMD Advanced Micro Devices, Inc. | Trim | $605.6M | $799.7M | -20% |
| EWY iShares MSCI South Korea ETF | Add | $560.4M | $119.1M | +272% |
| GDX VanEck Gold Miners ETF | Trim | $550.5M | $605.0M | -15% |
| AMAT Applied Materials, Inc. | Trim | $536.1M | $588.7M | -32% |
| AAPL Apple Inc. | Trim | $535.6M | $744.3M | -23% |
| MSFT Microsoft Corporation | Trim | $476.3M | $686.5M | -9% |
| MRVL Marvell Technology, Inc. | Add | $421.5M | $336.6M | +7% |
| FXI iShares China Large-Cap ETF | Trim | $394.4M | $523.1M | -20% |
| INTC Intel Corporation | Trim | $388.5M | $377.0M | -14% |
| KLAC KLA Corporation | Trim | $381.6M | $415.3M | -24% |
| LRCX Lam Research Corporation | Trim | $381.5M | $454.4M | -33% |
| TXN Texas Instruments Incorporated | Trim | $361.9M | $413.5M | -22% |
| ADI Analog Devices, Inc. | Trim | $349.7M | $403.1M | -26% |
| QCOM QUALCOMM Incorporated | Add | $348.9M | $417.3M | +11% |
| MPWR Monolithic Power Systems, Inc. | Trim | $347.1M | $359.3M | -20% |
| TER Teradyne, Inc. | Trim | $323.2M | $274.3M | -23% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $321.1M | $368.6M | -22% |
| N6596X109 Nxp Semiconductors N V | Trim | $315.5M | $409.3M | -15% |
| N07059210 Asml Hldg Nv | Trim | $293.6M | $336.0M | -29% |
| MCHP Microchip Technology Incorporated | Trim | $259.1M | $318.1M | -20% |
| BRK.B Berkshire Hathaway Inc. | Trim | $225.6M | $292.4M | -19% |
| AMZN Amazon.com, Inc. | Trim | $219.1M | $284.9M | -15% |
| GOOGL Alphabet Inc. | Trim | $215.0M | $254.8M | -8% |
| JPM JP Morgan Chase & Co. | Trim | $192.8M | $267.6M | -21% |
| PLTR Palantir Technologies Inc. | Add | $187.6M | $210.9M | +8% |
| ON ON Semiconductor Corporation | Trim | $175.0M | $196.8M | -22% |
| GDXJ VanEck Junior Gold Miners ETF | Trim | $172.0M | $199.2M | -18% |
| META Meta Platforms, Inc. | Trim | $147.4M | $287.5M | -41% |
| KWEB KraneShares CSI China Internet ETF | Add | $143.3M | $146.5M | +17% |
| V Visa Inc. | Trim | $123.9M | $180.6M | -20% |
| ENTG Entegris, Inc. | Trim | $123.3M | $111.0M | -20% |
| XOM ExxonMobil Holdings Corporation | Trim | $113.0M | $85.9M | -7% |
| G25457105 Credo Technology Group Holdi | Trim | $105.5M | $192.3M | -16% |
| MTSI MACOM Technology Solutions Holdings, Inc. | Trim | $103.8M | $99.4M | -19% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.