trims

On Tuesday, Oriental Harbor Investment Master Fund disclosed selling 59,274 shares of ProShares UltraPro QQQ (TQQQ -1.88%) in an estimated $5.4 million trade, according to a recent SEC filing.

What Happened

According to a filing with the Securities and Exchange Commission, Oriental Harbor Investment Master Fund sold 59,274 shares of ProShares UltraPro QQQ during the quarter. The estimated transaction value was $5.4 million. The fund’s TQQQ position now stands at about 1.2 million shares, valued at $124.2 million.

What Else to Know

Following the sale, TQQQ represents 9.6% of the fund’s reportable assets under management.

Top holdings after the filing:

• NASDAQ:NVDA: $236.2 million (18.3% of AUM)
• NASDAQ:GOOGL: $224.1 million (17.4% of AUM)
• NYSEMKT:FNGU: $144.6 million (11.2% of AUM)
• NASDAQ:TQQQ: $124.2 million (9.6% of AUM)
• NASDAQ:META: $99.5 million (7.7% of AUM)

As of Tuesday’s market close, shares of TQQQ were priced at $101.13, up 33% over the past year, outperforming the S&P 500 by 20 percentage points.

ETF Overview

Company Snapshot

• TQQQ’s investment strategy seeks to deliver daily performance consistent with the fund’s objective through the use of financial instruments.
• Underlying holdings are composed of the 100 largest non-financial companies listed on the Nasdaq Stock Market.
• The fund structure is non-diversified.

ProShares UltraPro QQQ is an ETF that seeks daily returns consistent with its investment objective by tracking the Nasdaq-100 Index. By employing financial instruments, the fund aims to achieve its daily return objective.

Foolish Take

Hong Kong–based Oriental Harbor Investment Master Fund pared back its position in ProShares UltraPro QQQ last quarter, selling roughly $5.4 million worth of shares. Despite the reduction, TQQQ remains a core holding, accounting for nearly 10% of the fund’s reported assets. The ETF continues to rank just behind Nvidia, Alphabet, and FNGU, reflecting the fund’s deep concentration in leveraged and technology-driven strategies.

TQQQ, which seeks three times the daily performance of the Nasdaq-100 Index, has soared 33% in the past year, outpacing the S&P 500 by about 20 percentage points. Its top underlying exposures—Nvidia, Microsoft, Apple, and Amazon—mirror Oriental Harbor’s own equity bets, creating both alignment and amplification across the portfolio.

While leveraged ETFs like TQQQ can magnify gains, they also heighten risk when markets turn volatile. For Oriental Harbor, trimming the position may be a prudent rebalancing move after strong returns, especially given its already substantial exposure to the same megacap tech names through direct holdings and other leveraged funds like FNGU. The strategy suggests discipline, not retreat, as the fund locks in profits while maintaining a high-conviction tilt toward tech-fueled growth.

Glossary

ETF: Exchange-traded fund; a pooled investment fund traded on stock exchanges, similar to stocks.

UltraPro: Indicates an ETF aiming for leveraged returns, typically providing a multiple of the daily performance of an index.

Assets under management (AUM): The total market value of assets a fund manages on behalf of investors.

Non-diversified: A fund that invests a large portion of assets in a small number of holdings, increasing concentration risk.

Leveraged ETF: An ETF using financial instruments to amplify returns, often targeting a multiple of an index’s daily performance.

Dividend yield: Annual dividends paid by an investment, expressed as a percentage of its current price.

Underlying holdings: The individual securities or assets that make up a fund’s portfolio.

Nasdaq-100 Index: An index of the 100 largest non-financial companies listed on the Nasdaq Stock Market.

Daily return objective: The fund’s goal to match or multiply the performance of its benchmark index each trading day.

Financial instruments: Contracts such as derivatives or swaps used to achieve specific investment outcomes.

Outperforming: Achieving a higher return than a specific benchmark or index over a given period.

Reportable assets: Assets that must be disclosed in regulatory filings, such as those reported to the SEC.

Ohio-based Hixon Zuercher disclosed in an SEC filing on Friday that it sold 10,631 shares of Caterpillar (CAT 2.07%)for an estimated $4.5 million in the third quarter.

What Happened

According to a filing with the Securities and Exchange Commission released on Friday, Hixon Zuercher reduced its Caterpillar position by 10,631 shares during the third quarter. The estimated transaction value, based on the average closing price in the period, was approximately $4.5 million. The fund reported holding 10,776 Caterpillar shares worth $5.1 million at the end of the third quarter.

What Else to Know

This sale reduced the Caterpillar stake to 1.6% of Hixon Zuercher’s reportable U.S. equity portfolio.

Top five holdings after the filing:

• GSIE: $23.4 million (7.1% of AUM)
• GSLC: $12.1 million (3.7% of AUM)
• MSFT: $9.9 million (3% of AUM)
• NVDA: $20 million (2.9% of AUM)
• JPM: $9.6 million (2.9% of AUM)

As of Tuesday morning, Caterpillar shares were priced at $507.73, up nearly 29% over the year and outperforming the S&P 500’s nearly 13% gain.

Company Overview

Company Snapshot

• Caterpillar offers construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and related financial products and services.
• It generates revenue through equipment sales, parts and service contracts, and financial solutions such as leases and loans.
• The company serves construction, mining, energy, transportation, and industrial customers globally, with a diversified client base spanning multiple sectors.

Caterpillar is a global leader in the manufacturing of heavy equipment and engines, operating at scale with over $63 billion in TTM revenue. The company’s integrated business model combines equipment sales with aftermarket services and financial solutions, supporting customer needs across the full equipment lifecycle.

Foolish Take

Hixon Zuercher trimmed its Caterpillar (NYSE: CAT) stake in the third quarter, selling shares worth roughly $4.5 million just as the heavy equipment giant continues to navigate a soft patch in its construction and resource segments. The move follows Caterpillar’s latest earnings, released in August, which showed sales dipping 1% year-over-year to $16.6 billion and operating profit margin falling to 17.3% from 20.9% amid weaker price realization and higher manufacturing costs tied to tariffs.

Still, Caterpillar’s energy and transformation unit remained a bright spot, with sales rising 7% to $7.8 billion on robust demand from the power generation and oil and gas markets. The company also generated $3.1 billion in operating cash flow during the quarter and returned $1.5 billion to shareholders through buybacks and dividends.

This week, Caterpillar announced plans to acquire Australian mining software firm RPMGlobal for $728 million, expanding its footprint in digital mining solutions and automation. Caterpillar shares have climbed about 4% since the announcement.

Glossary

AUM (Assets Under Management): The total market value of assets a fund or investment manager oversees on behalf of clients.
Reportable AUM: The portion of a fund’s assets required to be disclosed in regulatory filings, often U.S. equities only.
Filing: An official document submitted to a regulatory authority, such as the SEC, detailing financial or operational information.
Position: The amount of a particular security or asset held by an investor or fund.
Top five holdings: The five largest investments in a portfolio, ranked by market value.
Outperforming: Achieving a higher return than a specified benchmark or index over a given period.
Aftermarket services: Support and products provided after the initial equipment sale, such as maintenance, repairs, and parts.
Leases: Contracts allowing use of an asset for a set period in exchange for regular payments.
Financial solutions: Services like loans, leases, or other financing options offered to customers to support purchases.
Diversified client base: A wide range of customers from different industries or sectors, reducing reliance on any single group.
Integrated business model: A strategy combining multiple related business activities—such as sales, services, and financing—within one company.
TTM: The 12-month period ending with the most recent quarterly report.

Cullen Capital Management, LLC disclosed the sale of 6,565,339 shares of Kenvue (KVUE -0.67%) for the period ended Q2 2025. The transaction was valued at an estimated $149.46 million.

What happened

Cullen Capital Management, LLC reported in a September 30, 2025SEC filingthat it reduced its position in Kenvue by 6,565,339 shares during Q2 2025. The estimated value of the shares sold was $149.46 million, based on the average closing price for the quarter. After the trade, Cullen retained 2,484,940 shares valued at $52.01 million as of Q2 2025.

What else to know

The fund trimmed its Kenvue stake, which now represents 0.6% of 13F assets under management as of June 30, 2025.

Top holdings after the filing:

• JPM: $303.61 million (3.5% of AUM) as of Q2 2025.
• CSCO: $279,989,672 (3.1889% of AUM) as of June 30, 2025.
• BAC: $260,614,250 (2.9682% of AUM) as of June 30, 2025.
• NVS: $253.74 million (2.9% of AUM) as of 2025-06-30.
• DUK: $241,854,363 (2.7545% of AUM) as of June 30, 2025.

As of September 29, 2025, shares were priced at $16.34, down 29.4% over the past year, lagging the S&P 500 by 42.63 percentage points

Company Overview

Company Snapshot

Kenvue Inc. generates revenue through a diversified portfolio of consumer health products, including over-the-counter medicines, skin and beauty care, and essential health items under brands such as Tylenol, Neutrogena, and Listerine.

The company operates worldwide through three segments: Self Care, Skin Health and Beauty, and Essential Health.

Kenvue Inc. offers healthcare, personal care, and wellness products globally.

Kenvue Inc. is a global consumer health company with a broad portfolio of well-established brands and a strong presence in the over-the-counter and personal care markets. Its strategic focus on essential health and self-care positions it competitively within the consumer defensive sector.

Foolish take

Cullen Capital reduced Kenvue’s stake to 0.6% of assets under management after selling 6.6 million shares. This is notable because KVUE stock has fallen nearly 30% over the past year, and has badly lagged the S&P 500 by about 43 percentage points.

Institutions trim for many reasons, from portfolio rebalancing to risk control. Still, the consumer health sector is typically defensive, and KVUE’s underperformance shows that not all staples are immune to market headwinds. Kenvue continues to generate $1.4 billion in profit and offers a 5.07% dividend yield, underscoring its appeal to income-focused investors.

Looking ahead, the key question lies in whether this weakness reflects turbulence or a deeper challenge to Kenvue’s growth and margin profile. Investors should monitor whether Kenvue can deliver stabilized earnings and sustain its dividend. If not, more institutions may follow Cullen’s lead.

Glossary

13F assets under management (AUM):The total value of securities reported by institutional investment managers in quarterly SEC Form 13F filings.
Dividend yield:The annual dividend payment divided by the stock’s current price, expressed as a percentage.
Quarter (Q2 2025):The second three-month period of a company’s fiscal year, here referring to April–June 2025.
Top holdings:The largest investments in a fund’s portfolio, typically by market value or percentage of assets.
Consumer defensive sector:Industry group including companies providing essential goods, like food, beverages, and household products, less sensitive to economic cycles.
Over-the-counter medicines:Drugs available without a prescription, used to treat common health issues.
Portfolio:A collection of investments held by an individual or institution.
Lagging the S&P 500:Underperforming the S&P 500 index, meaning a lower return compared to this benchmark.
TTM:The 12-month period ending with the most recent quarterly report.