Core Viewpoint - Nomura's first-quarter holdings report for the period ending March 31, 2025, shows a significant decrease in total market value, dropping from $74.1 billion to $53.6 billion, a decline of approximately 28% [1][2]. Holdings Summary - Total market value of Nomura's holdings is $53.6 billion, down from $74.1 billion [1][2]. - The fund added 377 new stocks, increased holdings in 487 stocks, reduced holdings in 750 stocks, and completely sold out of 799 stocks [1][2]. - The top ten holdings account for 35.01% of the total market value [1][2]. Top Holdings - The largest holding is Coinbase bonds (DEBT-COIN) with a market value of approximately $4.095 billion, representing 7.65% of the portfolio, showing a substantial increase of 879.53% in shares held [3][5]. - The second largest holding is Meta call options with a market value of about $2.995 billion, accounting for 5.59% of the portfolio, with a decrease of 35.53% in shares held [3][5]. - The third largest holding is iShares Russell 2000 put options with a market value of approximately $2.371 billion, representing 4.43% of the portfolio, with an increase of 98.99% in shares held [3][5]. - Other notable holdings include Nvidia call options, SPDR S&P 500 put options, and Tesla [3][4]. Changes in Holdings - The top five purchases by percentage change include Coinbase bonds, iShares Russell 2000 put options, SPDR S&P 500 call options, Nike, and Electronic Arts put options [5][7]. - The top five sales by percentage change include Tesla put options, Nvidia put options, Tesla call options, Tesla, and Invesco QQQ Trust put options [6][7].

Core Insights - Citigroup submitted its 13F filing for the first quarter ending March 31, 2025, reporting a total market value of $196 billion, up approximately 16% from $169 billion in the previous quarter [1][2]. Holdings Summary - The fund added 349 new stocks, increased holdings in 2,259 stocks, reduced holdings in 2,635 stocks, and completely sold out of 632 stocks [1][2]. - The top ten holdings accounted for 24.36% of the total market value [1][2]. Top Holdings - The largest position was in Invesco QQQ Trust (PUT), with 25.54 million shares valued at approximately $11.98 billion, representing 6.12% of the portfolio, and a significant increase of 306.29% in shares held [3][6]. - NVIDIA (NVDA) was the second-largest holding, with 51.32 million shares valued at about $5.56 billion, making up 2.84% of the portfolio, and an increase of 48.34% in shares held [4][6]. - Apple (AAPL) ranked third, holding 24.38 million shares valued at approximately $5.42 billion, which is 2.77% of the portfolio, with a 62.57% increase in shares held [5][6]. - Microsoft (MSFT) was fourth, with 13.16 million shares valued at about $4.94 billion, accounting for 2.52% of the portfolio, and a 75.93% increase in shares held [5][6]. - The fifth position was in SPDR Gold ETF (CALL), with 13.89 million shares valued at approximately $4.00 billion, representing 2.05% of the portfolio, with a decrease of 2.26% in shares held [5][6]. Notable Changes - The top five purchases by percentage change included Invesco QQQ Trust (PUT), iShares 20+ Year Treasury (TLT), SPDR S&P 500 ETF (SPY), iShares 20+ Year Treasury (CALL), and Microsoft [6][8]. - The top five sales by percentage change included Tesla (PUT), iShares Russell 2000 (PUT), NVIDIA (PUT), Carvana (PUT), and Apple (PUT) [7][8].