CIK: 0001389426
Total reported value
$24.6B
Reporting period: 2026-03-31 · Number of holdings: 1057
Rafferty Asset Management, LLC disclosed 1057 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $24.6B and a quarterly turnover rate of 24.2%.
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Rafferty Asset Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 48 equally-sized positions, well below its 1057 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.59), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add EWY
+272.0% $441.4M
Trim TLT
-24.2% -$652.2M
Trim IWM
-26.5% -$318.6M
Add MRVL
+7.4% $84.9M
Add TSLA
+27.1% $30.9M
Trim MSFT
-9.3% -$210.1M
Rafferty Asset Management is harvesting profits from their outsized US mega-cap tech positions—trimming NVDA, MSFT, AAPL, AMD, and META—and redeploying that capital into a concentrated single-country bet on Korean equities (EWY surged from 0.41% to 2.28%). This is a deliberate rotation to chase fresh momentum abroad, not a defensive move; they are staying fully invested and increasing exposure to a correlated but less consensus market.
The reduction in TLT (trimmed from 9.15% to 8.11%) signals a short-duration bias—Rafferty believes the bond market’s easing expectations are overdone and that yields will remain elevated. Simultaneously, the addition of EWY encodes a cyclical bet on a global semiconductor-led recovery in Korea. The opposing thesis: the US economy slows faster than expected, forcing the Fed to cut and sending bonds higher, while Korea’s export-dependent market stumbles on Chinese demand weakness—leaving Rafferty both without the TLT hedge and holding a vulnerable single-country ETF.
Rafferty’s 63% allocation to Information Technology is a sector concentration that mirrors the momentum consensus—a classic overcrowded factor. The fund’s solution to trimming the most crowded tech names is to rotate into EWY, which amplifies rather than diversifies tech exposure: Korea’s equity market is dominated by semiconductors and electronics that trade in lockstep with the same AI and chip cycle. The structural vulnerability is a correlated two-layer bet: a de-rating in US tech multiples would simultaneously crater the core portfolio and the new Korea position, with no counterbalance from bonds after selling TLT.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Showing top 200 holdings (of 1057 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 8.11% | -1.04% | -24.21% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.44% | -0.18% | -11.95% | |
| 3 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 3.68% | -0.55% | -26.54% | |
| 4 | AVGO | Broadcom INC | Stock-Tech | 3.61% | +0.44% | +8.51% | |
| 5 | MU | Micron Technology INC | Stock-Tech | 3.15% | — | -15.22% | |
| 6 | TSLA | Tesla INC | Stock-Consumer Disc | 2.62% | +0.50% | +27.05% | |
| 7 | AMD | Advanced Micro Devices | Stock-Tech | 2.46% | -0.30% | -20.28% | |
| 8 | EWY | Ishares Msci South Korea ETF | ETF-Other | 2.28% | +1.87% | +272.03% | |
| 9 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 2.24% | +0.15% | -14.95% | |
| 10 | AMAT | Applied Materials INC | Stock-Tech | 2.18% | +0.15% | -31.52% | |
| 11 | AAPL | Apple INC | Stock-Tech | 2.17% | -0.40% | -22.92% | |
| 12 | MSFT | Microsoft CORP | Stock-Tech | 1.93% | -0.44% | -9.34% | |
| 13 | MRVL | Marvell Technology INC | Stock-Tech | 1.71% | +0.55% | +7.42% | |
| 14 | FXI | Ishares China Large-cap ETF | ETF-Emerging Markets | 1.60% | -0.21% | -19.58% | |
| 15 | INTC | Intel CORP | Stock-Tech | 1.58% | — | -13.83% | |
| 16 | KLAC | Kla CORP | Stock-Tech | 1.55% | +0.12% | -24.17% | |
| 17 | LRCX | Lam Research CORP | Stock-Tech | 1.55% | -0.02% | -32.74% | |
| 18 | TXN | Texas Instruments INC | Stock-Tech | 1.47% | +0.04% | -21.80% | |
| 19 | ADI | Analog Devices INC | Stock-Tech | 1.42% | +0.03% | -26.04% | |
| 20 | QCOM | Qualcomm INC | Stock-Tech | 1.42% | -0.02% | +11.06% | |
| 21 | MPWR | Monolithic Power Systems INC | Stock-Tech | 1.41% | — | -19.92% | |
| 22 | TER | Teradyne INC | Stock-Tech | 1.31% | +0.36% | -23.08% | |
| 23 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.30% | +0.03% | -21.66% | |
| 24 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.29% | — | — | |
| 25 | NXPI | NXP Semiconductors N.V. | Stock-Tech | 1.28% | -0.13% | -15.01% | |
| 26 | ASML | ASML Holding N.V. | Stock-Tech | 1.19% | +0.03% | -29.24% | |
| 27 | MCHP | Microchip Technology INC | Stock-Tech | 1.05% | -0.05% | -19.66% | |
| 28 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.92% | -0.09% | -19.08% | |
| 29 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.89% | -0.09% | -14.76% | |
| 30 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.87% | -0.01% | -8.16% | |
| 31 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.78% | -0.14% | -21.06% | |
| 32 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.76% | +0.03% | +8.12% | |
| 33 | ON | On Semiconductor | Stock-Tech | 0.71% | — | -22.24% | |
| 34 | GDXJ | Vaneck Junior Gold Miners | ETF-Commodities | 0.70% | +0.01% | -18.16% | |
| 35 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.60% | -0.39% | -40.83% | |
| 36 | KWEB | Kranesh Csi China Internet | ETF-Emerging Markets | 0.58% | — | +17.13% | |
| 37 | V | Visa Inc-class A Shares | Stock-Financials | 0.50% | -0.12% | -20.37% | |
| 38 | ENTG | Entegris INC | Stock-Tech | 0.50% | — | -20.13% | |
| 39 | XOM | Exxon Mobil CORP | Stock-Energy | 0.46% | +0.16% | -6.74% | |
| 40 | CRDO | Credo Technology Group Holding Ltd | Stock-Tech | 0.43% | -0.23% | -15.87% | |
| 41 | MTSI | Macom Technology Solutions H | Stock-Tech | 0.42% | — | -19.41% | |
| 42 | ALAB | Astera Labs INC | Stock-Tech | 0.42% | -0.25% | -18.96% | |
| 43 | MA | Mastercard INC - A | Stock-Financials | 0.40% | -0.10% | -20.83% | |
| 44 | NVMI | Nova Ltd. | Stock-Other | 0.39% | — | -17.09% | |
| 45 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.36% | -0.10% | -26.91% | |
| 46 | CSCO | Cisco Systems INC | Stock-Tech | 0.36% | -0.03% | -22.63% | |
| 47 | BAC | Bank Of America CORP | Stock-Financials | 0.32% | -0.07% | -21.28% | |
| 48 | ASX | Ase Technology Holding -adr | Stock-Tech | 0.32% | — | -23.07% | |
| 49 | GE | General Electric | Stock-Industrials | 0.31% | — | +1.28% | |
| 50 | CVX | Chevron CORP | Stock-Energy | 0.30% | — | -3.48% |
Performance for Q3 2026
+7.4%
Performance Last 4 Quarters
+52.1%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1057 | $24.6B | 24 | |
| 2025-12-31 | 1134 | $28.9B | 17 | |
| 2025-09-30 | 1104 | $30.8B | 34 | |
| 2025-06-30 | 1077 | $30.3B | 0 | |
| 2025-03-31 | 1058 | $23.5B | 100 | |
| 2024-12-31 | 1140 | $28.3B | 0 | |
| 2024-09-30 | 1137 | $29.2B | 0 | |
| 2024-06-30 | 1168 | $26.9B | 0 | |
| 2024-03-31 | 1080 | $26.8B | 0 | |
| 2023-12-31 | 1070 | $23.7B | 0 | |
| 2023-09-30 | 1072 | $17.0B | 0 | |
| 2023-06-30 | 1089 | $17.7B | 0 | |
| 2023-03-31 | 1140 | $14.8B | 0 | |
| 2022-12-31 | 1120 | $11.9B | 0 | |
| 2022-09-30 | 1137 | $9.4B | 0 | |
| 2022-06-30 | 1124 | $10.9B | 0 | |
| 2022-03-31 | 1217 | $16.9B | 0 | |
| 2021-12-31 | 1298 | $19.0B | 0 | |
| 2021-09-30 | 1252 | $14.6B | 0 | |
| 2021-06-30 | 1253 | $15.9B | 96 | |
| 2021-03-31 | 1159 | $14.6B | 44 | |
| 2020-12-31 | 1007 | $10.2B | 30 | |
| 2020-09-30 | 949 | $8.3B | 39 | |
| 2020-06-30 | 970 | $7.1B | 100 | |
| 2020-03-31 | 596 | $2.4B | 100 | |
| 2019-12-31 | 864 | $6.5B | 23 | |
| 2019-09-30 | 798 | $6.4B | 34 | |
| 2019-06-30 | 795 | $5.7B | 30 | |
| 2019-03-31 | 789 | $6.2B | 42 | |
| 2018-12-31 | 616 | $4.6B | 41 | |
| 2018-09-30 | 683 | $6.5B | 19 | |
| 2018-06-30 | 648 | $6.7B | 26 | |
| 2018-03-31 | 663 | $6.7B | 30 | |
| 2017-12-31 | 699 | $5.8B | 44 | |
| 2017-09-30 | 591 | $4.5B | 43 | |
| 2017-06-30 | 544 | $3.5B | 64 | |
| 2017-03-31 | 528 | $4.5B | 83 | |
| 2016-12-31 | 443 | $2.2B | 51 | |
| 2016-09-30 | 480 | $2.7B | 97 | |
| 2016-06-30 | 501 | $1.5B | 92 | |
| 2016-03-31 | 505 | $1.8B | 100 | |
| 2015-12-31 | 521 | $831.2M | 75 | |
| 2015-09-30 | 548 | $1.3B | 75 | |
| 2015-06-30 | 518 | $1.5B | 65 | |
| 2015-03-31 | 557 | $1.3B | 100 | |
| 2014-12-31 | 351 | $440.7M | 100 | |
| 2014-09-30 | 357 | $929.4M | 98 | |
| 2014-06-30 | 336 | $519.9M | 98 | |
| 2014-03-31 | 254 | $483.1M | 62 | |
| 2013-12-31 | 272 | $418.2M | 78 | |
| 2013-09-30 | 161 | $517.9M | 83 | |
| 2013-06-30 | 283 | $725.9M | 0 |
Rafferty Asset Management, LLC's most significant position changes for 2026-03-31: Add: Ishares Msci South Korea ETF (EWY) — shares +272.03%; Trim: Ishares 20+ Year Treasury Bd (TLT) — shares -24.21%; Trim: Ishares Russell 2000 ETF (IWM) — shares -26.54%; Add: Marvell Technology INC (MRVL) — shares +7.42%; Add: Tesla INC (TSLA) — shares +27.05%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EWY | Ishares Msci South Korea ETF | +1.9% | +272.03% | Add |
| 2 | MRVL | Marvell Technology INC | +0.6% | +7.42% | Add |
| 3 | TSLA | Tesla INC | +0.5% | +27.05% | Add |
| 4 | AVGO | Broadcom INC | +0.4% | +8.51% | Add |
| 5 | TER | Teradyne INC | +0.4% | -23.08% | Trim |
| 6 | XOM | Exxon Mobil CORP | +0.2% | -6.74% | Trim |
| 7 | GDX | Vaneck Gold Miners ETF | +0.2% | -14.95% | Trim |
| 8 | AMAT | Applied Materials INC | +0.2% | -31.52% | Trim |
| 9 | KLAC | Kla CORP | +0.1% | -24.17% | Trim |
| 10 | TXN | Texas Instruments INC | 0% | -21.80% | Trim |
| 11 | ADI | Analog Devices INC | 0% | -26.04% | Trim |
| 12 | TSM | Taiwan Semiconductor-sp Adr | 0% | -21.66% | Trim |
| 13 | ASML | ASML Holding N.V. | 0% | -29.24% | Trim |
| 14 | PLTR | Palantir Technologies Inc-a | 0% | +8.12% | Add |
| 15 | GDXJ | Vaneck Junior Gold Miners | 0% | -18.16% | Trim |
| 16 | GOOGL | Alphabet Inc-cl A | 0% | -8.16% | Trim |
| 17 | LRCX | Lam Research CORP | 0% | -32.74% | Trim |
| 18 | QCOM | Qualcomm INC | 0% | +11.06% | Add |
| 19 | CSCO | Cisco Systems INC | 0% | -22.63% | Trim |
| 20 | RMBS | Rambus INC | 0% | -20.33% | Trim |
| 21 | MCHP | Microchip Technology INC | -0.1% | -19.66% | Trim |
| 22 | SWKS | Skyworks Solutions INC | -0.1% | -19.44% | Trim |
| 23 | ACN | Accenture plc | -0.1% | -25.37% | Trim |
| 24 | ADBE | Adobe INC | -0.1% | -13.26% | Trim |
| 25 | BAC | Bank Of America CORP | -0.1% | -21.28% | Trim |
| 26 | WFC | Wells Fargo & Co | -0.1% | -21.48% | Trim |
| 27 | NOW | Servicenow INC | -0.1% | -24.38% | Trim |
| 28 | IBM | Intl Business Machines CORP | -0.1% | -25.14% | Trim |
| 29 | INTU | Intuit INC | -0.1% | -14.26% | Trim |
| 30 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | -19.08% | Trim |
| 31 | AMZN | Amazon.com INC | -0.1% | -14.76% | Trim |
| 32 | LLY | Eli Lilly & Co | -0.1% | -28.40% | Trim |
| 33 | APP | Applovin Corp-class A | -0.1% | -11.96% | Trim |
| 34 | MA | Mastercard INC - A | -0.1% | -20.83% | Trim |
| 35 | GOOG | Alphabet Inc-cl C | -0.1% | -26.91% | Trim |
| 36 | CRM | Salesforce INC | -0.1% | -24.97% | Trim |
| 37 | ORCL | Oracle CORP | -0.1% | -22.83% | Trim |
| 38 | V | Visa Inc-class A Shares | -0.1% | -20.37% | Trim |
| 39 | NXPI | NXP Semiconductors N.V. | -0.1% | -15.01% | Trim |
| 40 | JPM | Jpmorgan Chase & Co | -0.1% | -21.06% | Trim |
| 41 | NVDA | Nvidia CORP | -0.2% | -11.95% | Trim |
| 42 | FXI | Ishares China Large-cap ETF | -0.2% | -19.58% | Trim |
| 43 | CRDO | Credo Technology Group Holding Ltd | -0.2% | -15.87% | Trim |
| 44 | ALAB | Astera Labs INC | -0.3% | -18.96% | Trim |
| 45 | AMD | Advanced Micro Devices | -0.3% | -20.28% | Trim |
| 46 | META | Meta Platforms Inc-class A | -0.4% | -40.83% | Trim |
| 47 | AAPL | Apple INC | -0.4% | -22.92% | Trim |
| 48 | MSFT | Microsoft CORP | -0.4% | -9.34% | Trim |
| 49 | IWM | Ishares Russell 2000 ETF | -0.6% | -26.54% | Trim |
| 50 | TLT | Ishares 20+ Year Treasury Bd | -1% | -24.21% | Trim |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-10 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-07 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-09 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-06 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-08 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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