1
Biggest move this week: HECA swapped CLOZ for CLOA (AAA CLOs)
CLOZ out (6.0% of the fund), CLOA in (6.0%). Same asset class, different fund. 7 big moves in the last 5 trading days.
Hedgeye Asset Management · as of close Oct 30, 2026 Discretionary
Hedgeye's funds are moving to defense.
Over the last four weeks, cash and T-bills rose 16 points across the funds while tech fell 16. Investors pulled $35M.
Daily holdings since Nov 24, 2025 (220 trading days; 26 scattered days are missing). About our data
Last night holdings as of close Fri Oct 30
New positions (3)
Exited (10)
- HEFT XLK State Street Technology Select Sec 3.0% → 0.0%
- HECA DBMF iMGP DBi Managed Futures Strategy 2.5% → 0.0%
- HEFT ZROZ PIMCO 25+ Year Zero Coupon U.S. Tr -2.5% → 0.0%
- HEFT GLD SPDR Gold Shares 2.4% → 0.0%
- HECA IGV iShares Expanded Tech-Software Sec 2.0% → 0.0%
- HGRO UNH UnitedHealth Group Inc 1.5% → 0.0%
- HGRO SHOP Shopify Inc 1.0% → 0.0%
- HGRO MRVL MARVELL TECHNOLOGY INC 0.8% → 0.0%
- and 2 more
Added to (8)
- HECA CLOA iShares AAA CLO Active ETF 6.0% → 8.0%
- HEFT XLP State Street Consumer Staples Sele 1.6% → 2.5%
- HGRO CBOE Cboe Global Markets Inc 1.3% → 1.9%
- HECA LVHI Franklin International Low Volatil 3.0% → 3.5%
- HECA UUP Invesco DB US Dollar Index Bullish 4.0% → 4.5%
- HGRO ISRG Intuitive Surgical Inc 1.0% → 1.5%
- HGRO AMT AMERICAN TOWER CORP 1.3% → 1.7%
- HGRO NUE Nucor Corp 1.0% → 1.4%
HECA: investors pulled $3.2M
Every change from the previous day's file: names added or removed, and positions that moved by 0.4 points or more of the fund. Small changes can come from price moves alone; the big moves below are the ones that matter most.
This week in 5 minutes
Details →
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Where the money moved (4 weeks, all funds combined)
Into Cash & T-bills (+16.2pt), US stocks (broad) (+3.3pt), Consumer Staples (+3.2pt). Out of Information Technology (-16.0pt), Crypto (-5.6pt), Emerging markets (-3.7pt).
3
New conviction
Bought in the last month and still holding: UUP in HECA (4.5%), LLY in HGRO (3.6%), GII in HEFT (2.5%), XLP in HEFT (2.5%). At their largest weight ever: LLY in HGRO (3.6%), MO in HEFT (2.2%), PM in HEFT (2.1%), CSX in HGRO (2.0%).
4
Short-lived positions
HEFT bought FXH (First Trust Health Care AlphaDEX F) on Sep 28 and cut it back by Oct 12; HEFT bought XLK (US tech) on Sep 28 and cut it back by Oct 15; HGRO bought GOOGL (Alphabet Inc) on Sep 28 and cut it back by Oct 26; HECA bought RECS (Columbia Research Enhanced Core ET) on Oct 19 and cut it back by Oct 28.
5
Investor flows: −$35M over 4 weeks
HECA −$25.9M (now $232M); HGRO −$6.8M (now $107M); HEFT −$1.9M (now $77M).
6
Track record: 65% of big buys in the last ~90 days beat the S&P 500 (42% since 2025-11)
26 big buys in current funds (cash parking and like-for-like swaps left out), each measured against the S&P over the same days. Median: +0.7 points vs the S&P. Best: MSFT in HGRO +31, LLY in HGRO +25, XOM in HGRO +17. Worst: GOOGL in HGRO -18, AMD in HGRO -16, NVDA in HGRO -7 (points vs the S&P).
What you're looking at
Hedgeye Asset Management (HAM) is the fund arm of Hedgeye Risk Management, the Stamford, Connecticut research firm best known for its macro "Quad" framework and daily risk ranges. HAM launched its first ETFs in 2025. Each fund publishes its full holdings every trading day, which is what this site tracks.
- HECA Capital Allocation. Moves money across asset classes (stocks, bonds, credit, currencies, commodities, cash) using other ETFs, guided by Hedgeye's macro research. Managed by David Salem. Its shifts are the clearest read on Hedgeye's market view. Official page ↗
- HGRO Quality Growth. A concentrated portfolio of 40 to 50 quality growth stocks, sized by conviction. Managed by Sam Rahman. This is where individual stock picks show up. Official page ↗
- HEFT Fourth Turning L/S. A thematic long/short fund built on Neil Howe's "Fourth Turning" view of generational cycles, co-managed by Howe and Patrick Kent. Holds longs, shorts and macro hedges. Official page ↗
Also closed in October 2026: the Index Adds ETF (ADDS). The small bitcoin fund (HBIT) is not covered.
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Latest big moves All moves →
| Date | Fund | Ticker | Name | Action | Position size | Since | Status |
|---|---|---|---|---|---|---|---|
| 10-30 | HECA | DBMF | iMGP DBi Managed Futures Strategy | Sold | 6.0% → 0.0% | — | Exited |
| 10-30 | HEFT | GII | State Street SPDR S&P Global Infra | Bought | 0.0% → 2.5% | Too new | Held · 2.5% |
| 10-29 | HECA | CLOZ → CLOA | Eldridge BBB-B CLO ETF → iShares AAA CLO Active ETF | Swapped | 6.0% → 6.0% | Too new | Held · 8.0% |
| 10-28 | HECA | RECS | Columbia Research Enhanced Core ET | Sold | 5.8% → 0.0% | — | Exited |
| 10-27 | HEFT | ZROZ | PIMCO 25+ Year Zero Coupon U.S. Tr | Covered | -5.2% → -2.5% | — | Exited |
| 10-26 | HECA | QGRW | Wisdomtree US Quality Growth Fund | Sold | 5.0% → 0.0% | — | Exited |
| 10-26 | HGRO | GOOGL | Alphabet Inc | Sold | 5.7% → 2.8% | — | Exited |
| 10-22 | HECA | FLJP | Franklin FTSE Japan ETF | Sold | 5.1% → 0.0% | — | Exited |
| 10-22 | HGRO | META | Meta Platforms Inc | Sold | 3.8% → 0.0% | — | Exited |
| 10-20 | HGRO | NVDA | NVIDIA Corp | Sold | 7.9% → 4.7% | — | Held · 3.0% |
| 10-19 | HECA | XLK | State Street Technology Select Sec | Sold | 6.6% → 0.0% | — | Exited |
| 10-19 | HECA | FLTW | Franklin FTSE Taiwan ETF | Sold | 6.1% → 0.0% | — | Exited |
A "big move" is a change in position size that is large for that fund: at least twice its typical position, and at least 1.5 points, within two weeks. How we measure.
What they own right now
| Ticker | Name | Fund | Exposure | Weight | 4 weeks ago |
|---|---|---|---|---|---|
| VTI | Vanguard Morningstar Total Stock M | HEFT | US stocks (broad) | 14.8% | 15.1% -0.3 |
| CERY | State Street SPDR Bloomberg Enhanc | HEFT | Commodities & energy | 10.9% | 10.9% +0.1 |
| DBMF | iMGP DBi Managed Futures Strategy | HEFT | Alternatives | 10.4% | 10.5% -0.2 |
| UTWO | F/m US Treasury 2 Year Note ETF | HEFT | Treasuries | 9.4% | 9.3% +0.0 |
| AAPL | Apple Inc | HGRO | Information Technology | 7.5% | 8.0% -0.5 |
| MSFT | Microsoft Corp | HGRO | Information Technology | 6.9% | 7.5% -0.6 |
| UUP | Invesco DB US Dollar Index Bullish | HECA | US dollar | 4.5% | 0.0% +4.5 |
| AMZN | Amazon.com Inc | HGRO | Consumer Discretionary | 3.9% | 3.0% +0.9 |
| LLY | Eli Lilly & Co | HGRO | Health Care | 3.6% | 1.0% +2.7 |
| LVHI | Franklin International Low Volatil | HECA | International stocks | 3.5% | 0.0% +3.5 |
| XLE | State Street Energy Select Sector | HEFT | Commodities & energy | 3.4% | 3.0% +0.3 |
| XOM | ExxonMobil Holdings Corp | HGRO | Energy | 3.3% | 2.8% +0.5 |
| CIBR | First Trust NASDAQ Cybersecurity E | HEFT | Information Technology | 3.0% | 2.1% +0.9 |
| NVDA | NVIDIA Corp | HGRO | Information Technology | 3.0% | 7.5% -4.5 |
| V | Visa Inc | HGRO | Financials | 2.9% | 2.9% +0.0 |
Largest positions across the funds, excluding cash and T-bills.
How each fund is positioned
HECA Capital Allocation
Cash & T-bills46.3% +29.0
Floating rate & CLOs33.5% +0.3
US stocks (broad)5.3% +5.3
US dollar4.5% +4.5
International stocks3.5% +3.5
Health Care2.6% -3.3
Alternatives2.0% -5.2
Consumer Staples1.3% +1.3
Other currencies1.0% +1.0
Information Technology0.0% -18.3
Crypto0.0% -9.8
Emerging markets0.0% -6.1
Bar: today. White mark: 4 weeks ago.
HGRO Quality Growth
Information Technology28.4% -17.1
Health Care14.3% +0.5
Financials12.5% +7.2
Consumer Discretionary10.4% +4.9
Consumer Staples10.3% +5.2
Cash & T-bills7.2% +0.6
Energy6.0% +1.2
Industrials5.7% -0.2
Materials2.1% +2.1
Real Estate1.7% +1.7
Communication Services1.3% -6.2
Bar: today. White mark: 4 weeks ago.
HEFT Fourth Turning L/S
Cash & T-bills26.0% -1.4
US stocks (broad)20.1% +0.1
Commodities & energy17.7% +0.5
Alternatives10.4% -0.1
Treasuries9.4% +4.9
Consumer Staples8.7% +5.9
Health Care6.2% -3.7
Information Technology3.9% -7.5
Financials-2.8% -1.4
Consumer Discretionary-2.5% +1.7
Energy2.1% +0.1
Industrials1.9% +3.3
Bar: today. White mark: 4 weeks ago.
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