Annex Advisory cuts small-cap ETF stake by 94% in Q3
35 sourcesUpdated Oct 17, 20261 min read
Annex Advisory Services made varied portfolio moves in the third quarter, adding positions in the iShares Global 100 ETF, LandBridge, Taiwan Semiconductor Manufacturing and the State Street SPDR Portfolio S&P 500 ETF. It increased its LandBridge stake by 24.6% and its Taiwan Semiconductor holdings by 4.9%, while opening new positions in the two ETFs. In contrast, the firm cut its SPDR Portfolio S&P 600 Small Cap ETF holding by 94.2%, selling more than 1 million shares.
Where do you stand?
How it spread
What each side asserts, disputes — or leaves out entirely.
Whose framing of this story rings truest to you?
Selling 94 percent of their small cap position while adding large cap exposure feels like a defensive rebalance to me.
Shifting into Taiwan Semiconductor and the global 100 ETF looks like a bet on established tech over domestic small caps.
Annex must be expecting more trouble ahead for smaller companies if they're slashing that ETF stake so drastically.
