ETF Portfolio Shifts
Columbus Macro Realigns Portfolio with Key ETF Adjustments Across Sectors
Key Points
In PSCT, Columbus Macro LLC’s new stake of 21,069 shares (about $1.27 million) is part of broader activity in the ETF, with other hedge funds opening or expanding positions: Advisory Services Network LLC (new position worth $32,000); Farther Finance Advisors LLC increased to 1,195 shares ($68,000) after adding 325; Kestra Advisory Services LLC (new stake worth $150,000); PFG Investments LLC (new stake worth $204,000); and Corient Private Wealth LLC (new stake in Q2 worth $208,000).
For SCHP, alongside Columbus Macro LLC’s 15.3% share reduction to 176,961, other funds expanded their SCHP positions in the period, including AQR Capital Management LLC (+49,056 shares to about 76,197 total, $2,049,000 value); State Street Corp (+76,212 shares to 2,599,691, $69.36 million); Brighton Jones LLC (+14,212 shares); Main Street Financial Solutions LLC (+2,312 shares); and AllianceBernstein L.P. (+223,281 shares).
In SCHR, Columbus Macro LLC reduced its holding by 41.4% to 84,824 shares after selling 59,850, while other managers opened new stakes in the fund, including Aventura Private Wealth LLC, Asset Dedication LLC, Wealth Watch Advisors INC, GeoWealth Management LLC, and Triumph Capital Management, each taking new positions valued at modest levels (roughly $25,000–$34,000).
BAR remains a meaningful overweight for Columbus Macro LLC, with 244,650 GraniteShares Gold Trust shares valued around $11.29 million, constituting about 1.2% of the portfolio and ranking as the 21st largest position.
In MBB, Columbus Macro LLC cut its stake by 22.2% to 48,838 shares, reflecting ongoing repositioning in mortgage-backed securities; the ETF has a high level of ownership by hedge funds and institutions (about 91.70%), with recent trading around the mid-$90s and a 52-week range near $92.40–$96.96.
Columbus Macro LLC made a sharp pivot in the first quarter of 2024, buying into small-cap tech while pulling back from bonds and gold. The Pennsylvania-based firm opened a new $1.27 million stake in Invesco's PSCT — a small-cap information technology ETF — while cutting positions in four other funds, according to MarketBeat.
The moves signal a broad portfolio rebalancing. The firm trimmed its Treasury inflation-protected securities, intermediate-term Treasuries, mortgage-backed securities, and gold holdings all in the same quarter. The total value of the five affected positions runs well above $23 million.
Columbus Macro Bets Big on Small-Cap Tech
Columbus Macro's new PSCT position — 21,069 shares worth about $1.27 million — marks a clear tilt toward high-growth, smaller technology companies. PSCT tracks the S&P SmallCap 600 Information Technology Index. It holds companies that differ sharply from the large-cap names dominating most tech ETFs, according to Fintel.
Other funds followed a similar path. Advisory Services Network LLC opened a new $32,000 stake in PSCT. PFG Investments LLC added a new $204,000 position. Corient Private Wealth LLC opened a $208,000 stake in Q2, per Defense World. The pattern suggests Columbus Macro was early to a trade that others are now joining.
Fixed-Income Cuts Point to Higher-for-Longer Rate Bet
Columbus Macro sold 59,850 shares of SCHR — the Schwab Intermediate-Term U.S. Treasury ETF — cutting its position by 41.4%. It now holds 84,824 shares worth about $2.11 million. The firm also trimmed its SCHP stake by 15.3%, ending the quarter with 176,961 shares valued at $4.71 million, according to Watchlist News.
Intermediate-term bonds lose value when interest rates stay high or rise. By cutting both SCHR and SCHP — a TIPS fund tied to inflation data — Columbus Macro appears to be betting that the Federal Reserve will keep rates elevated. Inflation cooling reduces the benefit of TIPS, since their principal grows with CPI. Meanwhile, several new managers opened small positions in SCHR, including Aventura Private Wealth LLC and GeoWealth Management LLC, each with stakes around $25,000–$34,000.
Gold Remains a Core Holding Despite Modest Trim
Columbus Macro cut its GraniteShares Gold Trust (BAR) position by 6.9%, or roughly 18,050 shares. It still holds 244,650 shares worth about $11.29 million. That makes BAR the firm's 21st largest holding and about 1.2% of its total portfolio, per MarketBeat.
Analysts see the trim as profit-taking after gold's strong 52-week run — not an exit from the commodity. The firm appears to be running a barbell strategy: pairing high-growth small-cap tech on one end with a hard-asset gold hedge on the other, even as it dumps "paper" inflation hedges like TIPS.
MBS Cut Reflects Caution on U.S. Housing Market
Columbus Macro reduced its iShares MBS ETF (MBB) position by 22.2%, selling roughly 13,950 shares. It now holds 48,838 shares worth about $4.64 million. MBB tracks mortgage-backed securities — debt tied to home loans and backed by government agencies. Institutions own about 91.7% of the ETF, making it sensitive to large-fund moves, per Morningstar.
The ETF traded in a tight range near the mid-$90s, with a 52-week spread of roughly $92.40 to $96.96. High mortgage rates and low housing inventory have made MBS a weaker yield play in 2024. Columbus Macro's cut suggests the firm sees little near-term catalyst for improvement in the mortgage market. Meanwhile, State Street Corp added 76,212 shares to its SCHP position, bringing its total to 2,599,691 shares worth $69.36 million — a stark contrast to Columbus Macro's direction in fixed income.
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