Hedgeye / HEFT
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.
Fund's official page: holdings, prospectus and performance ↗
Daily holdings since Nov 21, 2025 (220 trading days; 26 scattered days are missing).
Assets$77.4M
NAV per share since 2025-11-21+6.1%S&P 500 same period: +15.9% (with dividends; NAV excludes distributions)
Positions57
Big moves, last 30 days18
Assets ($M)
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.
Recent big moves
| 10-30 | HEFT | GII | State Street SPDR S&P Global Infra | Bought | 0.0% → 2.5% | Held · 2.5% |
| 10-27 | HEFT | ZROZ | PIMCO 25+ Year Zero Coupon U.S. Tr | Covered | -5.2% → -2.5% | Exited |
| 10-15 | HEFT | XLK | State Street Technology Select Sec | Sold | 5.0% → 3.0% | Exited |
| 10-13 | HEFT | XLP | State Street Consumer Staples Sele | Bought | 0.0% → 1.5% | Held · 2.5% |
| 10-08 | HEFT | FXH | First Trust Health Care AlphaDEX F | Sold | 1.9% → 0.0% | Exited |
| 10-07 | HEFT | XBI | State Street SPDR S&P Biotech ETF | Sold | 1.0% → 0.0% | Exited |
| 09-28 | HEFT | NFRA | Northern Trust STOXX Global Broad | Sold | 2.5% → 0.0% | Exited |
| 09-28 | HEFT | OIH | VanEck Oil Services ETF | Sold | 3.3% → 0.0% | Held · 1.0% |
| 09-28 | HEFT | GLD | SPDR Gold Shares | Sold | 5.0% → 2.5% | Exited |
| 09-28 | HEFT | NOBL | ProShares S&P 500 Dividend Aristoc | Sold | 5.5% → 2.5% | Held · 2.7% |
| 09-28 | HEFT | VTI | Vanguard Morningstar Total Stock M | Bought | 6.8% → 12.0% | Held · 14.8% |
| 09-28 | HEFT | XSW | State Street SPDR S&P Software & S | Sold | 2.0% → 0.0% | Exited |
| 09-28 | HEFT | XLE | State Street Energy Select Sector | Bought | 0.0% → 3.0% | Held · 3.4% |
| 09-28 | HEFT | LVHD | Franklin U.S. Low Volatility High | Sold | 4.7% → 2.5% | Held · 2.7% |
| 09-28 | HEFT | IHE → FXH | iShares U.S. Pharmaceuticals ETF → First Trust Health Care AlphaDEX F | Swapped | 1.9% → 2.0% | Reversed 10-08 |
All holdings
| Ticker | Name | Sector / asset class | Weight |
|---|---|---|---|
| VTI | Vanguard Morningstar Total Stock M | US stocks (broad) | 14.79% |
| CERY | State Street SPDR Bloomberg Enhanc | Commodities & energy | 10.95% |
| DBMF | iMGP DBi Managed Futures Strategy | Alternatives | 10.37% |
| UTWO | F/m US Treasury 2 Year Note ETF | Treasuries | 9.36% |
| ICSH | iShares Ultra Short Duration Bond | Cash & T-bills | 6.51% |
| XLE | State Street Energy Select Sector | Commodities & energy | 3.38% |
| CIBR | First Trust NASDAQ Cybersecurity E | Information Technology | 3.04% |
| LVHD | Franklin U.S. Low Volatility High | US stocks (broad) | 2.67% |
| NOBL | ProShares S&P 500 Dividend Aristoc | US stocks (broad) | 2.67% |
| GII | State Street SPDR S&P Global Infra | Industrials | 2.51% |
| XLP | State Street Consumer Staples Sele | Consumer Staples | 2.50% |
| XOP | State Street SPDR S&P Oil & Gas Ex | Commodities & energy | 2.33% |
| MO | Altria Group Inc | Consumer Staples | 2.19% |
| PM | Philip Morris International Inc | Consumer Staples | 2.08% |
| DG | Dollar General Corp | Consumer Staples | 1.60% |
| HTEC | ROBO Global R Healthcare Technolog | Health Care | 1.60% |
| FITE | State Street SPDR S&P Kensho Futur | Information Technology | 1.51% |
| PLTR | Palantir Technologies Inc | Information Technology | 1.43% |
| LLY | Eli Lilly & Co | Health Care | 1.41% |
| DRAM | Roundhill Memory ETF | Information Technology | -1.35% |
| PFE | Pfizer Inc | Health Care | 1.29% |
| SNOW | Snowflake Inc | Information Technology | 1.17% |
| SHOP | Shopify Inc | Information Technology | 1.11% |
| MCK | McKesson Corp | Health Care | 1.09% |
| COST | Costco Wholesale Corp | Consumer Staples | 1.07% |
| LIN | Linde PLC | Materials | 1.06% |
| AM | Antero Midstream Corp | Energy | 1.05% |
| EPD | Enterprise Products Partners LP | Energy | 1.04% |
| OIH | VanEck Oil Services ETF | Commodities & energy | 1.01% |
| EWY | iShares MSCI South Korea ETF | Emerging markets | -0.98% |
| TMO | Thermo Fisher Scientific Inc | Health Care | 0.77% |
| ORCL | Oracle Corp | Information Technology | -0.76% |
| IREN | IREN Ltd | Information Technology | -0.60% |
| PBD | Invesco Global Clean Energy ETF | International stocks | -0.58% |
| ARTY | iShares Future AI & Tech ETF | Information Technology | -0.51% |
| BX | Blackstone Inc | Financials | -0.50% |
| PSP | Invesco Global Listed Private Equi | International stocks | -0.50% |
| BRBR | BellRing Brands Inc | Consumer Staples | -0.48% |
| KKR | KKR & Co Inc | Financials | -0.47% |
| APO | Apollo Global Management Inc | Financials | -0.46% |
| BYD | Boyd Gaming Corp | Consumer Discretionary | -0.41% |
| DKS | Dick's Sporting Goods Inc | Consumer Discretionary | -0.41% |
| PLAY | Dave & Buster's Entertainment Inc | Consumer Discretionary | -0.41% |
| TTD | Trade Desk Inc/The | Information Technology | -0.41% |
| ALLY | Ally Financial Inc | Financials | -0.40% |
| APP | AppLovin Corp | Information Technology | -0.40% |
| KRUS | Kura Sushi USA Inc | Consumer Discretionary | -0.40% |
| FOUR | Shift4 Payments Inc | Financials | -0.39% |
| BMNR | BitMine Immersion Technologies Inc | Information Technology | -0.36% |
| ARES | Ares Management Corp | Financials | -0.31% |
| DKNG | DraftKings Inc | Consumer Discretionary | -0.31% |
| SAIA | Saia Inc | Industrials | -0.31% |
| BYND | Beyond Meat Inc | Consumer Staples | -0.27% |
| CAVA | Cava Group Inc | Consumer Discretionary | -0.27% |
| ARCC | Ares Capital Corp | Financials | -0.26% |
| DECK | Deckers Outdoor Corp | Consumer Discretionary | -0.26% |
| ODFL | Old Dominion Freight Line Inc | Industrials | -0.25% |