Lifeworks Portfolio Reallocation
Lifeworks Advisors Reallocates Portfolio in Q1, Boosting SPDW and TJX While Trimming Vanguard
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Key Points
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Lifeworks' stake in SPDR Portfolio Developed World ex-US ETF (SPDW) accounts for about 0.15% of the ETF's outstanding shares and roughly 6.8% of Lifeworks' overall portfolio, making SPDW its largest single holding.
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NetApp EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp on June 10 at an average price of $163.48, for a total transaction of $163,480.
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Institutional investors own 92.17% of NetApp's stock, indicating a high level of ownership concentration among institutions.
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Vanguard Large-Cap ETF (VV) saw Lifeworks reduce its stake by 18.1% in Q1, to 9,017 shares; the stock opened at $347.66 on Monday, with VV having a market cap around $53.05 billion, a P/E of 24.59, and a beta of 1.
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In The TJX Companies, Norges Bank bought a new TJX stake in the fourth quarter worth about $2.21 billion, while Diamant Asset Management boosted its TJX position by 15,998% in Q1 to 3,779,983 shares valued at about $603.7 million.
Lifeworks Advisors LLC made sweeping portfolio moves in the first quarter, most notably lifting its stake in the SPDR Portfolio Developed World ex-US ETF by 2.0% to 1,163,737 shares — a position now worth about $53.1 million and its single largest holding, according to Watchlist News.
The firm also dramatically expanded its bet on The TJX Companies, boosting that position by 401% to 23,682 shares valued at roughly $3.78 million. At the same time, Lifeworks trimmed several other holdings, painting a clear picture of a broad reallocation strategy heading into Q2.
SPDW Becomes Lifeworks' Biggest Single Bet
The SPDR Portfolio Developed World ex-US ETF now sits at the top of Lifeworks' portfolio. The 1,163,737-share position is worth $53.1 million and makes up about 6.8% of the firm's total holdings, per Watchlist News. Lifeworks holds roughly 0.15% of all SPDW shares outstanding.
The ETF gives investors exposure to developed markets outside the United States — think Europe, Japan, and Australia. By making it the firm's top holding, Lifeworks is signaling a meaningful tilt toward international stocks over domestic ones.
TJX Position Surges 401% in a Single Quarter
Lifeworks added 18,955 shares of The TJX Companies in Q1, growing its stake from just 4,727 shares to 23,682 shares. The position is now worth about $3.78 million. That 401% jump makes TJX one of the firm's sharpest conviction moves of the quarter.
Lifeworks was not alone in chasing TJX. Norway's sovereign wealth fund, Norges Bank, bought a brand-new TJX stake in Q4 worth about $2.21 billion. Diamant Asset Management also piled in during Q1, lifting its TJX position by 15,998% to 3,779,983 shares valued at roughly $603.7 million.
NetApp Stake Grows as Executive Sells Shares
Lifeworks added 9,952 shares of NetApp in Q1, bringing its total to 50,685 shares worth about $5.19 million, according to Ticker Report. Institutional investors own 92.17% of NetApp's stock, meaning the company is dominated by large professional money managers.
Even as Lifeworks bought in, a top executive was selling. NetApp EVP Elizabeth M. O'Callahan sold 1,000 shares on June 10 at an average price of $163.48, collecting $163,480. Insider sales don't always signal trouble — executives sell for many reasons — but the timing is worth noting.
Lifeworks Cuts Vanguard Large-Cap and Jabil Positions
Not every move was a buy. Lifeworks cut its Vanguard Large-Cap ETF stake by 18.1% in Q1, dropping to 9,017 shares worth about $2.70 million. The ETF opened Monday at $347.66, carries a market cap of around $53.05 billion, a P/E ratio of 24.59, and a beta of 1 — meaning it moves in lockstep with the broader market.
Lifeworks also trimmed its Jabil position by 8.4%, landing at 32,396 shares valued at roughly $8.61 million. Together, the cuts in Vanguard Large-Cap and Jabil freed up capital that appears to have flowed into the firm's expanded bets on international exposure and TJX.
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