Paul Marshall

Paul Marshall’s latest 13F filing shows a portfolio built around concentrated, high-conviction bets rather than broad diversification. The top five positions account for a disproportionate share of disclosed equity assets, a structure that separates him from peers who spread capital across dozens of names. His largest holding is a U.S. mega-cap technology company, followed by a major e-commerce platform and a semiconductor designer. This is not a defensive posture; the book leans heavily into growth and cyclical exposure. The most telling move this quarter is a reduction in the technology position, trimmed by roughly 12% from the prior period. At the same time, Marshall added to the semiconductor stake, increasing it by 8%. That rotation is a clear signal: he is not exiting the sector, but he is shifting weight from the largest index heavyweight into a more specialized, higher-beta name. The e-commerce holding was left unchanged, which reads as a steady conviction rather than a fresh commitment. Marshall’s style diverges from peers in two ways. First, he holds no financial or healthcare names, a sector allocation that most large hedge funds maintain for stability. Second, his cash position, inferred from the drop in total disclosed equity value, is higher than the typical large-cap fund. That combination, a concentrated growth book with a meaningful cash buffer, is a bet that the current market leaders will keep outperforming, but with a hedge against a sharp drawdown. The filing offers no options or derivatives, so the exposure is purely directional.