Entropy Technologies, LP

NEW YORK, NY · CIK 1976151 · 13F filing filed 2025-05-12

SEC-registered investment adviser since 2023 · limited partnership

Assets managed$2.2bn
Staff16 · 2 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $1.2bn gross assets
Form ADV · 2026-03-20SEC adviser record

Legal entityENTROPY TECHNOLOGIES, LP (US)

$1.0bn reported value +5.8% vs Q4 2024

682positions

11.0%in top 10

350 new 183 added 149 reduced 359 sold out vs Q4 2024

Holdings, Q1 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	EQUINIX INC COM EQIX	EQIX	15,381	$12.5m1.22%	1.22%	New
2	SALESFORCE INC COM CRM	CRM	46,604	$12.5m1.22%	1.22%	Added +35.9k	+35,887 334.9%
3	JOHNSON & JOHNSON COM JNJ	JNJ	75,371	$12.5m1.22%	1.22%	Added +68.0k	+67,979 919.6%
4	MARSH & MCLENNAN COS INC COM MRSH	MRSH	47,314	$11.5m1.12%	1.12%	Added +33.0k	+33,036 231.4%
5	PEPSICO INC COM PEP	PEP	74,464	$11.2m1.09%	1.09%	Added +68.7k	+68,660 1183.0%
6	MERCADOLIBRE INC COM MELI	MELI	5,597	$10.9m1.06%	1.06%	New
7	DISNEY WALT CO COM DIS	DIS	110,187	$10.9m1.06%	1.06%	New
8	BROADCOM INC COM AVGO	AVGO	63,546	$10.6m1.04%	1.04%	New
9	TARGA RES CORP COM TRGP	TRGP	49,859	$10.0m0.97%	0.97%	Added +20.2k	+20,209 68.2%
10	META PLATFORMS INC CL A META	META	17,146	$9.9m0.96%	0.96%	New
11	PNC FINL SVCS GROUP INC COM PNC	PNC	55,386	$9.7m0.95%	0.95%	Added +25.2k	+25,185 83.4%
12	BLACKSTONE INC COM BX	BX	68,089	$9.5m0.93%	0.93%	Added +50.9k	+50,851 295.0%
13	QUALCOMM INC COM QCOM	QCOM	57,846	$8.9m0.87%	0.87%	Added +38.4k	+38,389 197.3%
14	HOME DEPOT INC COM HD	HD	22,608	$8.3m0.81%	0.81%	New
15	KINROSS GOLD CORP COM KGC	KGC	644,225	$8.1m0.79%	0.79%	Added +149.6k	+149,635 30.2%
16	WALMART INC COM WMT	WMT	92,098	$8.1m0.79%	0.79%	New
17	GENERAL DYNAMICS CORP COM GD	GD	29,479	$8.0m0.78%	0.78%	Added +4.3k	+4,267 16.9%
18	NVIDIA CORPORATION COM NVDA	NVDA	72,841	$7.9m0.77%	0.77%	Reduced -19.6k	-19,614 -21.2%
19	LOCKHEED MARTIN CORP COM LMT	LMT	17,626	$7.9m0.77%	0.77%	Added +14.2k	+14,171 410.2%
20	KRAFT HEINZ CO COM KHC	KHC	255,988	$7.8m0.76%	0.76%	New
21	BOEING CO COM BA	BA	43,459	$7.4m0.72%	0.72%	Added +27.7k	+27,746 176.6%
22	APPLIED MATLS INC COM AMAT	AMAT	51,018	$7.4m0.72%	0.72%	New
23	CATERPILLAR INC COM CAT	CAT	22,173	$7.3m0.71%	0.71%	New
24	EXPAND ENERGY CORPORATION COM EXE	EXE	61,061	$6.8m0.66%	0.66%	Added +56.4k	+56,437 1220.5%
25	CSX CORP COM CSX	CSX	225,397	$6.6m0.65%	0.65%	New
26	D R HORTON INC COM DHI	DHI	52,063	$6.6m0.64%	0.64%	Added +24.5k	+24,472 88.7%
27	UNITEDHEALTH GROUP INC COM UNH	UNH	12,616	$6.6m0.64%	0.64%	New
28	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	126,719	$6.4m0.62%	0.62%	Added +115.9k	+115,900 1071.3%
29	ZOETIS INC CL A ZTS	ZTS	37,206	$6.1m0.60%	0.60%	New
30	GRAINGER W W INC COM GWW	GWW	6,200	$6.1m0.60%	0.60%	Added +4.3k	+4,300 226.3%
31	WASTE MGMT INC DEL COM WM	WM	25,802	$6.0m0.58%	0.58%	Reduced -4.3k	-4,257 -14.2%
32	COCA-COLA EUROPACIFIC PARTNE SHS CCEP	CCEP	68,449	$6.0m0.58%	0.58%	New
33	CONOCOPHILLIPS COM COP	COP	56,409	$5.9m0.58%	0.58%	New
34	ATLASSIAN CORPORATION CL A TEAM	TEAM	27,663	$5.9m0.57%	0.57%	Added +20.9k	+20,863 306.8%
35	REGENERON PHARMACEUTICALS COM REGN	REGN	9,090	$5.8m0.56%	0.56%	Added +3.8k	+3,790 71.5%
36	DOORDASH INC CL A DASH	DASH	31,350	$5.7m0.56%	0.56%	Reduced -21.3k	-21,341 -40.5%
37	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	32,332	$5.6m0.54%	0.54%	Reduced -9.1k	-9,137 -22.0%
38	SOFI TECHNOLOGIES INC COM SOFI	SOFI	473,935	$5.5m0.54%	0.54%	Added +140.5k	+140,509 42.1%
39	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	63,440	$5.4m0.52%	0.52%	New
40	EDISON INTL COM EIX	EIX	90,539	$5.3m0.52%	0.52%	Added +27.6k	+27,623 43.9%
41	ROSS STORES INC COM ROST	ROST	41,466	$5.3m0.52%	0.52%	Added +9.1k	+9,064 28.0%
42	ADOBE INC COM ADBE	ADBE	13,329	$5.1m0.50%	0.50%	Reduced -14.7k	-14,682 -52.4%
43	LOWES COS INC COM LOW	LOW	21,073	$4.9m0.48%	0.48%	Reduced -11.8k	-11,810 -35.9%
44	GE VERNOVA INC COM GEV	GEV	15,779	$4.8m0.47%	0.47%	Added +689	+689 4.6%
45	KLA CORP COM NEW KLAC	KLAC	7,071	$4.8m0.47%	0.47%	Reduced -9.0k	-9,048 -56.1%
46	TEXAS INSTRS INC COM TXN	TXN	26,670	$4.8m0.47%	0.47%	New
47	PFIZER INC COM PFE	PFE	187,233	$4.7m0.46%	0.46%	Reduced -284.7k	-284,653 -60.3%
48	KIMBERLY-CLARK CORP COM KMB	KMB	33,032	$4.7m0.46%	0.46%	Added +30.8k	+30,783 1368.7%
49	EQT CORP COM EQT	EQT	87,218	$4.7m0.45%	0.45%	Added +22.0k	+21,985 33.7%
50	UBS GROUP AG SHS UBS	UBS	149,362	$4.6m0.45%	0.45%	New
51	UNITED AIRLS HLDGS INC COM UAL	UAL	65,671	$4.5m0.44%	0.44%	Added +54.1k	+54,079 466.5%
52	COLGATE PALMOLIVE CO COM CL	CL	48,380	$4.5m0.44%	0.44%	Reduced -2.9k	-2,864 -5.6%
53	THE TRADE DESK INC COM CL A TTD	TTD	81,774	$4.5m0.44%	0.44%	Added +66.0k	+65,971 417.5%
54	PACKAGING CORP AMER COM PKG	PKG	22,286	$4.4m0.43%	0.43%	Reduced -10.2k	-10,228 -31.5%
55	PENTAIR PLC SHS PNR	PNR	50,396	$4.4m0.43%	0.43%	New
56	CONSTELLATION BRANDS INC CL A STZ	STZ	24,003	$4.4m0.43%	0.43%	Reduced -3.9k	-3,854 -13.8%
57	DANAHER CORPORATION COM DHR	DHR	21,247	$4.4m0.42%	0.42%	Reduced -33.3k	-33,320 -61.1%
58	CAMDEN PPTY TR SH BEN INT CPT	CPT	35,536	$4.3m0.42%	0.42%	New
59	CHEVRON CORP NEW COM CVX	CVX	25,762	$4.3m0.42%	0.42%	New
60	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	26,833	$4.3m0.42%	0.42%	Reduced -1.5k	-1,502 -5.3%
61	MERCK & CO INC COM MRK	MRK	45,467	$4.1m0.40%	0.40%	Added +17.6k	+17,624 63.3%
62	HALLIBURTON CO COM HAL	HAL	156,755	$4.0m0.39%	0.39%	Added +47.0k	+46,957 42.8%
63	AMERICAN ELEC PWR CO INC COM AEP	AEP	36,110	$3.9m0.38%	0.38%	New
64	MASCO CORP COM MAS	MAS	56,738	$3.9m0.38%	0.38%	New
65	VALERO ENERGY CORP COM VLO	VLO	29,141	$3.8m0.37%	0.37%	Added +22.8k	+22,808 360.1%
66	AUTODESK INC COM ADSK	ADSK	14,466	$3.8m0.37%	0.37%	New
67	TESLA INC COM TSLA	TSLA	14,605	$3.8m0.37%	0.37%	Added +252	+252 1.8%
68	MASTERCARD INCORPORATED CL A MA	MA	6,881	$3.8m0.37%	0.37%	New
69	MICROSOFT CORP COM MSFT	MSFT	9,996	$3.8m0.37%	0.37%	Added +341	+341 3.5%
70	WEX INC COM WEX	WEX	23,494	$3.7m0.36%	0.36%	Added +20.0k	+19,994 571.3%
71	TWILIO INC CL A TWLO	TWLO	36,772	$3.6m0.35%	0.35%	Added +26.1k	+26,111 244.9%
72	OWENS CORNING NEW COM OC	OC	25,114	$3.6m0.35%	0.35%	New
73	GE AEROSPACE COM NEW GE	GE	17,402	$3.5m0.34%	0.34%	New
74	FORTINET INC COM FTNT	FTNT	35,802	$3.4m0.34%	0.34%	New
75	CORNING INC COM GLW	GLW	74,798	$3.4m0.33%	0.33%	New
76	IQVIA HLDGS INC COM IQV	IQV	19,256	$3.4m0.33%	0.33%	Added +816	+816 4.4%
77	CENCORA INC COM COR	COR	12,152	$3.4m0.33%	0.33%	Added +4.6k	+4,592 60.7%
78	CRH PLC ORD CRH	CRH	38,006	$3.3m0.33%	0.33%	New
79	ZEBRA TECHNOLOGIES CORPORATI CL A ZBRA	ZBRA	11,763	$3.3m0.32%	0.32%	Added +6.3k	+6,300 115.3%
80	SPROUTS FMRS MKT INC COM SFM	SFM	21,549	$3.3m0.32%	0.32%	Added +5.8k	+5,816 37.0%
81	SYSCO CORP COM SYY	SYY	43,802	$3.3m0.32%	0.32%	New
82	SHELL PLC SPON ADS SHEL	SHEL	44,661	$3.3m0.32%	0.32%	Added +28.3k	+28,333 173.5%
83	BOOZ ALLEN HAMILTON HLDG COR CL A BAH	BAH	30,841	$3.2m0.31%	0.31%	Added +21.1k	+21,107 216.8%
84	TECK RESOURCES LTD CL B TECK	TECK	87,891	$3.2m0.31%	0.31%	Added +80.8k	+80,797 1139.0%
85	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	157,585	$3.2m0.31%	0.31%	New
86	PRINCIPAL FINANCIAL GROUP IN COM PFG	PFG	37,793	$3.2m0.31%	0.31%	Added +12.8k	+12,779 51.1%
87	FIDELITY NATIONAL FINANCIAL FNF GROUP COM FNF	FNF	48,434	$3.2m0.31%	0.31%	Added +6.1k	+6,109 14.4%
88	ANTERO RESOURCES CORP COM AR	AR	77,883	$3.1m0.31%	0.31%	Added +23.2k	+23,178 42.4%
89	US BANCORP DEL COM NEW USB	USB	74,074	$3.1m0.30%	0.30%	Added +57.5k	+57,509 347.2%
90	AERCAP HOLDINGS NV SHS AER	AER	30,358	$3.1m0.30%	0.30%	New
91	LEIDOS HOLDINGS INC COM LDOS	LDOS	22,849	$3.1m0.30%	0.30%	New
92	ROYAL BK CDA COM RY	RY	27,306	$3.1m0.30%	0.30%	Added +14.3k	+14,334 110.5%
93	ALPHABET INC CAP STK CL A GOOGL	GOOGL	19,878	$3.1m0.30%	0.30%	New
94	CENTENE CORP DEL COM CNC	CNC	49,346	$3.0m0.29%	0.29%	Reduced -11.9k	-11,865 -19.4%
95	AMERICAN EXPRESS CO COM AXP	AXP	11,110	$3.0m0.29%	0.29%	New
96	EMCOR GROUP INC COM EME	EME	7,988	$3.0m0.29%	0.29%	Added +1.9k	+1,897 31.1%
97	CLOUDFLARE INC CL A COM NET	NET	26,044	$2.9m0.29%	0.29%	New
98	CARVANA CO CL A CVNA	CVNA	13,677	$2.9m0.28%	0.28%	Added +9.8k	+9,810 253.7%
99	TELEFLEX INCORPORATED COM TFX	TFX	20,494	$2.8m0.28%	0.28%	Added +13.7k	+13,705 201.9%
100	THE CIGNA GROUP COM CI	CI	8,516	$2.8m0.27%	0.27%	New

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
BANK AMERICA CORP BAC	BAC	261,831	$11.5m261.8k shares
CDW CORP CDW	CDW	48,010	$8.4m48.0k shares
BARRICK GOLD CORP		486,922	$7.5m486.9k shares
INTUIT INTU	INTU	12,001	$7.5m12.0k shares
LINDE PLC LIN	LIN	16,699	$7.0m16.7k shares
ROPER TECHNOLOGIES INC ROP	ROP	12,554	$6.5m12.6k shares
NEXTERA ENERGY INC NEE	NEE	89,710	$6.4m89.7k shares
NIKE INC NKE	NKE	84,603	$6.4m84.6k shares
AMGEN INC AMGN	AMGN	24,194	$6.3m24.2k shares
ELI LILLY & CO LLY	LLY	8,141	$6.3m8.1k shares
DUKE ENERGY CORP NEW DUK	DUK	56,437	$6.1m56.4k shares
CVS HEALTH CORP CVS	CVS	116,742	$5.2m116.7k shares
SCHWAB CHARLES CORP SCHW	SCHW	69,281	$5.1m69.3k shares
PROGRESSIVE CORP PGR	PGR	21,083	$5.1m21.1k shares
VISTRA CORP VST	VST	36,300	$5.0m36.3k shares
SIMON PPTY GROUP INC NEW SPG	SPG	28,424	$4.9m28.4k shares
VERTIV HOLDINGS CO VRT	VRT	43,044	$4.9m43.0k shares
NUCOR CORP NUE	NUE	41,100	$4.8m41.1k shares
DOVER CORP DOV	DOV	24,687	$4.6m24.7k shares
VIKING HOLDINGS LTD VIK	VIK	104,278	$4.6m104.3k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	8,166	$4.2m8.2k shares
QORVO INC QRVO	QRVO	58,192	$4.1m58.2k shares
MORGAN STANLEY MS	MS	31,516	$4.0m31.5k shares
ARISTA NETWORKS INC ANET	ANET	35,706	$3.9m35.7k shares
VERIZON COMMUNICATIONS INC VZ	VZ	98,426	$3.9m98.4k shares