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The stock had pulled a Houdini-up 113% in a year, laughing at the S&P’s meek 15% crawl. UroGen’s market cap swelled to $1.1 billion, a ghost of a thing built on $96.52 million in revenue and a net loss wider than the Grand Canyon. But Wall Street’s circus never rewards the clowns who stay on the tightrope too long.

The Seven, in their hubris, have claimed nearly a third of the index’s valuation-a dominion forged in the fires of artificial intelligence hype and the delusion that innovation alone justifies endless multiples. Yet, as Solzhenitsyn once dissected the Soviet machine, so too must we interrogate the mechanisms of their power: What if the AI-driven future they promise is but a mirage, a desert mirage where investors have been made to kneel?

Grandeur Peak didn’t just trim a position – they committed a cardinal sin of investment etiquette. You don’t just leave a 3.69% holding in a life sciences darling. You don’t reduce your stake to 0.15% and expect to be invited back to the 13F AUM mixer. It’s like showing up to a wedding in a tank top – technically allowed, spiritually offensive. Now Bruker’s relegated to the “also bought a toaster” section of their portfolio, while NASDAQ:MPWR gets 8.05% of assets like it’s the guest of honor.

When the Securities and Exchange Commission’s scroll unrolled on November 13, it revealed more than numbers. Here was a seedling of conviction-a 1.89% bet against the frost of market skepticism. The fund’s portfolio, now 104 positions strong, cradles this newcomer like a sapling in winter. The top holdings-MPWR, FROG, MRX-stand as ancient oaks by comparison, their roots deep in the soil of institutional confidence.

The SEC filing says it all. Shares sold. Stake reduced. The fund’s AUM now holds 0.06% in IES Holdings. Previously, it was 2.3%. Such is the dance of the markets: a lover one quarter, a stranger the next.

On the lips of bureaucratic records and in the silent language of SEC disclosures, we observe with measured solemnity that JB Capital, cognizant perhaps of the volatile tides, relinquished part of its illusion-cutting nearly a quarter of a million shares-a move that whispers of strategic recalculations amid the ceaseless tide of economic flux. Despite this reduction, Tutor Perini remains a significant portion of this shadowy portfolio, its current standing at 719,554 shares valued at over forty-seven million dollars, a figure that seems both a monument and a fragile monument within a larger, relentless sea of shifting assets.