Sage Capital’s Costco Exit: A Calculated Retreat

The filing, dated with the bureaucratic punctuality of a Swiss watch, reveals Sage’s methodical pruning of its Costco holdings. The fund’s remaining top assets, however, suggest a portfolio less of a desert than a curated bazaar: Apple ($37.26 million, 8.9% of AUM), Microsoft ($21.92 million, 5.2%), and NVIDIA ($19.31 million, 4.6%) dominate, as though the firm has merely shifted its bets from the old guard to the new, with a nod to the enduring appeal of the membership-based warehouse model. Or perhaps it is simply diversifying its bets in a world where even the most stalwart retailers must contend with the whims of algorithmic capitalism.







