GATEWAY INVESTMENT ADVISERS LLC

Long Only Manager • Vol Arbitrage

GATEWAY INVESTMENT ADVISERS LLC is a Long Only Manager specializing in Vol Arbitrage based in Cincinnati, OH led by Michael Thomas Buckius, managing $10.3B across 525 long positions as of Q3 2025 with 36% Technology concentration.

CEOMichael Thomas Buckius

Portfolio Value: $10.3B
Positions: 525
Top Holding: NVDA at 9.76%
Last Reported: Q3 2025

Address312 Walnut Street, Suite 3500, Cincinnati, OH, 45202-9834, United States

Top Holdings

Largest long holdings in GATEWAY INVESTMENT ADVISERS LLC's portfolio (44.6% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Nvidia NVDA	Semiconductors Technology	$1.0B	9.76%	+$193.5M Bought	0.02% 5.4M shares	≤ Q2 2013 Held for 12y 5m+
2 Apple AAPL	Consumer Electronics Technology	$768.9M	7.43%	+$82.9M Bought	0.02% 3.0M shares	≤ Q2 2013 Held for 12y 5m+
3 Microsoft MSFT	Software - Infrastructure Technology	$744.3M	7.19%	+$28.5M Bought	0.02% 1.4M shares	≤ Q2 2013 Held for 12y 5m+
4 Amazon AMZN	Specialty Retail Consumer Cyclical	$425.6M	4.11%	+$31.1M Bought	0.02% 1.9M shares	≤ Q2 2013 Held for 12y 5m+
5 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$421.3M	4.07%	+$114.1M Bought	0.02% 573.7K shares	Q3 2013 Held for 12y 2m
6 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$327.3M	3.16%	-$8.5M Sold	0.01% 1.3M shares	Q2 2014 Held for 11y 5m
7 Broadcom Inc. AVGO	Semiconductors Technology	$271.2M	2.62%	-$9.9M Sold	0.02% 822.0K shares	Q2 2014 Held for 11y 5m
8 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$220.8M	2.13%	+$3.0M Bought	0.01% 496.6K shares	Q2 2014 Held for 11y 5m
9 JPMorgan Chase JPM	Banks - Diversified Financial Services	$219.4M	2.12%	+$1.8M Bought	0.03% 695.4K shares	≤ Q2 2013 Held for 12y 5m+
10 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$208.3M	2.01%	+$4.0M Bought	0.02% 414.3K shares	Q4 2019 Held for 5y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in GATEWAY INVESTMENT ADVISERS LLC's latest filing

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Market Value

$10.3B

Prior: $9.2B

Q/Q Change

+13.07%

+$1.2B

Net Flows % of MV

+3.91%

Turnover Ratio

5.77%

New Purchases

29 stocks

$100.5M

Added To

237 stocks

+$659.4M

Sold Out Of

19 stocks

$25.1M

Reduced Holdings

172 stocks

-$329.9M

Increased Positions

Position	Shares Δ	Change
1 iShares Bitcoin Trust IBIT	New	0 → 353.0K +$22.9M
2 Apollo Global Management APO	New	0 → 162.3K +$21.6M
3 iShares MSCI EAFE EFA	New	0 → 115.0K +$10.7M
4 Boyd Gaming BYD	New	0 → 109.9K +$9.5M
5 MicroStrategy MSTR	New	0 → 16.1K +$5.2M

Decreased Positions

Position	Shares Δ	Change
1 West Pharmaceutical Services WST	Sold	21.7K → 0 −$4.7M
2 Sun Communities SUI	Sold	33.3K → 0 −$4.2M
3 Hess HES	Sold	26.2K → 0 −$3.6M
4 CNH Industrial N.V. CNH	Sold	270.2K → 0 −$3.5M
5 Essential Utilities WTRG	Sold	64.1K → 0 −$2.4M