Main Management LLC

Hedge Fund • Multi-Strategy

Main Management LLC is a Multi-Strategy Hedge Fund based in San Francisco, CA led by Kim David Arthur, reporting $1.6B in AUM as of Q3 2025 with 100% ETF concentration and 72% concentrated in top 10 holdings.

CEOKim David Arthur

Portfolio Value: $1.2B
Positions: 87
Top Holding: SPY at 13.07%
Last Reported: Q3 2025

Address601 California Street, Suite 300, San Francisco, CA, 94108, United States

Top Holdings

Largest long holdings in Main Management LLC's portfolio (72.4% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$162.3M	13.07%	+$407.7K Bought	— 243.6K shares	≤ Q2 2013 Held for 12y 5m+
2 Main BuyWrite BUYW	ETF ETF	$108.5M	8.74%	+$3.2M Bought	— 7.6M shares	Q3 2022 Held for 3y 2m
3 Communication Services Select Sector SPDR Fund XLC	ETF ETF	$107.2M	8.64%	-$361.1K Sold	— 905.9K shares	Q4 2022 Held for 2y 11m
4 Technology Select Sector SPDR Fund XLK	ETF ETF	$91.9M	7.41%	+$36.4M Bought	— 326.2K shares	≤ Q2 2013 Held for 12y 5m+
5 Main Thematic Innovation TMAT	ETF ETF	$79.3M	6.39%	+$237.6K Bought	— 2.9M shares	Q1 2021 Held for 4y 8m
6 XLV Health Care Select Sector SPDR Fund XLV	ETF ETF	$78.7M	6.34%	+$38.6M Bought	— 565.7K shares	≤ Q2 2013 Held for 12y 5m+
7 Financial Select Sector SPDR Fund XLF	ETF ETF	$76.4M	6.16%	+$3.5M Bought	— 1.4M shares	≤ Q2 2013 Held for 12y 5m+
8 Invesco QQQ Trust QQQ	ETF ETF	$71.0M	5.72%	-$29.5M Sold	— 118.2K shares	Q4 2017 Held for 7y 11m
9 XLY Consumer Discretionary Select Sector SPDR Fund XLY	ETF ETF	$69.0M	5.56%	+$5.8M Bought	— 287.9K shares	Q3 2024 Held for 1y 2m
10 VanEck Semiconductor SMH	ETF ETF	$54.0M	4.35%	-$48.1M Sold	— 165.4K shares	Q3 2018 Held for 7y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Main Management LLC's latest filing

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Market Value

$1.2B

Prior: $1.2B

Q/Q Change

+7.38%

+$85.3M

Net Flows % of MV

-0.449%

Turnover Ratio

8.33%

New Purchases

2 stocks

$21.9K

Added To

23 stocks

+$100.4M

Sold Out Of

6 stocks

$337.7K

Reduced Holdings

29 stocks

-$105.7M

Increased Positions

Position	Shares Δ	Change
1 Fidelity Wise Origin Bitcoin Fund FBTC	New	0 → 219.0 +$21.9K
2 NEA Nuveen AMT-Free Quality Municipal Income Fund NEA	New	0 → - +-
3 iShares Core MSCI Emerging Markets IEMG	+305.93%	3.8K → 15.5K +$772.4K
4 XLV Health Care Select Sector SPDR Fund XLV	+95.99%	288.7K → 565.7K +$38.6M
5 Technology Select Sector SPDR Fund XLK	+65.48%	197.1K → 326.2K +$36.4M

Decreased Positions

Position	Shares Δ	Change
1 SPDR S&P Regional Banking KRE	Sold	2.6K → 0 −$156.6K
2 iShares Core S&P Small-Cap ETF IJR	Sold	905.0 → 0 −$98.9K
3 Bitwise Crypto Industry Innovators BITQ	Sold	3.3K → 0 −$64.8K
4 IEO iShares U.S. Oil & Gas Exploration & Production ETF IEO	Sold	100.0 → 0 −$8.9K
5 Energy Select Sector SPDR Fund XLE	Sold	100.0 → 0 −$8.5K