So Sphera just dumped all 15,000 of their Check Point shares—that's like $3.1 million walking out the door in Q4. Interesting timing considering the stock's down 25% over the past year while the broader market's been way better. Fund had this as only 1% of their portfolio anyway, so not a huge position, but still worth noting they completely bailed.

Makes sense though? Check Point's growth is kinda meh compared to CrowdStrike or Palo Alto—only 6% revenue growth in 2025. Yeah they're profitable with a reasonable 17 P/E, but that's apparently not enough to keep people interested in cybersecurity plays right now. AI uncertainty's been beating down the whole software sector.

Their top holdings after this exit are the usual suspects—Meta, Amazon, Microsoft, Tesla. Pretty standard mega-cap tech tilt. Wonder if more funds are quietly rotating out of cybersecurity into the bigger names, or if Check Point specifically just lost the appeal. Either way, $3.1M redirected elsewhere says something about where capital's flowing these days.