Just caught something interesting in a recent SEC filing - Sphera Management Technology Funds completely exited their Check Point Software position, dumping all 15,000 shares worth around $3.1 million back in Q4. Position went from basically nothing to literally nothing, which is pretty telling when you think about it.

What caught my eye is that this wasn't some massive position to begin with - only about 1% of their AUM - but the fact they closed it out entirely says something. Their top holdings after this move are Meta, Amazon, and Microsoft, so they're clearly rotating toward bigger tech plays.

Check Point's been getting hit hard lately. Stock is down 25% year-over-year and trading at $165 as of the filing date. The real issue? Revenue growth is lagging - only 6% growth in 2025 compared to competitors like CrowdStrike and Palo Alto Networks who are crushing it. Even with a reasonable 17 P/E and positive earnings, it hasn't been enough to move the needle.

Cybersecurity sector's been under pressure with all the AI uncertainty in software, and Check Point's competing in a brutal market. For a fund manager like Sphera, reallocating those 15,000 shares probably made sense when capital could go into higher-growth names instead.

Interesting timing though - makes you wonder if more funds are quietly taking similar exits. The fund's other holdings are looking way healthier on the charts.