Trump's Commerce Secretary Pick Howard Lutnick's Fund Owns $1.19B In Nvidia, $804M In Tesla: Here Is A Look At His Portfolio

Howard Lutnick, chief executive officer of Cantor Fitzgerald – which has about $3.53 billion in holdings – has been named as the co-chair of President-elect Donald Trump‘s transition team. Lutnick will lead the U.S. Department of Commerce.

Top Holdings Of Lutnick’s Firm: According to Cantor Fitzgerald’s third-quarter 13F filings, top holdings of the firm include SPDR S&P 500 ETF (NYSE:SPY), Nvidia Corp. (NASDAQ:NVDA), Tesla Inc. (NASDAQ:TSLA), GCM Grosvenor Inc.(NASDAQ:GCMG), and Rumble Inc. (NASDAQ:RUM).

In the September quarter, Lutnick’s financial services firm purchased about 1.17 million shares of Tesla with 1.74 million put options in Q3. It bumped up its call options by 4,967% to 152,000 shares from the quarter-ended in July. The total value of the fund’s exposure to Tesla stood at $804 million in Q3.

Cantor Fitzgerald also increased its position in Nvidia by 7,015%, compared to the second quarter, with a total holding of 3.56 million shares in Q3. It increased Nvidia puts in Q3 by 1,268% to 5.46 million shares and Nvidia call options by 3,213% to 778,600 shares. The total exposure to Nvidia in value terms stood at $1.192 billion.

The fund had 1.23 million of put options and 600,000 call options on SPDR S&P 500 ETF TR representing a total value of $1.05 billion in Q3. GCM Grosvenor and Rumble reflected 2.1% and 1.2% of the fund’s total holdings, valued at $73.03 million and $42.04 million, respectively.

Why It Matters: Lutnick was also considered as a top pick for the Secretary of Treasury along with Scott Bessent. Tesla CEO and Trump’s Department of Government Efficiency (DOGE) co-lead Elon Musk rallied for Lutnick in a post on his social media platform, X, calling on others to weigh in on the appointment.

However, Bessent was appointed the Treasury Secretary. According to betting markets, Bessent was a frontrunner with an 82% probability of securing the nomination.

The third-quarter 13F filing from Bessent's Key Square Group fund shows that they have liquidated all their holding in the September quarter.

In the second quarter, the fund had a highly concentrated portfolio, with equal investments in two banking-focused ETFs: the SPDR S&P Regional Banking ETF (NYSE:KRE) and the SPDR S&P Bank ETF (NYSE:KBE), each making up 50% of the fund.

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