Sector breakdown

04
Energy 2.9%
Consumer Discretionary 1.5%
Healthcare 0.6%
Technology 0.3%
Industrials 0.3%
Communication Services 0.3%
Financials 0.2%
Other/Unmapped 93.8%

Full portfolio 59 positions

05
Type Streak 8Q trend
IVV iShares Trust $33,432,343 24.24% 51,182 $-5,065,470 Down ×1
IEFA iShares Core MSCI EAFE ETF $9,849,251 7.14% 108,795 $678,321 Up ×2
PHYS Sprott Physical Gold Trust ETV $8,278,873 6.00% 233,603 $688,070 Up ×5
SPY SPY $7,430,939 5.39% 11,426 $-45,746 Up ×2
XLE SELECT SECTOR SPDR TRUST $7,009,004 5.08% 114,414 $3,465,551 Up ×2
IEMG iShares, Inc. $5,981,552 4.34% 85,757 $959,812 Up ×2
XLI SELECT SECTOR SPDR TRUST $4,838,184 3.51% 29,915 $-231,575 Down ×1
QQQ Invesco QQQ Trust, Series 1 $4,283,914 3.11% 7,422 $-1,465,624 Down ×1
VEA Vanguard FTSE Developed Markets ETF $4,198,593 3.04% 65,521 $41,062 Down ×1
CEF Sprott Physical Gold and Silver Trust Units $3,685,754 2.67% 77,237 $2,106,612 Up ×2
IAGG iShares International Aggregate Bond Fund $3,377,418 2.45% 67,494 $516,210 Up ×3
IWC iShares Microcap ETF $2,995,906 2.17% 18,770 $45,707 Up ×2
TRGP Targa Resources, Inc. Common Stock $2,725,268 1.98% 10,869 $727,698 Up ×1
XLP XLP $2,216,800 1.61% 27,041 $-13,248 Down ×3
BROS Dutch Bros Inc. Class A Common Stock $2,129,290 1.54% 42,031 $-443,848
VNQ Vanguard Real Estate ETF $2,086,718 1.51% 23,526 $306,516 Up ×1
IJR iShares Trust $2,049,081 1.49% 16,484 $-63,546 Down ×1
XLF SELECT SECTOR SPDR TRUST $1,928,421 1.40% 39,061 $-332,558 Down ×3
VOO Vanguard S&P 500 ETF $1,705,482 1.24% 2,854 $-80,027 Up ×2
SHY iShares 1-3 Year Treasury Bond ETF $1,661,258 1.20% 20,119 $-246,474 Down ×2
SPY SPY $1,515,871 1.10% 71,600 Put option $170,734 Down ×1
XLY XLY $1,471,106 1.07% 13,499 $-506,612 Down ×1
XLB XLB $1,255,541 0.91% 25,126 $121,699 Up ×4
IWM iShares Russell 2000 Index Fund $1,227,128 0.89% 4,948 $10,808 Up ×5
EWJ iShares MSCI Japan Index Fund $1,186,098 0.86% 14,047 $51,928
FANG Diamondback Energy, Inc. - Common Stock $1,115,317 0.81% 5,639 $167,607 Down ×2
EFAX SPDR INDEX SHARES FUNDS $1,037,055 0.75% 20,839 $29,918 Up ×2
LQD iShares Trust $1,005,069 0.73% 9,222 $-59,015 Down ×3
XLV SELECT SECTOR SPDR TRUST $974,889 0.71% 6,650 $-30,612 Up ×2
XLU XLU $859,236 0.62% 18,724 $22,663 Down ×1
GWX State Street SPDR S&P International Small Cap ETF $821,346 0.60% 19,449 $26,645
A Agilent Technologies, Inc. Common Stock $812,930 0.59% 7,132 $-157,551
TBT ProShares UltraShort Lehman 20 Year Treasury $811,139 0.59% 23,083 $11,160 Up ×1
ILF iShares Latin America 40 ETF $779,101 0.56% 21,934 Up ×1
XLK SELECT SECTOR SPDR TRUST $716,068 0.52% 5,388 $-107,287 Down ×1
DBB Invesco DB Base Metals Fund $698,838 0.51% 29,738 $-4,637 Down ×2
RWR SPDR SERIES TRUST $684,175 0.50% 6,776 $21,338 Up ×3
IVE iShares Trust $650,301 0.47% 3,080 $-7,726 Down ×1
DBA Invesco DB Agriculture Fund $640,334 0.46% 23,438 $-21,662 Down ×1
AAXJ iShares MSCI All Country Asia ex Japan ETF $626,944 0.45% 6,511 Up ×1
FCOR Fidelity Merrimack Street Trust $612,449 0.44% 12,995 $-65,105 Down ×1
IDEV iShares Core MSCI International Developed Markets ETF $595,018 0.43% 7,120 $7,760
VBR Vanguard Morningstar Small-Cap Value ETF $506,178 0.37% 2,330 $13,599 Up ×1
TBF ProShares Short 20+ Year Treasury $503,560 0.37% 20,782 Up ×1
XLC SELECT SECTOR SPDR TRUST $477,702 0.35% 4,309 $-39,758 Down ×1
FROG JFrog Ltd. - Ordinary shares $477,231 0.35% 10,169 $-157,925
KEYS Keysight Technologies Inc. Common Stock $446,427 0.32% 1,581 $125,184
TIP iShares TIPS Bond ETF $428,721 0.31% 3,885 $186,727 Up ×4
VUG Vanguard Morningstar Growth ETF $393,111 0.29% 900 $-45,963
YELP Yelp Inc. Common Stock $383,643 0.28% 15,507 $-87,615
DJP iPath Bloomberg Commodity Index Total Return ETN $333,225 0.24% 6,922 $124,226 Up ×1
ACWX iShares MSCI ACWI ex U.S. ETF $323,921 0.23% 4,731 $-29,777 Down ×1
FMUN Fidelity Systematic Municipal Bond Index ETF $278,079 0.20% 5,603 $-1,130 Up ×3
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $263,081 0.19% 549 $-12,874
BWX SPDR SERIES TRUST $255,482 0.19% 11,639 Up ×1
IJS iShares S&P SmallCap 600 Value ETF $236,655 0.17% 1,998 $9,642 Up ×2
VB Vanguard Morningstar Small-Cap ETF $227,608 0.17% 869 $3,449
OXY Occidental Petroleum Corporation Common Stock $221,794 0.16% 19,700 Call option Up ×1
VWO Vanguard FTSE Emerging Markets ETF $212,920 0.15% 3,939 $1,143

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
PHYS $8,278,873 6.00% up ×5
IAGG $3,377,418 2.45% up ×3
XLB $1,255,541 0.91% up ×4
IWM $1,227,128 0.89% up ×5
RWR $684,175 0.50% up ×3
TIP $428,721 0.31% up ×4
FMUN $278,079 0.20% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ILF $779,101 21,934 0.56%
AAXJ $626,944 6,511 0.45%
TBF $503,560 20,782 0.37%
BWX $255,482 11,639 0.19%
OXY $221,794 19,700 0.16%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IVV Trimmed -5K -$5.1M
XLE Bought more +35K +$3.5M
CEF Bought more +43K +$2.1M
QQQ Trimmed -2K -$1.5M
IEMG Bought more +11K +$960K
TRGP Bought more +42 +$728K
PHYS Bought more +4K +$688K
IEFA Bought more +6K +$678K
IAGG Bought more +10K +$516K
XLY Trimmed -3K -$507K

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
DJP Sept. 30, 2025 14,634 $497,263
VO June 30, 2025 1,137 $293,987 15.8%
HPQ June 30, 2025 10,076 $279,002 29.7%
VWO June 30, 2025 6,159 $278,741 22.6%
BA March 31, 2026 4,200 $269,032 -4.6%
RDDT March 31, 2026 6,278 $258,242 10.6%
VEU June 30, 2025 3,800 $230,508
HPQ Dec. 31, 2025 7,798 $212,337 42.4%
NKX Sept. 30, 2025 14,501 $170,677 -16.6%