Sector breakdown

04
Technology 1.8%
Financials 1.4%
Industrials 1.3%
Consumer Staples 1.2%
Materials 0.7%
Consumer Discretionary 0.4%
Healthcare 0.3%
Real Estate 0.2%
Retail 0.1%
Utilities 0.1%
Communication Services 0.1%
Other/Unmapped 92.4%

Full portfolio 74 positions

05
Type Streak 8Q trend
JPST J.P. Morgan Exchange-Traded Fund Trust $36,251,867 15.12% 716,865 $8,600,432 Up ×1
IVV iShares Trust $32,925,698 13.73% 43,966 $14,323,337 Up ×4
JBND J.P. Morgan Exchange-Traded Fund Trust $12,318,429 5.14% 230,251 $2,755,004 Up ×2
SPYG SPDR SERIES TRUST $11,832,247 4.94% 99,439 $1,288,515 Down ×1
DYNF BlackRock ETF Trust $11,391,199 4.75% 167,493 $1,227,095 Down ×3
SPEM SPDR INDEX SHARES FUNDS $11,180,763 4.66% 215,928 $1,535,324 Up ×1
SPYM State Street SPDR Portfolio S&P 500 ETF $10,227,081 4.27% 116,376 $1,458,639 Up ×1
SPYV SPDR SERIES TRUST $10,160,988 4.24% 167,149 $-2,017,857 Down ×2
GOVT iShares Trust $6,579,595 2.74% 288,832 $209,911 Up ×4
MBB iShares MBS ETF $6,362,614 2.65% 67,315 $301,481 Up ×4
BAI iShares A.I. Innovation and Tech Active ETF $6,119,948 2.55% 116,084 $919,021 Down ×1
SCHF SCHWAB STRATEGIC TRUST $6,048,932 2.52% 218,373 Up ×1
SPMO Invesco Exchange-Traded Fund Trust II $5,039,563 2.10% 31,197 $110,086 Down ×1
TLH iShares Trust $4,976,256 2.08% 49,589 $-1,878,949 Down ×1
BLCR iShares Large Cap Core Active ETF $4,692,620 1.96% 93,163 $1,023,170 Up ×1
IALT iShares Systematic Alternatives Active ETF $4,608,334 1.92% 164,290 Up ×1
IDEF iShares Defense Industrials Active ETF $3,922,224 1.64% 123,418 $330,059 Up ×1
GGOV iShares Global Government Bond USD Hedged Active ETF $3,708,586 1.55% 73,744 Up ×1
THRO iShares U.S. Thematic Rotation Active ETF $3,277,136 1.37% 76,018 $-1,389,340 Down ×1
IVLU iShares Trust $3,196,930 1.33% 76,445 $-5,128,251 Down ×3
IBIT iShares Bitcoin Trust ETF $2,688,567 1.12% 80,762 $-290,481 Up ×1
ECH iShares, Inc. $2,026,645 0.85% 51,049 $646,655 Up ×1
PM Philip Morris International Inc Common Stock $2,024,564 0.84% 11,191 $174,244
CSX CSX Corporation - Common Stock $1,660,749 0.69% 34,941 $230,661 Up ×6
PSLV Sprott Physical Silver Trust ETV $1,649,729 0.69% 87,426 $-503,762 Down ×1
INTC Intel Corporation - Common Stock $1,591,922 0.66% 11,401 $959,495 Down ×2
NEU NewMarket Corp Common Stock $1,582,480 0.66% 2,000 $300,580
ETHA iShares Ethereum Trust ETF $1,555,569 0.65% 130,830 $-321,378 Up ×6
IAU iShares Gold Trust Shares $1,473,955 0.61% 19,520 $93,369 Up ×1
EWZ iShares, Inc. $1,351,434 0.56% 39,172 $-115,333 Up ×1
COIN Coinbase Global, Inc. - 3Class A Common Stock $1,331,937 0.56% 9,111 $19,044 Up ×1
EPOL iShares Trust $1,315,250 0.55% 34,065 $-102,446 Down ×2
EWY iShares, Inc. $1,308,918 0.55% 6,483 $690,178 Up ×1
EWW iShares, Inc. $1,303,300 0.54% 17,315 $578,835 Up ×1
EZA iShares, Inc. $1,279,282 0.53% 20,245 $-888,148 Down ×1
JGRO J.P. Morgan Exchange-Traded Fund Trust $1,132,409 0.47% 11,486 $40,660 Down ×2
GSOL Grayscale Solana Staking ETF $1,076,160 0.45% 194,604 $19,121 Up ×1
AAPL Apple Inc. - Common Stock $1,054,369 0.44% 3,644 $-1,162,053 Down ×1
BKLN Invesco Exchange-Traded Fund Trust II $1,053,903 0.44% 51,738 $79,325 Up ×3
JPIE J.P. Morgan Exchange-Traded Fund Trust $986,708 0.41% 21,427 $97,050 Up ×4
BBAG J.P. Morgan Exchange-Traded Fund Trust $959,390 0.40% 20,879 $94,507 Up ×1
BINC iShares Flexible Income Active ETF $843,354 0.35% 16,113 $-2,417,279 Down ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $815,135 0.34% 1,629 Up ×1
MO Altria Group, Inc. $813,898 0.34% 11,312 $67,575 Up ×6
JVAL J.P. Morgan Exchange-Traded Fund Trust $756,679 0.32% 12,904 $-363,272 Down ×2
BMY Bristol-Myers Squibb Company Common Stock $735,923 0.31% 12,772 $-170,552 Down ×4
JOBY Joby Aviation, Inc. Common Stock $704,680 0.29% 79,000 $86,006 Up ×5
MSFT Microsoft Corporation - Common Stock $680,388 0.28% 1,824 $-59,582 Down ×1
SYSB iShares Systematic Bond ETF $664,663 0.28% 7,492 $7,932 Up ×2
PHYS Sprott Physical Gold Trust ETV $659,064 0.27% 21,845 $-121,325 Down ×1
EWG iShares, Inc. $638,132 0.27% 15,425 Up ×1
EWP iShares, Inc. $504,459 0.21% 8,494 Up ×1
NIO NIO Inc. American depositary shares, each representing one Class A ordinary share $497,135 0.21% 98,248 $-59,120 Up ×5
BBIN J.P. Morgan Exchange-Traded Fund Trust $472,411 0.20% 6,050 $-255,506 Down ×1
BE Bloom Energy Corporation Class A Common Stock $423,780 0.18% 1,400 $213,770 Down ×1
GNL Global Net Lease, Inc. Common Stock $401,805 0.17% 44,945 $-18,877
TSLA Tesla, Inc. - Common Stock $399,991 0.17% 951 $-4,101 Down ×1
JEPI J.P. Morgan Exchange-Traded Fund Trust $356,139 0.15% 6,306
PLUG Plug Power, Inc. - Common Stock $341,568 0.14% 126,040 $67,475 Up ×5
MKL Markel Group Inc. Common Stock $335,918 0.14% 172 Up ×1
AMZN Amazon.com, Inc. - Common Stock $332,961 0.14% 1,397 $29,720 Down ×1
D Dominion Energy, Inc. Common Stock $307,205 0.13% 4,499 $12,936 Down ×3
NVDA NVIDIA Corporation - Common Stock $306,938 0.13% 1,534 $53,012 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $295,737 0.12% 837 $55,635
TSM Taiwan Semiconductor Manufacturing Company Ltd. $287,020 0.12% 601 $83,912
IBM International Business Machines Corporation Common Stock $281,210 0.12% 1,000 $38,820
TFC Truist Financial Corporation Common Stock $275,953 0.12% 5,539 $21,325
JEPQ JPMorgan Nasdaq Equity Premium Income ETF $274,200 0.11% 4,461
JPM JP Morgan Chase & Co. Common Stock $263,273 0.11% 804 $26,678
XYZ Block, Inc. Class A Common Stock, $225,720 0.09% 2,970 Up ×1
GLD SPDR Gold Shares $215,871 0.09% 586 $-33,267 Up ×1
CAIE Calamos ETF Trust $207,491 0.09% 7,626 $-81,745 Down ×1
QS QuantumScape Corporation - Common Stock $132,950 0.06% 17,586 $65,411 Up ×1
ACB Aurora Cannabis Inc. - Common Shares $77,981 0.03% 27,950 $-12,435 Up ×5

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
IVV $32,925,698 13.73% up ×4
GOVT $6,579,595 2.74% up ×4
MBB $6,362,614 2.65% up ×4
CSX $1,660,749 0.69% up ×6
ETHA $1,555,569 0.65% up ×6
BKLN $1,053,903 0.44% up ×3
JPIE $986,708 0.41% up ×4
MO $813,898 0.34% up ×6
JOBY $704,680 0.29% up ×5
NIO $497,135 0.21% up ×5
PLUG $341,568 0.14% up ×5
ACB $77,981 0.03% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SCHF $6,048,932 218,373 2.52%
IALT $4,608,334 164,290 1.92%
GGOV $3,708,586 73,744 1.55%
BRK-B (filed as BRKB) $815,135 1,629 0.34%
EWG $638,132 15,425 0.27%
EWP $504,459 8,494 0.21%
JEPI $356,139 6,306 0.15%
MKL $335,918 172 0.14%
JEPQ $274,200 4,461 0.11%
XYZ $225,720 2,970 0.09%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IVV Bought more +15K +$14.3M
JPST Bought more +171K +$8.6M
IVLU Trimmed -133K -$5.1M
JBND Bought more +52K +$2.8M
BINC Trimmed -47K -$2.4M
SPYV Trimmed -48K -$2.0M
TLH Trimmed -18K -$1.9M
SPEM Bought more +10K +$1.5M
SPYM Bought more +2K +$1.5M
THRO Trimmed -53K -$1.4M

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
EFV Sept. 30, 2025 162,204 $10,296,710
OEF March 31, 2026 26,806 $9,193,654
JEPI June 30, 2025 131,095 $7,490,768
EFG June 30, 2026 48,639 $5,416,925
JQUA June 30, 2026 82,709 $5,071,716
SCHA June 30, 2025 213,194 $4,995,135 30.9%
JEPQ June 30, 2025 92,802 $4,805,288
IAGG June 30, 2026 87,135 $4,360,244
EMXC June 30, 2025 60,111 $3,311,515
IYW Sept. 30, 2025 18,903 $3,275,323 35.9%
XSMO June 30, 2025 40,987 $2,571,934
IWN June 30, 2025 16,595 $2,505,513 35.3%
PANW June 30, 2026 14,101 $2,260,672 18.2%
ITA March 31, 2026 9,682 $2,078,629 -5.0%
CRWD June 30, 2026 5,144 $2,008,269 41.5%
VWOB March 31, 2026 21,775 $1,468,288
INDA June 30, 2026 28,845 $1,351,100
HEFA June 30, 2025 36,807 $1,335,726
VTIP Dec. 31, 2025 15,541 $786,841
STIP Sept. 30, 2025 7,239 $744,965
EWQ June 30, 2026 16,012 $694,601
EWM March 31, 2026 25,224 $690,129
EWI March 31, 2026 12,698 $689,882
EWN Dec. 31, 2025 11,568 $671,060
EWJ March 31, 2026 8,136 $656,901
EWY Dec. 31, 2025 8,045 $644,405
ICVT June 30, 2025 4,186 $349,991
HYDB June 30, 2025 6,897 $324,780
EFG Dec. 31, 2025 2,811 $320,117
ICVT March 31, 2026 3,127 $308,010
PLTR June 30, 2026 1,925 $281,589 61.8%
BE Dec. 31, 2025 3,050 $257,939 232.8%
KO Dec. 31, 2025 3,854 $255,603 22.5%
B March 31, 2026 5,835 $254,114 -1.4%
MCK June 30, 2026 276 $238,839 19.4%
FBTC March 31, 2026 2,704 $206,126
MP March 31, 2026 3,970 $200,564 -2.7%
PSNY Dec. 31, 2025 73,600 $69,191 -70.8%
CHPT (filed as CHPTXXXX) Sept. 30, 2025 29,200 $20,536 -14.9%