Sector breakdown

04
Technology 4.0%
Industrials 2.4%
Financials 2.1%
Healthcare 2.0%
Energy 1.3%
Communication Services 1.1%
Retail 0.9%
Utilities 0.4%
Consumer Discretionary 0.3%
Materials 0.2%
Consumer Staples 0.1%
Real Estate 0.1%
Consumer products 0.1%
Other/Unmapped 85.0%

Full portfolio 297 positions

05
Type Streak 8Q trend
VTI VANGUARD INDEX FUNDS $191,047,035 16.47% 516,287 $25,966,798 Up ×1
IXUS iShares Core MSCI Total International Stock ETF $109,959,777 9.48% 1,152,135 $11,999,377 Up ×6
IUSB iShares Core Universal USD Bond ETF $82,566,387 7.12% 1,789,088 $1,485,024 Up ×6
SPHQ Invesco Exchange-Traded Fund Trust $68,688,334 5.92% 762,357 $12,635,848 Up ×6
SPYM State Street SPDR Portfolio S&P 500 ETF $48,304,996 4.16% 549,670 $5,704,078 Down ×4
DRSK ETF Series Solutions $39,608,828 3.41% 1,377,698 $2,227,633 Up ×1
FBND Fidelity Merrimack Street Trust $36,965,598 3.19% 812,609 $726,846 Up ×6
AVDE AMERICAN CENTURY ETF TRUST $33,010,857 2.85% 370,077 $2,203,037 Up ×3
DGRO iShares Trust $32,448,685 2.80% 428,139 $3,031,752 Up ×4
ACIO ETF Series Solutions $28,532,661 2.46% 618,393 $2,334,718 Down ×1
BOXX EA Series Trust $21,785,210 1.88% 186,055 $-2,708,554 Down ×1
FRDM EA Series Trust $21,003,154 1.81% 288,109 $5,290,111 Up ×3
NVDA NVIDIA Corporation - Common Stock $18,592,935 1.60% 92,923 $2,398,570 Up ×2
AVUV AMERICAN CENTURY ETF TRUST $18,028,766 1.55% 144,508 $2,097,181 Up ×6
SPY SPY $13,857,794 1.19% 18,557 $1,563,722 Down ×1
FBTC Fidelity Wise Origin Bitcoin Fund $12,368,804 1.07% 242,288 $-2,435,862 Down ×1
AVGE AMERICAN CENTURY ETF TRUST $11,777,593 1.02% 118,846 $4,190,550 Up ×2
TPL Texas Pacific Land Corporation Common Stock $11,358,340 0.98% 25,954 $-957,542 Up ×1
VT VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $10,995,721 0.95% 70,059 $672,546 Down ×2
VIG VANGUARD SPECIALIZED FUNDS $10,106,883 0.87% 42,714 $908,749 Down ×1
VBR VANGUARD INDEX FUNDS $7,721,666 0.67% 31,778 $714,034 Down ×2
FEGE RBB Fund Trust $7,368,006 0.64% 150,613 $721,893 Up ×5
IVV iShares Trust $7,012,141 0.60% 9,363 $996,523 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $6,535,643 0.56% 18,497 $1,234,888 Up ×1
VEU VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $6,364,818 0.55% 75,998 $566,682 Down ×4
VTV VANGUARD INDEX FUNDS $6,199,710 0.53% 28,448 $639,674 Up ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $6,028,516 0.52% 12,048 $541,850 Up ×3
AAPL Apple Inc. - Common Stock $5,936,019 0.51% 20,514 $606,128 Down ×3
AMZN Amazon.com, Inc. - Common Stock $5,638,410 0.49% 23,657 $452,902 Down ×3
DEFR ETF Series Solutions $5,501,993 0.47% 205,715 $1,550,756 Up ×3
SCHB SCHWAB STRATEGIC TRUST $5,430,574 0.47% 187,520 $701,717 Down ×2
GLDM SPDR Gold MiniShares Trust $5,333,212 0.46% 67,152 $-787,387 Up ×6
VB VANGUARD INDEX FUNDS $5,231,247 0.45% 17,258 $134,118 Down ×6
IBIT iShares Bitcoin Trust ETF $5,139,644 0.44% 154,390 $-1,351,147 Down ×2
MSFT Microsoft Corporation - Common Stock $4,947,610 0.43% 13,264 $-123,504 Down ×3
JMUB J.P. Morgan Exchange-Traded Fund Trust $4,117,852 0.35% 81,292 $2,171,364 Up ×1
VGT VANGUARD WORLD FUND $3,992,385 0.34% 33,403 $768,093 Up ×2
MSTR Strategy Inc - Class A Common Stock $3,753,812 0.32% 43,182 $-1,618,205 Up ×1
JNJ Johnson & Johnson Common Stock $3,707,166 0.32% 14,597 $145,507 Up ×3
AGG iShares Trust $3,436,039 0.30% 34,714 $51,005 Up ×1
VNQ VANGUARD SPECIALIZED FUNDS $3,322,506 0.29% 34,455 $185,502 Down ×6
VEA VANGUARD TAX-MANAGED FUNDS $3,292,570 0.28% 46,212 $317,897 Down ×1
GOOGL Alphabet Inc. - Class A Common Stock $3,223,175 0.28% 9,019 $424,830 Down ×1
BX Blackstone Inc. Common Stock $3,179,840 0.27% 27,023 $102,104 Up ×5
TCAF T. Rowe Price Exchange-Traded Funds, Inc. $3,081,956 0.27% 74,987 $381,288 Down ×6
GLD SPDR Gold Shares $3,045,766 0.26% 8,268 $-511,872
VFMO VANGUARD WELLINGTON FUND $3,036,584 0.26% 12,170 $993,050 Up ×4
CAT Caterpillar, Inc. Common Stock $3,004,364 0.26% 2,821 $1,005,197 Down ×3
NEE NextEra Energy, Inc. Common Stock $2,957,756 0.25% 33,699 $-171,930 Up ×1
V Visa Inc. $2,934,348 0.25% 8,553 $339,309 Down ×3
IBM International Business Machines Corporation Common Stock $2,931,606 0.25% 10,424 $342,412 Down ×2
VCSH Vanguard Short-Term Corporate Bond ETF $2,867,175 0.25% 36,280 $-281,555 Down ×5
VBK VANGUARD INDEX FUNDS $2,751,701 0.24% 7,524 $477,647
VOO VANGUARD INDEX FUNDS $2,665,738 0.23% 3,881 $371,122 Up ×5
XLG Invesco Exchange-Traded Fund Trust $2,633,018 0.23% 43,002 $282,332 Down ×1
LLY Eli Lilly and Company Common Stock $2,555,228 0.22% 2,130 $604,057 Up ×2
VYM VANGUARD WHITEHALL FUNDS $2,547,348 0.22% 16,119 $27,075 Down ×4
XOM Exxon Mobil Corporation Common Stock $2,510,918 0.22% 18,365 $-350,776 Up ×2
INTC Intel Corporation - Common Stock $2,324,165 0.20% 16,645 $1,554,176 Down ×3
ITOT iShares Trust $2,302,063 0.20% 14,014 $306,179 Up ×6
GMED Globus Medical, Inc. Class A Common Stock $2,244,359 0.19% 28,406 $-205,687 Down ×6
MRK Merck & Company, Inc. Common Stock (new) $2,233,857 0.19% 17,384 $93,550 Down ×6
VWO VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $2,197,152 0.19% 36,809 $195,086 Down ×6
ABBV AbbVie Inc. Common Stock $2,188,475 0.19% 8,697 $216,234 Down ×2
VSS VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $2,142,697 0.18% 13,887 $60,100 Down ×2
BND Vanguard Total Bond Market ETF $2,142,694 0.18% 29,188 $-170,192 Down ×2
VUG VANGUARD INDEX FUNDS $2,110,747 0.18% 24,504 $-78,950 Up ×2
COWZ Pacer Funds Trust $2,054,116 0.18% 33,024 $-12,173 Down ×1
SCHX SCHWAB STRATEGIC TRUST $2,032,753 0.18% 69,071 $233,352 Down ×1
AMGN Amgen Inc. - Common Stock $2,019,462 0.17% 5,577 $60,926 Up ×5
FPAG Investment Managers Series Trust III $1,980,976 0.17% 49,347 $-182,840 Down ×3
APH Amphenol Corporation Common Stock $1,879,925 0.16% 10,662 $760,969 Up ×1
VPU VANGUARD WORLD FUND $1,800,909 0.16% 9,201 $-79,239 Down ×3
SYK Stryker Corporation Common Stock $1,778,051 0.15% 5,647 $3,066 Up ×3
VGIT Vanguard Intermediate-Term Treasury ETF $1,775,888 0.15% 30,110 $122,244 Up ×1
KEYS Keysight Technologies Inc. Common Stock $1,719,195 0.15% 4,911 $329,652 Down ×2
INFL Listed Funds Trust $1,705,314 0.15% 34,188 $-74,275 Up ×1
VHT VANGUARD WORLD FUND $1,680,968 0.14% 5,622 $-11,942 Down ×1
UVSP Univest Financial Corporation - Common Stock $1,629,907 0.14% 37,255 $353,670 Up ×6
TT Trane Technologies plc $1,612,525 0.14% 3,283 $170,565 Down ×2
IWM iShares Trust $1,554,578 0.13% 5,174 $263,223 Down ×1
ESGU iShares ESG Aware MSCI USA ETF $1,513,948 0.13% 9,250 $205,813
GBTC Grayscale Bitcoin Trust (BTC) $1,510,718 0.13% 33,188 $-245,241 Down ×1
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF $1,508,447 0.13% 28,782 $-10,622 Down ×3
VMC Vulcan Materials Company (Holding Company) Common Stock $1,497,472 0.13% 5,076 $116,093 Up ×1
IJR iShares Trust $1,494,432 0.13% 10,076 $224,568 Down ×4
MKL Markel Group Inc. Common Stock $1,494,053 0.13% 765 $29,789
ROST Ross Stores, Inc. - Common Stock $1,474,838 0.13% 6,929 $-69,302 Down ×1
VTEB VANGUARD MUNICIPAL BOND FUNDS $1,470,877 0.13% 29,080 $177,008 Up ×3
IBTH iShares Trust $1,439,622 0.12% 64,355 $-3,861
QQQ Invesco QQQ Trust, Series 1 $1,438,066 0.12% 1,953 $370,956 Up ×3
VONG Vanguard Russell 1000 Growth ETF $1,415,957 0.12% 11,079 $197,382 Down ×1
ADI Analog Devices, Inc. - Common Stock $1,407,175 0.12% 3,543 $280,004
INCY Incyte Corporation - Common Stock $1,399,544 0.12% 12,346 $214,572 Down ×2
META Meta Platforms, Inc. - Class A Common Stock $1,357,213 0.12% 2,409 $-29,526 Down ×1
IEFA iShares Trust $1,343,937 0.12% 13,915 $71,387 Down ×1
HECA ETF Opportunities Trust $1,319,712 0.11% 48,341 $-423,132 Down ×1
UTHR United Therapeutics Corporation - Common Stock $1,299,309 0.11% 2,398 $-128,587 Down ×6
SUSL iShares ESG MSCI USA Leaders ETF $1,299,280 0.11% 9,787 $196,621 Up ×2
IJH iShares Trust $1,274,440 0.11% 16,528 $108,770 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
IXUS $109,959,777 9.48% up ×6
IUSB $82,566,387 7.12% up ×6
SPHQ $68,688,334 5.92% up ×6
FBND $36,965,598 3.19% up ×6
AVDE $33,010,857 2.85% up ×3
DGRO $32,448,685 2.80% up ×4
FRDM $21,003,154 1.81% up ×3
AVUV $18,028,766 1.55% up ×6
FEGE $7,368,006 0.64% up ×5
BRK-B (filed as BRKB) $6,028,516 0.52% up ×3
DEFR $5,501,993 0.47% up ×3
GLDM $5,333,212 0.46% up ×6
JNJ $3,707,166 0.32% up ×3
BX $3,179,840 0.27% up ×5
VFMO $3,036,584 0.26% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SGVT $1,100,786 10,927 0.09%
Unknown issuer (CUSIP: 61692G109) $885,417 52,547 0.08%
SPMO $720,770 4,462 0.06%
BSVO $642,904 22,025 0.06%
Unknown issuer (CUSIP: 77926X353) $618,602 6,182 0.05%
CRM $604,154 3,856 0.05%
VFMF $502,044 2,837 0.04%
AMD $455,434 784 0.04%
SPCX $434,498 2,543 0.04%
AMAT $391,305 541 0.03%
Unknown issuer (CUSIP: 438516205) $377,720 1,688 0.03%
Unknown issuer (CUSIP: 43849R105) $372,741 1,686 0.03%
SPYG $264,496 2,223 0.02%
MPRO $261,293 8,004 0.02%
SPTM $239,886 2,642 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VTI Bought more +2K +$26.0M
SPHQ Bought more +17K +$12.6M
IXUS Bought more +21K +$12.0M
SPYM Trimmed -7K +$5.7M
FRDM Bought more +587 +$5.3M
AVGE Bought more +33K +$4.2M
DGRO Bought more +9K +$3.0M
BOXX Trimmed -25K -$2.7M
FBTC Trimmed -9K -$2.4M
NVDA Bought more +65 +$2.4M

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
TOGA March 31, 2026 26,262 $900,115
HON June 30, 2026 3,444 $778,383 -4.4%
GABF March 31, 2026 12,700 $586,768
IBTF Dec. 31, 2025 21,906 $511,834 No longer tracked
TFC Dec. 31, 2025 10,484 $479,315 -5.6%
WAT Sept. 30, 2025 1,219 $425,480 41.8%
EOG March 31, 2026 3,941 $413,873 -2.2%
CMCSA Dec. 31, 2025 13,116 $412,113 -23.0%
MKC June 30, 2025 4,450 $366,280 -41.1%
HEFA Dec. 31, 2025 8,385 $332,124
VOYA June 30, 2026 4,770 $325,887 6.8%
NTNX Dec. 31, 2025 3,787 $281,715 39.9%
APLD Dec. 31, 2025 11,434 $262,296 3.5%
EPD June 30, 2026 6,354 $240,432 -1.6%
CWS March 31, 2026 3,478 $239,031
VTWG June 30, 2025 1,281 $238,728
T June 30, 2026 8,190 $237,417 17.4%
CBZ Sept. 30, 2025 3,297 $236,428 3.3%
INTU June 30, 2025 375 $230,255 -64.3%
BMY June 30, 2025 3,763 $229,494 32.1%
URTH June 30, 2025 1,498 $229,485
HYG Dec. 31, 2025 2,769 $224,816
EPD June 30, 2025 6,566 $224,153 16.7%
DIS March 31, 2026 1,966 $223,675 6.0%
COP June 30, 2026 1,659 $218,891 21.9%
SPTM Dec. 31, 2025 2,664 $214,870
COIN March 31, 2026 949 $214,607 4.8%
SHEL June 30, 2026 2,299 $213,827 24.1%
LDOS Dec. 31, 2025 1,130 $213,579 -34.7%
ROP Sept. 30, 2025 370 $209,860 -28.9%
ADBE June 30, 2025 544 $208,641 -38.6%
TSCO June 30, 2026 4,590 $207,947 -1.6%
VFVA Dec. 31, 2025 1,630 $207,833
BA March 31, 2026 954 $207,133 -2.7%
UHS June 30, 2025 1,084 $203,675 -3.0%
HOMB Dec. 31, 2025 7,125 $201,638 3.2%
AFL June 30, 2025 1,813 $201,588 5.8%
CASS Sept. 30, 2025 4,620 $201,109 37.5%
MUNI March 31, 2026 3,835 $200,982
FLTB June 30, 2026 3,980 $200,075
BOC Sept. 30, 2025 11,643 $163,468 1.0%
CGEM March 31, 2026 13,904 $143,907 9.1%
FSCO June 30, 2026 12,806 $65,311 2.4%
SNDK June 30, 2025 111 $5,285 3692.7%
QGEN (filed as QGENXXXX) June 30, 2025 120 $4,818 -6.9%
VG June 30, 2025 54 $557 -15.7%
MJ June 30, 2025 13 $254 37.7%
MRP June 30, 2025 2 $54 -13.7%