Sector breakdown

04
Energy 1.8%
Technology 0.7%
Healthcare 0.1%
Other/Unmapped 97.4%

Full portfolio 45 positions

05
Type Streak 8Q trend
IWF iShares Trust $25,637,845 16.16% 206,474 $3,895,296 Up ×2
XLK SELECT SECTOR SPDR TRUST $22,042,753 13.89% 115,698 $5,974,814 Down ×1
VTV VANGUARD INDEX FUNDS $15,418,237 9.72% 70,749 $1,543,260 Up ×5
XLF SELECT SECTOR SPDR TRUST $6,756,520 4.26% 126,031 $898,032 Up ×5
XLY XLY $6,126,954 3.86% 52,242 $612,255 Up ×5
XLV SELECT SECTOR SPDR TRUST $5,995,960 3.78% 37,791 $700,575 Up ×2
VWO VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $5,454,867 3.44% 91,387 $548,475 Up ×5
XLI SELECT SECTOR SPDR TRUST $5,388,205 3.40% 29,089 $828,051 Up ×5
VGK VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $5,382,639 3.39% 60,793 $567,309 Up ×2
XLC SELECT SECTOR SPDR TRUST $4,893,036 3.08% 45,674 $233,974 Up ×5
SPY SPY $4,671,046 2.94% 6,255 $1,823,207 Up ×1
SPDW SPDR INDEX SHARES FUNDS $4,399,508 2.77% 87,309 $538,479 Up ×2
VPL VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $4,233,365 2.67% 36,592 $779,458 Up ×5
PWV Invesco Exchange-Traded Fund Trust $3,902,988 2.46% 51,511 $312,156
AGG iShares Trust $2,907,250 1.83% 29,372 $79,816 Up ×5
TRGP Targa Resources, Inc. Common Stock $2,853,010 1.80% 10,640 $185,243
XLP XLP $2,779,782 1.75% 33,463 $109,075 Up ×5
VOT VANGUARD INDEX FUNDS $2,627,574 1.66% 8,578 $361,767 Down ×2
VOE VANGUARD INDEX FUNDS $2,625,923 1.65% 13,289 $67,591 Down ×5
DBEU DBX ETF Trust $2,417,881 1.52% 44,811 $210,503 Down ×3
XLE SELECT SECTOR SPDR TRUST $2,113,288 1.33% 39,791 $-456,009 Down ×2
SDY SPDR SERIES TRUST $1,941,886 1.22% 12,760 $132,370 Up ×4
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF $1,909,964 1.20% 36,443 $49,896 Up ×4
MUB iShares Trust $1,542,345 0.97% 14,331 $108,142 Up ×2
VBK VANGUARD INDEX FUNDS $1,425,557 0.90% 3,898 $91,683 Down ×5
VBR VANGUARD INDEX FUNDS $1,334,424 0.84% 5,492 $21,665 Down ×5
XLB XLB $1,249,305 0.79% 24,578 $42,484 Up ×5
MAGS Listed Funds Trust $1,166,081 0.73% 18,135 $124,899 Up ×4
AAPL Apple Inc. - Common Stock $1,069,475 0.67% 3,696 $131,467
XLRE XLRE $1,050,079 0.66% 23,849 $7,260 Down ×1
RSP Invesco Exchange-Traded Fund Trust $1,043,415 0.66% 4,904 $112,469 Up ×5
XLU XLU $843,749 0.53% 18,609 $-35,324 Down ×1
SCHM SCHWAB STRATEGIC TRUST $772,463 0.49% 20,951 $122,303 Down ×2
SCHA SCHWAB STRATEGIC TRUST $709,449 0.45% 19,636 $130,524 Down ×3
HEDJ WisdomTree Trust $630,420 0.40% 11,060 $53,812 Up ×1
SPEM SPDR INDEX SHARES FUNDS $519,975 0.33% 10,042 $44,871 Down ×5
FMB First Trust Managed Municipal ETF $388,798 0.25% 7,569 $17,359 Up ×1
BSMS Invesco BulletShares 2028 Municipal Bond ETF $352,725 0.22% 15,048 $674
BSMR Invesco BulletShares 2027 Municipal Bond ETF $351,338 0.22% 14,862 $-208
BSMT Invesco BulletShares 2029 Municipal Bond ETF $350,125 0.22% 15,203 $94
BSMQ Invesco BulletShares 2026 Municipal Bond ETF $347,901 0.22% 14,776 $-1,182
EFA iShares Trust $328,780 0.21% 3,165 $21,364
BBCA J.P. Morgan Exchange-Traded Fund Trust $258,142 0.16% 2,597 $9,165 Down ×1
VTEB VANGUARD MUNICIPAL BOND FUNDS $249,107 0.16% 4,925 $3,399
JNJ Johnson & Johnson Common Stock $220,192 0.14% 867 $-3,959 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
VTV $15,418,237 9.72% up ×5
XLF $6,756,520 4.26% up ×5
XLY $6,126,954 3.86% up ×5
VWO $5,454,867 3.44% up ×5
XLI $5,388,205 3.40% up ×5
XLC $4,893,036 3.08% up ×5
VPL $4,233,365 2.67% up ×5
AGG $2,907,250 1.83% up ×5
XLP $2,779,782 1.75% up ×5
SDY $1,941,886 1.22% up ×4
IGSB $1,909,964 1.20% up ×4
XLB $1,249,305 0.79% up ×5
MAGS $1,166,081 0.73% up ×4
RSP $1,043,415 0.66% up ×5

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
XLK Trimmed -5K +$6.0M
IWF Bought more +155K +$3.9M
SPY Bought more +2K +$1.8M
VTV Bought more +30 +$1.5M
XLF Bought more +7K +$898K
XLI Bought more +893 +$828K
VPL Bought more +1K +$779K
XLV Bought more +2K +$701K
XLY Bought more +2K +$612K
VGK Bought more +2K +$567K

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
AVGO Dec. 31, 2025 1,119 $369,169 2.6%
FMB Sept. 30, 2025 5,397 $268,879
GBTC Dec. 31, 2025 2,646 $237,531 -4.8%
VGIT June 30, 2025 3,107 $181,915
JPM Sept. 30, 2025 608 $176,265 5.4%
C June 30, 2025 2,602 $164,550 51.0%
BNDX June 30, 2025 3,110 $152,981
VYM Sept. 30, 2025 1,074 $143,175
VIG Sept. 30, 2025 660 $135,082
MS Sept. 30, 2025 865 $121,844 19.7%
MSFT Sept. 30, 2025 229 $113,907 -0.1%
BBJP Sept. 30, 2025 1,816 $112,192
XOM Sept. 30, 2025 1,005 $108,339 45.5%
SCHD Sept. 30, 2025 3,850 $102,025 21.6%
SPHD Sept. 30, 2025 2,026 $96,357
IDV Sept. 30, 2025 2,732 $94,281
ACWI Sept. 30, 2025 660 $84,882
VONE Sept. 30, 2025 278 $78,002
HYMB June 30, 2025 2,541 $65,278 -4.4%
SCHO June 30, 2025 1,302 $62,769 -2.1%
AMZN Sept. 30, 2025 247 $54,189 14.6%
JMST June 30, 2025 1,000 $50,740
IRDM June 30, 2025 1,800 $47,088 62.3%
ETHE Sept. 30, 2025 1,945 $40,573 -37.5%
CVX Sept. 30, 2025 271 $38,804 33.1%
MNR Sept. 30, 2025 2,635 $38,049 -21.9%
ROK Sept. 30, 2025 114 $37,867 30.0%
BRK-B (filed as BRKB) Sept. 30, 2025 76 $36,919 No longer tracked
JPST Sept. 30, 2025 712 $36,068
SJM June 30, 2025 260 $32,726 19.3%
GOOGL Sept. 30, 2025 160 $28,197 41.3%
LNG June 30, 2025 165 $26,611 10.9%
EZU Sept. 30, 2025 404 $24,018
BTC Sept. 30, 2025 502 $23,971 -26.4%
TSLA Sept. 30, 2025 75 $23,825 -16.7%
META Sept. 30, 2025 32 $23,619 -0.9%
COST Sept. 30, 2025 20 $19,799 -0.5%
VTI Sept. 30, 2025 64 $19,456
COP Sept. 30, 2025 197 $17,679 34.0%
SCHB Sept. 30, 2025 730 $17,396 15.4%
ACN Sept. 30, 2025 56 $16,738 -19.3%
CSCO Sept. 30, 2025 200 $13,876 64.0%
FSK June 30, 2025 701 $13,368 -47.1%
NLY June 30, 2025 614 $12,090 -1.7%
AGNC June 30, 2025 1,190 $11,781 -4.4%
GTO June 30, 2025 224 $10,485
INTU Sept. 30, 2025 8 $6,301 -58.8%
LUV June 30, 2025 200 $5,838 30.9%
ACES Sept. 30, 2025 223 $5,753
LRCX Sept. 30, 2025 50 $4,867 159.5%
LRCX (filed as LRCXXXXX) June 30, 2025 5 $4,858 257.0%
VDE Sept. 30, 2025 40 $4,765
VZ Sept. 30, 2025 88 $3,814 4.5%
MBB Sept. 30, 2025 40 $3,756
PEN Sept. 30, 2025 12 $3,080 25.4%
MDT Sept. 30, 2025 33 $2,877 -9.3%
IYC Sept. 30, 2025 21 $2,092 -9.2%
QQQM Sept. 30, 2025 7 $1,599
FDIG Sept. 30, 2025 17 $612
BYND Sept. 30, 2025 141 $492 336.5%
EEM June 30, 2025 4 $164
VXUS Sept. 30, 2025 2 $144
T Sept. 30, 2025 1 $30 -14.0%
AMPY June 30, 2025 2 $13 36.3%