Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +3.2%
S&P 500 total return (same window) +37.0%
Excess return -33.8%

Annualized: +2.6% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 89.9% · Options excluded: 0.1%

Sector breakdown

04
Retail 74.2%
Technology 3.3%
Communication Services 1.6%
Healthcare 1.3%
Industrials 0.9%
Energy 0.8%
Financials 0.7%
Consumer Staples 0.5%
Consumer Discretionary 0.3%
Consumer products 0.2%
Materials 0.2%
Utilities 0.2%
Real Estate 0.0%
Other/Unmapped 15.9%

Full portfolio 130 positions

05
Type Streak 8Q trend
COST Costco Wholesale Corporation - Common Stock $582,356,592 73.18% 622,528 $-37,949,439
IEMG iShares, Inc. $14,957,927 1.88% 180,564 $2,838,092 Up ×4
VTV VANGUARD INDEX FUNDS $14,269,738 1.79% 65,479 $838,727 Down ×3
IVV iShares Trust $12,898,837 1.62% 17,224 $2,219,145 Up ×6
FENI Fidelity Covington Trust $11,252,279 1.41% 280,396 $2,273,530 Up ×3
VUG VANGUARD INDEX FUNDS $8,747,607 1.10% 101,551 $1,361,971 Up ×1
MSFT Microsoft Corporation - Common Stock $7,257,951 0.91% 19,457 $413,672 Up ×6
AAPL Apple Inc. - Common Stock $6,749,919 0.85% 23,327 $466,795 Down ×1
AMZN Amazon.com, Inc. - Common Stock $5,772,152 0.73% 24,218 $1,131,862 Up ×5
GOOG Alphabet Inc. - Class C Capital Stock $5,193,630 0.65% 14,699 $1,076,648 Up ×2
SCHD SCHWAB STRATEGIC TRUST $4,866,472 0.61% 153,468 $31,665 Down ×1
JPIE J.P. Morgan Exchange-Traded Fund Trust $3,554,566 0.45% 77,189 $2,920,679 Up ×5
JIVE JPMorgan International Value ETF $3,422,999 0.43% 37,225 $797,974 Up ×2
FSMD FIDELITY COVINGTON TRUST $3,412,128 0.43% 64,562 $873,670 Up ×3
REET iShares Trust $3,315,893 0.42% 120,054 $272,339 Down ×1
VIG VANGUARD SPECIALIZED FUNDS $3,232,031 0.41% 13,659 $554,705 Up ×6
NVDA NVIDIA Corporation - Common Stock $3,218,020 0.40% 16,083 $524,548 Up ×3
IQLT iShares Trust $3,136,068 0.39% 63,291 $-848,005 Down ×3
IEFA iShares Trust $2,993,827 0.38% 30,998 $-793,186 Down ×3
GSLC Goldman Sachs ETF Trust $2,922,734 0.37% 20,599 $-356,394 Down ×3
AVGO Broadcom Inc. - Common Stock $2,743,222 0.34% 7,262 $634,344 Up ×1
CSCO Cisco Systems, Inc. - Common Stock $2,448,603 0.31% 20,846 $539,477 Down ×1
GOOGL Alphabet Inc. - Class A Common Stock $2,410,692 0.30% 6,746 $763,587 Up ×6
QQQM Invesco NASDAQ 100 ETF $2,262,744 0.28% 7,469 $485,420 Down ×1
BKCH Global X Blockchain ETF $2,164,573 0.27% 28,919 $638,309 Up ×1
KO Coca-Cola Company (The) Common Stock $2,157,350 0.27% 26,545 $208,025 Up ×6
TXN Texas Instruments Incorporated - Common Stock $2,067,263 0.26% 6,935 $626,148 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $2,027,192 0.25% 15,776 $202,035 Up ×6
XOM Exxon Mobil Corporation Common Stock $2,024,211 0.25% 14,806 $-388,107 Up ×6
SCHV SCHWAB STRATEGIC TRUST $1,994,234 0.25% 57,289 $221,876 Down ×4
HD Home Depot, Inc. (The) Common Stock $1,892,509 0.24% 5,366 $240,808 Up ×6
JCPB J.P. Morgan Exchange-Traded Fund Trust $1,820,464 0.23% 38,783 Up ×1
BOTZ Global X Robotics & Artificial Intelligence ETF $1,781,101 0.22% 46,945 $339,313 Up ×1
GSIE Goldman Sachs ETF Trust $1,744,966 0.22% 38,183 $77,516 Down ×4
AMGN Amgen Inc. - Common Stock $1,738,418 0.22% 4,801 $78,637 Up ×6
SGOV iShares Trust $1,609,904 0.20% 15,992 $315,436 Up ×1
PEP PepsiCo, Inc. - Common Stock $1,589,207 0.20% 11,737 $-147,766 Up ×6
LLY Eli Lilly and Company Common Stock $1,581,006 0.20% 1,318 $514,205 Up ×5
JPM JP Morgan Chase & Co. Common Stock $1,531,361 0.19% 4,678 $327,015 Up ×2
IJR iShares Trust $1,522,981 0.19% 10,269 $-264,539 Down ×3
CIBR First Trust NASDAQ Cybersecurity ETF $1,494,800 0.19% 16,637 $498,565 Up ×1
CVX Chevron Corporation Common Stock $1,491,844 0.19% 9,000 $-362,704 Up ×6
BBIN J.P. Morgan Exchange-Traded Fund Trust $1,489,105 0.19% 19,072 $84,530 Down ×6
PG Procter & Gamble Company (The) Common Stock $1,451,083 0.18% 9,896 $424,016 Up ×6
LMT Lockheed Martin Corporation Common Stock $1,408,752 0.18% 2,765 $-256,084 Up ×1
SCHE SCHWAB STRATEGIC TRUST $1,378,332 0.17% 38,012 $112,971 Down ×4
NEM Newmont Corporation $1,279,684 0.16% 13,701 $-213,625 Down ×6
BMY Bristol-Myers Squibb Company Common Stock $1,231,807 0.15% 21,378 $-247,729 Down ×1
VZ Verizon Communications Inc. Common Stock $1,222,429 0.15% 28,872 $-309,610 Down ×1
QQQ Invesco QQQ Trust, Series 1 $1,176,591 0.15% 1,598 $253,818 Down ×1
JNJ Johnson & Johnson Common Stock $1,174,007 0.15% 4,623 $243,202 Up ×4
ABBV AbbVie Inc. Common Stock $1,133,266 0.14% 4,504 $-343,141 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $1,030,059 0.13% 1,829 $310,883 Up ×4
VTI VANGUARD INDEX FUNDS $1,024,972 0.13% 2,770 $136,362
TSLA Tesla, Inc. - Common Stock $997,595 0.13% 2,372 $34,762 Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $972,290 0.12% 2,339 $623,917 Up ×3
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $972,118 0.12% 1,943 $41,032
SPYM State Street SPDR Portfolio S&P 500 ETF $965,532 0.12% 10,987 $29,521 Down ×2
VMC Vulcan Materials Company (Holding Company) Common Stock $944,536 0.12% 3,202 $72,904 Up ×1
XEL Xcel Energy Inc. - Common Stock $912,742 0.11% 11,367 $6,729 Down ×1
V Visa Inc. $907,329 0.11% 2,645 $142,397 Up ×3
RTX RTX Corporation Common Stock $902,026 0.11% 4,754 $-36,945 Down ×1
JAAA Janus Detroit Street Trust $879,570 0.11% 17,421 $154,134 Up ×3
BITB Bitwise Bitcoin ETF $868,957 0.11% 27,274 $84,601 Up ×5
USMV iShares Trust $837,022 0.11% 8,677 $-594,738 Down ×3
FUTY FIDELITY COVINGTON TRUST $818,666 0.10% 14,013 $-465,582 Down ×1
ETHA iShares Ethereum Trust ETF $757,227 0.10% 63,686 $122,761 Up ×2
VTWO Vanguard Russell 2000 ETF $756,794 0.10% 6,233 $118,152 Down ×4
VBIL Vanguard 0-3 Month Treasury Bill ETF $708,582 0.09% 9,363 Up ×1
VWO VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $705,540 0.09% 11,820 $30,936 Down ×1
VLO Valero Energy Corporation Common Stock $704,539 0.09% 2,705 $-223,095 Down ×3
QCOM QUALCOMM Incorporated - Common Stock $658,869 0.08% 3,566
SLB SLB Limited Common Shares $645,489 0.08% 13,884 $-116,362 Down ×1
NFLX Netflix, Inc. - Common Stock $602,677 0.08% 8,441 $-17,491 Up ×1
EOG EOG Resources, Inc. Common Stock $573,526 0.07% 4,421 $-449,770 Down ×1
JPST J.P. Morgan Exchange-Traded Fund Trust $558,581 0.07% 11,046 $254,458 Up ×2
SBUX Starbucks Corporation - Common Stock $554,278 0.07% 5,424 $68,423 Up ×1
UPS United Parcel Service, Inc. Common Stock $551,182 0.07% 5,127 $-273,384 Down ×1
VONG Vanguard Russell 1000 Growth ETF $544,345 0.07% 4,259 $71,580 Down ×4
DELL Dell Technologies Inc. Class C Common Stock $517,933 0.07% 1,200 Up ×1
ORCL Oracle Corporation Common Stock $501,619 0.06% 3,423 $-1,892
ABT Abbott Laboratories Common Stock $499,229 0.06% 5,502 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $481,868 0.06% 1,009 $191,569 Up ×1
MRVL Marvell Technology, Inc. - Common Stock $467,485 0.06% 1,569 Up ×1
OKE ONEOK, Inc. Common Stock $466,274 0.06% 5,363 $-291,123 Down ×1
CAT Caterpillar, Inc. Common Stock $454,798 0.06% 427 $154,361 Up ×2
FAST Fastenal Company - Common Stock $442,485 0.06% 9,213 $-217,962 Down ×1
BLOK Amplify ETF Trust $434,652 0.05% 6,940 $94,250 Up ×2
VGT VANGUARD WORLD FUND $434,147 0.05% 3,632 $117,086 Up ×1
ADP Automatic Data Processing, Inc. - Common Stock $409,004 0.05% 1,826 Up ×1
COP ConocoPhillips Common Stock $391,040 0.05% 3,761 Up ×1
VEA VANGUARD TAX-MANAGED FUNDS $389,133 0.05% 5,462 $7,370 Down ×3
VDC VANGUARD WORLD FUND $374,109 0.05% 1,659 $1,493
C Citigroup, Inc. Common Stock $359,310 0.05% 2,567 $90,075 Up ×1
BX Blackstone Inc. Common Stock $351,471 0.04% 2,987 Up ×1
IBM International Business Machines Corporation Common Stock $350,000 0.04% 1,245 $69,438 Up ×2
IWR iShares Trust $343,916 0.04% 3,117 $40,807
ING ING Group, N.V. Common Stock $342,670 0.04% 10,920 $82,743 Up ×2
SHOP Shopify Inc. - Class A Subordinate Voting Shares $342,540 0.04% 3,000 $97,827 Up ×1
F Ford Motor Company Common Stock $315,885 0.04% 22,726 $-102,848 Down ×3

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
IEMG $14,957,927 1.88% up ×4
IVV $12,898,837 1.62% up ×6
FENI $11,252,279 1.41% up ×3
MSFT $7,257,951 0.91% up ×6
AMZN $5,772,152 0.73% up ×5
JPIE $3,554,566 0.45% up ×5
FSMD $3,412,128 0.43% up ×3
VIG $3,232,031 0.41% up ×6
NVDA $3,218,020 0.40% up ×3
GOOGL $2,410,692 0.30% up ×6
KO $2,157,350 0.27% up ×6
MRK $2,027,192 0.25% up ×6
XOM $2,024,211 0.25% up ×6
HD $1,892,509 0.24% up ×6
AMGN $1,738,418 0.22% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
JCPB $1,820,464 38,783 0.23%
VBIL $708,582 9,363 0.09%
QCOM $658,869 3,566 0.08%
DELL $517,933 1,200 0.07%
ABT $499,229 5,502 0.06%
MRVL $467,485 1,569 0.06%
ADP $409,004 1,826 0.05%
COP $391,040 3,761 0.05%
BX $351,471 2,987 0.04%
SHLD $309,955 5,191 0.04%
ACN $297,338 2,389 0.04%
MO $288,066 4,004 0.04%
EXPD $227,413 1,395 0.03%
ETN $225,908 530 0.03%
VO $218,525 2,712 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
COST Price move only +0 -$37.9M
IEMG Bought more +7K +$2.8M
FENI Bought more +39K +$2.3M
IVV Bought more +874 +$2.2M
VUG Bought more +85K +$1.4M
AMZN Bought more +2K +$1.1M
GOOG Bought more +347 +$1.1M
FSMD Bought more +8K +$874K
IQLT Trimmed -23K -$848K
VTV Trimmed -3K +$839K

1 position hidden — reported move looks larger than the position itself (data completeness check)

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
RDDT June 30, 2026 3,200 $430,880 -14.8%
HON June 30, 2026 1,453 $328,533 -4.4%
BA Sept. 30, 2025 1,505 $315,343 -10.3%
BIL Dec. 31, 2025 3,207 $294,215
BIL June 30, 2025 3,075 $282,088
HSY June 30, 2025 1,607 $274,824 -3.5%
QCOM June 30, 2025 1,762 $270,605 16.1%
GIS June 30, 2026 7,066 $263,005 -8.0%
INTU June 30, 2025 418 $256,466 -64.3%
T June 30, 2025 8,893 $251,491 -16.0%
BA June 30, 2026 1,205 $239,831 -10.6%
IBM Sept. 30, 2025 769 $226,828 -21.1%
DASH June 30, 2026 1,500 $225,225 2.5%
PFE March 31, 2026 8,837 $220,049 -1.0%
GEV Sept. 30, 2025 406 $214,835 60.8%
QCOM March 31, 2026 1,247 $213,281 43.6%
SKYY March 31, 2026 1,607 $209,062
EXPD March 31, 2026 1,395 $207,920 34.4%
DIS March 31, 2026 1,822 $207,324 6.0%
MDT June 30, 2026 2,335 $202,357 10.4%
USB March 31, 2026 3,782 $201,809 10.6%
BNDX March 31, 2026 4,164 $201,225
SAN Sept. 30, 2025 10,000 $83,000 27.5%
ASST March 31, 2026 14,000 $10,332 199.7%