Sector breakdown

04
Other/Unmapped 100.0%

Full portfolio 8 positions

05
Type Streak 8Q trend
IVV iShares Trust $249,081,563 38.14% 332,601 $31,823,264
HYG iShares Trust $192,423,494 29.47% 2,406,196 $4,367,840 Up ×3
RSP Invesco Exchange-Traded Fund Trust $108,715,250 16.65% 511,000 $10,644,130
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares $42,398,475 6.49% 347,500 $8,159,300
JAAA Janus Detroit Street Trust $29,934,865 4.58% 592,887 $71,147
BKLN Invesco Exchange-Traded Fund Trust II $15,144,973 2.32% 743,494 $-29,740
WCLD WisdomTree Cloud Computing Fund $11,363,817 1.74% 354,500 $1,678,877
SPYM State Street SPDR Portfolio S&P 500 ETF $3,972,176 0.61% 45,200 $2,502,608 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
HYG $192,423,494 29.47% up ×3

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IVV Price move only +0 +$31.8M
RSP Price move only +0 +$10.6M
QQQE Price move only +0 +$8.2M
HYG Bought more +42K +$4.4M
SPYM Bought more +26K +$2.5M
WCLD Price move only +0 +$1.7M
JAAA Price move only +0 +$71K
BKLN Price move only +0 -$30K

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
SPYM Sept. 30, 2025 2,831,385 $205,813,376 15.6%
GSEW Sept. 30, 2025 1,140,000 $92,818,800
JPST Dec. 31, 2025 415,000 $21,052,950
MBB Dec. 31, 2025 57,544 $5,475,312
IGSB Dec. 31, 2025 100,582 $5,333,863
IGIB Dec. 31, 2025 30,492 $1,649,312
DCRE Dec. 31, 2025 30,750 $1,601,460
ICLO Dec. 31, 2025 50,000 $1,280,500
XTRE Dec. 31, 2025 24,250 $1,208,586
XFIV Dec. 31, 2025 24,400 $1,208,532