Sector breakdown

04
Technology 10.0%
Financials 6.5%
Retail 3.7%
Healthcare 3.1%
Industrials 2.5%
Energy 2.1%
Utilities 1.9%
Communication Services 1.7%
Materials 0.9%
Consumer Staples 0.5%
Consumer products 0.4%
Real Estate 0.2%
Consumer Discretionary 0.1%
Other/Unmapped 66.4%

Full portfolio 440 positions

05
Type Streak 8Q trend
BIV VANGUARD BOND INDEX FUNDS $38,802,000 9.64% 532,552 $38,763,520 Up ×6
TLT iShares 20+ Year Treasury Bond ETF $15,057,000 3.74% 193,588 $15,036,130 Down ×1
EFV iShares Trust $12,166,000 3.02% 153,731 $12,154,102 Down ×1
NVDA NVIDIA Corporation - Common Stock $9,872,000 2.45% 43,227 $9,863,264 Down ×1
FENI Fidelity Covington Trust $9,869,000 2.45% 247,291 $9,859,024 Down ×4
GLD SPDR Gold Shares $9,249,000 2.30% 24,287 $9,241,145 Up ×3
BIL SPDR SERIES TRUST $8,869,000 2.20% 96,777 $8,860,430 Up ×3
VCIT Vanguard Intermediate-Term Corporate Bond ETF $8,557,000 2.13% 109,268 $8,548,378 Up ×3
SJNK SPDR SERIES TRUST $8,438,000 2.10% 347,961 $8,429,693 Up ×3
MSFT Microsoft Corporation - Common Stock $7,180,000 1.78% 13,999 $7,174,575 Down ×2
SLYV SPDR SERIES TRUST $6,958,000 1.73% 68,117 Up ×1
SLYG SPDR SERIES TRUST $6,903,000 1.72% 64,536 Up ×1
XLK SELECT SECTOR SPDR TRUST $6,797,000 1.69% 34,721 $6,789,352 Down ×3
SPYG SPDR SERIES TRUST $6,694,000 1.66% 54,387 $6,687,398 Down ×1
SPYV SPDR SERIES TRUST $6,310,000 1.57% 103,222 $6,303,811 Up ×6
MDYG SPDR SERIES TRUST $6,304,000 1.57% 60,306 Up ×1
MDYV SPDR SERIES TRUST $6,117,000 1.52% 69,111 Up ×1
VBR Vanguard Morningstar Small-Cap Value ETF $5,986,000 1.49% 25,912 $5,972,043 Down ×1
VBK Vanguard Morningstar Small-Cap Growth ETF $5,585,000 1.39% 16,533 $5,570,741 Down ×1
XLU XLU $5,433,000 1.35% 137,756 $5,427,207 Up ×2
JPM JP Morgan Chase & Co. Common Stock $5,360,000 1.33% 16,203 $5,354,429 Down ×5
AVGO Broadcom Inc. - Common Stock $5,211,000 1.30% 14,838 $5,205,631 Up ×1
AAPL Apple Inc. - Common Stock $5,188,000 1.29% 15,578 $5,183,201 Down ×1
GOOGL Alphabet Inc. - Class A Common Stock $5,124,000 1.27% 14,891 $5,118,401 Down ×5
LGOV First Trust Exchange-Traded Fund IV $5,079,000 1.26% 259,261 Up ×1
FLOT iShares Floating Rate Bond ETF $5,016,000 1.25% 98,259 $5,011,332 Up ×6
JNJ Johnson & Johnson Common Stock $4,963,000 1.23% 18,747 $4,958,156 Down ×4
VOE Vanguard Morningstar Mid-Cap Value ETF $4,947,000 1.23% 25,301 $4,935,277 Down ×1
WMT Walmart Inc. - Common Stock $4,860,000 1.21% 46,765 $4,855,117 Up ×1
CVX Chevron Corporation Common Stock $4,666,000 1.16% 22,848 $4,662,159 Down ×4
XLP XLP $4,654,000 1.16% 57,741 $4,649,363 Up ×2
ABBV AbbVie Inc. Common Stock $4,653,000 1.16% 17,789 $4,648,374 Down ×1
VOT Vanguard Morningstar Mid-Cap Growth ETF $4,618,000 1.15% 15,810 $4,609,289 Down ×2
FRAF Franklin Financial Services Corporation - Common Stock $4,501,000 1.12% 72,811 $4,500,807 Up ×2
VCSH Vanguard Short-Term Corporate Bond ETF $4,448,000 1.11% 57,582 $4,443,637 Up ×3
V Visa Inc. $4,304,000 1.07% 11,979 $4,299,690 Down ×2
IEF iShares 7-10 Year Treasury Bond ETF $4,168,000 1.04% 46,667 $4,163,845 Up ×3
XLC SELECT SECTOR SPDR TRUST $4,157,000 1.03% 37,465 $4,153,276 Up ×1
XLF SELECT SECTOR SPDR TRUST $3,907,000 0.97% 73,161 $3,902,911 Down ×4
EFG iShares Trust $3,605,000 0.90% 30,086 $3,601,437 Up ×6
RTX RTX Corporation Common Stock $3,598,000 0.89% 19,379 $3,594,320 Down ×5
AMZN Amazon.com, Inc. - Common Stock $3,596,000 0.89% 14,433 $3,592,288 Down ×4
XLV SELECT SECTOR SPDR TRUST $3,411,000 0.85% 20,253 $3,407,679 Down ×1
ORCL Oracle Corporation Common Stock $3,357,000 0.83% 24,448 $3,353,692 Up ×1
XLE SELECT SECTOR SPDR TRUST $3,202,000 0.80% 52,073 $3,199,099 Down ×1
XLI SELECT SECTOR SPDR TRUST $3,167,000 0.79% 18,968 $3,163,490 Up ×2
GS Goldman Sachs Group, Inc. (The) Common Stock $3,105,000 0.77% 3,449 $3,101,176 Down ×1
XLRE XLRE $3,104,000 0.77% 75,879 $3,100,685 Up ×2
TRV The Travelers Companies, Inc. Common Stock $3,055,000 0.76% 8,570 $3,051,950 Down ×1
DKS Dick's Sporting Goods Inc Common Stock $3,052,000 0.76% 22,728 $3,048,451 Up ×2
IBM International Business Machines Corporation Common Stock $3,031,000 0.75% 13,780 $3,027,676 Up ×1
JEPI JPMorgan Equity Premium Income ETF $2,964,000 0.74% 52,724 $2,961,106 Up ×3
DON WisdomTree Trust $2,880,000 0.72% 53,381 $2,877,063 Up ×3
IEMG iShares, Inc. $2,756,000 0.69% 33,959 $2,753,208 Up ×1
COST Costco Wholesale Corporation - Common Stock $2,705,000 0.67% 2,971 $2,702,353 Up ×1
MET MetLife, Inc. Common Stock $2,578,000 0.64% 27,384 $2,575,308 Down ×2
SO Southern Company (The) Common Stock $2,433,000 0.60% 29,354 $2,430,413 Up ×1
EFA iShares Trust $2,392,000 0.59% 23,025 $2,389,559 Down ×1
XLY XLY $2,370,000 0.59% 21,776 $2,367,488 Up ×2
Unknown issuer (CUSIP: 30233Q108) $2,291,000 0.57% 14,078 Up ×1
XLB XLB $2,236,000 0.56% 45,904 $2,233,664 Down ×1
ITOT iShares Trust $2,207,000 0.55% 13,272 $2,206,862 Up ×1
DGS WisdomTree Trust $2,183,000 0.54% 34,554 $2,180,881 Up ×3
ETN Eaton Corporation, PLC Ordinary Shares $2,159,000 0.54% 5,025 $2,156,849 Down ×3
AMAT Applied Materials, Inc. - Common Stock $2,031,000 0.50% 3,971 $2,028,130 Up ×1
VLO Valero Energy Corporation Common Stock $1,871,000 0.47% 4,827 $1,869,464 Down ×1
XTL SPDR SERIES TRUST $1,867,000 0.46% 9,197 $1,864,848 Down ×1
NUE Nucor Corporation Common Stock $1,844,000 0.46% 7,890 $1,842,098 Down ×5
PPL PPL Corporation Common Stock $1,631,000 0.41% 49,585 $1,629,228 Up ×2
QCOM QUALCOMM Incorporated - Common Stock $1,631,000 0.41% 8,862 $1,629,257 Down ×4
AMD Advanced Micro Devices, Inc. - Common Stock $1,627,000 0.40% 2,659 $1,625,593 Up ×1
JCI Johnson Controls International plc Ordinary Share $1,529,000 0.38% 10,288 $1,527,451 Down ×6
BLK BlackRock, Inc. Common Stock $1,339,000 0.33% 1,265 $1,337,795 Up ×2
NEE NextEra Energy, Inc. Common Stock $1,235,000 0.31% 16,311 $1,233,643 Up ×1
PG Procter & Gamble Company (The) Common Stock $1,200,000 0.30% 8,262 $1,198,509 Down ×2
APD Air Products and Chemicals, Inc. Common Stock $1,111,000 0.28% 3,994 $1,109,828 Down ×1
HYG iShares Trust $1,094,000 0.27% 14,172 $1,092,948 Up ×6
SPY SPY $1,003,000 0.25% 1,315 $1,001,850 Down ×5
PEG Public Service Enterprise Group Incorporated Common Stock $916,000 0.23% 13,598 $914,975 Up ×2
VO Vanguard Morningstar Mid-Cap ETF $910,000 0.23% 11,608 $909,662 Up ×2
KO Coca-Cola Company (The) Common Stock $887,000 0.22% 10,300 $886,169 Up ×1
JEPQ JPMorgan Nasdaq Equity Premium Income ETF $813,000 0.20% 13,267 $812,985 Up ×1
IWF iShares Trust $689,000 0.17% 5,504 $688,195 Down ×1
AGG iShares Trust $657,000 0.16% 6,951 $656,975 Up ×1
MPC Marathon Petroleum Corporation Common Stock $590,000 0.15% 1,493 $589,618
MRK Merck & Company, Inc. Common Stock (new) $587,000 0.15% 4,043 $586,488 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $569,000 0.14% 785 $568,569 Up ×1
PSX Phillips 66 Common Stock $507,000 0.13% 1,984 $506,665
IWR iShares Trust $447,000 0.11% 4,186 $446,538
NSC Norfolk Southern Corporation Common Stock $417,000 0.10% 1,350 $416,575
IEFA iShares Core MSCI EAFE ETF $414,000 0.10% 4,275 $413,960 Up ×1
ABT Abbott Laboratories Common Stock $412,000 0.10% 4,167 $411,619 Down ×1
ANET Arista Networks, Inc. Common Stock $407,000 0.10% 2,000 $406,660
PEP PepsiCo, Inc. - Common Stock $401,000 0.10% 3,162 $400,573 Up ×1
HD Home Depot, Inc. (The) Common Stock $396,000 0.10% 1,391 $395,688 Up ×1
CEG Constellation Energy Corporation - Common Stock When-Issued $382,000 0.09% 1,504 $381,643 Up ×1
PM Philip Morris International Inc Common Stock $376,000 0.09% 1,973 $375,647 Up ×1
QRVO Qorvo, Inc. - Common Stock $372,000 0.09% 3,247 $371,697
WM Waste Management, Inc. Common Stock $371,000 0.09% 1,818 $370,595
LLY Eli Lilly and Company Common Stock $367,000 0.09% 317 $366,585 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
BIV $38,802,000 9.64% up ×6
GLD $9,249,000 2.30% up ×3
BIL $8,869,000 2.20% up ×3
VCIT $8,557,000 2.13% up ×3
SJNK $8,438,000 2.10% up ×3
SPYV $6,310,000 1.57% up ×6
FLOT $5,016,000 1.25% up ×6
VCSH $4,448,000 1.11% up ×3
IEF $4,168,000 1.04% up ×3
EFG $3,605,000 0.90% up ×6
JEPI $2,964,000 0.74% up ×3
DON $2,880,000 0.72% up ×3
DGS $2,183,000 0.54% up ×3
HYG $1,094,000 0.27% up ×6
VYMI $13,000 0.00% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SLYV $6,958,000 68,117 1.73%
SLYG $6,903,000 64,536 1.72%
MDYG $6,304,000 60,306 1.57%
MDYV $6,117,000 69,111 1.52%
LGOV $5,079,000 259,261 1.26%
Unknown issuer (CUSIP: 30233Q108) $2,291,000 14,078 0.57%
EMB $317,000 3,493 0.08%
SGOV $302,000 3,000 0.08%
IUSB $212,000 4,799 0.05%
GSIE $186,000 4,059 0.05%
FSMB $102,000 5,253 0.03%
FMB $87,000 1,828 0.02%
FMHI $75,000 1,670 0.02%
IVV $66,000 86 0.02%
GLDM $57,000 693 0.01%

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
ICE Dec. 31, 2025 14,374 $2,422 -1.2%
XOM Sept. 30, 2026 13,986 $1,912 12.6%
BABA June 30, 2026 1,750 $220 3.8%
VRTX June 30, 2025 322 $156 17.7%
GOVT June 30, 2025 6,223 $143
GLW June 30, 2026 925 $126 -50.0%
VGT Dec. 31, 2025 140 $105 27.7%
VHT Dec. 31, 2025 325 $84
FLEX June 30, 2025 2,515 $83 54.2%
IJH March 31, 2026 1,201 $79 8.1%
IVW Sept. 30, 2025 695 $77 20.3%
IVE Sept. 30, 2025 360 $70
INTU June 30, 2026 150 $65 30.2%
NQP June 30, 2026 5,000 $60 No longer tracked
VTI Sept. 30, 2025 197 $60 14.4%
IGSB Sept. 30, 2025 1,115 $59
CWB March 31, 2026 604 $54
TT Dec. 31, 2025 125 $53 14.3%
ORLY Sept. 30, 2025 500 $45 -15.5%
EME June 30, 2025 100 $37 24.5%
TMO Dec. 31, 2025 75 $36 16.3%
LDOS June 30, 2025 263 $35 -11.3%
VPU Sept. 30, 2025 188 $33
HPQ June 30, 2025 1,126 $31 39.4%
VSH June 30, 2025 1,846 $29 68.1%
USIG June 30, 2025 540 $28
EBAY June 30, 2025 405 $27 59.3%
POWW Sept. 30, 2025 20,000 $26 67.6%
PYPL June 30, 2025 400 $26 -26.0%
STX June 30, 2025 301 $26 336.8%
FISV June 30, 2025 103 $23 -72.0%
FULT March 31, 2026 1,200 $23 16.5%
VTEB Sept. 30, 2026 453 $23 -0.1%
SNY June 30, 2025 400 $22 -13.5%
TTD Sept. 30, 2025 300 $22 -73.5%
UEC June 30, 2025 4,221 $20 No longer tracked
ADBE June 30, 2025 50 $19 -34.9%
CPK June 30, 2025 150 $19 12.2%
CSQ Sept. 30, 2026 940 $19 -2.6%
IEMG June 30, 2025 333 $18
NXT June 30, 2025 438 $18 40.7%
OLLI June 30, 2026 200 $18 9.6%
STM June 30, 2025 800 $18 44.8%
LUV June 30, 2025 500 $17 32.1%
NVT Dec. 31, 2025 170 $17 26.7%
SAIL Sept. 30, 2025 750 $17 -1.5%
VDE June 30, 2026 100 $17
LQD June 30, 2025 150 $16
YUM June 30, 2025 100 $16 1.0%
APLD Sept. 30, 2026 400 $15 -20.8%
DY June 30, 2025 100 $15 -6.5%
KEYS June 30, 2025 100 $15 99.0%
NEA June 30, 2025 1,347 $15 -7.8%
EEM Sept. 30, 2025 280 $14
XYL June 30, 2026 121 $14 -8.0%
A June 30, 2025 107 $13 49.8%
F June 30, 2025 1,288 $13 6.7%
IAU June 30, 2025 215 $13 20.9%
RSP Sept. 30, 2026 60 $13 1.5%
RWO March 31, 2026 298 $13
SONY June 30, 2025 500 $13 0.2%
STZ Dec. 31, 2025 100 $13 0.5%
VFH March 31, 2026 100 $13
CHW Sept. 30, 2026 1,375 $12 -3.7%
QQQX Sept. 30, 2026 400 $12 0.1%
SAIC June 30, 2025 109 $12 31.9%
AVLV Sept. 30, 2026 120 $11
DYNF Sept. 30, 2026 160 $11
EMR June 30, 2025 102 $11 21.3%
IJJ Sept. 30, 2025 90 $11 8.3%
IJK Sept. 30, 2025 120 $11 15.3%
IJT Sept. 30, 2025 80 $11
MU June 30, 2025 130 $11 633.2%
BALI Sept. 30, 2026 300 $10 0.1%
CG June 30, 2025 238 $10 -24.6%
DFP Sept. 30, 2026 500 $10 -2.4%
HON Sept. 30, 2026 43 $10 4.0%
IJS Sept. 30, 2025 105 $10 16.1%
NEM June 30, 2025 200 $10 89.5%
RIO Dec. 31, 2025 152 $10 4.6%
VXUS June 30, 2025 165 $10
WPM June 30, 2025 130 $10 34.6%
AMED June 30, 2025 100 $9 No longer tracked
EWJ June 30, 2025 129 $9 30.5%
CCJ June 30, 2025 203 $8 6.5%
FDX June 30, 2025 31 $8
PAVE Sept. 30, 2026 140 $8 1.8%
PDBC June 30, 2025 611 $8
SMH June 30, 2025 39 $8 89.0%
EMN June 30, 2025 84 $7 -12.0%
IVV June 30, 2026 10 $7
PAVE June 30, 2025 189 $7
PFE June 30, 2026 255 $7 23.7%
PHO Sept. 30, 2026 100 $7
PSIX June 30, 2026 120 $7 21.2%
SONO Sept. 30, 2026 500 $7 -2.0%
UNH June 30, 2026 25 $7 0.6%
BE Sept. 30, 2026 20 $6 -20.3%
BNS Sept. 30, 2025 100 $6 44.6%
CC March 31, 2026 500 $6 -41.6%
HPE June 30, 2025 372 $6 187.1%
TRGP June 30, 2025 30 $6 73.7%
BKNG June 30, 2025 1 $5
COR June 30, 2025 18 $5 10.1%
DD June 30, 2026 116 $5 0.4%
NFLX June 30, 2025 5 $5
SPHD June 30, 2025 100 $5
VPG Sept. 30, 2026 35 $5 -26.8%
ACGL June 30, 2025 40 $4 10.5%
CVLT March 31, 2026 30 $4 115.3%
DFIV Sept. 30, 2026 77 $4
ECL June 30, 2025 15 $4 7.2%
EEMV June 30, 2025 63 $4
ENB June 30, 2025 100 $4 6.5%
GSAT June 30, 2025 200 $4 251.9%
KTOS June 30, 2026 60 $4 -18.9%
MRVL June 30, 2025 59 $4 202.0%
PWR June 30, 2025 15 $4 49.2%
CCL June 30, 2026 100 $3 -6.0%
CMG June 30, 2025 50 $3 -49.4%
CSL June 30, 2025 10 $3 -7.3%
DFS June 30, 2025 15 $3 No longer tracked
ETR June 30, 2025 40 $3 29.3%
ISRG June 30, 2025 7 $3 -16.9%
PAA June 30, 2025 125 $3 46.6%
PATH Dec. 31, 2025 192 $3 -12.8%
RAL Sept. 30, 2026 35 $3 -1.9%
TLRY June 30, 2025 5,250 $3
VYM Sept. 30, 2026 16 $3 2.7%
WGS March 31, 2026 20 $3 -12.6%
WRB June 30, 2025 45 $3 -0.2%
BRBR June 30, 2025 32 $2 -84.0%
CMS June 30, 2025 32 $2 0.4%
COWZ Sept. 30, 2026 35 $2
DLTR Sept. 30, 2026 19 $2 9.6%
FANG June 30, 2025 10 $2 50.7%
FCX June 30, 2025 56 $2 50.3%
FXI Sept. 30, 2026 62 $2 -1.4%
HACK June 30, 2025 25 $2
HCA June 30, 2025 5 $2 21.4%
INOD June 30, 2025 50 $2 17.0%
JLL June 30, 2025 7 $2 17.5%
LPLA June 30, 2025 5 $2 -15.4%
MHK June 30, 2025 20 $2 17.7%
NU June 30, 2025 160 $2 -8.2%
PCAR June 30, 2025 24 $2 9.8%
PH June 30, 2025 3 $2 29.5%
QSR June 30, 2025 31 $2 12.4%
RDW Sept. 30, 2025 100 $2 -7.5%
VFC June 30, 2026 100 $2 3.5%
ACB June 30, 2025 184 $1 -5.9%
BRCC Sept. 30, 2026 1,000 $1 27.9%
CNM June 30, 2025 20 $1 -29.8%
FLLA June 30, 2025 68 $1
FNB March 31, 2026 65 $1 9.6%
JG March 31, 2026 200 $1 8.7%
NIO March 31, 2026 200 $1 -45.9%
REGN June 30, 2025 2 $1 53.8%
RING Sept. 30, 2026 8 $1
SLVP Sept. 30, 2026 17 $1 6.7%
SOLS June 30, 2026 10 $1 -31.9%
VSNT Sept. 30, 2026 28 $1 -0.9%
DJT June 30, 2026 10 $0 -20.7%