Sector breakdown

04
Financials 11.6%
Technology 3.9%
Communication Services 2.5%
Retail 1.9%
Industrials 1.3%
Healthcare 0.9%
Energy 0.6%
Consumer Discretionary 0.4%
Materials 0.2%
Consumer Staples 0.2%
Consumer products 0.1%
Other/Unmapped 76.3%

Full portfolio 196 positions

05
Type Streak 8Q trend
FIBK First Interstate BancSystem, Inc. - Common Stock $177,932,498 9.28% 4,614,432 $22,518,324 Down ×5
VCIT Vanguard Intermediate-Term Corporate Bond ETF $177,548,565 9.26% 2,148,198 $16,741,648 Up ×4
IVV iShares Trust $159,849,073 8.34% 213,448 $25,176,114 Up ×3
RSP Invesco Exchange-Traded Fund Trust $155,478,699 8.11% 730,736 $9,383,438 Down ×1
IJH iShares Trust $120,593,023 6.29% 1,563,909 $16,002,627 Up ×6
VGIT Vanguard Intermediate-Term Treasury ETF $113,692,915 5.93% 1,927,652 $6,513,574 Up ×6
IJR iShares Trust $97,447,383 5.08% 657,052 $12,953,752 Down ×1
PFF iShares Preferred and Income Securities ETF $93,078,775 4.86% 3,052,764 $5,178,458 Up ×1
VTIP Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares $78,806,600 4.11% 1,568,915 $2,836,596 Up ×2
VMBS Vanguard Mortgage-Backed Securities ETF $68,707,390 3.59% 1,467,793 $3,938,550 Up ×6
GUNR FlexShares Trust $62,713,827 3.27% 1,272,602 $-9,828,523 Down ×2
XLK SELECT SECTOR SPDR TRUST $47,401,947 2.47% 248,803 $12,854,858 Down ×1
PAVE Global X Funds $44,522,603 2.32% 755,645 $5,734,909 Down ×2
AAPL Apple Inc. - Common Stock $22,106,815 1.15% 76,399 $2,021,621 Down ×1
GOOGL Alphabet Inc. - Class A Common Stock $21,095,909 1.10% 59,031 $4,200,033 Up ×1
XLI SELECT SECTOR SPDR TRUST $19,833,503 1.03% 107,075 $4,860,539 Up ×1
XLV SELECT SECTOR SPDR TRUST $17,889,391 0.93% 112,753 $1,033,639 Down ×6
AMZN Amazon.com, Inc. - Common Stock $16,357,751 0.85% 68,632 $2,131,452 Up ×1
XLC SELECT SECTOR SPDR TRUST $15,824,386 0.83% 147,712 $-429,464 Up ×2
XSD SPDR SERIES TRUST $15,677,947 0.82% 25,137 $7,102,948 Down ×6
PANW Palo Alto Networks, Inc. - Common Stock $15,583,250 0.81% 45,696 $8,099,031 Down ×5
MSFT Microsoft Corporation - Common Stock $15,502,338 0.81% 41,559 $-27,774 Down ×1
CSCO Cisco Systems, Inc. - Common Stock $14,866,090 0.78% 126,563 $4,690,704 Down ×6
XLF SELECT SECTOR SPDR TRUST $13,217,545 0.69% 246,550 $989,139 Down ×1
XLE SELECT SECTOR SPDR TRUST $10,948,786 0.57% 206,153 $-1,705,385 Down ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $10,855,460 0.57% 21,694 $383,502 Down ×3
JPM JP Morgan Chase & Co. Common Stock $9,810,080 0.51% 29,970 $1,125,300 Up ×1
IBB iShares Trust $7,707,640 0.40% 40,526 $770,945 Down ×1
XLU XLU $7,701,362 0.40% 169,858 $-273,631 Down ×2
CGHM Capital Group Fixed Income ETF Trust $7,513,975 0.39% 290,676 $2,592,349 Up ×2
XLRE XLRE $7,020,363 0.37% 159,445 $305,339 Down ×6
AXP American Express Company Common Stock $7,008,878 0.37% 20,721 $787,772 Up ×1
XLB XLB $6,804,256 0.36% 133,863 $49,711 Down ×2
XLY XLY $6,702,787 0.35% 57,152 $505,966 Up ×3
XLP XLP $6,419,816 0.33% 77,282 $-26,927 Down ×5
NVDA NVIDIA Corporation - Common Stock $6,385,872 0.33% 31,915 $946,161 Up ×1
WMT Walmart Inc. - Common Stock $6,217,634 0.32% 54,897 $-710,852 Down ×6
HEFA iShares Currency Hedged MSCI EAFE ETF $6,106,069 0.32% 130,124 $261,306 Down ×6
PFFD Global X Funds $6,005,471 0.31% 321,320 $2,238,439 Up ×3
COST Costco Wholesale Corporation - Common Stock $5,986,073 0.31% 6,399 $-364,176 Up ×1
MCD McDonald's Corporation Common Stock $5,970,067 0.31% 22,086 $-876,325 Up ×1
C Citigroup, Inc. Common Stock $5,958,657 0.31% 42,574 $988,918 Down ×6
PSP Invesco Exchange-Traded Fund Trust $5,798,315 0.30% 104,099 Up ×1
BUG Global X Cybersecurity ETF $5,740,148 0.30% 150,305 $1,902,059 Down ×1
IEF iShares 7-10 Year Treasury Bond ETF $5,455,176 0.28% 57,684 $331,957 Up ×1
KRE SPDR SERIES TRUST $5,295,563 0.28% 70,749 $593,948 Down ×6
SPY SPY $5,219,176 0.27% 6,989 $1,107,076 Up ×1
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF $5,191,873 0.27% 54,987 $298,525 Down ×4
DIS Walt Disney Company (The) Common Stock $5,035,511 0.26% 52,317 $-78,315 Down ×3
UNP Union Pacific Corporation Common Stock $4,781,488 0.25% 17,579 $537,094 Up ×1
LOW Lowe's Companies, Inc. Common Stock $4,602,067 0.24% 20,872 $-359,576 Down ×6
META Meta Platforms, Inc. - Class A Common Stock $4,311,985 0.22% 7,655 $173,768 Up ×2
EFA iShares Trust $4,154,888 0.22% 39,997 $62,801 Down ×1
VOO Vanguard S&P 500 ETF $3,907,263 0.20% 5,689 $422,351 Down ×3
AVGO Broadcom Inc. - Common Stock $3,877,982 0.20% 10,266 $716,028 Up ×1
CRM Salesforce, Inc. Common Stock $3,825,167 0.20% 24,417 $-706,994 Up ×2
ABT Abbott Laboratories Common Stock $3,615,989 0.19% 39,850 $-787,425 Down ×3
EEM iShares, Inc. $3,485,763 0.18% 50,954 $156,847 Down ×1
REVS Columbia ETF Trust I $3,452,206 0.18% 109,803 $2,131,393 Up ×1
HD Home Depot, Inc. (The) Common Stock $3,290,857 0.17% 9,331 $339,398 Up ×1
AGG iShares Trust $3,114,604 0.16% 31,467 $93,322 Up ×3
IBDY iShares iBonds Dec 2033 Term Corporate ETF $3,081,162 0.16% 119,680 $-47,076,730 Down ×1
PFE Pfizer, Inc. Common Stock $3,065,023 0.16% 127,285 $-621,572 Down ×3
EMR Emerson Electric Company Common Stock $2,989,974 0.16% 20,887 $178,416 Down ×6
CAT Caterpillar, Inc. Common Stock $2,892,268 0.15% 2,716 $915,665 Down ×2
HYMB SPDR SERIES TRUST $2,706,434 0.14% 106,385 $1,794,538 Up ×1
IHI iShares Trust $2,501,233 0.13% 50,622 $-213,748 Down ×1
JNJ Johnson & Johnson Common Stock $2,298,682 0.12% 9,051 $174,743 Up ×1
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $2,246,550 0.12% 3 $92,130
AEM Agnico Eagle Mines Limited Common Stock $2,215,101 0.12% 14,279 $-683,250
BKLN Invesco Exchange-Traded Fund Trust II $2,179,223 0.11% 106,982 $1,555,391 Up ×2
BSV VANGUARD BOND INDEX FUNDS $2,083,547 0.11% 26,743 $152,622 Up ×5
INTC Intel Corporation - Common Stock $2,069,875 0.11% 14,824 $1,291,113 Down ×1
XOM Exxon Mobil Corporation Common Stock $2,068,574 0.11% 15,130 $-25,709 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $2,033,127 0.11% 15,822 $129,898
MPC Marathon Petroleum Corporation Common Stock $2,032,321 0.11% 7,949 $91,334
GOOG Alphabet Inc. - Class C Capital Stock $1,957,095 0.10% 5,539 $-9,617 Down ×3
ORCL Oracle Corporation Common Stock $1,924,494 0.10% 13,132 $104,743 Up ×2
PSX Phillips 66 Common Stock $1,771,136 0.09% 10,477 $-137,564
APH Amphenol Corporation Common Stock $1,692,672 0.09% 9,600 $479,712
KO Coca-Cola Company (The) Common Stock $1,671,480 0.09% 20,567 $611,419 Up ×1
ITOT iShares Trust $1,670,297 0.09% 10,168 $-115,917 Down ×4
VB Vanguard Morningstar Small-Cap ETF $1,633,211 0.09% 5,388 $387,257 Up ×2
HYG iShares Trust $1,625,550 0.08% 20,327 $542,420 Up ×1
VEU Vanguard FTSE All World Ex US ETF $1,572,825 0.08% 18,780 $84,944 Down ×2
ABBV AbbVie Inc. Common Stock $1,500,781 0.08% 5,964 $268,700 Up ×1
DE Deere & Company Common Stock $1,447,541 0.08% 2,282 $244,895 Up ×1
CVX Chevron Corporation Common Stock $1,365,531 0.07% 8,238 $90,820 Up ×2
TMO Thermo Fisher Scientific Inc Common Stock $1,361,694 0.07% 2,716 $102,395 Up ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $1,336,020 0.07% 1,321 $387,665 Up ×1
VWO Vanguard FTSE Emerging Markets ETF $1,284,290 0.07% 21,516 $176,481 Up ×2
GE GE Aerospace Common Stock $1,264,702 0.07% 3,384 $304,424
JCI Johnson Controls International plc Ordinary Share $1,240,474 0.06% 8,490 $12,556 Down ×2
ADP Automatic Data Processing, Inc. - Common Stock $1,082,351 0.06% 4,833 $189,985 Up ×4
PG Procter & Gamble Company (The) Common Stock $1,082,057 0.06% 7,379 $57,688 Up ×1
WFC Wells Fargo & Company Common Stock $1,081,262 0.06% 13,084 $11,542 Down ×1
BAC Bank of America Corporation Common Stock $1,048,432 0.05% 18,400 $161,913 Up ×1
VT Vanguard Total World Stock Index ETF $1,043,718 0.05% 6,650 $123,890
GEV GE Vernova Inc. Common Stock $986,882 0.05% 840 $253,646
TRP TC Energy Corporation Common Stock $974,463 0.05% 14,700 $23,006 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
VCIT $177,548,565 9.26% up ×4
IVV $159,849,073 8.34% up ×3
IJH $120,593,023 6.29% up ×6
VGIT $113,692,915 5.93% up ×6
VMBS $68,707,390 3.59% up ×6
XLY $6,702,787 0.35% up ×3
PFFD $6,005,471 0.31% up ×3
AGG $3,114,604 0.16% up ×3
BSV $2,083,547 0.11% up ×5
ADP $1,082,351 0.06% up ×4
VO $745,837 0.04% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
PSP $5,798,315 104,099 0.30%
LLY $665,684 555 0.03%
MUB $443,072 4,117 0.02%
VYM $423,836 2,682 0.02%
IWR $405,316 3,674 0.02%
EOG $397,104 3,061 0.02%
DVN $380,764 9,215 0.02%
LRCX $348,831 805 0.02%
ROK $277,740 561 0.01%
SPYV $271,671 4,469 0.01%
SCHF $261,654 9,446 0.01%
TSM $250,724 525 0.01%
IVW $241,915 1,759 0.01%
SCHG $235,493 6,959 0.01%
DELL $216,593 502 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IVV Bought more +7K +$25.2M
FIBK Trimmed -39K +$22.5M
VCIT Bought more +205K +$16.7M
IJH Bought more +15K +$16.0M
IJR Trimmed -23K +$13.0M
XLK Trimmed -11K +$12.9M
GUNR Trimmed -43K -$9.8M
RSP Trimmed -30K +$9.4M
PANW Trimmed -987 +$8.1M
XSD Trimmed -1K +$7.1M

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
HON June 30, 2026 24,570 $5,553,557 -4.4%
MAS Sept. 30, 2025 36,647 $2,358,601 -2.7%
KKR June 30, 2026 24,209 $2,239,333 -2.0%
FHN March 31, 2026 35,500 $848,450 2.6%
IBDQ Dec. 31, 2025 30,258 $762,199
SCHO Dec. 31, 2025 23,658 $577,255 -2.0%
BMI June 30, 2026 3,596 $547,851 -15.8%
QQQ March 31, 2026 834 $512,335 29.0%
SPGI March 31, 2026 930 $486,009 -8.1%
EPD Dec. 31, 2025 15,000 $469,050 14.8%
TTE Dec. 31, 2025 7,000 $417,830 29.0%
LRCX March 31, 2026 2,355 $403,129 61.8%
IEUR March 31, 2026 5,677 $402,953
DFS June 30, 2025 2,273 $388,001 No longer tracked
BP Dec. 31, 2025 10,500 $361,830 28.5%
VZ June 30, 2026 6,958 $349,292 8.3%
IGE March 31, 2026 6,713 $336,993 0.2%
SCHW March 31, 2026 3,364 $336,097 4.2%
CHD Dec. 31, 2025 3,722 $326,159 14.1%
CTRA June 30, 2026 8,883 $312,149 No longer tracked
MLM March 31, 2026 500 $311,330 -17.5%
ADSK March 31, 2026 1,015 $300,450 -7.5%
GWW March 31, 2026 285 $287,579 16.9%
COP June 30, 2025 2,525 $265,176 43.1%
NKE March 31, 2026 4,158 $264,907 -35.7%
LLY March 31, 2026 230 $247,176 25.3%
BDX March 31, 2026 1,260 $244,528 14.9%
FFIC March 31, 2026 16,000 $242,720 No longer tracked
IDXX March 31, 2026 350 $236,786 -6.2%
PAYX March 31, 2026 2,094 $234,905 8.3%
IAU March 31, 2026 2,865 $232,552 -11.7%
PWR March 31, 2026 550 $232,133 24.5%
KMI March 31, 2026 8,400 $230,916 -6.3%
LMT June 30, 2026 381 $230,273 -0.6%
ETN Dec. 31, 2025 600 $224,550 37.4%
FISV March 31, 2026 3,296 $221,392 -17.3%
AXON Dec. 31, 2025 305 $218,880 -27.5%
EMB Sept. 30, 2025 2,360 $218,583
ROK March 31, 2026 550 $213,989 26.8%
EOG Sept. 30, 2025 1,768 $211,471 28.5%
SEE June 30, 2026 5,029 $211,469 No longer tracked
VLO Dec. 31, 2025 1,239 $210,952 157.6%
PYPL March 31, 2026 3,602 $210,285 20.3%
MDT June 30, 2026 2,425 $210,126 12.5%
WM June 30, 2025 896 $207,433 -9.7%
DHI Dec. 31, 2025 1,200 $203,364 -7.5%
IBDZ June 30, 2025 7,836 $202,054
OEF March 31, 2026 588 $201,666
WBD June 30, 2025 11,996 $128,717 170.1%
IQI March 31, 2026 12,511 $124,610 -8.1%
UAA Dec. 31, 2025 10,350 $51,647 -5.4%