Sector breakdown

04
Technology 6.7%
Communication Services 3.9%
Consumer Staples 2.5%
Retail 0.2%
Healthcare 0.1%
Other/Unmapped 86.5%

Full portfolio 72 positions

05
Type Streak 8Q trend
VT VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $208,976,000 21.18% 1,331,484 $68,070,000 Up ×6
VTI VANGUARD INDEX FUNDS $117,416,000 11.90% 317,307 $10,120,000 Down ×1
BND Vanguard Total Bond Market ETF $107,406,000 10.89% 1,463,086 $-2,414,000 Down ×4
VXUS Vanguard Total International Stock ETF $104,071,000 10.55% 1,217,344 $-6,940,000 Down ×1
BBRE J.P. Morgan Exchange-Traded Fund Trust $45,834,000 4.65% 427,282 $4,060,000 Down ×2
AGG iShares Trust $35,878,000 3.64% 362,472 $2,656,000 Up ×6
GOOGL Alphabet Inc. - Class A Common Stock $35,752,000 3.62% 100,042 $6,984,000
NVDA NVIDIA Corporation - Common Stock $24,927,000 2.53% 124,579 $3,200,000
AAPL Apple Inc. - Common Stock $21,650,000 2.19% 74,820 $1,535,000 Down ×1
IYR iShares Trust $20,859,000 2.11% 204,000 $1,569,000
MSFT Microsoft Corporation - Common Stock $18,368,000 1.86% 49,241 $-167,000 Down ×2
AAXJ iShares MSCI All Country Asia ex Japan ETF $17,904,000 1.81% 150,034 $2,693,000 Down ×5
VOO VANGUARD INDEX FUNDS $17,900,000 1.81% 26,062 $2,800,000 Up ×2
VWO VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $17,788,000 1.80% 298,000 $1,681,000
DAR Darling Ingredients Inc. Common Stock $14,283,000 1.45% 261,500 $13,705,000 Up ×2
SCHX SCHWAB STRATEGIC TRUST $13,708,000 1.39% 465,798 $3,761,000 Up ×2
TIP iShares Trust $12,025,000 1.22% 109,883 $936,000 Up ×2
PHYS Sprott Physical Gold Trust ETV $11,948,000 1.21% 396,000 $-2,086,000
DJP iPath Bloomberg Commodity Index Total Return ETN $11,132,000 1.13% 254,683 $1,567,000 Up ×5
EWJ iShares, Inc. $10,909,000 1.11% 116,963 $491,000 Down ×1
TPB Turning Point Brands, Inc. Common Stock $10,755,000 1.09% 126,808 Up ×1
EWY iShares, Inc. $10,282,000 1.04% 50,923 $9,790,000 Up ×1
VTG VANGUARD MALVERN FUNDS $10,028,000 1.02% 133,210 Up ×1
CVLC Morgan Stanley ETF Trust $7,217,000 0.73% 76,392 $2,278,000 Up ×2
SPDW SPDR INDEX SHARES FUNDS $6,024,000 0.61% 119,538 $1,228,000 Up ×4
SPY SPY $5,601,000 0.57% 7,500 $-13,806,000 Down ×1
EAGG iShares Trust $4,438,000 0.45% 93,604 $1,193,000 Up ×3
JNK SPDR SERIES TRUST $3,888,000 0.39% 40,340 $485,000 Up ×1
SPAB SPDR SERIES TRUST $3,800,000 0.39% 148,926 $-562,000 Down ×1
GDX VanEck ETF Trust $3,018,000 0.31% 40,000 $-1,571,000 Down ×1
DBC Invesco DB Commodity Index Tracking Fund $2,873,000 0.29% 107,752 $194,000 Up ×2
HYG iShares Trust $2,660,000 0.27% 33,266 $535,000 Up ×1
SPEM SPDR INDEX SHARES FUNDS $2,652,000 0.27% 51,206 $550,000 Up ×2
FLKR Franklin Templeton ETF Trust $2,217,000 0.22% 33,565 $866,000 Down ×1
SPHY SPDR SERIES TRUST $2,216,000 0.22% 94,519 Up ×1
VGK VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $2,214,000 0.22% 25,000 $153,000
KWEB Krane Shares Trust $2,202,000 0.22% 90,000 $13,000 Up ×1
CCOI Cogent Communications Holdings, Inc. - Common Stock $2,201,000 0.22% 158,582 $1,854,000 Up ×4
SPYM State Street SPDR Portfolio S&P 500 ETF $2,191,000 0.22% 24,926 $1,203,000 Up ×2
VEA VANGUARD TAX-MANAGED FUNDS $2,138,000 0.22% 30,000 $-938,000 Down ×1
SPIB SPDR SERIES TRUST $1,809,000 0.18% 54,077 $566,000 Up ×6
DXJ WisdomTree Trust $1,735,000 0.18% 10,000 $149,000
EWU iShares Trust $1,707,000 0.17% 37,000 $-571,000 Down ×1
AMZN Amazon.com, Inc. - Common Stock $1,644,000 0.17% 6,896 $-990,000 Down ×1
ANGL VanEck ETF Trust $1,462,000 0.15% 50,000 $26,000
EWT iShares, Inc. $1,412,000 0.14% 13,000
VNQ VANGUARD SPECIALIZED FUNDS $1,254,000 0.13% 13,000 $-1,576,000 Down ×2
EWP iShares, Inc. $1,188,000 0.12% 20,000 $-441,000 Down ×1
FEZ SPDR INDEX SHARES FUNDS $1,179,000 0.12% 17,160 $114,000
EWC iShares, Inc. $1,153,000 0.12% 20,000 $879,000 Up ×1
EWA iShares, Inc. $1,126,000 0.11% 40,000 $16,000
SYRE Spyre Therapeutics, Inc. - Common Stock $1,076,000 0.11% 12,123 $159,000 Down ×1
AVGO Broadcom Inc. - Common Stock $1,028,000 0.10% 2,722 $186,000
LTPZ PIMCO ETF Trust $1,013,000 0.10% 20,000 $-8,000
META Meta Platforms, Inc. - Class A Common Stock $1,005,000 0.10% 1,785 $-898,000 Down ×1
ASHR DBX ETF Trust $953,000 0.10% 26,000 $300,000 Up ×2
EWS iShares, Inc. $888,000 0.09% 30,000 $41,000
SHOC EA Series Trust $854,000 0.09% 7,000 $350,000
GVI iShares Trust $729,000 0.07% 6,872 $114,000 Up ×1
QLTY GMO ETF Trust $666,000 0.07% 16,000 $87,000
STIP iShares Trust $628,000 0.06% 6,151 $337,000 Up ×1
CQQQ Invesco Exchange-Traded Fund Trust II $570,000 0.06% 10,000 $110,000
ARGT Global X Funds $548,000 0.06% 6,000 $-105,000 Down ×3
SCHG SCHWAB STRATEGIC TRUST $496,000 0.05% 14,654 $-39,000 Down ×4
PML Pimco Municipal Income Fund II Common Shares of Beneficial Interest $490,000 0.05% 64,352 $3,000
XOP SPDR SERIES TRUST $463,000 0.05% 3,000
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund Common Shares $409,000 0.04% 26,413 $-37,000 Down ×1
URA Global X Funds $350,000 0.04% 8,000 $-37,000
PFIX Simplify Exchange Traded Funds $347,000 0.04% 8,000
HUMN Roundhill ETF Trust $344,000 0.03% 9,760 $69,000
SHYG iShares Trust $316,000 0.03% 7,459 $-34,000 Down ×2
SHY iShares 1-3 Year Treasury Bond ETF $315,000 0.03% 3,842 $-2,988,000 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
VT $208,976,000 21.18% up ×6
AGG $35,878,000 3.64% up ×6
DJP $11,132,000 1.13% up ×5
SPDW $6,024,000 0.61% up ×4
EAGG $4,438,000 0.45% up ×3
CCOI $2,201,000 0.22% up ×4
SPIB $1,809,000 0.18% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
TPB $10,755,000 126,808 1.09%
VTG $10,028,000 133,210 1.02%
SPHY $2,216,000 94,519 0.22%
EWT $1,412,000 13,000 0.14%
XOP $463,000 3,000 0.05%
PFIX $347,000 8,000 0.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VT Bought more +313K +$68.1M
SPY Trimmed -22K -$13.8M
VTI Trimmed -17K +$10.1M
GOOGL Price move only +0 +$7.0M
VXUS Trimmed -222K -$6.9M
BBRE Trimmed -9K +$4.1M
SCHX Bought more +78K +$3.8M
NVDA Price move only +0 +$3.2M
VOO Bought more +792 +$2.8M
AAXJ Trimmed -8K +$2.7M

3 positions 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
CVLC June 30, 2025 177,349 $12,226,440
XLV June 30, 2026 61,592 $9,030,000 4.7%
XLP June 30, 2025 103,674 $8,467,056 No longer tracked
SPYM June 30, 2025 123,634 $8,130,172 24.6%
EAGG June 30, 2025 169,079 $8,027,871
TXO June 30, 2026 333,822 $4,200,000 10.9%
GLD Dec. 31, 2025 11,000 $3,910,170
BRK-B (filed as BRKB) June 30, 2026 7,925 $3,798,000 No longer tracked
BNDX June 30, 2026 60,287 $2,897,000
VGIT March 31, 2026 44,700 $2,679,000
VGLT March 31, 2026 46,770 $2,610,000
MLPX June 30, 2025 39,000 $2,488,590 13.2%
IEI June 30, 2026 20,000 $2,372,000
QQQ June 30, 2025 3,481 $1,632,311 35.0%
ADX June 30, 2025 77,652 $1,474,611 18.8%
BTC June 30, 2025 39,593 $1,444,749 -22.0%
EWG June 30, 2026 33,500 $1,329,000
NIE June 30, 2025 60,000 $1,327,800 4.1%
XLI June 30, 2026 6,500 $1,051,000 -8.2%
EIRL June 30, 2026 15,000 $1,033,000
RSP June 30, 2026 5,000 $960,000 -0.8%
XLF June 30, 2025 19,030 $947,884 2.1%
CROX June 30, 2026 10,915 $906,000 -2.1%
XLC June 30, 2026 8,000 $887,000 3.0%
EIRL June 30, 2025 15,000 $886,800
GBDC June 30, 2026 70,000 $886,000 -2.6%
WIX June 30, 2025 4,846 $791,739 -54.2%
INDA June 30, 2026 15,500 $726,000
APGE June 30, 2026 7,797 $656,000 No longer tracked
PDD June 30, 2026 6,358 $650,000 -1.2%
AGI June 30, 2026 13,738 $610,000 7.0%
IGV June 30, 2026 7,500 $600,000 17.0%
VAW June 30, 2025 3,000 $566,430
ECH June 30, 2026 14,000 $557,000
RGLD March 31, 2026 2,475 $550,000 -7.8%
EWI June 30, 2026 10,000 $534,000
XLK June 30, 2026 4,000 $532,000 4.9%
CACC June 30, 2026 1,249 $529,000 -17.2%
CPNG June 30, 2026 27,185 $513,000 -20.7%
KSPI June 30, 2026 6,915 $512,000 8.6%
EWT March 31, 2026 8,000 $508,000
FXI June 30, 2026 14,000 $503,000 7.5%
CIBR June 30, 2026 8,000 $501,000
FTRE June 30, 2025 65,245 $492,600 304.9%
XSW March 31, 2026 2,600 $487,000
VEEV June 30, 2026 2,757 $484,000 54.0%
TSM June 30, 2026 1,429 $483,000 -1.0%
COF Dec. 31, 2025 2,254 $479,155 -19.7%
PMF Sept. 30, 2025 60,000 $478,800 No longer tracked
CVNA June 30, 2026 1,509 $474,000 -3.1%
EWL June 30, 2026 8,000 $470,000
CCK Sept. 30, 2025 4,439 $457,128 9.8%
FERG Dec. 31, 2025 2,027 $455,224 0.3%
ENSG June 30, 2026 2,258 $455,000 7.2%
CRH June 30, 2026 4,311 $453,000 -23.4%
APPF June 30, 2026 2,859 $451,000 26.6%
IBIT June 30, 2026 11,541 $443,000
MELI June 30, 2026 250 $432,000 0.0%
SPGI June 30, 2025 844 $428,836 -26.7%
FOUR Sept. 30, 2025 4,147 $411,009 -53.3%
IBTF June 30, 2025 17,270 $403,600 No longer tracked
KRE June 30, 2026 6,000 $391,000
FA Sept. 30, 2025 23,107 $383,807 17.5%
GE June 30, 2026 1,349 $383,000 -17.2%
PFIX March 31, 2026 8,000 $383,000
ENVA June 30, 2026 2,811 $382,000 -28.2%
LPX June 30, 2026 5,201 $378,000 -17.2%
V June 30, 2026 1,228 $371,000 5.1%
ENVA Sept. 30, 2025 3,307 $368,797 50.2%
BN June 30, 2025 6,850 $359,009 -10.5%
IAC March 31, 2026 9,088 $355,000 No longer tracked
OSCR Sept. 30, 2025 16,214 $347,628 63.4%
FICO Dec. 31, 2025 232 $347,195 -60.9%
USO March 31, 2026 5,000 $346,000 15.8%
XOP March 31, 2026 2,700 $341,000
DFS June 30, 2025 1,986 $339,010 No longer tracked
SOLS June 30, 2026 4,368 $333,000 -34.9%
PCG June 30, 2026 18,865 $331,000 -26.8%
HUM June 30, 2025 1,231 $325,723 58.9%
GTX June 30, 2025 38,247 $320,127 157.6%
ESGR Sept. 30, 2025 928 $312,142 No longer tracked
LRN Sept. 30, 2025 2,132 $309,545 -47.0%
APD June 30, 2026 1,041 $302,000 -5.3%
NWSA March 31, 2026 11,280 $295,000 15.1%
WBD June 30, 2026 10,643 $292,000 16.1%
MTCH June 30, 2026 9,101 $279,000 6.0%
BILL June 30, 2026 7,097 $272,000 20.6%
DESP June 30, 2025 14,412 $270,801 No longer tracked
HR June 30, 2026 15,921 $270,000 -13.4%
ICE March 31, 2026 1,635 $265,000 -4.5%
ILMN June 30, 2026 2,137 $263,000 55.3%
CWAN June 30, 2026 11,093 $262,000 No longer tracked
ADSK June 30, 2026 1,092 $261,000 9.0%
FWONK June 30, 2026 3,066 $261,000 -4.1%
HUM June 30, 2026 1,499 $260,000 -2.2%
KVUE June 30, 2026 14,952 $258,000 -10.0%
QRVO June 30, 2026 3,338 $258,000 22.4%
MCO March 31, 2026 499 $255,000 1.2%
INTU March 31, 2026 379 $251,000 -35.0%
MRSH March 31, 2026 1,352 $251,000 -2.0%
CRM June 30, 2026 1,339 $250,000 49.8%
ITA June 30, 2026 1,140 $249,000 -14.3%
WAT March 31, 2026 655 $249,000 42.8%
ALLY Sept. 30, 2025 6,342 $247,021 -3.3%
ZTS June 30, 2025 1,446 $238,084 -55.3%
IBKR Sept. 30, 2025 4,276 $236,933 28.3%
BDX March 31, 2026 1,218 $236,000 12.4%
FLUT March 31, 2026 1,094 $235,000 -26.6%
SPLB June 30, 2026 10,442 $232,000
PFE June 30, 2025 9,130 $231,354 14.7%
SHC June 30, 2026 16,024 $230,000 2.6%
NWS June 30, 2025 7,554 $229,415 -7.8%
GDDY June 30, 2025 1,267 $228,237 -46.0%
EWW June 30, 2026 3,000 $226,000
KCCA March 31, 2026 13,389 $225,000
GEN June 30, 2026 11,715 $221,000 -11.7%
STLA Sept. 30, 2025 21,702 $217,671 -52.9%
CRM June 30, 2025 808 $216,835 -13.9%
BABA Sept. 30, 2025 1,909 $216,500 -40.8%
IBDR June 30, 2025 8,310 $201,185
ULCC Sept. 30, 2025 54,707 $198,586 40.2%
UPWK Sept. 30, 2025 14,334 $192,649 -56.7%
ALIT March 31, 2026 93,980 $183,000 1418.0%
HTGC June 30, 2026 12,000 $177,000 6.2%
BXMX June 30, 2025 10,000 $131,200 No longer tracked