Sector breakdown

04
Financials 0.6%
Healthcare 0.6%
Industrials 0.6%
Technology 0.5%
Consumer products 0.2%
Consumer Discretionary 0.1%
Communication Services 0.1%
Energy 0.1%
Consumer Staples 0.1%
Other/Unmapped 97.1%

Full portfolio 75 positions

05
Type Streak 8Q trend
GUNR FlexShares Trust $51,664,606 9.35% 1,048,389 $-2,151,626 Up ×1
FNDA SCHWAB STRATEGIC TRUST $46,780,061 8.46% 1,229,114 $5,722,711 Down ×1
VTIP Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares $40,561,560 7.34% 807,517 $1,430,833 Up ×6
VB Vanguard Morningstar Small-Cap ETF $40,054,379 7.25% 132,140 $4,386,905 Down ×1
IVV iShares Trust $30,302,314 5.48% 40,463 $3,500,555 Down ×1
FNDX SCHWAB STRATEGIC TRUST $29,814,358 5.39% 958,661 $3,049,223 Down ×1
VV Vanguard Morningstar Large-Cap ETF $27,163,387 4.91% 78,984 $3,301,410 Down ×1
VNQI Vanguard Global ex-U.S. Real Estate ETF $22,925,828 4.15% 511,167 $1,457,246 Up ×6
VTEB Vanguard Tax-Exempt Bond ETF $21,499,476 3.89% 425,059 $1,123,924 Up ×4
DFCF Dimensional ETF Trust $21,014,923 3.80% 497,866 $848,323 Up ×2
FNDF SCHWAB STRATEGIC TRUST $20,522,476 3.71% 388,978 $1,643,934 Up ×2
VEA Vanguard FTSE Developed Markets ETF $17,400,678 3.15% 244,220 $1,563,208 Down ×3
VWO Vanguard FTSE Emerging Markets ETF $16,069,245 2.91% 269,212 $1,728,781 Up ×2
VPL Vanguard FTSE Pacific ETF $14,787,177 2.67% 127,817 $2,160,144 Down ×3
FNDE SCHWAB STRATEGIC TRUST $14,686,879 2.66% 370,133 $632,802 Up ×2
VGK Vanguard FTSEEuropean ETF $13,854,469 2.51% 156,477 $1,325,754 Up ×6
USRT iShares Core U.S. REIT ETF $13,750,340 2.49% 206,928 Up ×1
IWM iShares Russell 2000 Index Fund $10,787,107 1.95% 35,903 $1,645,537 Down ×1
VNQ Vanguard Real Estate ETF $10,353,699 1.87% 107,370 $-10,990,477 Down ×1
SPHY State Street SPDR Portfolio High Yield Bond ETF $9,207,855 1.67% 392,827 $2,383,726 Up ×5
DLN WisdomTree Trust $8,841,502 1.60% 91,793 $618,318 Down ×1
MUB iShares Trust $7,481,527 1.35% 69,518 $-82,297 Down ×1
DWM WisdomTree Trust $7,155,673 1.29% 97,736 $285,776 Down ×6
VSS Vanguard FTSE All-Wld ex-US SmCp Idx ETF $6,246,737 1.13% 40,487 $474,752 Up ×3
EFA iShares Trust $5,999,600 1.09% 57,755 $368,080 Down ×1
FNDC SCHWAB STRATEGIC TRUST $5,439,612 0.98% 112,018 $473,912 Up ×3
IJH iShares Trust $4,992,627 0.90% 64,747 $485,687 Down ×2
BSV VANGUARD BOND INDEX FUNDS $3,552,979 0.64% 45,604 $22,731 Up ×2
SCHA SCHWAB STRATEGIC TRUST $2,164,765 0.39% 59,916 $279,305 Down ×6
JPM JP Morgan Chase & Co. Common Stock $1,956,622 0.35% 5,978 $197,242 Down ×1
JNJ Johnson & Johnson Common Stock $1,746,298 0.32% 6,876 $407,745 Up ×2
RWR SPDR SERIES TRUST $1,480,472 0.27% 13,105 $157,260
ICLN iShares Global Clean Energy ETF $1,453,228 0.26% 70,924 $65,368 Down ×4
GE GE Aerospace Common Stock $1,417,558 0.26% 3,793 $373,284 Up ×2
PG Procter & Gamble Company (The) Common Stock $1,356,273 0.25% 9,249 $226,463 Up ×1
EES WisdomTree Trust $1,247,133 0.23% 18,397 $179,211
AMAT Applied Materials, Inc. - Common Stock $1,190,781 0.22% 1,647 $627,853
GEV GE Vernova Inc. Common Stock $1,113,767 0.20% 948 $312,445 Up ×2
PBW Invesco Exchange-Traded Fund Trust $1,075,857 0.19% 27,579 $152,837 Down ×4
MCD McDonald's Corporation Common Stock $671,720 0.12% 2,485 $439,249 Up ×1
ESGD iShares ESG Aware MSCI EAFE ETF $663,330 0.12% 6,452 $47,633 Up ×2
ABBV AbbVie Inc. Common Stock $642,689 0.12% 2,554 Up ×1
VTI Vanguard Morningstar Total Stock Market ETF $613,654 0.11% 1,658 $77,692 Down ×1
XLG Invesco Exchange-Traded Fund Trust $529,115 0.10% 8,641 $-674,864 Down ×5
SPY SPY $512,284 0.09% 686 $66,151
VHT Vanguard Health Care ETF $497,960 0.09% 1,665 $81,336 Up ×2
CSCO Cisco Systems, Inc. - Common Stock $472,189 0.09% 4,020 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $467,364 0.08% 934 $9,728 Down ×1
ITW Illinois Tool Works Inc. Common Stock $464,397 0.08% 1,717 $63,811 Up ×2
ESGE iShares ESG Aware MSCI EM ETF $451,521 0.08% 8,256 $73,347 Down ×2
AAPL Apple Inc. - Common Stock $439,538 0.08% 1,519 $49,209 Down ×1
ESGU iShares ESG Aware MSCI USA ETF $433,562 0.08% 2,649 $182,966 Up ×2
MRK Merck & Company, Inc. Common Stock (new) $426,106 0.08% 3,316 Up ×1
TROW T. Rowe Price Group, Inc. - Common Stock $409,284 0.07% 3,600 $-23,388 Down ×3
NUSC Nushares ETF Trust $407,214 0.07% 7,813 Up ×1
XOM Exxon Mobil Corporation Common Stock $391,156 0.07% 2,861 $-67,944 Up ×2
MSFT Microsoft Corporation - Common Stock $380,378 0.07% 1,020
VOO Vanguard S&P 500 ETF $357,141 0.06% 520 $46,415
GS Goldman Sachs Group, Inc. (The) Common Stock $335,775 0.06% 332 $10,069 Down ×1
DES WisdomTree Trust $322,959 0.06% 7,939 $31,665 Down ×1
DEM WisdomTree Trust $317,038 0.06% 5,894 $13,283 Down ×1
EPS WisdomTree Trust $290,157 0.05% 3,730 $36,107
ESML iShares Trust $285,019 0.05% 5,096 $38,963 Down ×2
KO Coca-Cola Company (The) Common Stock $281,519 0.05% 3,464 Up ×1
NVDA NVIDIA Corporation - Common Stock $265,119 0.05% 1,325 $27,586 Down ×1
SPYM State Street SPDR Portfolio S&P 500 ETF $262,234 0.05% 2,984 $33,839
ABT Abbott Laboratories Common Stock $261,211 0.05% 2,879 Up ×1
VYM Vanguard High Dividend Yield ETF $253,221 0.05% 1,602 $-115,444 Down ×1
ISCF iShares International Small-Cap Equity Factor ETF $251,314 0.05% 5,805 $-246,244 Down ×3
IBM International Business Machines Corporation Common Stock $249,152 0.05% 886 Up ×1
LLY Eli Lilly and Company Common Stock $236,288 0.04% 197
PEP PepsiCo, Inc. - Common Stock $232,346 0.04% 1,716 Up ×1
VCIT Vanguard Intermediate-Term Corporate Bond ETF $220,695 0.04% 2,670 $-304,753 Down ×1
MMM 3M Company Common Stock $215,016 0.04% 1,328 Up ×1
SJM The J.M. Smucker Company Common Stock $200,025 0.04% 1,778

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
VTIP $40,561,560 7.34% up ×6
VNQI $22,925,828 4.15% up ×6
VTEB $21,499,476 3.89% up ×4
VGK $13,854,469 2.51% up ×6
SPHY $9,207,855 1.67% up ×5
VSS $6,246,737 1.13% up ×3
FNDC $5,439,612 0.98% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
USRT $13,750,340 206,928 2.49%
ABBV $642,689 2,554 0.12%
CSCO $472,189 4,020 0.09%
MRK $426,106 3,316 0.08%
NUSC $407,214 7,813 0.07%
MSFT $380,378 1,020 0.07%
KO $281,519 3,464 0.05%
ABT $261,211 2,879 0.05%
IBM $249,152 886 0.05%
LLY $236,288 197 0.04%
PEP $232,346 1,716 0.04%
MMM $215,016 1,328 0.04%
SJM $200,025 1,778 0.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VNQ Trimmed -133K -$11.0M
FNDA Trimmed -37K +$5.7M
VB Trimmed -4K +$4.4M
IVV Trimmed -568 +$3.5M
VV Trimmed -862 +$3.3M
FNDX Trimmed -2K +$3.0M
SPHY Bought more +100K +$2.4M
VPL Trimmed -1K +$2.2M
GUNR Bought more +73K -$2.2M
VWO Bought more +4K +$1.7M

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
FLTR June 30, 2025 30,657 $783,287
IFLN June 30, 2026 40,396 $724,697
EWG Sept. 30, 2025 9,965 $421,603
BSCR Sept. 30, 2025 20,000 $393,000
VOT June 30, 2026 1,232 $316,952
FLOT June 30, 2025 5,350 $273,118
JPST March 31, 2026 5,306 $268,431
CTVA Sept. 30, 2025 3,310 $246,694 -82.4%
T June 30, 2026 8,339 $241,762 17.4%
IGV June 30, 2025 2,700 $240,273 -3.2%
MSFT March 31, 2026 497 $240,198 39.8%
DGRO Dec. 31, 2025 3,520 $239,608
QQQ Dec. 31, 2025 384 $230,759 21.2%
PSX March 31, 2026 1,748 $225,562 45.2%
WMT June 30, 2026 1,757 $218,360 -7.9%
IEF June 30, 2026 2,275 $217,122
SJM June 30, 2025 1,778 $210,533 19.3%
LLY March 31, 2026 192 $206,339 24.3%