Sector breakdown

04
Industrials 1.4%
Energy 1.2%
Technology 0.9%
Retail 0.7%
Other/Unmapped 95.8%

Full portfolio 49 positions

05
Type Streak 8Q trend
SPY SPY $6,064,977 12.64% 8,121 $1,394,229 Up ×1
XLSR SSGA Active Trust $3,675,348 7.66% 56,666 $332,222 Down ×1
SPYM State Street SPDR Portfolio S&P 500 ETF $3,347,966 6.98% 38,097 $502,208 Up ×2
SPDW State Street SPDR Portfolio Developed World ex-US ETF $3,301,166 6.88% 65,512 $-652,109 Down ×2
SPEM State Street SPDR Portfolio Emerging Markets ETF $2,980,994 6.21% 57,570 $402,068 Up ×2
FISR SSGA Active Trust $2,316,554 4.83% 90,314 $-902,227 Down ×1
JNK State Street SPDR Bloomberg High Yield Bond ETF $1,572,662 3.28% 16,319 $934,497 Up ×2
CERY State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF $1,349,903 2.81% 40,380 $-40,209 Up ×2
IVV iShares Trust $1,274,611 2.66% 1,702 $-9,273 Down ×6
TFI State Street SPDR Nuveen ICE Municipal Bond ETF $1,272,736 2.65% 27,789 $20,355 Up ×1
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF $1,248,578 2.60% 21,650 $143,860 Down ×3
IEFA iShares Core MSCI EAFE ETF $1,110,187 2.31% 11,495 $69,273 Down ×6
SPTL State Street SPDR Portfolio Long Term Treasury ETF $954,247 1.99% 36,380 $358,157 Up ×1
SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF $941,299 1.96% 13,933 $103,236 Down ×2
SCHZ SCHWAB STRATEGIC TRUST $881,854 1.84% 38,126 $-9,376 Down ×1
EMHC SPDR SERIES TRUST $877,095 1.83% 34,477 $45,328 Up ×4
SRLN State Street Blackstone Senior Loan ETF $794,536 1.66% 19,720 $27,600 Up ×6
IUSB iShares Core Universal USD Bond ETF $756,491 1.58% 16,392 $35,096 Up ×2
GLD SPDR Gold Shares $737,865 1.54% 2,003 $-43,542 Up ×1
GWX State Street SPDR S&P International Small Cap ETF $721,756 1.50% 16,494 $20,747 Down ×5
SPLB State Street SPDR Portfolio Long Term Corporate Bond ETF $711,446 1.48% 31,761 $-18,770 Down ×1
UNP Union Pacific Corporation Common Stock $670,208 1.40% 2,464 $72,392
TIPX State Street SPDR Bloomberg 1a??10 Year TIPS ETF $639,891 1.33% 33,803 $11,591 Up ×4
QUAL iShares Trust $607,163 1.27% 2,767 $4,112 Down ×5
DYNF BlackRock ETF Trust $601,351 1.25% 8,842 $35,097 Down ×1
IVW iShares S&P 500 Growth ETF $592,621 1.24% 4,309 $104,095 Down ×1
XOM Exxon Mobil Corporation Common Stock $572,036 1.19% 4,184 $-137,821
IXUS iShares Core MSCI Total International Stock ETF $517,476 1.08% 5,422 $47,194 Down ×1
VOO Vanguard S&P 500 ETF $499,311 1.04% 727 $61,904 Down ×1
MBB iShares MBS ETF $472,033 0.98% 4,994 $-438 Up ×2
EBND SPDR SERIES TRUST $457,082 0.95% 21,849 $27,707 Up ×4
EFV iShares Trust $453,396 0.95% 5,923 $-93,559 Down ×1
IVE iShares Trust $450,487 0.94% 1,984 $41,489 Up ×3
IWF iShares Russell 1000 Growth Fund $442,045 0.92% 3,560 $58,285 Up ×1
VTV Vanguard Morningstar Value ETF $361,982 0.75% 1,661 $35,309 Down ×1
AMZN Amazon.com, Inc. - Common Stock $319,852 0.67% 1,342 $38,688 Down ×5
EFG iShares Trust $312,633 0.65% 2,513 $10,136 Down ×6
VO Vanguard Morningstar Mid-Cap ETF $312,289 0.65% 3,876 $33,724 Up ×2
GOVT iShares Trust $303,680 0.63% 13,331 $49,883 Up ×2
IEMG iShares, Inc. $296,236 0.62% 3,576 $-42,191 Down ×1
VB Vanguard Morningstar Small-Cap ETF $282,508 0.59% 932 $35,517 Down ×1
SPAB State Street SPDR Portfolio Aggregate Bond ETF $279,878 0.58% 10,967 $-265,597 Down ×1
XTEN BondBloxx ETF Trust $278,220 0.58% 6,104 $10,764 Up ×2
NVDA NVIDIA Corporation - Common Stock $242,909 0.51% 1,214
IYW iShares U.S. Technology ETF $236,087 0.49% 936
MUB iShares Trust $233,213 0.49% 2,167 $3,186
IJR iShares Trust $220,982 0.46% 1,490
ESGU iShares ESG Aware MSCI USA ETF $218,812 0.46% 1,337
MRVL Marvell Technology, Inc. - Common Stock $201,374 0.42% 676 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
EMHC $877,095 1.83% up ×4
SRLN $794,536 1.66% up ×6
TIPX $639,891 1.33% up ×4
EBND $457,082 0.95% up ×4
IVE $450,487 0.94% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
NVDA $242,909 1,214 0.51%
IYW $236,087 936 0.49%
IJR $220,982 1,490 0.46%
ESGU $218,812 1,337 0.46%
MRVL $201,374 676 0.42%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Bought more +940 +$1.4M
JNK Bought more +10K +$934K
FISR Trimmed -35K -$902K
SPDW Trimmed -21K -$652K
SPYM Bought more +917 +$502K
SPEM Bought more +3K +$402K
SPTL Bought more +14K +$358K
XLSR Trimmed -1K +$332K
SPAB Trimmed -10K -$266K
SPSM Trimmed -1K +$144K

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
MSFT Sept. 30, 2025 6,930 $3,446,940 1.4%
NVDA Sept. 30, 2025 18,694 $2,953,490 28.0%
HD June 30, 2025 4,834 $1,771,613 -23.3%
BND Sept. 30, 2025 20,245 $1,490,639
VIG Sept. 30, 2025 5,772 $1,181,423
QQQ Sept. 30, 2025 1,964 $1,083,381 24.0%
NZF June 30, 2025 84,788 $1,036,957 -9.8%
FDN Sept. 30, 2025 3,772 $1,015,913
USMV Sept. 30, 2025 10,679 $1,002,399
BIL Dec. 31, 2025 10,798 $990,717
HEGD June 30, 2025 39,274 $860,093
VTI Sept. 30, 2025 2,814 $855,399 16.0%
AAPL Sept. 30, 2025 3,959 $812,268 30.7%
SPLB Sept. 30, 2025 35,561 $802,612 -12.3%
NAD June 30, 2025 68,487 $788,970 -11.8%
UAUG Sept. 30, 2025 21,005 $786,081
TRGP June 30, 2025 3,844 $770,607 65.1%
PEP June 30, 2025 4,995 $748,950 -4.8%
RWR Sept. 30, 2025 6,720 $648,077 5.9%
SPEU June 30, 2025 14,641 $644,350
BIL June 30, 2025 6,987 $640,910
GPC June 30, 2025 5,116 $609,520 4.1%
DUK June 30, 2025 4,870 $593,972 -3.5%
TJAN June 30, 2025 21,389 $541,159
IBM June 30, 2025 2,057 $511,574 -24.8%
BOND June 30, 2025 4,963 $458,929 -6.3%
JEPI Sept. 30, 2025 7,710 $438,314
SCHB June 30, 2025 19,824 $426,808 24.5%
TT June 30, 2025 1,200 $404,304 7.6%
AGG June 30, 2025 3,776 $373,522
AIVL Sept. 30, 2025 3,230 $365,190
XLK June 30, 2025 1,700 $351,118 58.7%
TSLA Sept. 30, 2025 1,093 $347,202 -14.8%
UOCT June 30, 2025 9,582 $331,054
TFC June 30, 2025 7,984 $328,552 7.8%
GOOG Sept. 30, 2025 1,804 $320,014 41.2%
COST Sept. 30, 2025 323 $319,625 -0.2%
AVGO June 30, 2025 1,900 $318,117 31.5%
SPTL Sept. 30, 2025 11,899 $316,275 -12.3%
DLN March 31, 2026 3,536 $311,451
ABBV June 30, 2025 1,482 $310,480 43.2%
SDY Sept. 30, 2025 2,257 $306,343
AFL June 30, 2025 2,716 $301,992 6.6%
MTUM Sept. 30, 2025 1,251 $300,640
SCHX June 30, 2025 13,228 $292,067 24.3%
UMAR June 30, 2025 8,185 $290,977
JPM Sept. 30, 2025 985 $285,685 5.4%
BLV June 30, 2025 3,956 $278,582
COR June 30, 2025 1,000 $278,090 5.0%
SPIB Dec. 31, 2025 7,966 $269,968
T June 30, 2025 9,482 $268,154 -16.2%
MO June 30, 2025 4,451 $267,141 15.8%
UJAN June 30, 2025 6,996 $266,839
CVX June 30, 2025 1,539 $257,459 44.2%
XLG June 30, 2026 4,700 $256,385
EFX June 30, 2025 1,050 $255,738 -45.0%
FTCS Sept. 30, 2025 2,692 $244,688
BIL June 30, 2026 2,662 $243,946
WMT Sept. 30, 2025 2,443 $238,879 2.0%
BRK-B (filed as BRKB) June 30, 2025 441 $234,868 No longer tracked
RWX Sept. 30, 2025 8,563 $234,626
UDEC Sept. 30, 2025 6,310 $229,936
ADP June 30, 2025 750 $229,175 -15.6%
BFK June 30, 2025 23,000 $227,700 No longer tracked
HYG June 30, 2025 2,829 $223,155
LOW June 30, 2025 954 $222,501 -19.1%
IJR Sept. 30, 2025 2,031 $221,968 16.4%
NVG June 30, 2025 17,927 $221,936 -12.6%
IWR Sept. 30, 2025 2,401 $220,820 13.1%
SPLV Sept. 30, 2025 2,984 $217,295
BALT June 30, 2025 6,878 $215,832
AAPR June 30, 2025 8,200 $214,582
IVE June 30, 2025 1,110 $211,544
KO June 30, 2025 2,933 $210,041 22.3%
BINC June 30, 2026 4,026 $209,070
ESGU March 31, 2026 1,395 $207,775
NOBL Sept. 30, 2025 2,031 $204,548 6.7%
NEA June 30, 2025 18,163 $203,426 -10.2%
IYW March 31, 2026 1,017 $203,075 49.7%
IWM Sept. 30, 2025 930 $200,685 17.1%
VLUE Sept. 30, 2025 1,772 $200,608
JNJ Sept. 30, 2025 1,312 $200,456 36.4%
IPPP Sept. 30, 2025 20,506 $200,366 No longer tracked
LEO June 30, 2025 23,900 $146,268 -7.6%
MFM June 30, 2025 21,735 $115,196 -7.5%