Sector breakdown

04
Technology 0.7%
Health Care 0.2%
Communication Services 0.2%
Retail 0.2%
Financials 0.2%
Consumer Discretionary 0.1%
Industrials 0.1%
Energy 0.0%
Utilities 0.0%
Consumer Staples 0.0%
Materials 0.0%
Consumer products 0.0%
Other/Unmapped 98.1%

Full portfolio 305 positions

05
Type Streak 8Q trend
IYW iShares U.S. Technology ETF $1,147,599,879 14.37% 4,549,815 $322,938,921 Up ×3
VGT Vanguard Information Tech ETF $814,369,223 10.20% 6,813,664 $239,903,411 Up ×1
XLK SELECT SECTOR SPDR TRUST $739,532,185 9.26% 3,881,651 $225,074,302 Up ×3
VOX Vanguard Communication Services ETF $385,681,447 4.83% 2,096,665 $25,041,680 Up ×5
VIS Vanguard Industrials ETF $377,211,915 4.72% 1,046,706 $62,698,406 Up ×6
XLF SELECT SECTOR SPDR TRUST $308,789,892 3.87% 5,759,931 $61,674,715 Up ×1
XLY XLY $293,319,314 3.67% 2,501,017 $28,814,949 Up ×1
VHT Vanguard Health Care ETF $271,832,772 3.40% 909,110 $31,306,276 Up ×1
XLI SELECT SECTOR SPDR TRUST $242,849,551 3.04% 1,311,071 $51,884,004 Up ×2
VFH Vanguard Financials ETF $221,908,501 2.78% 1,686,235 $25,748,624 Up ×6
XLV SELECT SECTOR SPDR TRUST $182,155,377 2.28% 1,148,086 $41,226,557 Up ×1
XLC SELECT SECTOR SPDR TRUST $176,193,031 2.21% 1,644,665 $-6,329,147 Down ×1
VCR Vanguard Consumer Discretion ETF $161,500,554 2.02% 407,202 $19,279,849 Up ×2
IXN iShares Global Tech ETF $157,952,510 1.98% 1,093,248 $47,853,525 Down ×1
IYF iShares U.S. Financial ETF $136,724,206 1.71% 1,072,262 $10,889,669 Up ×2
TRUT VanEck Technology TruSector ETF $117,817,021 1.48% 3,752,995 $84,635,073 Up ×1
VDC Vanguard Consumer Staples ETF $111,902,277 1.40% 496,263 $6,572,186 Up ×3
XLE SELECT SECTOR SPDR TRUST $97,289,454 1.22% 1,831,848 $-14,305,287 Up ×3
IYC iShares U.S. Consumer Discretionary ETF $95,053,923 1.19% 940,197 $2,222,753 Down ×4
GXPT Global X PureCap MSCI Information Technology ETF $90,580,056 1.13% 2,766,648 $57,733,268 Up ×1
IYE iShares U.S. Energy ETF $88,693,675 1.11% 1,567,303 $-5,848,795 Up ×3
XLP XLP $79,792,812 1.00% 960,549 $2,228,890 Up ×2
IYH iShares U.S. Healthcare ETF $70,668,340 0.89% 1,054,594 $4,808,854 Down ×1
XLU XLU $68,066,287 0.85% 1,501,241 $2,498,313 Up ×3
IXP iShares Global Comm Services ETF $67,407,020 0.84% 597,331 $6,079,519 Up ×2
IYJ iShares U.S. Industrials ETF $64,943,572 0.81% 389,701 $8,045,838 Up ×2
VDE Vanguard Energy ETF $58,863,919 0.74% 392,086 $-2,395,477 Up ×4
AAXJ iShares MSCI All Country Asia ex Japan ETF $57,624,197 0.72% 482,898 $24,025,901 Up ×4
GXPS Global X PureCap MSCI Consumer Staples ETF $56,370,665 0.71% 2,149,911 $13,416,432 Up ×3
XLB XLB $55,212,156 0.69% 1,086,212 $5,523,515 Up ×6
IGM iShares Expanded Tech Sector ETF $53,521,983 0.67% 327,192 $9,817,247 Down ×2
EZU iShares MSCI Eurozone ETF $49,888,796 0.62% 717,824 $18,339,362 Up ×6
VPU Vanguard Utilities ETF $48,459,476 0.61% 247,584 $6,200,947 Up ×6
EEMA iShares MSCI Emerging Markets Asia ETF $45,366,435 0.57% 387,880 $12,799,588 Up ×6
TRUC VanEck Communication Services TruSector ETF $44,493,887 0.56% 1,792,511 $9,986,062 Up ×1
GXPD Global X PureCap MSCI Consumer Discretionary ETF $43,585,850 0.55% 1,669,278 $17,361,131 Up ×2
FEZ SPDR INDEX SHARES FUNDS $42,078,986 0.53% 612,682 $6,582,600 Up ×5
VAW Vanguard Materials ETF $41,720,150 0.52% 182,352 $3,340,050 Up ×4
XLRE XLRE $41,705,769 0.52% 947,212 $9,716,624 Up ×2
VNQ Vanguard Real Estate ETF $40,905,926 0.51% 424,203 $4,173,201 Up ×6
EWJ iShares MSCI Japan Index Fund $38,421,078 0.48% 411,934 $11,725,348 Up ×4
GXPC Global X PureCap MSCI Communication Services ETF $37,263,063 0.47% 1,250,858 $19,672,959 Up ×1
IYG iShares U.S. Financial Services ETF $32,788,213 0.41% 362,421 $2,525,733 Down ×1
TRUD VanEck Consumer Discretionary TruSector ETF $30,726,178 0.38% 1,183,807 $10,694,364 Up ×3
QQQ Invesco QQQ Trust, Series 1 $28,139,917 0.35% 38,212 $6,449,742 Up ×1
EXI iShares Global Industrials ETF $27,965,319 0.35% 139,478 $2,353,946 Down ×1
RSPT Invesco Exchange-Traded Fund Trust $25,068,719 0.31% 388,662 $6,398,502 Down ×4
IYK iShares U.S. Consumer Staples ETF $22,418,844 0.28% 308,545 $77,385 Down ×3
EWU iShares MSCI United Kingdom ETF $20,175,834 0.25% 437,274 $5,219,388 Up ×6
EWC iShares MSCI Canada Index Fund $19,530,628 0.24% 338,838 $6,344,708 Up ×6
AAPL Apple Inc. - Common Stock $17,456,778 0.22% 60,329 $1,535,550 Down ×1
USRT iShares Core U.S. REIT ETF $17,229,249 0.22% 259,281 $1,451,446 Down ×4
BBJP J.P. Morgan Exchange-Traded Fund Trust $12,375,843 0.16% 164,332 $1,739,513 Up ×5
MSFT Microsoft Corporation - Common Stock $12,369,512 0.15% 33,161 $1,153,656 Up ×1
EWL iShares MSCI Switzerland ETF $12,163,131 0.15% 193,527 $4,403,093 Up ×6
IYM iShares U.S. Basic Materials ETF $11,939,191 0.15% 66,502 $461,539 Up ×1
FLGB Franklin Templeton ETF Trust $9,861,964 0.12% 279,455 $999,892 Up ×2
RXI iShares Trust $9,829,038 0.12% 50,938 $104,569 Down ×5
BBCA J.P. Morgan Exchange-Traded Fund Trust $9,064,604 0.11% 91,193 $565,908 Up ×5
LLY Eli Lilly and Company Common Stock $9,062,294 0.11% 7,556 $2,439,940 Up ×1
FLSW Franklin Templeton ETF Trust $8,944,298 0.11% 206,423 $586,653 Up ×2
IYR iShares U.S. Real Estate ETF $8,304,247 0.10% 81,215 $673,313 Up ×2
FXU First Trust Exchange-Traded AlphaDEX Fund $8,181,507 0.10% 165,819 $-346,870 Down ×6
EWA iShares MSCI Australia Index Fund $8,059,142 0.10% 286,191 $2,495,424 Up ×4
FLAX Franklin FTSE Asia ex Japan ETF $7,821,010 0.10% 209,835 $2,080,669 Up ×6
SPY SPY $7,755,235 0.10% 10,385 $10,316 Down ×2
NVDA NVIDIA Corporation - Common Stock $7,354,065 0.09% 36,754 $1,687,028 Up ×2
IDU iShares U.S. Utilities ETF $7,353,186 0.09% 64,158 $-43,310,017 Down ×4
FXH First Trust Health Care AlphaDEX $6,148,570 0.08% 50,233 $183,402 Down ×6
GOOGL Alphabet Inc. - Class A Common Stock $6,142,407 0.08% 17,187 $1,706,822 Up ×1
IXJ iShares Global Healthcare ETF $5,945,486 0.07% 60,434 $522,795 Up ×2
VOO Vanguard S&P 500 ETF $5,940,317 0.07% 8,649 $675,544 Down ×5
AMZN Amazon.com, Inc. - Common Stock $5,430,339 0.07% 22,784 $947,536 Up ×1
AVGO Broadcom Inc. - Common Stock $4,847,289 0.06% 12,832 $1,524,698 Up ×5
JPM JP Morgan Chase & Co. Common Stock $4,768,596 0.06% 14,568 $843,972 Up ×1
COST Costco Wholesale Corporation - Common Stock $4,665,308 0.06% 4,987 $-210,351 Up ×1
BBAX J.P. Morgan Exchange-Traded Fund Trust $4,527,334 0.06% 75,620 $353,879 Up ×4
IVV iShares Trust $4,488,689 0.06% 5,994 $749,806 Up ×3
IXC iShares Global Energy ETF $4,423,789 0.06% 90,043 $-365,130 Up ×2
VUG Vanguard Morningstar Growth ETF $4,237,182 0.05% 49,189 $921,069 Up ×3
IWF iShares Russell 1000 Growth Fund $4,081,468 0.05% 32,870 $1,539,271 Up ×1
ILF iShares Latin America 40 ETF $3,998,037 0.05% 118,461 $743,142 Up ×6
IEUR iShares Core MSCI Europe ETF $3,985,213 0.05% 53,016 $436,508 Up ×2
IVW iShares S&P 500 Growth ETF $3,929,974 0.05% 28,575 $800,786 Up ×2
TSLA Tesla, Inc. - Common Stock $3,870,782 0.05% 9,203 $672,245 Up ×3
KBWB Invesco KBW Bank ETF $3,821,916 0.05% 41,105 $562,835 Down ×4
RSPH Invesco Exchange-Traded Fund Trust $3,790,809 0.05% 114,215 $302,210 Down ×6
IYZ iShares U.S. Telecommunications ETF $3,700,602 0.05% 87,464 $306,303 Up ×1
FXR First Trust Exchange-Traded AlphaDEX Fund $3,655,714 0.05% 40,120 $480,341 Up ×1
SLV iShares Silver Trust $3,476,726 0.04% 65,022 $-1,222,685 Down ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $3,449,188 0.04% 6,893 $156,126 Up ×2
GOOG Alphabet Inc. - Class C Capital Stock $3,440,985 0.04% 9,739 $834,126 Up ×3
IVE iShares Trust $3,172,897 0.04% 13,974 $364,313 Up ×3
RSPF Invesco Exchange-Traded Fund Trust $3,076,221 0.04% 39,668 $277,191 Up ×1
FLJP Franklin Templeton ETF Trust $2,652,637 0.03% 66,733 $419,644 Up ×6
VTV Vanguard Morningstar Value ETF $2,647,590 0.03% 12,149 $1,120,015 Up ×1
EWZ iShares MSCI Brazil ETF $2,513,187 0.03% 72,846 $357,846 Up ×6
VONE Vanguard Russell 1000 ETF $2,493,318 0.03% 7,361 $320,054 Down ×1
IEFA iShares Core MSCI EAFE ETF $2,455,464 0.03% 25,424 $355,963 Up ×3
VGK Vanguard FTSEEuropean ETF $2,387,542 0.03% 26,966 $196,470 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
IYW $1,147,599,879 14.37% up ×3
XLK $739,532,185 9.26% up ×3
VOX $385,681,447 4.83% up ×5
VIS $377,211,915 4.72% up ×6
VFH $221,908,501 2.78% up ×6
VDC $111,902,277 1.40% up ×3
XLE $97,289,454 1.22% up ×3
IYE $88,693,675 1.11% up ×3
XLU $68,066,287 0.85% up ×3
VDE $58,863,919 0.74% up ×4
AAXJ $57,624,197 0.72% up ×4
GXPS $56,370,665 0.71% up ×3
XLB $55,212,156 0.69% up ×6
EZU $49,888,796 0.62% up ×6
VPU $48,459,476 0.61% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
EMXC $811,341 7,931 0.01%
SDY $676,560 4,446 0.01%
RSP $607,671 2,856 0.01%
VONV $538,248 5,063 0.01%
ASML $506,312 255 0.01%
DELL $466,507 1,081 0.01%
PM $400,605 2,214 0.01%
STX $366,700 380 0.00%
DDOG $359,036 1,379 0.00%
EFA $331,585 3,192 0.00%
QQEW $330,212 2,069 0.00%
COWG $321,492 8,008 0.00%
INTC $318,173 2,279 0.00%
SOXX $303,720 474 0.00%
FTNT $300,942 1,959 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IYW Bought more +4K +$322.9M
VGT Bought more +6.0M +$239.9M
XLK Bought more +11K +$225.1M
TRUT Bought more +2.4M +$84.6M
VIS Bought more +39K +$62.7M
XLF Bought more +755K +$61.7M
GXPT Bought more +1.4M +$57.7M
XLI Bought more +130K +$51.9M
IXN Trimmed -8K +$47.9M
XLV Bought more +187K +$41.2M

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
OEF Dec. 31, 2025 1,990 $662,352
HON June 30, 2026 2,769 $625,937 -4.4%
FFA Dec. 31, 2025 21,060 $453,211 0.4%
SO March 31, 2026 5,056 $440,883 -13.2%
ESGU Sept. 30, 2025 2,994 $405,088
IBMP June 30, 2026 15,545 $395,465
ABT Dec. 31, 2025 2,712 $363,244 -20.1%
RSP June 30, 2025 2,055 $355,988 16.2%
APH Dec. 31, 2025 2,722 $336,908 -35.4%
VXF Sept. 30, 2025 1,598 $307,951 13.3%
AIA Dec. 31, 2025 3,222 $304,801
XLG Sept. 30, 2025 5,704 $297,178
CRM March 31, 2026 1,116 $295,775 23.1%
ACN March 31, 2026 1,068 $286,544 -1.6%
SCHG June 30, 2026 9,492 $276,505 7.2%
MLN June 30, 2025 15,526 $269,992 -3.1%
NSC Dec. 31, 2025 898 $269,804 9.5%
SKYY June 30, 2025 2,454 $250,872
AMGN June 30, 2025 771 $240,205 44.3%
DIS Sept. 30, 2025 1,922 $238,391 -9.5%
IBMQ Dec. 31, 2025 9,193 $235,723
VEEV June 30, 2025 1,008 $233,483 -1.6%
NXPI Sept. 30, 2025 1,064 $232,527 6.3%
MPC Sept. 30, 2025 1,394 $231,557 124.9%
VBK June 30, 2026 760 $229,710
BP June 30, 2026 4,851 $227,997 20.8%
BXMX Dec. 31, 2025 15,760 $227,574 No longer tracked
PSX June 30, 2025 1,841 $227,327 126.1%
HON Dec. 31, 2025 1,074 $226,133 9.8%
SHM March 31, 2026 4,703 $225,689 -2.4%
USB June 30, 2026 4,291 $223,188 -5.2%
FDN March 31, 2026 829 $223,150
EGP June 30, 2026 1,205 $223,033 -3.3%
ISRG Sept. 30, 2025 408 $221,711 -9.1%
COP June 30, 2025 2,104 $220,962 43.1%
AON June 30, 2025 553 $220,713 -23.7%
SPOT Dec. 31, 2025 315 $219,870 -16.8%
ACWX June 30, 2025 3,950 $219,028
PSX Dec. 31, 2025 1,609 $218,890 109.0%
ULTA June 30, 2026 418 $218,493 20.3%
UPS June 30, 2025 1,985 $218,330 -7.7%
CSX June 30, 2026 5,280 $216,744 -0.2%
ADP Dec. 31, 2025 731 $214,690 1.2%
UBER Dec. 31, 2025 2,184 $213,966 -15.0%
URI March 31, 2026 263 $212,851 47.5%
T June 30, 2026 7,298 $211,570 17.1%
VYM June 30, 2025 1,611 $207,751
FTNT Sept. 30, 2025 1,948 $205,943 119.0%
INTU March 31, 2026 310 $205,374 -34.2%
SBUX Dec. 31, 2025 2,409 $203,801 12.1%
BG June 30, 2026 1,602 $203,774 0.6%
AZO June 30, 2026 60 $202,667 -12.1%
SCHD June 30, 2025 7,239 $202,402 25.3%
FCX Sept. 30, 2025 4,661 $202,039 85.1%
COF June 30, 2026 1,103 $201,255 -2.7%
SLM Sept. 30, 2025 6,125 $200,839 -17.8%
BP June 30, 2025 5,937 $200,611 49.1%
HCA Sept. 30, 2025 523 $200,361 2.0%
HBAN Sept. 30, 2025 10,081 $168,958 -11.5%
AWP Sept. 30, 2025 19,000 $75,240 -15.7%