Sector breakdown

04
Consumer Discretionary 6.1%
Technology 5.9%
Consumer Staples 3.8%
Healthcare 1.2%
Communication Services 0.9%
Materials 0.8%
Financials 0.7%
Retail 0.3%
Energy 0.3%
Utilities 0.1%
Other/Unmapped 79.9%

Full portfolio 95 positions

05
Type Streak 8Q trend
GLD SPDR Gold Shares $25,344,544 6.48% 68,800 Put option
GLD SPDR Gold Shares $24,177,179 6.18% 65,631 $-31,909,008 Down ×1
XLF SELECT SECTOR SPDR TRUST $16,487,102 4.22% 307,538 $4,245,052 Up ×3
XLV SELECT SECTOR SPDR TRUST $15,041,182 3.85% 94,801 $5,317,381 Up ×4
NKE Nike, Inc. Common Stock $13,911,845 3.56% 338,900 Call option Up ×1
XLY XLY $12,574,339 3.22% 107,216 $4,666,091 Up ×4
XLK SELECT SECTOR SPDR TRUST $11,576,087 2.96% 60,760 $4,896,680 Up ×1
XLI SELECT SECTOR SPDR TRUST $11,141,033 2.85% 60,147 $3,130,937 Up ×1
VPL Vanguard FTSE Pacific ETF $10,112,730 2.59% 87,412 $1,332,186 Down ×2
FEZ SPDR INDEX SHARES FUNDS $9,580,467 2.45% 139,494 $2,908,322 Up ×3
VWO Vanguard FTSE Emerging Markets ETF $9,262,570 2.37% 155,178 $2,888,960 Up ×3
ADM Archer-Daniels-Midland Company Common Stock $9,229,120 2.36% 120,800 Put option
XLB XLB $8,985,071 2.30% 176,767 $-209,401 Down ×2
DEM WisdomTree Trust $8,644,802 2.21% 160,714 $89,748 Down ×2
EWJ iShares MSCI Japan Index Fund $8,501,094 2.17% 91,145 $1,519,173 Up ×2
VTV Vanguard Morningstar Value ETF $8,444,171 2.16% 38,747 $1,041,298 Up ×1
IVW iShares S&P 500 Growth ETF $8,305,246 2.12% 60,389 $1,422,392 Down ×4
IEUR iShares Core MSCI Europe ETF $8,047,775 2.06% 107,061 $1,004,613 Up ×3
XLP XLP $7,598,481 1.94% 91,471 $272,258 Up ×1
XLC SELECT SECTOR SPDR TRUST $7,497,600 1.92% 69,986 $6,109,229 Up ×1
EWU iShares MSCI United Kingdom ETF $6,959,573 1.78% 150,836 $365,127 Up ×3
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF $6,918,330 1.77% 194,226 $142,131 Up ×2
VTIP Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares $6,907,479 1.77% 137,517 $767,875 Up ×2
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund $6,436,472 1.65% 33,567 $4,202,133 Up ×1
MSFT Microsoft Corporation - Common Stock $5,791,823 1.48% 15,527 $5,518,454 Up ×6
ADM Archer-Daniels-Midland Company Common Stock $5,638,626 1.44% 73,804 $-5,462,413 Down ×1
AMAT Applied Materials, Inc. - Common Stock $5,494,800 1.41% 7,600 Put option Up ×1
AMAT Applied Materials, Inc. - Common Stock $5,097,122 1.30% 7,050 $2,392,210 Down ×1
NKE Nike, Inc. Common Stock $4,994,143 1.28% 121,660 $-4,942,355 Down ×1
EZA iShares MSCI South Africa Index Fund $4,950,431 1.27% 78,342 $2,045,743 Up ×2
EWW iShares MSCI Mexico ETF $4,939,647 1.26% 65,626 $-3,137 Down ×2
DECK Deckers Outdoor Corporation Common Stock $4,633,864 1.19% 46,670 $121,607 Up ×2
IWM iShares Russell 2000 Index Fund $4,397,687 1.12% 14,637 $754,071 Down ×1
INDA iShares Trust $4,314,266 1.10% 87,351 $1,908,845 Up ×1
XLE SELECT SECTOR SPDR TRUST $4,226,670 1.08% 79,583 $-674,896 Down ×2
PAVE Global X Funds $4,026,357 1.03% 68,336 $2,050,102 Up ×1
DCTH Delcath Systems, Inc. - Common Stock $3,913,765 1.00% 310,863 $-1,575,578 Down ×1
URNM Sprott Uranium Miners ETF $3,897,467 1.00% 74,110 $-370,577 Up ×1
ENFR ALPS ETF Trust $3,814,458 0.98% 100,117 $274,493 Up ×1
DBA Invesco DB Agriculture Fund $3,621,345 0.93% 135,783 $-105,015 Down ×2
T AT&T Inc. $3,473,724 0.89% 167,813 $-1,111,734 Up ×1
XME SPDR SERIES TRUST $3,432,711 0.88% 32,102 $95,043 Up ×1
AAPL Apple Inc. - Common Stock $3,406,209 0.87% 11,772 $424,310 Up ×1
EFA iShares Trust $3,302,945 0.84% 31,796 $125,233 Down ×1
SQM Sociedad Quimica y Minera S.A. Common Stock $3,089,393 0.79% 41,726 $-203,246 Up ×2
ADI Analog Devices, Inc. - Common Stock $2,971,982 0.76% 7,483 $604,137 Up ×2
SRVR Pacer Data & Infrastructure Real Estate ETF $2,594,275 0.66% 81,658 $1,179,197 Up ×1
EWZ iShares MSCI Brazil ETF $2,213,831 0.57% 64,169 $-5,764 Up ×1
VB Vanguard Morningstar Small-Cap ETF $2,174,406 0.56% 7,173 $289,360 Down ×4
VDE Vanguard Energy ETF $2,099,204 0.54% 13,983 $-362,226 Down ×3
VGT Vanguard Information Tech ETF $1,879,987 0.48% 15,729 $443,321 Up ×1
VIS Vanguard Industrials ETF $1,740,762 0.45% 4,830 $228,480 Down ×3
JPM JP Morgan Chase & Co. Common Stock $1,720,588 0.44% 5,256 $175,882 Up ×1
VAW Vanguard Materials ETF $1,597,911 0.41% 6,984 $-48,675 Down ×2
VFH Vanguard Financials ETF $1,477,690 0.38% 11,229 $94,604 Down ×4
RSP Invesco Exchange-Traded Fund Trust $1,420,027 0.36% 6,674 $435,477 Up ×6
SOXX iShares Trust $1,338,748 0.34% 2,089 $643,877 Down ×2
IWF iShares Russell 1000 Growth Fund $1,066,652 0.27% 8,590 $127,610 Up ×1
WMT Walmart Inc. - Common Stock $919,821 0.24% 8,121 $-90,979 Down ×5
BAC Bank of America Corporation Common Stock $898,837 0.23% 15,775 $130,627 Up ×3
EZU iShares MSCI Eurozone ETF $879,523 0.22% 12,655 $86,814
VNM VanEck Vietnam ETF $748,386 0.19% 40,519 $-31,187 Down ×2
IEFA iShares Core MSCI EAFE ETF $733,248 0.19% 7,592 $51,476 Up ×1
XLRE XLRE $682,553 0.17% 15,502 $-54,510 Down ×2
MOO VanEck ETF Trust $667,570 0.17% 8,429 $-20,506 Up ×1
SDY SPDR SERIES TRUST $662,358 0.17% 4,352 $14,140 Down ×1
XCNY State Street SPDR S&P Emerging Markets ex-China ETF $658,938 0.17% 19,530 $96,716
LLY Eli Lilly and Company Common Stock $647,142 0.17% 540 $147,491 Down ×1
EEM iShares, Inc. $579,803 0.15% 8,475 $101,591 Up ×1
FXE Invesco CurrencyShares Euro Currency Trust $527,200 0.13% 5,000 Put option Up ×1
XOM Exxon Mobil Corporation Common Stock $448,416 0.11% 3,280 $-142,256 Down ×1
TGT Target Corporation Common Stock $438,348 0.11% 3,356 $-8,898 Down ×1
VGK Vanguard FTSEEuropean ETF $411,854 0.11% 4,652 $31,309 Up ×1
TLT iShares 20+ Year Treasury Bond ETF $345,680 0.09% 4,000 Call option Up ×1
OKE ONEOK, Inc. Common Stock $315,401 0.08% 3,628 $-8,757 Up ×2
EIX Edison International Common Stock $310,573 0.08% 4,172 $9,108 Up ×6
IYT iShares U.S. Transportation ETF $304,252 0.08% 3,507 $39,205 Down ×6
GDV Gabelli Dividend & Income Trust Common Shares of Beneficial Interest $275,554 0.07% 9,373 $21,688 Down ×2
RIVN Rivian Automotive, Inc. - Class A Common Stock $260,250 0.07% 15,000 Call option
VEA Vanguard FTSE Developed Markets ETF $252,224 0.06% 3,540 $25,617 Up ×1
FXI iShares China Large-Cap ETF $249,561 0.06% 7,900 Call option Up ×1
JNJ Johnson & Johnson Common Stock $239,918 0.06% 945 $9,814 Up ×1
PFG Principal Financial Group Inc - Common Stock $226,946 0.06% 2,106 Up ×1
QQQ Invesco QQQ Trust, Series 1 $220,920 0.06% 300 Call option Up ×1
QQQ Invesco QQQ Trust, Series 1 $220,920 0.06% 300 Put option Up ×1
CVX Chevron Corporation Common Stock $218,478 0.06% 1,318 $-56,442 Down ×2
EFA iShares Trust $207,760 0.05% 2,000 Call option Up ×1
VCR Vanguard Consumer Discretion ETF $205,579 0.05% 518
RIVN Rivian Automotive, Inc. - Class A Common Stock $191,492 0.05% 11,037 $-188,641 Down ×1
TLT iShares 20+ Year Treasury Bond ETF $131,791 0.03% 1,525 $-5,255,386 Down ×1
SOXX iShares Trust $128,152 0.03% 200 Put option Up ×1
QQQ Invesco QQQ Trust, Series 1 $127,330 0.03% 173 $-165,825 Down ×1
MSFT Microsoft Corporation - Common Stock $111,906 0.03% 300 Call option Up ×1
DCTH Delcath Systems, Inc. - Common Stock $62,950 0.02% 5,000 Call option Up ×1
FXI iShares China Large-Cap ETF $1,410 0.00% 45 $-229,940 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
XLF $16,487,102 4.22% up ×3
XLV $15,041,182 3.85% up ×4
XLY $12,574,339 3.22% up ×4
FEZ $9,580,467 2.45% up ×3
VWO $9,262,570 2.37% up ×3
IEUR $8,047,775 2.06% up ×3
EWU $6,959,573 1.78% up ×3
MSFT $5,791,823 1.48% up ×6
RSP $1,420,027 0.36% up ×6
BAC $898,837 0.23% up ×3
EIX $310,573 0.08% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GLD $25,344,544 68,800 6.48%
NKE $13,911,845 338,900 3.56%
ADM $9,229,120 120,800 2.36%
AMAT $5,494,800 7,600 1.41%
FXE $527,200 5,000 0.13%
TLT $345,680 4,000 0.09%
RIVN $260,250 15,000 0.07%
FXI $249,561 7,900 0.06%
PFG $226,946 2,106 0.06%
QQQ $220,920 300 0.06%
QQQ $220,920 300 0.06%
EFA $207,760 2,000 0.05%
VCR $205,579 518 0.05%
SOXX $128,152 200 0.03%
MSFT $111,906 300 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GLD Trimmed -65K -$31.9M
ADM Trimmed -79K -$5.5M
XLV Bought more +28K +$5.3M
NKE Trimmed -66K -$4.9M
XLK Bought more +11K +$4.9M
XLY Bought more +35K +$4.7M
XLF Bought more +60K +$4.2M
GRID Bought more +20K +$4.2M
XLI Bought more +11K +$3.1M
FEZ Bought more +32K +$2.9M

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
FXY June 30, 2026 114,209 $6,610,417
IGV June 30, 2026 82,418 $6,597,561 23.1%
GMAB March 31, 2026 131,653 $4,054,912 41.8%
LEMB March 31, 2026 95,534 $3,971,361
EMB March 31, 2026 40,387 $3,888,448
XLU June 30, 2026 79,479 $3,647,291 No longer tracked
SCJ June 30, 2026 34,241 $3,324,116
EIDO Dec. 31, 2025 181,771 $3,190,073
SLV March 31, 2026 48,419 $3,119,132 -18.7%
RRC June 30, 2026 57,073 $2,578,572 5.5%
ARGT Sept. 30, 2025 26,581 $2,252,208
LTPZ March 31, 2026 42,934 $2,221,835
GDX June 30, 2026 23,422 $2,149,437 17.1%
ITA June 30, 2026 9,398 $2,055,813 -14.0%
AFK June 30, 2026 71,903 $1,851,502
ECH June 30, 2026 46,440 $1,846,454
ALB Dec. 31, 2025 20,434 $1,656,789 -25.2%
RNRG June 30, 2026 38,010 $1,402,797
PHO June 30, 2025 21,540 $1,389,757
PALL Sept. 30, 2025 12,455 $1,253,098 -7.0%
YCL March 31, 2026 49,161 $937,009 -1.4%
FXB June 30, 2026 6,600 $840,510
PPLT June 30, 2026 3,771 $672,105 9.0%
VGLT June 30, 2026 11,450 $633,815
SPTL March 31, 2026 21,426 $567,146 -9.7%
VTWO June 30, 2025 6,535 $527,048
WRB June 30, 2025 5,104 $363,169 -3.7%
CWBC June 30, 2025 15,088 $278,834 36.5%
USO June 30, 2026 1,900 $241,775 34.6%
CAT Sept. 30, 2025 611 $237,296 82.0%
ISRG March 31, 2026 411 $232,774 -12.3%
ISRG Sept. 30, 2025 411 $223,342 -9.6%
XHB June 30, 2025 2,250 $218,051 -0.7%
XHB Dec. 31, 2025 1,933 $214,188 -5.0%
SPTS Dec. 31, 2025 7,165 $210,078
MCD June 30, 2026 663 $205,916 -13.9%
VCR March 31, 2026 520 $204,956
MSTY Dec. 31, 2025 12,124 $169,251 -44.3%
UBFO March 31, 2026 12,745 $128,338 No longer tracked
PMO Dec. 31, 2025 11,093 $114,594 -14.2%