Sector breakdown

04
Consumer Discretionary 7.8%
Technology 0.8%
Financials 0.5%
Utilities 0.4%
Industrials 0.2%
Consumer products 0.2%
Real Estate 0.2%
Healthcare 0.2%
Consumer Staples 0.1%
Other/Unmapped 89.6%

Full portfolio 57 positions

05
Type Streak 8Q trend
ITOT iShares Trust $111,052,105 11.18% 676,034 $-6,810,002 Down ×2
RCGE RockCreek Global Equality ETF $91,194,486 9.18% 3,077,495 $5,623,814
RSP Invesco Exchange-Traded Fund Trust $83,998,404 8.45% 394,785 $-5,797,318 Down ×1
ISHG iShares 1-3 Year International Treasury Bond ETF $82,730,090 8.33% 1,114,285 $605,362 Up ×2
CHH Choice Hotels International, Inc. Common Stock $72,875,127 7.33% 660,879 $3,956,650 Down ×4
JPST JPMorgan Ultra-Short Income ETF $65,942,930 6.64% 1,303,970 $1,309,048 Up ×1
GLD SPDR Gold Shares $64,999,629 6.54% 193,685 $-10,687,952 Up ×1
AGG iShares Trust $58,711,868 5.91% 593,169 $227,047 Up ×2
IDEV iShares Core MSCI International Developed Markets ETF $45,732,003 4.60% 513,785 $-4,927,546 Down ×1
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF $45,247,392 4.55% 906,956 $13,969,577 Up ×1
TLT iShares 20+ Year Treasury Bond ETF $42,880,380 4.32% 496,137 $-1,587,682 Down ×1
TIP iShares TIPS Bond ETF $41,867,371 4.21% 382,595 $-57,510 Up ×4
IEMG iShares, Inc. $27,271,176 2.74% 329,203 $-964,043 Down ×1
ESGU iShares ESG Aware MSCI USA ETF $26,367,237 2.65% 161,100 $3,584,475
SHE SPDR SERIES TRUST $21,615,422 2.18% 139,960 $3,727,232
IVV iShares Trust $17,012,534 1.71% 22,717 $-4,539,477 Down ×1
SCHP SCHWAB STRATEGIC TRUST $10,783,698 1.09% 406,932 $-44,763
GBIL Goldman Sachs ETF Trust $10,721,327 1.08% 107,042 $-4,527,491 Down ×3
VEA Vanguard FTSE Developed Markets ETF $8,144,160 0.82% 114,304
TWN Taiwan Fund, Inc. (The) Common Stock $6,367,416 0.64% 66,210 $2,014,771
EMXC iShares MSCI Emerging Markets ex China ETF $5,113,056 0.51% 49,981 $1,181,551
EWT iShares MSCI Taiwan ETF $5,019,954 0.51% 46,220 $1,742,032
IEFA iShares Core MSCI EAFE ETF $4,646,359 0.47% 48,089 $292,862
FLYW Flywire Corporation - Voting Common Stock $4,392,500 0.44% 250,000 $1,482,500
SRE DBA Sempra Common Stock $3,708,400 0.37% 40,000 $1,765,000 Up ×1
CLBT Cellebrite DI Ltd. - Ordinary Shares $2,920,000 0.29% 200,000 $853,000 Up ×1
EWJ iShares MSCI Japan Index Fund $2,605,870 0.26% 27,939 $-508,277 Down ×1
GFF Griffon Corporation Common Stock $2,438,250 0.25% 25,000 $257,850 Down ×2
PAR PAR Technology Corporation Common Stock $2,177,500 0.22% 125,000 $844,500 Up ×1
VWO Vanguard FTSE Emerging Markets ETF $2,169,254 0.22% 36,342 $-7,040,044 Down ×1
SN SharkNinja, Inc. Ordinary Shares $1,903,375 0.19% 12,500 $314,875 Down ×2
WOMN Tidal Trust III $1,654,330 0.17% 39,015 $110,202
GHTA Goose Hollow Tactical Allocation ETF $1,633,884 0.16% 53,178 Up ×1
FIVN Five9, Inc. - Common Stock $1,599,000 0.16% 75,000 $82,000 Down ×1
PRKS United Parks & Resorts Inc. Common Stock $1,432,200 0.14% 30,000 $289,100 Down ×3
CSR D/B/A Centerspace Common Stock $1,404,750 0.14% 25,000 $255,750 Up ×2
TDOC Teladoc Health, Inc. Common Stock $1,329,944 0.13% 156,833 $1,057,444 Up ×1
LRN Stride, Inc. Common Stock $1,293,600 0.13% 15,000 $-28,950
IGF iShares Global Infrastructure ETF $1,178,021 0.12% 17,688 $-7,075
XPOF Xponential Fitness, Inc. Class A Common Stock $1,038,000 0.10% 150,000 $135,000
SPY SPY $996,484 0.10% 1,345 Up ×1
RXT Rackspace Technology, Inc. - Common Stock $979,500 0.10% 150,000 Up ×1
Unknown issuer (CUSIP: G9600F104) $840,200 0.08% 20,000 Up ×1
CELH Celsius Holdings, Inc. - Common Stock $732,000 0.07% 25,000 $-155,000
EEFT Euronet Worldwide, Inc. - Common Stock $731,900 0.07% 10,000 $-1,093,275 Down ×2
GENI Genius Sports Limited Ordinary Shares $606,000 0.06% 100,000 $-723,000 Down ×1
GNR State Street SPDR S&P Global Natural Resources ETF $605,857 0.06% 9,001 $-66,248
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF $594,696 0.06% 11,347 $-1,702
EWY iShares MSCI South Korea ETF $562,292 0.06% 2,785
AVTR Avantor, Inc. Common Stock $495,000 0.05% 50,000 $-289,000 Down ×1
PK Park Hotels & Resorts Inc. Common Stock $427,500 0.04% 30,000 $111,600
LEGH Legacy Housing Corporation - Common Stock $328,375 0.03% 12,500 $242,937 Up ×1
EWZ iShares MSCI Brazil ETF $278,609 0.03% 7,836 $-145,062 Down ×1
RNTX Rein Therapeutics, Inc. - Common Stock $130,000 0.01% 125,000 $-32,500
VTI Vanguard Morningstar Total Stock Market ETF $128,774 0.01% 348 $17,132
ACTU Actuate Therapeutics, Inc. - Common stock $60,072 0.01% 39,263 $-47,509
TDTT Northern Trust iBoxx 3-Year Target Duration TIPS ETF $49,350 0.00% 2,064 $-681

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
TIP $41,867,371 4.21% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
VEA $8,144,160 114,304 0.82%
GHTA $1,633,884 53,178 0.16%
SPY $996,484 1,345 0.10%
RXT $979,500 150,000 0.10%
Unknown issuer (CUSIP: G9600F104) $840,200 20,000 0.08%
EWY $562,292 2,785 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
RBIL Bought more +282K +$14.0M
GLD Bought more +18K -$10.7M
VWO Trimmed -113K -$7.0M
ITOT Trimmed -151K -$6.8M
RSP Trimmed -73K -$5.8M
RCGE Price move only +0 +$5.6M
IDEV Trimmed -92K -$4.9M
IVV Trimmed -10K -$4.5M
GBIL Trimmed -45K -$4.5M
CHH Trimmed -5K +$4.0M

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
GOVT June 30, 2025 1,060,389 $24,373,041
VEA March 31, 2026 113,062 $7,062,983
SHV June 30, 2025 53,006 $5,850,661
EWY Sept. 30, 2025 40,361 $2,897,113
EIPX June 30, 2025 105,910 $2,519,069
EEMV Sept. 30, 2025 36,900 $2,215,107
HYGV Dec. 31, 2025 51,960 $2,140,752
BCI June 30, 2025 77,664 $1,666,828
POWL June 30, 2026 2,500 $1,352,700 -28.5%
CRH Dec. 31, 2025 10,000 $1,199,000 -33.0%
UNF June 30, 2025 6,194 $1,077,756 33.7%
PHIN June 30, 2026 14,903 $1,019,961 -26.2%
EQT March 31, 2026 15,000 $804,000 -17.6%
SWIM Dec. 31, 2025 100,000 $761,000 0.6%
IMXI Dec. 31, 2025 50,000 $698,500 -21.3%
CCS Dec. 31, 2025 10,000 $633,700 -0.8%
RTO Dec. 31, 2025 25,000 $631,250 -32.3%
CROX Dec. 31, 2025 7,500 $626,625 40.6%
ABG Sept. 30, 2025 2,500 $596,350 -30.6%
ASO June 30, 2025 10,000 $583,600 16.7%
AIOT March 31, 2026 100,000 $532,000 -12.0%
EXTR June 30, 2025 40,000 $529,200 36.7%
LQD Dec. 31, 2025 4,500 $501,615
ALTG June 30, 2026 86,687 $465,509 4.2%
AMTM Sept. 30, 2025 15,000 $354,150 -21.6%
KSA June 30, 2026 4,589 $182,413
ARKO Sept. 30, 2025 37,351 $157,995 -8.1%
TDTF June 30, 2026 4,110 $99,092
IJH Dec. 31, 2025 587 $38,308 10.6%
BXC Dec. 31, 2025 500 $36,540 21.8%
AREN June 30, 2025 1 $2 No longer tracked