Sector breakdown

04
Technology 4.6%
Financials 2.9%
Communication Services 1.9%
Industrials 1.7%
Healthcare 1.7%
Retail 1.4%
Energy 0.9%
Utilities 0.6%
Consumer Discretionary 0.5%
Materials 0.4%
Consumer Staples 0.4%
Consumer products 0.3%
Real Estate 0.2%
Other/Unmapped 82.4%

Full portfolio 278 positions

05
Type Streak 8Q trend
RSP Invesco Exchange-Traded Fund Trust $100,614,875 7.86% 530,389 $34,072,976 Up ×1
SPDW State Street SPDR Portfolio Developed World ex-US ETF $69,434,076 5.42% 1,622,671 $8,234,590 Up ×2
IQDG WisdomTree Trust $43,704,003 3.41% 1,095,888 $1,910,937 Up ×3
TFLO iShares Treasury Floating Rate Bond ETF $42,675,214 3.33% 843,550 $-28,560,242 Down ×1
USFR WisdomTree Floating Rate Treasury Fund $39,446,923 3.08% 784,701 $-8,624,872 Down ×1
JMBS Janus Henderson Mortgage-Backed Securities ETF $38,029,032 2.97% 832,692 $1,524,134 Up ×3
QUAL iShares Trust $35,719,985 2.79% 183,650 $1,759,541 Down ×3
ITA iShares U.S. Aerospace & Defense ETF $31,266,605 2.44% 149,415 $7,341,156 Up ×1
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF $29,920,399 2.34% 169,156 $1,359,791 Up ×1
IJT iShares S&P SmallCap 600 Growth ETF $28,229,286 2.21% 199,500 $1,533,757 Down ×1
IGV iShares Expanded Tech-Software Sector ETF $28,128,237 2.20% 244,572 $1,653,535 Up ×3
JAAA Janus Henderson AAA CLO ETF $28,002,582 2.19% 551,449 $797,704 Up ×3
JCPB JPMorgan Core Plus Bond ETF $27,682,763 2.16% 582,182 $1,046,408 Up ×3
IJS iShares S&P SmallCap 600 Value ETF $27,448,503 2.14% 248,201 $2,750,840 Down ×1
IVW iShares S&P 500 Growth ETF $27,084,454 2.12% 224,358 $1,893,741 Down ×3
IEMG iShares, Inc. $27,056,334 2.11% 410,442 $2,804,756 Up ×3
SPYM State Street SPDR Portfolio S&P 500 ETF $25,286,538 1.98% 322,779 $3,053,538 Up ×3
ILCV iShares Morningstar Large-Cap Value ETF $22,134,886 1.73% 245,889 $1,559,513 Down ×3
IJK iShares Trust $21,602,633 1.69% 225,286 $1,139,112 Up ×3
IJJ iShares Trust $21,363,336 1.67% 164,688 $955,890 Down ×1
IAK iShares U.S. Insurance ETF $20,901,168 1.63% 155,943 $-251,931 Down ×3
VV Vanguard Morningstar Large-Cap ETF $20,467,918 1.60% 66,485 $1,114,592 Down ×1
IYC iShares U.S. Consumer Discretionary ETF $19,350,734 1.51% 184,644 $982,833 Up ×3
IYF iShares U.S. Financial ETF $19,210,122 1.50% 151,691 $739,878 Down ×1
VUG Vanguard Morningstar Growth ETF $18,780,568 1.47% 39,158 $1,556,709 Down ×1
AAPL Apple Inc. - Common Stock $18,184,567 1.42% 71,416 $3,614,838 Up ×3
MSFT Microsoft Corporation - Common Stock $15,176,436 1.19% 29,301 $789,988 Up ×1
IVV iShares Trust $15,037,290 1.17% 22,467 $1,409,777 Up ×3
IEFA iShares Core MSCI EAFE ETF $11,537,296 0.90% 132,142 $700,277 Up ×1
IJH iShares Trust $11,022,767 0.86% 168,905 $888,389 Up ×3
JPM JP Morgan Chase & Co. Common Stock $10,971,750 0.86% 34,783 $820,150 Down ×3
COWZ Pacer Funds Trust $10,647,862 0.83% 185,277 $1,659,914 Up ×3
JPEF JPMorgan Equity Focus ETF $10,531,210 0.82% 142,141 $1,580,379 Up ×3
VIG Vanguard Div Appreciation ETF $9,796,662 0.77% 45,399 $505,659 Up ×1
SSUS Day Hagan Smart Sector ETF $8,866,364 0.69% 183,542 $769,336 Up ×1
FV First Trust Dorsey Wright Focus 5 ETF $8,571,400 0.67% 138,427 $662,916 Up ×3
MGK VANGUARD WORLD FUND $8,411,383 0.66% 20,902 Up ×1
IJR iShares Trust $8,282,181 0.65% 69,698 $843,685 Up ×3
QQQ Invesco QQQ Trust, Series 1 $8,222,668 0.64% 13,696 $286,775 Down ×3
PTLC Pacer Funds Trust $8,080,878 0.63% 147,569 $838,644 Up ×3
AIRR First Trust RBA American Industrial Renaissance ETF $7,511,632 0.59% 77,696 $1,680,886 Up ×3
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF $7,457,438 0.58% 87,693 $-44,042 Down ×2
SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF $7,401,320 0.58% 129,416
MSI Motorola Solutions, Inc. Common Stock $7,323,746 0.57% 16,016 $616,568 Up ×1
SKYY First Trust Cloud Computing ETF $6,950,993 0.54% 51,711 $1,266,391 Up ×3
WMT Walmart Inc. - Common Stock $6,275,768 0.49% 60,894 $327,908 Up ×1
IEF iShares 7-10 Year Treasury Bond ETF $6,032,851 0.47% 62,543 $488,664 Up ×3
TLH iShares 10-20 Year Treasury Bond ETF $5,970,161 0.47% 57,968 $569,669 Up ×3
PTIN Pacer Funds Trust $5,841,861 0.46% 191,725 $511,419 Up ×3
CGXU Capital Group International Focus Equity ETF $5,833,075 0.46% 196,930 $1,518,192 Up ×3
AMZN Amazon.com, Inc. - Common Stock $5,810,434 0.45% 26,463 $184,405 Up ×3
RSG Republic Services, Inc. Common Stock $5,658,977 0.44% 24,660 $-383,215 Up ×1
DIVO Amplify ETF Trust $5,653,125 0.44% 126,837 $2,138,708 Up ×1
EHC Encompass Health Corporation Common Stock $5,603,106 0.44% 44,112 $150,118 Down ×2
NVDA NVIDIA Corporation - Common Stock $5,538,000 0.43% 29,682 $848,056 Down ×2
ITOT iShares Trust $5,356,689 0.42% 36,778 $4,847,126 Up ×1
IBM International Business Machines Corporation Common Stock $5,186,027 0.41% 18,380 $-218,764 Up ×1
MPC Marathon Petroleum Corporation Common Stock $5,068,484 0.40% 26,297 $650,124 Down ×2
QQQM Invesco NASDAQ 100 ETF $4,561,588 0.36% 18,459 $1,416,026 Up ×1
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF $4,274,410 0.33% 92,280
SPEM State Street SPDR Portfolio Emerging Markets ETF $4,181,800 0.33% 89,336 $582,553 Up ×3
ETN Eaton Corporation, PLC Ordinary Shares $4,164,639 0.33% 11,128 $146,360 Down ×3
ICE Intercontinental Exchange Inc. Common Stock $4,149,136 0.32% 24,627 $-331,103 Up ×1
TMUS T-Mobile US, Inc. - Common Stock $4,148,915 0.32% 17,332 $65,853 Up ×2
DVY iShares Select Dividend ETF $4,098,875 0.32% 28,845 $-1,471,044 Down ×2
CB Chubb Limited Common Stock $4,058,473 0.32% 14,379 $-123,056 Down ×3
MAR Marriott International - Class A Common Stock $3,429,543 0.27% 13,168 $-193,386 Down ×3
CSCO Cisco Systems, Inc. - Common Stock $3,417,132 0.27% 49,943 $-10,743 Up ×3
GOOGL Alphabet Inc. - Class A Common Stock $3,398,378 0.27% 13,979 $951,726 Up ×2
AVGO Broadcom Inc. - Common Stock $3,168,254 0.25% 9,603 $335,675 Down ×3
T AT&T Inc. $2,878,326 0.22% 101,924 $71,522 Up ×3
ROP Roper Technologies, Inc. - Common Stock $2,752,769 0.22% 5,520 $-265,654 Up ×3
IEO iShares Trust $2,500,293 0.20% 27,001 $98,170 Down ×3
XLE SELECT SECTOR SPDR TRUST $2,437,642 0.19% 27,285 $178,728 Up ×1
RPV Invesco Exchange-Traded Fund Trust $2,410,462 0.19% 24,255 $242,262 Up ×3
ABT Abbott Laboratories Common Stock $2,368,125 0.18% 17,680 $-40,476 Down ×2
JNJ Johnson & Johnson Common Stock $2,258,751 0.18% 12,182 $400,862 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $2,240,735 0.18% 6,489 $308,386 Up ×1
AUB Atlantic Union Bankshares Corporation Common Stock $2,006,942 0.16% 56,870 $228,048
ORCL Oracle Corporation Common Stock $1,995,267 0.16% 7,095 $467,948 Up ×3
VTI Vanguard Morningstar Total Stock Market ETF $1,980,834 0.15% 6,036 $-215,972 Down ×2
V Visa Inc. $1,911,542 0.15% 5,599 $-2,593 Up ×2
PFF iShares Preferred and Income Securities ETF $1,898,380 0.15% 60,037 $39,233 Down ×3
TSCO Tractor Supply Company - Common Stock $1,882,852 0.15% 33,108 $152,207 Up ×2
PG Procter & Gamble Company (The) Common Stock $1,807,557 0.14% 11,764 $32,926 Up ×1
APD Air Products and Chemicals, Inc. Common Stock $1,778,407 0.14% 6,521 $-165,833 Down ×1
BAC Bank of America Corporation Common Stock $1,754,816 0.14% 34,015 $232,284 Up ×2
HD Home Depot, Inc. (The) Common Stock $1,653,449 0.13% 4,081 $232,605 Up ×1
VLO Valero Energy Corporation Common Stock $1,599,763 0.12% 9,396 $339,979 Up ×3
ITB iShares U.S. Home Construction ETF $1,588,008 0.12% 14,807 $86,890 Down ×3
IYW iShares U.S. Technology ETF $1,565,587 0.12% 7,993 $142,624 Down ×3
SIL Global X Funds $1,548,426 0.12% 21,617 $567,381 Up ×2
RPG Invesco Exchange-Traded Fund Trust $1,469,299 0.11% 30,790 $56,379 Down ×2
PCAR PACCAR Inc. - Common Stock $1,469,265 0.11% 14,944 $72,929 Up ×3
SPY SPY $1,461,638 0.11% 2,194 $392,757 Up ×3
CI The Cigna Group Common Stock $1,433,744 0.11% 4,974 $-121,304 Up ×1
NUE Nucor Corporation Common Stock $1,378,948 0.11% 10,182 $59,972
MRK Merck & Company, Inc. Common Stock (new) $1,346,857 0.11% 16,047 $97,218 Up ×1
MCD McDonald's Corporation Common Stock $1,318,512 0.10% 4,339 $106,591 Up ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $1,304,045 0.10% 10,538 $115,077 Up ×3

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
IQDG $43,704,003 3.41% up ×3
JMBS $38,029,032 2.97% up ×3
IGV $28,128,237 2.20% up ×3
JAAA $28,002,582 2.19% up ×3
JCPB $27,682,763 2.16% up ×3
IEMG $27,056,334 2.11% up ×3
SPYM $25,286,538 1.98% up ×3
IJK $21,602,633 1.69% up ×3
IYC $19,350,734 1.51% up ×3
AAPL $18,184,567 1.42% up ×3
IVV $15,037,290 1.17% up ×3
IJH $11,022,767 0.86% up ×3
COWZ $10,647,862 0.83% up ×3
JPEF $10,531,210 0.82% up ×3
FV $8,571,400 0.67% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
MGK $8,411,383 20,902 0.66%
SPMD $7,401,320 129,416 0.58%
SPSM $4,274,410 92,280 0.33%
PEZ $967,496 9,611 0.08%
VSGX $502,100 7,238 0.04%
PAG $329,907 1,897 0.03%
SHOP $279,833 1,883 0.02%
C $259,507 2,557 0.02%
CBNA $250,385 7,650 0.02%
EBAY $241,582 2,656 0.02%
CG $233,098 3,718 0.02%
ESGV $231,550 1,955 0.02%
OXY $229,871 4,865 0.02%
KTOS $227,511 2,490 0.02%
WDC $224,392 1,869 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
RSP Bought more +164K +$34.1M
TFLO Trimmed -563K -$28.6M
USFR Trimmed -171K -$8.6M
SPDW Bought more +111K +$8.2M
ITA Bought more +23K +$7.3M
AAPL Bought more +403 +$3.6M
SPYM Bought more +17K +$3.1M
IEMG Bought more +6K +$2.8M
IJS Trimmed -42 +$2.8M
DIVO Bought more +44K +$2.1M

2 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
SPMD June 30, 2025 121,909 $6,239,303 18.7%
KIE Sept. 30, 2025 94,658 $5,654,898 0.4%
SPSM June 30, 2025 85,347 $3,478,739 26.9%
GDDY Sept. 30, 2025 10,774 $1,939,966 -27.1%
SASR June 30, 2025 63,191 $1,766,188 No longer tracked
STLD Sept. 30, 2025 11,443 $1,464,818 72.5%
MGMT Sept. 30, 2025 27,953 $1,103,584
PUI Sept. 30, 2025 23,756 $993,713
ROBO Sept. 30, 2025 15,274 $913,080
PEZ June 30, 2025 10,078 $866,708
LYB June 30, 2025 6,250 $440,000 2.4%
DOW June 30, 2025 11,665 $407,342 7.7%
VXUS Sept. 30, 2025 5,215 $360,304
CODI June 30, 2025 17,100 $319,257 76.1%
BBY June 30, 2025 4,292 $315,934 30.2%
BMY June 30, 2025 4,722 $287,995 27.0%
K June 30, 2025 3,031 $250,027 No longer tracked
FIS Sept. 30, 2025 3,037 $247,242 -49.1%
SLB June 30, 2025 5,462 $228,312 48.8%
SJM June 30, 2025 1,904 $225,453 18.4%
FBIN June 30, 2025 3,600 $219,168 -24.9%
INTC June 30, 2025 9,623 $218,538 418.7%
KLG Sept. 30, 2025 13,707 $218,490 No longer tracked
MAA June 30, 2025 1,244 $208,470 -21.3%
PANW June 30, 2025 1,200 $204,768 98.8%
DOCU Sept. 30, 2025 2,625 $204,461 -2.9%
OLO Sept. 30, 2025 13,120 $116,768 No longer tracked
VRCA Sept. 30, 2025 30,000 $15,903 0.0%