Sector breakdown

04
Technology 1.6%
Retail 0.6%
Financials 0.5%
Utilities 0.3%
Consumer Discretionary 0.3%
Energy 0.2%
Industrials 0.2%
Other/Unmapped 96.3%

Full portfolio 49 positions

05
Type Streak 8Q trend
HYG iShares Trust $21,787,347 14.78% 272,444 $-440,603 Down ×1
LQD iShares Trust $21,781,606 14.78% 199,703 $-484,288 Down ×1
SCHX SCHWAB STRATEGIC TRUST $14,793,961 10.04% 502,683 $-3,478,949 Down ×1
VTWO Vanguard Russell 2000 ETF $8,314,720 5.64% 68,479 $1,006,617 Down ×1
EEM iShares, Inc. $8,089,688 5.49% 118,253 $475,853 Down ×2
IYW iShares U.S. Technology ETF $8,031,255 5.45% 31,841 $7,704,155 Up ×1
IYZ iShares U.S. Telecommunications ETF $7,728,683 5.24% 182,668 $-1,020,764 Down ×2
IYM iShares U.S. Basic Materials ETF $7,632,000 5.18% 42,511 $3,816,471 Up ×1
IYE iShares U.S. Energy ETF $7,437,907 5.05% 131,435
QQQM Invesco NASDAQ 100 ETF $6,906,504 4.69% 22,796 $-93,068 Down ×2
IVW iShares S&P 500 Growth ETF $4,892,217 3.32% 35,572 $-2,007,380 Down ×1
XLG Invesco Exchange-Traded Fund Trust $3,975,052 2.70% 64,920 $524,983 Up ×5
IJS iShares S&P SmallCap 600 Value ETF $3,262,415 2.21% 23,869 $-4,265,556 Down ×1
IJK iShares Trust $3,193,062 2.17% 27,175 Up ×1
XLU XLU $1,576,336 1.07% 34,767 $230,612 Up ×4
XLK SELECT SECTOR SPDR TRUST $1,509,109 1.02% 7,921 $169,876 Down ×1
TLT iShares 20+ Year Treasury Bond ETF $1,089,085 0.74% 12,602 $8,232 Up ×2
AGG iShares Trust $1,087,739 0.74% 10,989 $22,731 Up ×2
RVNU DBX ETF Trust $1,055,123 0.72% 41,688 $68,832 Up ×5
MUNI PIMCO ETF Trust $987,828 0.67% 18,780 $32,073 Up ×5
FLMI Franklin Templeton ETF Trust $960,387 0.65% 38,156 $33,167 Up ×5
AAPL Apple Inc. - Common Stock $822,590 0.56% 2,843 $9,583 Down ×3
MSFT Microsoft Corporation - Common Stock $818,616 0.56% 2,195 $10,307 Up ×1
SMMU PIMCO ETF Trust $798,304 0.54% 15,808 $28,841 Up ×5
SPYM State Street SPDR Portfolio S&P 500 ETF $731,904 0.50% 8,328 $-268,803 Down ×1
USRT iShares Core U.S. REIT ETF $555,123 0.38% 8,354 $75,447 Up ×5
AMZN Amazon.com, Inc. - Common Stock $526,593 0.36% 2,209 $64,442 Down ×1
NZF Nuveen Municipal Credit Income Fund $522,517 0.35% 41,208 $36,523 Up ×5
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $509,397 0.35% 1,018 $-2,389 Down ×2
MIY Blackrock MuniYield Michigan Quality Fund, Inc. Common Stock $485,499 0.33% 39,568 $26,289 Up ×5
COST Costco Wholesale Corporation - Common Stock $406,929 0.28% 435 $-26,518
VGT Vanguard Information Tech ETF $394,097 0.27% 3,297 Up ×1
AMD Advanced Micro Devices, Inc. - Common Stock $390,584 0.26% 672 Up ×1
NAD Nuveen Quality Municipal Income Fund Common Stock $383,053 0.26% 31,605 $19,595
DTE DTE Energy Company Common Stock $371,124 0.25% 2,436 $15,400 Up ×4
SCHG SCHWAB STRATEGIC TRUST $367,198 0.25% 10,851 $44,904 Down ×1
EPD Enterprise Products Partners L.P. Common Stock $361,461 0.25% 9,833 $-10,620
SPGP Invesco S&P 500 GARP ETF $326,908 0.22% 2,673 $24,267 Down ×5
TCAI Tortoise AI Infrastructure ETF $298,781 0.20% 5,343 Up ×1
NVDA NVIDIA Corporation - Common Stock $277,336 0.19% 1,386 $35,615
TSLA Tesla, Inc. - Common Stock $276,395 0.19% 657 $36,245 Up ×2
XLE SELECT SECTOR SPDR TRUST $274,207 0.19% 5,163
CAT Caterpillar, Inc. Common Stock $239,768 0.16% 225 Up ×1
V Visa Inc. $227,126 0.15% 662 $27,043
DFAC Dimensional ETF Trust $225,792 0.15% 5,090 Up ×1
QQQ Invesco QQQ Trust, Series 1 $219,447 0.15% 298 Up ×1
MUB iShares Trust $214,810 0.15% 1,996 $-4,390 Down ×2
F Ford Motor Company Common Stock $186,409 0.13% 13,411 $32,658 Up ×2
FTMU Franklin Municipal Income ETF $109,648 0.07% 13,827 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
XLG $3,975,052 2.70% up ×5
XLU $1,576,336 1.07% up ×4
RVNU $1,055,123 0.72% up ×5
MUNI $987,828 0.67% up ×5
FLMI $960,387 0.65% up ×5
SMMU $798,304 0.54% up ×5
USRT $555,123 0.38% up ×5
NZF $522,517 0.35% up ×5
MIY $485,499 0.33% up ×5
DTE $371,124 0.25% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
IYE $7,437,907 131,435 5.05%
IJK $3,193,062 27,175 2.17%
VGT $394,097 3,297 0.27%
AMD $390,584 672 0.26%
TCAI $298,781 5,343 0.20%
XLE $274,207 5,163 0.19%
CAT $239,768 225 0.16%
DFAC $225,792 5,090 0.15%
QQQ $219,447 298 0.15%
FTMU $109,648 13,827 0.07%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IJS Trimmed -40K -$4.3M
IYM Bought more +21K +$3.8M
SCHX Trimmed -210K -$3.5M
IVW Trimmed -25K -$2.0M
IYZ Trimmed -40K -$1.0M
VTWO Trimmed -4K +$1.0M
XLG Bought more +2K +$525K
LQD Trimmed -5K -$484K
EEM Trimmed -16K +$476K
HYG Trimmed -7K -$441K

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
IEF Sept. 30, 2025 554,550 $53,109,254
EFA March 31, 2026 75,995 $7,297,800
IYE March 31, 2026 153,227 $7,282,879 3.2%
IYH March 31, 2026 109,847 $7,151,040 15.0%
IDU March 31, 2026 65,479 $7,095,304 -12.0%
IYJ June 30, 2026 47,186 $6,961,822 -6.0%
IYF Dec. 31, 2025 54,506 $6,902,640 -1.6%
IYC Sept. 30, 2025 58,273 $5,806,322 -8.9%
IVW June 30, 2025 60,236 $5,591,691 31.9%
SCHX June 30, 2025 251,227 $5,547,100 24.3%
IJJ June 30, 2025 44,238 $5,296,616 13.7%
IYW June 30, 2025 36,761 $5,162,721 56.8%
QQQM June 30, 2025 26,331 $5,082,410
IJS June 30, 2025 51,609 $5,030,845 31.6%
IYY Sept. 30, 2025 16,329 $2,463,621 16.0%
IVE Sept. 30, 2025 10,962 $2,142,194
IYR Sept. 30, 2025 21,881 $2,073,662 -2.8%
ITB June 30, 2026 6,507 $589,209
PSCC March 31, 2026 11,535 $358,516
XLE June 30, 2025 3,787 $353,895 49.6%
SCHG June 30, 2025 12,954 $324,374 24.1%
IVOV Dec. 31, 2025 3,070 $309,364 8.2%
BIL March 31, 2026 3,182 $290,771
XLE March 31, 2026 6,317 $282,433 3.6%
SMH June 30, 2025 1,210 $255,879 127.3%