DaveManuel.com · Institutional Ownership · 13F Holdings

Bell Bank

Reported holdings as of Q3 2026, from 32 quarterly filings.

CIK

1002672

Reported value

$2.7B

Positions

204

Top 10 weight

69.4%

Filed

2026-10-21

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
VANGUARD INDEX FDS	VTV	$347.1M	1,606,434	13.07%	-0.14pp	7q	+1.1%+$3.8M
ISHARES TR	IEFA	$343.8M	3,548,938	12.94%	-0.04pp	32q	+0.7%+$2.5M
VANGUARD INDEX FDS	VUG	$316.4M	3,511,203	11.91%	+0.08pp	7q	-2.5%-$8.0M
INVESCO QQQ TR	QQQ	$257.4M	347,988	9.69%	-0.29pp	32q	-2.1%-$5.5M
INVESCO EXCHANGE TRADED FD T	RSP	$126.1M	606,077	4.75%	-0.16pp	6q	HELD
VANGUARD INDEX FDS	VTI	$125.7M	335,989	4.73%	-0.04pp	32q	-0.6%-$784.8K
SPDR SERIES TRUST	SPYV	$106.0M	1,734,577	3.99%	+0.06pp	8q	+2.4%+$2.4M
VANGUARD INDEX FDS	VOO	$104.9M	149,665	3.95%	+0.02pp	26q	HELD
ISHARES TR	AGG	$71.3M	753,833	2.68%	+0.02pp	27q	+6.7%+$4.5M
VANGUARD SCOTTSDALE FDS	VMBS	$45.7M	1,029,972	1.72%	-0.01pp	8q	+6.5%+$2.8M
JANUS DETROIT STR TR	JAAA	$45.2M	895,746	1.70%	-0.07pp	5q	-2.4%-$1.1M
NVIDIA CORPORATION	NVDA	$42.6M	186,628	1.60%	+0.17pp	32q	-0.6%-$243.0K
INVESTMENT MANAGERS SER TR I	AAA	$30.0M	1,212,600	1.13%	+0.94pp	2q	+506.3%+$25.1M
MICROSOFT CORP	MSFT	$24.5M	47,708	0.92%	+0.26pp	32q	+2.5%+$591.9K
STATE STR SPDR S&P 500 ETF T	SPY	$19.9M	26,114	0.75%	flat	32q	-0.6%-$119.0K
APPLE INC	AAPL	$19.2M	57,778	0.72%	+0.09pp	32q	+1.1%+$210.1K
SPDR SERIES TRUST	BILS	$18.8M	189,659	0.71%	-0.66pp	10q	-47.6%-$17.1M
AMAZON COM INC	AMZN	$17.8M	71,599	0.67%	+0.06pp	32q	+6.8%+$1.1M
HEWLETT PACKARD ENTERPRISE C	HPE	$17.8M	277,843	0.67%	+0.04pp	9q	-23.8%-$5.5M
CHEVRON CORPORATION	CVX	$17.3M	84,647	0.65%	+0.12pp	32q	HELD
SEAGATE TECHNOLOGY HLDNGS PL	STX	$16.6M	18,038	0.63%	-0.03pp	17q	+1.4%+$226.9K
META PLATFORMS INC	META	$16.2M	22,339	0.61%	+0.14pp	15q	+2.6%+$410.5K
SPDR SERIES TRUST	BIL	$16.1M	176,029	0.61%	-0.08pp	13q	-10.3%-$1.8M
CISCO SYS INC	CSCO	$15.5M	144,124	0.58%	-0.06pp	32q	HELD
ALPHABET INC	GOOGL	$14.4M	41,890	0.54%	-0.01pp	32q	+2.8%+$395.3K
Rio Tinto PLC	RIO	$14.4M	152,818	0.54%	-0.01pp	22q	-0.5%-$72.3K
ABBVIE INC	ABBV	$14.2M	54,278	0.53%	+0.02pp	32q	+0.6%+$86.3K
AMGEN INC	AMGN	$14.1M	33,414	0.53%	+0.07pp	26q	-0.8%-$108.7K
PFIZER INC	PFE	$13.7M	481,296	0.52%	+0.07pp	32q	-0.6%-$88.6K
ARCHER DANIELS MIDLAND CO	ADM	$13.5M	170,119	0.51%	+0.02pp	10q	+1.0%+$139.6K
HP INC	HPQ	$12.5M	398,565	0.47%	+0.14pp	2q	HELD
ALPHABET INC	GOOG	$12.2M	35,851	0.46%	-0.01pp	32q	+2.4%+$288.3K
PRUDENTIAL FINL INC	PRU	$11.6M	102,196	0.44%	+0.02pp	28q	HELD
GILEAD SCIENCES INC	GILD	$11.5M	77,326	0.43%	+0.06pp	19q	-1.6%-$192.3K
INTERNATIONAL BUSINESS MACHS	IBM	$11.4M	51,920	0.43%	-0.14pp	32q	-1.7%-$198.8K
TC ENERGY CORP	TRP	$11.2M	193,881	0.42%	-0.05pp	26q	+4.8%+$510.0K
VERIZON COMMUNICATIONS INC	VZ	$10.8M	235,370	0.41%	+0.02pp	32q	-0.9%-$97.2K
PEPSICO INC	PEP	$10.6M	83,997	0.40%	+0.05pp	32q	+23.3%+$2.0M
UNITED PARCEL SVCS INC	UPS	$10.5M	112,759	0.40%	-0.07pp	32q	HELD
ARES CAPITAL CORP	ARCC	$10.2M	532,313	0.38%	+0.02pp	20q	+3.2%+$315.3K
KIMBERLY CLARK CORP	KMB	$10.1M	103,805	0.38%	-0.04pp	10q	+2.1%+$207.0K
SOUTHERN CO	SO	$9.7M	116,905	0.36%	-0.15pp	32q	-16.6%-$1.9M
DUKE ENERGY CORP NEW	DUK	$9.6M	84,492	0.36%	-0.04pp	32q	+2.2%+$210.2K
GSK PLC	GSK	$8.9M	184,064	0.33%	-0.03pp	17q	+1.6%+$136.3K
STANLEY BLACK & DECKER INC.	SWK	$8.5M	96,223	0.32%	-0.02pp	2q	+0.9%+$71.9K
KRAFT HEINZ CO	KHC	$8.3M	363,900	0.31%	-0.03pp	27q	-3.0%-$257.6K
KINDER MORGAN INC DEL	KMI	$8.1M	268,329	0.30%	-0.02pp	8q	+1.5%+$121.6K
BROADCOM INC	AVGO	$7.9M	22,457	0.30%	-0.02pp	14q	+2.4%+$181.9K
AT&T INC	T	$7.7M	316,145	0.29%	+0.03pp	32q	-3.5%-$277.4K
SPDR SERIES TRUST	SPSB	$7.5M	254,933	0.28%	-	new	NEW
PROCTER & GAMBLE CO	PG	$7.5M	51,763	0.28%	-0.12pp	32q	-28.8%-$3.0M
JPMORGAN CHASE & CO	JPM	$7.5M	22,701	0.28%	+0.01pp	32q	+2.2%+$159.8K
CROWN CASTLE INC	CCI	$7.2M	107,989	0.27%	+0.03pp	8q	+28.4%+$1.6M
INTERNATIONAL PAPER CO	IP	$6.9M	206,678	0.26%	-0.03pp	27q	+4.9%+$321.2K
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$6.8M	14,854	0.26%	flat	8q	+5.9%+$375.4K
HERSHEY CO	HSY	$6.8M	42,924	0.25%	-	new	NEW
ADVANCED MICRO DEVICES INC	AMD	$6.7M	11,010	0.25%	+0.02pp	14q	+2.6%+$169.5K
BLACKSTONE INC	BX	$6.5M	57,927	0.24%	-0.02pp	3q	-1.0%-$65.7K
CONAGRA BRANDS INC	CAG	$5.9M	441,121	0.22%	flat	13q	+3.5%+$200.9K
GENERAL MILLS INC	GIS	$5.9M	182,377	0.22%	flat	3q	+8.4%+$452.7K
VISA INC	V	$4.9M	13,665	0.18%	-0.04pp	32q	-22.0%-$1.4M
CLOROX CO DEL	CLX	$4.9M	60,194	0.18%	-0.05pp	2q	-4.5%-$230.4K
BERKSHIRE HATHAWAY INC DEL	BRKB	$4.8M	9,665	0.18%	+0.13pp	24q	+262.1%+$3.5M
SPDR INDEX SHS FDS	SPDW	$4.2M	82,847	0.16%	+0.03pp	7q	+30.2%+$964.3K
TESLA INC	TSLA	$4.1M	11,458	0.15%	-0.03pp	15q	+2.2%+$87.3K
MICRON TECHNOLOGY INC	MU	$4.0M	3,721	0.15%	-0.01pp	7q	+2.5%+$96.9K
VANGUARD WORLD FD	ESGV	$3.9M	28,861	0.15%	+0.09pp	29q	+158.4%+$2.4M
ORACLE CORP	ORCL	$3.2M	23,497	0.12%	-0.01pp	32q	+3.7%+$115.2K
MASTERCARD INCORPORATED	MA	$3.1M	5,627	0.12%	+0.01pp	32q	+2.6%+$77.2K
SCHWAB STRATEGIC TR	SCHD	$3.0M	93,680	0.11%	+0.02pp	9q	+14.5%+$386.1K
MCDONALDS CORP	MCD	$3.0M	12,846	0.11%	-0.02pp	32q	+3.7%+$105.8K
PALANTIR TECHNOLOGIES INC	PLTR	$2.8M	14,931	0.11%	+0.07pp	9q	+93.1%+$1.3M
ELI LILLY & CO	LLY	$2.6M	2,275	0.10%	flat	24q	+0.9%+$23.1K
J P MORGAN EXCHANGE TRADED F	JEPI	$2.6M	46,242	0.10%	flat	13q	+6.2%+$151.0K
INVESCO EXCHANGE TRADED FD T	SPHQ	$2.5M	30,216	0.10%	-0.01pp	32q	HELD
VANGUARD TAX-MANAGED FDS	VEA	$2.5M	35,846	0.10%	flat	24q	HELD
UBER TECHNOLOGIES INC	UBER	$2.5M	36,683	0.09%	flat	5q	+3.1%+$74.6K
WALMART INC	WMT	$2.5M	23,907	0.09%	flat	25q	+7.4%+$170.6K
COSTCO WHOLESALE CORPORATION	COST	$2.4M	2,683	0.09%	flat	20q	+4.6%+$106.5K
NETFLIX INC.	NFLX	$2.0M	28,800	0.08%	+0.02pp	32q	+30.8%+$471.5K
DIMENSIONAL ETF TRUST	DFUS	$1.9M	23,365	0.07%	flat	8q	-1.6%-$31.9K
APPLIED MATLS INC	AMAT	$1.9M	3,781	0.07%	-0.03pp	15q	+3.5%+$64.9K
ARISTA NETWORKS INC	ANET	$1.9M	9,096	0.07%	+0.01pp	6q	+2.2%+$40.1K
ISHARES TR	IVV	$1.8M	2,410	0.07%	flat	11q	HELD
LOWES COS INC	LOW	$1.8M	9,965	0.07%	-0.01pp	32q	+3.8%+$67.8K
ISHARES TR	SUSA	$1.7M	11,112	0.07%	+0.04pp	3q	+195.1%+$1.1M
CROWDSTRIKE HLDGS INC	CRWD	$1.7M	6,476	0.06%	+0.02pp	8q	+2.6%+$43.4K
INTEL CORP	INTC	$1.6M	13,535	0.06%	-0.01pp	32q	HELD
CHIPOTLE MEXICAN GRILL INC	CMG	$1.5M	48,159	0.06%	flat	4q	+3.2%+$47.4K
CATERPILLAR INC	CAT	$1.5M	1,869	0.06%	-0.02pp	26q	HELD
VANGUARD WHITEHALL FDS	VYM	$1.5M	9,519	0.06%	flat	19q	+1.6%+$23.9K
COCA COLA CO	KO	$1.5M	16,964	0.05%	-0.04pp	20q	-42.2%-$1.1M
ANALOG DEVICES INC	ADI	$1.5M	3,678	0.05%	flat	32q	-2.8%-$42.1K
ISHARES TR	ESGD	$1.5M	14,072	0.05%	+0.04pp	3q	+203.1%+$971.8K
JOHNSON & JOHNSON	JNJ	$1.4M	5,194	0.05%	flat	32q	+2.9%+$39.2K
VANGUARD WORLD FD	VGT	$1.3M	10,248	0.05%	flat	26q	HELD
INDEPENDENCE RLTY TR INC	IRT	$1.3M	88,006	0.05%	-0.01pp	19q	HELD
3M CO	MMM	$1.2M	7,254	0.04%	flat	32q	HELD
BANK OF AMER CORP	BAC	$1.1M	20,770	0.04%	flat	24q	+1.3%+$14.9K
FASTENAL CO	FAST	$1.1M	22,471	0.04%	flat	32q	-3.5%-$40.6K
AMERICAN EXPRESS CO	AXP	$1.1M	3,625	0.04%	-0.01pp	11q	-0.6%-$7.0K
PARKER HANNIFIN CORP	PH	$1.1M	1,133	0.04%	flat	11q	+2.7%+$28.7K
ISHARES TR	ITOT	$1.0M	6,171	0.04%	+0.03pp	3q	+235.6%+$720.3K
HOME DEPOT INC	HD	$1.0M	3,539	0.04%	-0.05pp	32q	-45.4%-$837.3K
ISHARES TR	IWD	$977.3K	3,942	0.04%	flat	16q	-1.1%-$10.7K
APPLOVIN CORP	APP	$968.6K	3,335	0.04%	-	new	NEW
DEERE CO	DE	$964.3K	1,436	0.04%	flat	25q	HELD
SELECT SECTOR SPDR TR	XLF	$900.6K	16,866	0.03%	flat	29q	-1.3%-$11.9K
ALLSTATE CORP	ALL	$894.1K	4,030	0.03%	flat	32q	HELD
J P MORGAN EXCHANGE TRADED F	JEPQ	$866.0K	14,137	0.03%	flat	8q	-1.5%-$12.9K
UNITEDHEALTH GROUP INC	UNH	$860.4K	2,344	0.03%	flat	32q	+14.7%+$110.5K
NEXTERA ENERGY INC	NEE	$830.1K	10,960	0.03%	-0.01pp	32q	HELD
MORGAN STANLEY	MS	$820.0K	4,360	0.03%	flat	32q	+2.8%+$22.2K
ISHARES TR	IWO	$816.6K	2,288	0.03%	flat	29q	HELD
ISHARES TR	IWF	$772.1K	6,164	0.03%	flat	18q	HELD
FIRST TR EXCHANGE-TRADED FD	FDL	$767.6K	15,631	0.03%	-0.02pp	8q	-35.7%-$425.8K
VANGUARD INDEX FDS	VBK	$750.3K	2,221	0.03%	flat	20q	+1.2%+$8.8K
TEXAS INSTRS INC	TXN	$712.0K	2,542	0.03%	flat	26q	+2.8%+$19.3K
HEICO CORP NEW	HEI	$697.9K	2,302	0.03%	-0.01pp	32q	-6.7%-$49.7K
VANGUARD WHITEHALL FDS	VYMI	$686.5K	6,788	0.03%	flat	5q	+6.5%+$41.7K
VANGUARD WORLD FD	MGK	$681.0K	7,350	0.03%	flat	21q	+9.1%+$56.7K
SPACE EXPLORATION TECHN CORP	SPCX	$672.4K	4,457	0.03%	-	new	NEW
SHOPIFY INC	SHOP	$666.8K	4,496	0.03%	-	new	NEW
SPDR GOLD TR	GLD	$654.3K	1,718	0.02%	flat	8q	HELD
VANGUARD WORLD FD	MGV	$652.4K	4,050	0.02%	flat	21q	+5.9%+$36.4K
STATE STR SPDR S&P MIDCAP 40	MDY	$614.0K	935	0.02%	flat	11q	-0.5%-$3.3K
BLACKROCK INC	BLK	$612.8K	579	0.02%	flat	7q	+2.5%+$14.8K
MERCK & CO INC	MRK	$576.6K	3,968	0.02%	flat	32q	+8.1%+$43.0K
ISHARES TR	DGRO	$559.6K	7,423	0.02%	flat	8q	-4.5%-$26.4K
CHUBB LIMITED	CB	$546.7K	1,681	0.02%	flat	11q	+5.4%+$28.0K
WORLD GOLD TR	GLDM	$536.6K	6,529	0.02%	-	new	NEW
ISHARES INC	IEMG	$512.0K	6,308	0.02%	flat	11q	+19.8%+$84.6K
NXP SEMICONDUCTORS N V	NXPI	$511.9K	2,155	0.02%	flat	32q	HELD
SALESFORCE INC	CRM	$508.0K	2,213	0.02%	+0.01pp	32q	-3.6%-$18.8K
VANGUARD SCOTTSDALE FDS	VGSH	$497.3K	8,640	0.02%	flat	6q	HELD
FORTINET INC	FTNT	$497.3K	2,782	0.02%	flat	10q	-1.7%-$8.8K
GE AEROSPACE	GE	$493.4K	1,580	0.02%	flat	2q	-2.0%-$10.0K
VANGUARD INDEX FDS	VB	$470.3K	1,653	0.02%	flat	24q	HELD
J P MORGAN EXCHANGE TRADED F	JPST	$466.4K	9,259	0.02%	flat	16q	HELD
ISHARES TR	IGF	$456.2K	7,411	0.02%	flat	30q	HELD
NORFOLK SOUTHN CORP	NSC	$436.3K	1,412	0.02%	flat	18q	-4.9%-$22.2K
THERMO FISHER SCIENTIFIC INC	TMO	$421.2K	624	0.02%	+0.01pp	15q	+10.8%+$41.2K
UNION PAC CORP	UNP	$413.9K	1,521	0.02%	flat	24q	-4.3%-$18.5K
LOCKHEED MARTIN CORP	LMT	$409.9K	805	0.02%	flat	30q	HELD
ISHARES TR	IWR	$409.6K	3,838	0.02%	flat	18q	-1.7%-$7.1K
US BANCORP	USB	$406.8K	7,043	0.02%	flat	9q	-4.0%-$16.8K
GE VERNOVA INC	GEV	$389.7K	410	0.01%	flat	2q	HELD
PROSHARES TR	TOLZ	$381.1K	7,000	0.01%	flat	16q	HELD
LAM RESEARCH CORP	LRCX	$374.8K	1,141	0.01%	flat	2q	+6.8%+$24.0K
UNITED RENTALS INC	URI	$373.3K	373	0.01%	flat	5q	HELD
ISHARES TR	IYW	$368.2K	1,390	0.01%	flat	6q	-2.0%-$7.4K
SCHWAB STRATEGIC TR	FNDF	$363.4K	6,760	0.01%	flat	8q	-2.6%-$9.7K
GOLDMAN SACHS GROUP INC	GS	$361.9K	402	0.01%	flat	5q	+30.9%+$85.5K
OTTER TAIL CORP	OTTR	$359.7K	4,086	0.01%	flat	18q	HELD
MPLX LP	MPLX	$349.2K	6,200	0.01%	flat	16q	HELD
ECOLAB INC	ECL	$345.4K	1,258	0.01%	flat	32q	HELD
LYONDELLBASELL INDUSTRIES NV	LYB	$339.9K	5,914	0.01%	flat	32q	-3.2%-$11.1K
ISHARES TR	MUB	$335.0K	3,314	0.01%	flat	2q	HELD
TRANE TECHNOLOGIES PLC	TT	$328.6K	727	0.01%	flat	11q	HELD
PALO ALTO NETWORKS INC	PANW	$325.4K	819	0.01%	flat	2q	-15.0%-$57.2K
BRISTOL-MYERS SQUIBB CO	BMY	$324.1K	5,194	0.01%	flat	32q	HELD
DANAHER CORP DEL	DHR	$323.7K	1,461	0.01%	flat	30q	+8.5%+$25.3K
CUMMINS INC	CMI	$321.3K	622	0.01%	flat	5q	HELD
BORGWARNER INC	BWA	$312.9K	5,205	0.01%	flat	5q	HELD
METLIFE INC	MET	$312.2K	3,316	0.01%	flat	6q	HELD
SANDISK CORP	SNDK	$309.7K	178	0.01%	flat	2q	+2.9%+$8.7K
SELECT SECTOR SPDR TR	XLK	$308.7K	1,577	0.01%	flat	12q	-2.8%-$9.0K
SCHWAB STRATEGIC TR	SCHY	$308.3K	9,820	0.01%	flat	8q	HELD
ISHARES TR	IJH	$304.8K	4,236	0.01%	flat	4q	-7.9%-$26.0K
DIMENSIONAL ETF TRUST	DFUV	$291.8K	5,306	0.01%	flat	8q	HELD
STRYKER CORPORATION	SYK	$289.7K	1,052	0.01%	flat	5q	+3.4%+$9.6K
VANECK ETF TRUST	MOAT	$289.0K	2,734	0.01%	flat	8q	HELD
TRAVELERS COMPANIES INC	TRV	$283.4K	795	0.01%	flat	5q	HELD
CAPITAL ONE FINL CORP	COF	$280.3K	1,452	0.01%	flat	6q	HELD
HONEYWELL INTL INC	HON	$276.3K	1,310	0.01%	-	new	NEW
DELTA AIR LINES INC	DAL	$266.0K	3,187	0.01%	flat	4q	HELD
XCEL ENERGY INC	XEL	$262.7K	3,727	0.01%	flat	32q	-13.9%-$42.4K
BOEING CO	BA	$259.9K	1,397	0.01%	flat	6q	HELD
DIMENSIONAL ETF TRUST	DFIV	$259.5K	4,646	0.01%	flat	7q	HELD
BIOGEN INC	BIIB	$249.6K	1,105	0.01%	flat	3q	HELD
VEEVA SYS INC	VEEV	$246.3K	863	0.01%	-	new	NEW
WESTERN DIGITAL CORP	WDC	$246.3K	542	0.01%	flat	2q	HELD
MOTOROLA SOLUTIONS INC	MSI	$245.7K	551	0.01%	flat	3q	+5.6%+$12.9K
ENERGY TRANSFER L P	ET	$245.6K	12,421	0.01%	-	new	NEW
ISHARES TR	IWM	$245.1K	882	0.01%	flat	15q	-2.2%-$5.6K
HORIZON FDS	AFIF	$234.1K	25,387	0.01%	-	new	NEW
VANGUARD INDEX FDS	VO	$229.4K	2,925	0.01%	-	new	NEW
REGENERON PHARMACEUTICALS	REGN	$229.0K	302	0.01%	-	new	NEW
ISHARES TR	PFF	$227.1K	7,697	0.01%	flat	30q	HELD
VANGUARD WORLD FD	VHT	$224.4K	710	0.01%	flat	2q	HELD
FEDEX CORP	FDX	$222.9K	782	0.01%	flat	4q	HELD
ABBOTT LABORATORIES	ABT	$222.8K	2,254	0.01%	flat	32q	-1.3%-$3.0K
AMETEK INC	AME	$221.2K	893	0.01%	flat	2q	HELD
MCKESSON CORP	MCK	$216.9K	254	0.01%	-	new	NEW
BOOKING HOLDINGS INC	BKNG	$215.7K	1,324	0.01%	flat	10q	HELD
DISNEY WALT CO	DIS	$213.3K	2,033	0.01%	-	new	NEW
AUTOMATIC DATA PROCESSING IN	ADP	$213.2K	826	0.01%	-	new	NEW
WEST PHARMACEUTICAL SVSC INC	WST	$208.4K	562	0.01%	flat	2q	HELD
AGILENT TECHNOLOGIES INC	A	$205.9K	1,195	0.01%	-	new	NEW
HONEYWELL AEROSPACE INC	HONA	$203.2K	1,311	0.01%	-	new	NEW
TIDAL TRUST I	SPSK	$198.0K	11,400	0.01%	-	new	NEW
DOUBLELINE INCOME SOLUTIONS	DSL	$136.6K	13,656	0.01%	flat	9q	HELD
BRANCHOUT FOOD INC	BOF	$47.8K	12,500	0.00%	flat	2q	HELD
INNVENTURE INC	INV	$35.7K	62,223	0.00%	-0.01pp	2q	HELD

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Computer Hardware	$96.3M	3.6%
Software & IT Services	$78.3M	2.9%
Semiconductors & Electronics	$75.4M	2.8%
Biotech & Pharma	$68.2M	2.6%
Food, Drink & Tobacco	$52.5M	2.0%
Other sectors	$278.1M	10.5%
Not classified	$2.0B	75.6%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q3 2026	+1.2%	+2.1%	-0.9%	100%
Q2 2026	+11.6%	+14.8%	-3.3%	100%
Q1 2026	-1.0%	-4.6%	+3.6%	100%
Q4 2025	+2.1%	+2.4%	-0.2%	100%
Q3 2025	+6.3%	+7.8%	-1.5%	100%
Q2 2025	+8.1%	+10.5%	-2.3%	100%
Q1 2025	-0.3%	-4.6%	+4.3%	100%
Q4 2024	-1.7%	+2.1%	-3.9%	100%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q3 2026	$2.7B	204	18	77	51	9	69.4%	21
Q2 2026	$2.6B	195	21	84	48	14	70.0%	16
Q1 2026	$2.4B	188	9	63	70	15	70.1%	23
Q4 2025	$2.3B	194	10	45	84	14	70.3%	14
Q3 2025	$2.3B	198	13	76	64	13	68.3%	21
Q2 2025	$2.1B	198	18	72	53	6	68.6%	11
Q1 2025	$1.9B	186	8	69	53	12	67.0%	18
Q4 2024	$1.3B	190	19	78	38	6	64.5%	34
Q3 2024	$845.2M	177	9	40	72	20	50.5%	37
Q2 2024	$1.2B	188	8	45	76	4	65.3%	31
Q1 2024	$1.2B	184	15	71	56	4	63.5%	23
Q4 2023	$1.0B	173	3	58	67	10	61.7%	23
Q3 2023	$913.7M	180	10	48	74	15	59.6%	30
Q2 2023	$943.6M	185	16	38	91	19	60.0%	27
Q1 2023	$945.0M	188	14	48	77	8	57.9%	19
Q4 2022	$860.7M	182	12	22	110	11	54.3%	31
Q3 2022	$781.9M	181	12	65	62	32	54.8%	11
Q2 2022	$835.5M	201	36	130	8	11	53.5%	15
Q1 2022	$896.3M	176	12	85	28	10	56.7%	25
Q4 2021	$877.1M	174	15	82	20	10	59.0%	32
Q3 2021	$801.6M	169	10	91	18	9	62.1%	22
Q2 2021	$757.7M	168	13	90	22	9	62.5%	30
Q1 2021	$694.7M	164	7	83	33	7	63.6%	37
Q4 2020	$648.0M	164	20	78	29	6	66.2%	36
Q3 2020	$569.4M	150	9	54	53	8	67.6%	36
Q2 2020	$538.3M	149	23	21	58	18	67.4%	44
Q1 2020	$460.5M	144	8	62	42	21	67.9%	41
Q4 2019	$553.1M	157	13	59	46	16	66.5%	44
Q3 2019	$527.1M	160	12	39	59	8	66.2%	45
Q2 2019	$444.9M	156	20	25	62	7	64.4%	45
Q1 2019	$373.2M	143	14	24	83	7	60.0%	44
Q4 2018	$326.8M	136	0	0	0	0	61.4%	45

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.