DaveManuel.com · Institutional Ownership · 13F Holdings

COURIER CAPITAL LLC

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

CIK

1015247

Reported value

$2.0B

Positions

405

Top 10 weight

32.1%

Filed

2026-10-19

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
ISHARES TR	IVW	$125.8M	884,176	6.21%	-0.09pp	32q	-3.7%-$4.9M
ISHARES TR	IVV	$87.6M	114,374	4.33%	-0.08pp	32q	-2.9%-$2.6M
APPLE INC	AAPL	$83.9M	252,062	4.15%	+0.57pp	32q	+1.8%+$1.5M
SPDR SERIES TRUST	SPYG	$70.0M	568,726	3.46%	+0.20pp	31q	+3.6%+$2.4M
ISHARES TR	IVE	$66.3M	290,525	3.28%	-0.08pp	32q	-1.7%-$1.2M
SPDR SERIES TRUST	SPYV	$54.8M	895,911	2.71%	+0.13pp	31q	+5.4%+$2.8M
ISHARES TR	IJH	$53.2M	739,655	2.63%	-0.02pp	32q	+7.3%+$3.6M
MICROSOFT CORP	MSFT	$39.1M	76,237	1.93%	+0.52pp	32q	HELD
VANGUARD SCOTTSDALE FDS	VMBS	$37.4M	841,294	1.85%	+0.41pp	14q	+36.7%+$10.0M
ISHARES TR	IJR	$31.6M	232,035	1.56%	-0.10pp	32q	+3.5%+$1.1M
ISHARES TR	EFA	$31.5M	303,514	1.56%	-0.02pp	32q	HELD
ISHARES TR	IJJ	$31.0M	224,842	1.53%	-0.15pp	32q	-1.3%-$405.4K
VANGUARD INDEX FDS	VTV	$30.9M	142,889	1.53%	-0.02pp	32q	HELD
ISHARES TR	IJK	$28.0M	255,572	1.38%	-0.14pp	32q	-1.8%-$517.8K
ISHARES TR	IWN	$27.5M	131,131	1.36%	-0.08pp	32q	+0.6%+$167.1K
JPMORGAN CHASE & CO	JPM	$23.3M	70,490	1.15%	-0.07pp	32q	-5.8%-$1.4M
VANGUARD INTL EQUITY INDEX F	VGK	$23.0M	264,922	1.14%	-0.16pp	32q	-9.9%-$2.5M
ISHARES INC	EMXC	$22.4M	226,174	1.11%	+0.01pp	14q	+5.1%+$1.1M
JANUS DETROIT STR TR	VNLA	$21.7M	446,254	1.07%	-0.03pp	26q	-0.7%-$150.7K
ALPHABET INC	GOOG	$21.6M	63,311	1.07%	-0.12pp	32q	-5.4%-$1.2M
ISHARES TR	IDEV	$18.2M	202,991	0.90%	+0.14pp	6q	+18.7%+$2.9M
ISHARES TR	IWO	$18.0M	50,412	0.89%	-0.09pp	32q	+1.4%+$247.3K
JOHNSON & JOHNSON	JNJ	$17.1M	64,658	0.85%	+0.03pp	32q	HELD
VANGUARD WHITEHALL FDS	VYMI	$16.9M	167,347	0.84%	+0.09pp	18q	+10.0%+$1.5M
SPDR INDEX SHS FDS	FEZ	$16.6M	246,055	0.82%	-0.03pp	32q	HELD
FIDELITY MERRIMACK STR TR	FBND	$15.9M	366,772	0.78%	flat	12q	+6.5%+$963.8K
INVESCO EXCHANGE TRADED FD T	RSP	$15.8M	75,853	0.78%	-0.14pp	14q	-12.6%-$2.3M
ISHARES TR	IEI	$14.9M	131,020	0.73%	flat	10q	+4.4%+$622.4K
ISHARES TR	MBB	$14.8M	165,130	0.73%	-0.48pp	23q	-35.5%-$8.1M
ISHARES TR	IEFA	$14.6M	151,128	0.72%	-0.02pp	27q	-1.8%-$261.9K
ISHARES TR	HDV	$14.2M	507,268	0.70%	+0.05pp	7q	+6.3%+$836.9K
ISHARES TR	IEF	$13.7M	153,951	0.68%	+0.10pp	6q	+25.6%+$2.8M
ISHARES TR	IWM	$13.7M	49,445	0.68%	-0.09pp	32q	-3.4%-$481.0K
STATE STR SPDR S&P 500 ETF T	SPY	$13.4M	17,590	0.66%	-0.02pp	32q	-4.1%-$569.7K
ISHARES TR	EFG	$13.3M	110,696	0.66%	flat	14q	+4.2%+$531.3K
EXXONMOBIL HOLDINGS CORP	XOM	$13.1M	80,314	0.65%	-	new	NEW
CISCO SYS INC	CSCO	$12.8M	118,847	0.63%	-0.09pp	32q	-2.8%-$370.2K
AMAZON COM INC	AMZN	$12.4M	49,595	0.61%	+0.01pp	32q	-2.5%-$314.9K
ISHARES TR	USMV	$11.5M	117,998	0.57%	+0.05pp	12q	+10.0%+$1.0M
ISHARES TR	SGOV	$11.4M	113,648	0.57%	flat	8q	+1.6%+$185.7K
CHEVRON CORPORATION	CVX	$10.9M	53,367	0.54%	+0.12pp	32q	+6.5%+$660.6K
DoubleLine ETF Trust	DSCO	$10.9M	445,536	0.54%	+0.14pp	2q	+38.0%+$3.0M
ISHARES TR	STIP	$10.8M	107,967	0.53%	flat	32q	+4.3%+$441.2K
BANK OF AMER CORP	BAC	$10.4M	191,845	0.52%	-0.03pp	32q	+0.8%+$79.1K
SPDR SERIES TRUST	SPSB	$10.3M	349,555	0.51%	+0.05pp	31q	+13.3%+$1.2M
VANGUARD TAX-MANAGED FDS	VEA	$10.3M	145,728	0.51%	flat	17q	+1.4%+$146.1K
J P MORGAN EXCHANGE TRADED F	JEPI	$9.9M	176,960	0.49%	-0.08pp	17q	-13.1%-$1.5M
VISA INC	V	$9.9M	27,506	0.49%	-0.07pp	32q	-15.1%-$1.8M
ALPHABET INC	GOOGL	$9.9M	28,648	0.49%	flat	32q	+4.9%+$459.3K
ISHARES TR	EFV	$9.8M	124,234	0.49%	+0.04pp	15q	+6.0%+$558.7K
VANGUARD INTL EQUITY INDEX F	VWO	$9.7M	163,183	0.48%	-0.01pp	32q	-0.8%-$78.1K
ISHARES INC	IEMG	$9.0M	110,362	0.44%	+0.03pp	29q	+11.1%+$896.0K
VANGUARD INDEX FDS	VBR	$8.9M	38,608	0.44%	-0.03pp	32q	HELD
BERKSHIRE HATHAWAY INC DEL	BRKB	$8.9M	17,898	0.44%	+0.07pp	32q	+20.4%+$1.5M
ISHARES TR	ISCF	$8.8M	196,928	0.43%	+0.02pp	10q	+3.2%+$270.6K
BLACKROCK ETF TRUST II	CLOA	$8.3M	159,518	0.41%	+0.02pp	2q	+5.1%+$400.5K
ORACLE CORP	ORCL	$8.1M	58,916	0.40%	-0.04pp	32q	-1.3%-$104.2K
ISHARES TR	FLOT	$7.9M	155,426	0.39%	-0.01pp	32q	-0.8%-$60.5K
ISHARES TR	IWF	$7.8M	62,243	0.39%	+0.09pp	32q	+29.9%+$1.8M
VANGUARD BD INDEX FDS	BND	$7.8M	111,051	0.38%	-0.04pp	32q	-4.8%-$395.8K
INTERNATIONAL BUSINESS MACHS	IBM	$7.6M	34,409	0.37%	-0.11pp	32q	+0.7%+$54.8K
MERCK & CO INC	MRK	$7.5M	51,562	0.37%	+0.03pp	32q	-3.8%-$296.6K
VANGUARD SCOTTSDALE FDS	VGLT	$7.4M	147,229	0.36%	-0.12pp	8q	-16.6%-$1.5M
SPDR SERIES TRUST	SPIB	$7.3M	226,964	0.36%	flat	8q	+3.8%+$267.4K
LINDE PLC	LIN	$7.3M	15,390	0.36%	-0.05pp	15q	-3.5%-$264.4K
VANGUARD INDEX FDS	VOO	$7.3M	10,405	0.36%	flat	32q	-2.1%-$159.1K
ADVANCED MICRO DEVICES INC	AMD	$7.3M	11,886	0.36%	+0.02pp	19q	HELD
CITIGROUP INC	C	$7.2M	55,518	0.36%	-0.04pp	32q	-0.8%-$59.4K
TESLA INC	TSLA	$7.1M	35,761	0.35%	+0.33pp	9q	+3171.8%+$6.8M
M & T BK CORP	MTB	$7.1M	32,403	0.35%	-0.04pp	32q	-1.1%-$80.3K
J P MORGAN EXCHANGE TRADED F	JCPB	$7.0M	156,168	0.35%	+0.04pp	10q	+18.6%+$1.1M
WORLD GOLD TR	GLDM	$7.0M	84,740	0.34%	+0.03pp	8q	+7.9%+$510.3K
FLEXSHARES TR	TDTF	$7.0M	306,672	0.34%	+0.01pp	10q	+9.9%+$623.7K
ISHARES TR	TIP	$7.0M	66,803	0.34%	+0.29pp	32q	+545.8%+$5.9M
INVESCO ACTIVELY MANAGED EXC	VRIG	$6.8M	270,308	0.33%	flat	14q	+0.6%+$42.6K
ISHARES TR	IXN	$6.7M	45,522	0.33%	flat	32q	-2.7%-$186.8K
SELECT SECTOR SPDR TR	XLU	$6.7M	169,508	0.33%	-0.04pp	32q	+3.2%+$204.2K
COSTCO WHOLESALE CORPORATION	COST	$6.4M	7,024	0.32%	-0.03pp	32q	-4.5%-$304.1K
ISHARES TR	IYR	$6.3M	65,863	0.31%	-0.02pp	32q	+3.0%+$185.0K
PEPSICO INC	PEP	$6.1M	48,062	0.30%	-0.02pp	32q	+0.6%+$39.3K
WALMART INC	WMT	$6.1M	58,549	0.30%	-0.04pp	32q	-1.7%-$105.7K
RTX CORPORATION	RTX	$6.0M	29,000	0.30%	-0.24pp	9q	-49.1%-$5.8M
NVIDIA CORPORATION	NVDA	$6.0M	26,277	0.30%	+0.03pp	15q	-0.5%-$32.9K
BERKSHIRE HATHAWAY INC DEL	BRKA	$6.0M	8	0.30%	flat	32q	HELD
AMERICAN EXPRESS CO	AXP	$6.0M	19,616	0.29%	-0.03pp	32q	+2.4%+$142.6K
ISHARES TR	SHYG	$6.0M	144,379	0.29%	-0.01pp	14q	+1.3%+$78.9K
INVESCO QQQ TR	QQQ	$5.9M	7,945	0.29%	flat	9q	HELD
PROCTER & GAMBLE CO	PG	$5.9M	40,318	0.29%	flat	32q	+1.2%+$70.2K
CORNING INC	GLW	$5.8M	37,600	0.29%	-0.16pp	32q	+7.0%+$380.6K
BNY MELLON ETF TRUST	BKGI	$5.7M	136,598	0.28%	+0.01pp	8q	+14.2%+$710.4K
WISDOMTREE TR	DFE	$5.7M	76,138	0.28%	+0.01pp	32q	HELD
BROADCOM INC	AVGO	$5.7M	16,100	0.28%	+0.06pp	21q	+36.2%+$1.5M
INTEL CORP	INTC	$5.6M	46,961	0.28%	-0.04pp	32q	+3.6%+$193.6K
ELI LILLY & CO	LLY	$5.6M	4,872	0.28%	flat	23q	+4.3%+$234.9K
VANGUARD INDEX FDS	VB	$5.6M	19,581	0.28%	-0.01pp	32q	+5.1%+$269.1K
LOCKHEED MARTIN CORP	LMT	$5.4M	10,536	0.27%	-0.08pp	32q	-22.0%-$1.5M
SPDR SERIES TRUST	SPYM	$5.0M	56,007	0.25%	-0.01pp	14q	-5.0%-$266.1K
CATERPILLAR INC	CAT	$5.0M	6,164	0.25%	-0.08pp	32q	HELD
AMGEN INC	AMGN	$5.0M	11,841	0.25%	+0.02pp	32q	-3.4%-$175.3K
ISHARES TR	IWD	$4.8M	19,255	0.24%	+0.07pp	32q	+43.6%+$1.4M
FINANCIAL INSTITUTIONS INC	FISI	$4.7M	121,585	0.23%	flat	29q	+2.1%+$95.6K
VALERO ENERGY CORP	VLO	$4.6M	11,836	0.23%	+0.07pp	32q	-0.9%-$42.6K
DISNEY WALT CO	DIS	$4.6M	43,507	0.23%	+0.02pp	32q	HELD
SSGA ACTIVE ETF TR	SRLN	$4.6M	112,658	0.22%	-0.02pp	32q	-6.9%-$337.6K
ISHARES TR	IWP	$4.5M	33,005	0.22%	-0.02pp	32q	HELD
AMERICAN CENTY ETF TR	AVUV	$4.5M	38,258	0.22%	flat	8q	+4.8%+$204.4K
DELL TECHNOLOGIES INC	DELL	$4.5M	8,345	0.22%	+0.02pp	10q	-12.9%-$664.9K
TJX COS INC NEW	TJX	$4.4M	33,361	0.22%	-0.03pp	9q	HELD
ISHARES TR	IWR	$4.3M	40,650	0.21%	flat	32q	+6.4%+$261.4K
ISHARES TR	IHI	$4.3M	84,368	0.21%	-	new	NEW
SELECT SECTOR SPDR TR	XLK	$4.2M	21,620	0.21%	+0.03pp	32q	+15.8%+$576.5K
ABBVIE INC	ABBV	$4.2M	16,137	0.21%	+0.01pp	32q	+1.7%+$68.5K
SPDR SERIES TRUST	FLRN	$4.2M	136,767	0.21%	-0.01pp	32q	-3.2%-$138.3K
MASTERCARD INCORPORATED	MA	$4.2M	7,584	0.21%	+0.01pp	8q	-2.8%-$122.4K
LOWES COS INC	LOW	$4.2M	22,545	0.21%	-0.04pp	32q	HELD
SALESFORCE INC	CRM	$4.1M	18,004	0.20%	+0.06pp	32q	-2.0%-$84.7K
SELECT SECTOR SPDR TR	XLV	$4.1M	24,304	0.20%	-0.08pp	28q	-31.5%-$1.9M
ISHARES TR	IFGL	$4.1M	197,424	0.20%	-0.01pp	32q	+5.5%+$214.9K
CHARLES SCHWAB CORP (THE)	SCHW	$4.0M	40,498	0.20%	flat	25q	-2.8%-$115.9K
ISHARES TR	IJS	$3.9M	30,255	0.19%	-0.03pp	32q	-5.7%-$234.0K
SELECT SECTOR SPDR TR	XLI	$3.9M	23,088	0.19%	-0.02pp	14q	+2.0%+$76.5K
GE VERNOVA INC	GEV	$3.8M	4,030	0.19%	-0.06pp	10q	-3.5%-$137.8K
HOME DEPOT INC	HD	$3.6M	12,680	0.18%	-0.04pp	32q	+0.6%+$22.2K
HARBOR ETF TRUST	HGER	$3.6M	101,802	0.18%	+0.04pp	4q	+7.4%+$246.5K
THERMO FISHER SCIENTIFIC INC	TMO	$3.4M	5,086	0.17%	+0.04pp	32q	HELD
ISHARES GOLD TR	IAU	$3.4M	43,223	0.17%	+0.01pp	8q	+1.8%+$58.5K
MEDTRONIC PLC	MDT	$3.4M	39,030	0.17%	+0.01pp	32q	+0.6%+$21.7K
AMERICAN CENTY ETF TR	AVDV	$3.4M	30,647	0.17%	+0.01pp	8q	+2.6%+$86.5K
GOLDMAN SACHS GROUP INC	GS	$3.2M	3,549	0.16%	-0.03pp	32q	-5.3%-$177.4K
BONDBLOXX ETF TRUST	XONE	$3.2M	64,800	0.16%	+0.03pp	4q	+27.6%+$689.2K
SOUTHERN CO	SO	$3.2M	38,327	0.16%	flat	25q	+16.4%+$447.7K
WELLS FARGO & CO	WFC	$3.2M	39,644	0.16%	+0.03pp	32q	+27.0%+$675.2K
TAYLOR DEVICES INC	TAYD	$3.2M	51,647	0.16%	flat	32q	HELD
WILLIAMS COS INC	WMB	$3.1M	46,054	0.15%	-0.02pp	9q	-2.2%-$69.0K
RYDER SYS INC	R	$3.0M	13,227	0.15%	-0.03pp	14q	-1.7%-$52.9K
BOEING CO	BA	$3.0M	16,024	0.15%	-0.02pp	32q	+4.0%+$113.5K
GLOBAL X FDS	PAVE	$2.9M	56,039	0.15%	-0.01pp	3q	+7.6%+$206.8K
VANGUARD INDEX FDS	VNQ	$2.9M	31,982	0.14%	flat	12q	+7.8%+$207.1K
UNILEVER PLC	UL	$2.8M	46,884	0.14%	flat	4q	+3.5%+$95.7K
ISHARES TR	IJT	$2.8M	17,506	0.14%	-0.04pp	32q	-14.7%-$483.9K
ABBOTT LABORATORIES	ABT	$2.8M	28,344	0.14%	flat	32q	-7.9%-$240.6K
CHENIERE ENERGY INC	LNG	$2.8M	10,253	0.14%	+0.01pp	14q	HELD
VANGUARD INDEX FDS	VTI	$2.7M	7,304	0.14%	+0.02pp	32q	+17.1%+$400.1K
KINDER MORGAN INC DEL	KMI	$2.7M	88,269	0.13%	-0.01pp	14q	-1.5%-$40.8K
STATE STR SPDR S&P MIDCAP 40	MDY	$2.6M	4,013	0.13%	-0.01pp	32q	HELD
ISHARES TR	GVI	$2.6M	24,957	0.13%	-0.02pp	32q	-7.7%-$213.6K
CAPITAL ONE FINL CORP	COF	$2.5M	12,929	0.12%	+0.02pp	14q	+23.1%+$469.2K
VANGUARD INDEX FDS	VO	$2.5M	31,705	0.12%	flat	25q	+3.5%+$83.9K
CROWDSTRIKE HLDGS INC	CRWD	$2.4M	9,030	0.12%	+0.03pp	3q	-2.0%-$48.2K
GE AEROSPACE	GE	$2.4M	7,635	0.12%	-0.03pp	21q	-4.3%-$106.5K
VANGUARD SCOTTSDALE FDS	VCSH	$2.3M	29,948	0.11%	-0.04pp	32q	-25.6%-$795.4K
MARATHON PETE CORP	MPC	$2.3M	5,850	0.11%	+0.04pp	17q	HELD
EMERSON ELEC CO	EMR	$2.3M	14,740	0.11%	+0.02pp	32q	+8.9%+$187.5K
ISHARES TR	PFF	$2.3M	76,970	0.11%	-0.01pp	14q	-1.2%-$27.3K
MCDONALDS CORP	MCD	$2.3M	9,819	0.11%	-0.03pp	32q	-3.3%-$77.6K
VANGUARD BD INDEX FDS	BLV	$2.2M	35,747	0.11%	-	new	NEW
BRISTOL-MYERS SQUIBB CO	BMY	$2.2M	35,655	0.11%	+0.01pp	32q	HELD
PAYCHEX INC	PAYX	$2.2M	22,257	0.11%	flat	32q	-2.2%-$49.1K
SPDR SERIES TRUST	SPSM	$2.2M	41,200	0.11%	-0.01pp	14q	+3.0%+$63.2K
GENERAL DYNAMICS CORP	GD	$2.2M	6,529	0.11%	-0.01pp	14q	-0.9%-$20.6K
MONDELEZ INTL INC	MDLZ	$2.1M	37,125	0.11%	flat	32q	HELD
TRAVELERS COMPANIES INC	TRV	$2.1M	6,019	0.11%	+0.01pp	9q	HELD
3M CO	MMM	$2.1M	13,035	0.11%	+0.01pp	32q	+6.7%+$134.6K
FIRST SOLAR INC	FSLR	$2.1M	11,801	0.10%	-0.04pp	14q	+1.1%+$21.9K
PALANTIR TECHNOLOGIES INC	PLTR	$2.1M	11,016	0.10%	+0.04pp	11q	-1.7%-$36.1K
MORGAN STANLEY	MS	$2.1M	10,914	0.10%	-0.01pp	32q	-1.7%-$35.4K
CONOCOPHILLIPS	COP	$2.1M	16,396	0.10%	+0.02pp	32q	-1.0%-$20.6K
ISHARES TR	IGSB	$2.0M	39,588	0.10%	+0.02pp	32q	+31.6%+$487.5K
SPDR SERIES TRUST	MDYV	$2.0M	22,907	0.10%	-0.01pp	22q	-2.2%-$45.8K
NORTHROP GRUMMAN CORP	NOC	$2.0M	4,185	0.10%	-0.01pp	31q	-1.2%-$24.2K
NEXTERA ENERGY INC	NEE	$2.0M	26,656	0.10%	-0.01pp	32q	+3.9%+$76.3K
AUTOMATIC DATA PROCESSING IN	ADP	$2.0M	7,778	0.10%	+0.02pp	32q	+8.4%+$155.1K
DUKE ENERGY CORP NEW	DUK	$2.0M	17,408	0.10%	-0.01pp	14q	+2.9%+$56.0K
PRUDENTIAL FINL INC	PRU	$1.9M	16,869	0.09%	-0.03pp	32q	-28.4%-$759.4K
KRAFT HEINZ CO	KHC	$1.9M	83,424	0.09%	-	new	NEW
ISHARES TR	IWS	$1.9M	11,512	0.09%	flat	32q	HELD
WW GRAINGER INC	GWW	$1.8M	1,482	0.09%	-0.01pp	14q	-1.9%-$36.1K
MOOG INC	MOGA	$1.8M	4,814	0.09%	-0.01pp	25q	-2.1%-$39.7K
MICRON TECHNOLOGY INC	MU	$1.8M	1,714	0.09%	-0.01pp	32q	+0.8%+$14.9K
BANK OF NY MELLON CORP	BNY	$1.8M	12,615	0.09%	flat	32q	HELD
ROCKWELL AUTOMATION INC	ROK	$1.8M	4,173	0.09%	-0.02pp	14q	-5.6%-$108.4K
BOSTON SCIENTIFIC CORP	BSX	$1.8M	40,904	0.09%	+0.01pp	14q	+12.1%+$192.1K
ISHARES TR	IEUS	$1.8M	25,378	0.09%	flat	32q	-0.6%-$10.2K
Rio Tinto PLC	RIO	$1.8M	18,888	0.09%	flat	32q	-3.6%-$66.4K
APPLIED MATLS INC	AMAT	$1.8M	3,453	0.09%	-0.04pp	29q	-1.3%-$23.0K
GLOBAL X FDS	MLPX	$1.8M	25,136	0.09%	-0.01pp	6q	-6.4%-$120.8K
TEXAS INSTRS INC	TXN	$1.8M	6,250	0.09%	-0.11pp	7q	-52.5%-$1.9M
AMERICAN ELEC PWR CO INC	AEP	$1.7M	14,539	0.09%	-0.02pp	14q	-3.2%-$56.4K
UNITEDHEALTH GROUP INC	UNH	$1.7M	4,657	0.08%	-0.02pp	32q	-5.3%-$96.2K
AMERIPRISE FINL INC	AMP	$1.7M	3,365	0.08%	+0.01pp	16q	+3.7%+$59.1K
FASTENAL CO	FAST	$1.6M	32,880	0.08%	flat	8q	HELD
SPDR INDEX SHS FDS	SPDW	$1.6M	32,327	0.08%	flat	30q	-3.4%-$56.7K
COCA COLA CO	KO	$1.6M	18,184	0.08%	flat	32q	HELD
Dominion Energy, Inc.	D	$1.5M	25,462	0.08%	-0.01pp	14q	-2.2%-$33.9K
IRON MTN INC DEL	IRM	$1.5M	13,552	0.07%	-0.02pp	14q	-4.6%-$72.3K
META PLATFORMS INC	META	$1.5M	2,034	0.07%	+0.02pp	32q	HELD
OKTA INC	OKTA	$1.5M	7,021	0.07%	+0.01pp	14q	-24.7%-$482.0K
CVS HEALTH CORP	CVS	$1.4M	16,887	0.07%	-0.02pp	32q	-6.1%-$94.5K
TARGET CORP	TGT	$1.4M	9,044	0.07%	+0.01pp	9q	HELD
HP INC	HPQ	$1.4M	44,793	0.07%	+0.05pp	2q	+226.2%+$971.7K
ROSS STORES INC	ROST	$1.4M	6,000	0.07%	+0.01pp	14q	HELD
EQUINIX INC	EQIX	$1.4M	1,374	0.07%	-0.01pp	14q	-14.2%-$230.7K
KROGER CO	KR	$1.4M	23,095	0.07%	flat	14q	-2.9%-$40.4K
ISHARES TR	IYW	$1.3M	4,979	0.07%	flat	31q	HELD
ISHARES TR	XT	$1.3M	15,769	0.06%	flat	25q	+6.7%+$82.2K
BROADSTONE NET LEASE INC	BNL	$1.3M	70,485	0.06%	-0.01pp	9q	HELD
UBER TECHNOLOGIES INC	UBER	$1.3M	18,992	0.06%	+0.02pp	7q	+49.3%+$429.8K
COMCAST CORP NEW	CMCSA	$1.3M	58,550	0.06%	-0.01pp	32q	-1.6%-$21.0K
DIGITAL RLTY TR INC	DLR	$1.3M	7,220	0.06%	-0.01pp	14q	-5.2%-$69.7K
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$1.2M	2,727	0.06%	flat	16q	+0.7%+$9.1K
MORGAN STANLEY ETF TRUST	EVSM	$1.2M	25,030	0.06%	-	new	NEW
KIMBERLY CLARK CORP	KMB	$1.2M	12,141	0.06%	-0.02pp	32q	-10.5%-$138.9K
VERIZON COMMUNICATIONS INC	VZ	$1.2M	25,242	0.06%	flat	32q	-9.4%-$120.8K
FRANKLIN TEMPLETON ETF TR	FLCA	$1.1M	21,990	0.06%	-0.01pp	8q	-11.9%-$155.5K
WISDOMTREE TR	DWM	$1.1M	15,330	0.06%	-0.04pp	32q	-43.4%-$866.2K
GENERAC HLDGS INC	GNRC	$1.1M	5,402	0.06%	flat	2q	+35.2%+$290.8K
AT&T INC	T	$1.1M	44,531	0.05%	flat	32q	-12.4%-$153.7K
FLEXSHARES TR	QDEF	$1.1M	12,109	0.05%	flat	32q	-4.8%-$53.8K
PFIZER INC	PFE	$1.1M	37,012	0.05%	+0.01pp	32q	-5.2%-$57.8K
PHILLIPS 66	PSX	$1.0M	4,064	0.05%	+0.02pp	14q	+24.0%+$200.9K
ALPHATEC HLDGS INC	ATEC	$1.0M	99,000	0.05%	+0.01pp	27q	HELD
SUNCOR ENERGY INC NEW	SU	$998.7K	14,715	0.05%	+0.01pp	32q	-0.7%-$6.8K
ALTRIA GROUP INC	MO	$990.2K	14,704	0.05%	flat	23q	+0.6%+$5.6K
KLA CORP	KLAC	$983.2K	5,044	0.05%	-0.03pp	16q	HELD
UNION PAC CORP	UNP	$964.4K	3,544	0.05%	flat	32q	+0.9%+$8.2K
Clearway Energy, Inc.	CWEN	$949.6K	32,443	0.05%	-0.01pp	14q	-1.3%-$12.1K
GLOBAL X FDS	AIQ	$944.7K	14,498	0.05%	+0.02pp	3q	+81.7%+$424.8K
PHILIP MORRIS INTL INC	PM	$944.5K	4,950	0.05%	flat	32q	+2.0%+$18.1K
JANUS DETROIT STR TR	JSI	$943.1K	18,893	0.05%	-0.07pp	8q	-58.9%-$1.4M
BECTON DICKINSON CO	BDX	$926.6K	5,176	0.05%	+0.01pp	32q	HELD
VANGUARD SPECIALIZED FUNDS	VIG	$922.9K	3,956	0.05%	flat	25q	+6.7%+$57.6K
SPDR SERIES TRUST	SPMD	$917.2K	14,550	0.05%	flat	8q	+9.1%+$76.2K
STRYKER CORPORATION	SYK	$903.0K	3,279	0.04%	-0.02pp	32q	-25.1%-$302.6K
QUEST DIAGNOSTICS INC	DGX	$893.7K	3,834	0.04%	flat	32q	HELD
EXTRA SPACE STORAGE INC	EXR	$885.6K	6,734	0.04%	-0.01pp	13q	-5.8%-$54.2K
ZOOM COMMUNICATIONS INC	ZM	$877.8K	9,671	0.04%	flat	6q	-2.6%-$23.7K
HONEYWELL INTL INC	HON	$849.5K	4,027	0.04%	flat	2q	+13.7%+$102.3K
SELECT SECTOR SPDR TR	XLF	$837.5K	15,683	0.04%	flat	26q	HELD
ASTRAZENECA PLC	AZN	$822.9K	5,096	0.04%	-0.01pp	3q	HELD
ISHARES TR	ESGD	$809.3K	7,854	0.04%	flat	8q	-6.6%-$57.5K
SPDR SERIES TRUST	KBE	$797.1K	12,609	0.04%	flat	14q	+17.3%+$117.8K
ISHARES TR	REET	$796.7K	30,902	0.04%	flat	14q	-0.7%-$5.4K
HEWLETT PACKARD ENTERPRISE C	HPE	$793.0K	12,412	0.04%	+0.02pp	5q	+34.9%+$205.2K
GLOBAL X FDS	SHLD	$787.1K	13,101	0.04%	+0.02pp	3q	+71.4%+$328.0K
FEDEX CORP	FDX	$774.6K	2,717	0.04%	-0.01pp	32q	-9.9%-$85.5K
EATON CORP PLC	ETN	$770.9K	1,794	0.04%	flat	31q	HELD
SELECT SECTOR SPDR TR	XLE	$766.7K	12,467	0.04%	flat	14q	-1.2%-$9.3K
FLEXSHARES TR	TDTT	$763.5K	32,873	0.04%	-	new	NEW
BP PLC	BP	$745.1K	16,937	0.04%	+0.01pp	32q	HELD
CARIS LIFE SCIENCES INC	CAI	$735.1K	24,000	0.04%	+0.01pp	4q	HELD
GLOBAL X FDS	CATH	$730.4K	8,055	0.04%	flat	7q	-7.9%-$62.6K
AMETEK INC	AME	$729.1K	2,943	0.04%	flat	2q	HELD
DANAHER CORP DEL	DHR	$722.0K	3,259	0.04%	flat	32q	-1.5%-$11.1K
HSBC HLDGS PLC	HSBC	$721.6K	7,266	0.04%	flat	32q	HELD
ECOLAB INC	ECL	$712.3K	2,594	0.04%	+0.01pp	32q	+37.0%+$192.2K
ISHARES TR	IWB	$706.2K	1,697	0.03%	flat	32q	-4.4%-$32.9K
ALLSTATE CORP	ALL	$688.5K	3,103	0.03%	+0.01pp	32q	+29.1%+$155.3K
ERIE INDTY CO	ERIE	$674.6K	3,078	0.03%	flat	32q	+0.7%+$4.4K
REGIONS FINANCIAL CORP NEW	RF	$672.0K	25,000	0.03%	flat	12q	HELD
TOTALENERGIES SE	TTE	$660.6K	7,726	0.03%	flat	4q	HELD
COLGATE PALMOLIVE CO	CL	$657.1K	7,702	0.03%	flat	32q	+12.4%+$72.3K
CORTEVA INC	CTVA	$640.4K	8,247	0.03%	flat	30q	-1.1%-$6.8K
ASML HLDG NV	ASML	$637.7K	352	0.03%	+0.01pp	6q	+37.0%+$172.1K
SHELL PLC	SHEL	$615.2K	6,472	0.03%	+0.01pp	19q	HELD
PLUMAS BANCORP	PLBC	$612.6K	10,000	0.03%	flat	32q	HELD
SPDR GOLD TR	GLD	$604.0K	1,586	0.03%	flat	12q	-1.0%-$6.1K
QUALCOMM INC	QCOM	$603.1K	3,277	0.03%	flat	30q	-6.4%-$41.0K
ISHARES TR	IGE	$598.1K	9,705	0.03%	flat	9q	HELD
VANGUARD BD INDEX FDS	BSV	$597.1K	7,815	0.03%	flat	7q	-7.6%-$48.8K
HONEYWELL AEROSPACE INC	HONA	$580.7K	3,747	0.03%	-0.01pp	2q	+6.0%+$32.7K
CSX CORP	CSX	$576.1K	12,387	0.03%	flat	32q	+4.0%+$22.3K
ISHARES TR	IGIB	$573.7K	11,393	0.03%	flat	13q	HELD
SHOPIFY INC	SHOP	$572.4K	3,860	0.03%	+0.01pp	3q	HELD
OCULAR THERAPEUTIX INC	OCUL	$572.2K	74,604	0.03%	-0.01pp	8q	+3.5%+$19.2K
VANGUARD INDEX FDS	VOE	$555.0K	2,838	0.03%	flat	24q	-1.0%-$5.9K
BLACKSTONE INC PUT	BX	$551.1K	options only	0.03%	flat	25q	OPTIONS
GLOBAL X FDS	CEFA	$543.0K	13,503	0.03%	flat	7q	-6.2%-$35.6K
MCKESSON CORP	MCK	$540.8K	633	0.03%	flat	20q	+1.0%+$5.1K
MOOG INC	MOGB	$540.1K	1,392	0.03%	flat	11q	HELD
UNITED PARCEL SVCS INC	UPS	$532.8K	5,702	0.03%	-0.02pp	32q	-35.7%-$295.6K
WHIRLPOOL CORP	WHR	$530.3K	17,284	0.03%	-0.01pp	26q	-3.6%-$19.6K
ISHARES TR	IBB	$529.9K	2,517	0.03%	flat	32q	HELD
DIAGEO PLC	DEO	$529.7K	6,188	0.03%	flat	32q	-10.2%-$60.4K
IMMUNITYBIO INC	IBRX	$528.6K	56,000	0.03%	flat	12q	HELD
ISHARES U S ETF TR	NEAR	$525.5K	10,539	0.03%	flat	28q	HELD
UNITED BANKSHARES INC WEST V	UBSI	$524.0K	11,407	0.03%	flat	9q	HELD
MARVELL TECHNOLOGY INC	MRVL	$521.8K	1,975	0.03%	flat	3q	HELD
VANGUARD INDEX FDS	VBK	$507.8K	1,503	0.03%	flat	24q	-0.9%-$4.7K
TRUST FOR PROFESSIONAL MANAG	APUE	$501.1K	10,666	0.02%	flat	6q	HELD
American Int'l Group, Inc.	AIG	$497.1K	6,680	0.02%	flat	32q	HELD
PIMCO ACCESS INCOME FUND	PAXS	$492.2K	37,201	0.02%	flat	8q	HELD
ISHARES TR	AGG	$484.0K	5,120	0.02%	flat	8q	-7.3%-$38.2K
AMPHENOL CORP	APH	$482.4K	5,722	0.02%	flat	6q	HELD
VANGUARD WORLD FD	VGT	$479.1K	3,812	0.02%	flat	32q	-2.2%-$10.7K
WISDOMTREE TR	DLN	$477.4K	4,912	0.02%	flat	32q	HELD
CARDINAL HEALTH INC	CAH	$476.1K	2,140	0.02%	flat	12q	HELD
SPDR INDEX SHS FDS	RWO	$469.8K	10,125	0.02%	flat	9q	HELD
LAKE SHORE BANCORP INC	LSBK	$466.7K	25,702	0.02%	flat	5q	HELD
ANALOG DEVICES INC	ADI	$465.0K	1,172	0.02%	flat	19q	-3.7%-$17.9K
ISHARES TR	NYF	$463.8K	9,180	0.02%	flat	3q	+17.5%+$69.2K
ISHARES TR	EEM	$457.2K	6,845	0.02%	flat	32q	HELD
CHUBB LIMITED	CB	$446.1K	1,372	0.02%	flat	32q	HELD
SANOFI SA	SNY	$439.8K	10,668	0.02%	flat	32q	-0.8%-$3.7K
BV FINL INC	BVFL	$438.8K	20,913	0.02%	flat	9q	HELD
PALO ALTO NETWORKS INC	PANW	$437.4K	1,101	0.02%	flat	2q	-24.7%-$143.4K
VANGUARD INTL EQUITY INDEX F	VT	$436.4K	2,764	0.02%	flat	8q	HELD
SELECT SECTOR SPDR TR	XLB	$419.4K	8,612	0.02%	flat	9q	-5.8%-$25.8K
SLB LIMITED	SLB	$419.3K	8,607	0.02%	flat	32q	-0.6%-$2.7K
SCHWAB STRATEGIC TR	SCHG	$416.6K	11,595	0.02%	flat	9q	-3.3%-$14.4K
CARRIER GLOBAL CORPORATION	CARR	$414.0K	7,546	0.02%	-0.01pp	27q	-1.3%-$5.5K
NUCOR CORP	NUE	$407.9K	1,745	0.02%	flat	14q	HELD
FIDELITY GREENWOOD STREET TR	FHEQ	$397.8K	11,818	0.02%	flat	4q	HELD
AVERY DENNISON CORP	AVY	$396.7K	2,324	0.02%	+0.01pp	32q	+43.1%+$119.5K
US BANCORP	USB	$395.2K	6,842	0.02%	flat	32q	-12.1%-$54.6K
NATIONAL FUEL GAS CO	NFG	$393.4K	5,185	0.02%	flat	32q	+11.1%+$39.3K
PUBLIC SVC ENTERPRISE GROUP	PEG	$385.8K	5,730	0.02%	flat	32q	+1.0%+$3.6K
INVESCO EXCH TRADED FD TR II	PZA	$385.6K	18,029	0.02%	flat	11q	HELD
NETFLIX INC.	NFLX	$381.6K	5,485	0.02%	flat	12q	+2.4%+$8.8K
ALPS ETF TR	AMLP	$378.8K	7,302	0.02%	flat	24q	HELD
ENTERPRISE FINL SVCS CORP	EFSC	$378.2K	6,416	0.02%	flat	13q	HELD
SPDR SERIES TRUST	XBI	$378.0K	2,397	0.02%	flat	4q	-3.5%-$13.9K
SCHWAB STRATEGIC TR	FNDX	$375.7K	11,938	0.02%	-	new	NEW
HUNTINGTON INGALLS INDS INC	HII	$372.0K	1,393	0.02%	-	new	NEW
CHURCH & DWIGHT CO INC	CHD	$368.3K	3,909	0.02%	flat	32q	HELD
CONSOLIDATED EDISON INC	ED	$365.4K	3,575	0.02%	flat	32q	-0.8%-$3.1K
SPDR SERIES TRUST	SJNK	$363.0K	14,969	0.02%	flat	32q	-13.4%-$55.9K
INVESCO EXCHANGE TRADED FD T	PRFZ	$353.2K	6,750	0.02%	flat	7q	HELD
FREEPORT-MCMORAN INC	FCX	$344.6K	4,923	0.02%	-	new	NEW
ISHARES TR	IYH	$344.3K	4,811	0.02%	flat	7q	HELD
SPDR SERIES TRUST	BIL	$343.1K	3,744	0.02%	-0.02pp	2q	-53.7%-$398.4K
WELLTOWER INC	WELL	$340.5K	1,479	0.02%	flat	7q	HELD
ISHARES TR	IUSG	$335.4K	1,731	0.02%	flat	8q	HELD
WOODWARD INC	WWD	$328.6K	1,000	0.02%	-0.01pp	7q	HELD
NORTHERN LTS FD TR IV	PTL	$323.0K	1,187	0.02%	flat	5q	HELD
VANGUARD SCOTTSDALE FDS	VGSH	$319.6K	5,553	0.02%	flat	14q	-1.5%-$5.0K
INVESCO EXCHANGE TRADED FD T	SPHQ	$318.0K	3,782	0.02%	flat	11q	HELD
VANGUARD SCOTTSDALE FDS	VONG	$316.1K	2,452	0.02%	-	new	NEW
VANGUARD INTL EQUITY INDEX F	VEU	$315.2K	3,799	0.02%	flat	6q	HELD
LIFEMD INC	LFMD	$314.6K	108,500	0.02%	-0.02pp	7q	-36.2%-$178.3K
L3HARRIS TECHNOLOGIES INC	LHX	$305.4K	1,290	0.02%	flat	7q	HELD
KEYSIGHT TECHNOLOGIES INC	KEYS	$305.4K	839	0.02%	flat	3q	HELD
VICI PPTYS INC	VICI	$302.4K	13,165	0.01%	-0.01pp	12q	-39.2%-$194.9K
DEERE CO	DE	$301.5K	449	0.01%	flat	23q	HELD
VANGUARD INDEX FDS	VUG	$297.3K	3,299	0.01%	flat	5q	-11.2%-$37.6K
YUM! BRANDS INC	YUM	$294.9K	2,163	0.01%	flat	32q	-3.6%-$10.9K
ZIMMER BIOMET HOLDINGS INC	ZBH	$290.7K	3,272	0.01%	flat	32q	-0.9%-$2.7K
WISDOMTREE TR	DEM	$290.5K	5,252	0.01%	flat	32q	+3.2%+$9.1K
AGILENT TECHNOLOGIES INC	A	$289.3K	1,679	0.01%	flat	2q	HELD
ISHARES TR	IGV	$289.2K	2,716	0.01%	-0.19pp	3q	-93.9%-$4.4M
HERSHEY CO	HSY	$285.3K	1,810	0.01%	flat	32q	HELD
UNITED RENTALS INC	URI	$282.2K	282	0.01%	flat	6q	HELD
ACCENTURE PLC IRELAND	ACN	$281.8K	1,537	0.01%	-	new	NEW
HOWMET AEROSPACE INC	HWM	$280.2K	1,239	0.01%	flat	6q	-7.0%-$21.0K
NORFOLK SOUTHN CORP	NSC	$279.6K	905	0.01%	flat	32q	+1.1%+$3.1K
SPDR SERIES TRUST	SLYV	$274.8K	2,691	0.01%	flat	5q	HELD
SIMMONS FIRST NATL CORP	SFNC	$272.6K	12,072	0.01%	flat	13q	HELD
ISHARES INC	ESGE	$271.7K	5,016	0.01%	flat	7q	+1.0%+$2.6K
JOHNSON CONTROLS INTERNATION	JCI	$268.6K	1,807	0.01%	flat	5q	-15.4%-$49.1K
STERIS PLC	STE	$265.0K	1,262	0.01%	flat	27q	HELD
GILEAD SCIENCES INC	GILD	$262.6K	1,762	0.01%	flat	3q	-0.6%-$1.6K
ISHARES TR	MTUM	$262.1K	826	0.01%	-	new	NEW
ARCHER DANIELS MIDLAND CO	ADM	$258.4K	3,255	0.01%	flat	3q	HELD
EVERCORE INC	EVR	$257.5K	1,000	0.01%	flat	6q	HELD
WEYERHAEUSER CO	WY	$256.2K	13,446	0.01%	flat	32q	HELD
WATERS CORP	WAT	$255.7K	582	0.01%	flat	3q	-15.3%-$46.1K
VANGUARD INSTL INDEX FD	VBIL	$250.6K	3,310	0.01%	-0.01pp	2q	-28.6%-$100.2K
Venture Global Inc	VG	$250.2K	19,796	0.01%	flat	3q	-3.5%-$9.2K
EBAY INC.	EBAY	$249.9K	2,356	0.01%	flat	5q	HELD
ILLUMINA INC	ILMN	$247.4K	904	0.01%	-	new	NEW
TRANSOCEAN LTD	RIG	$244.6K	46,677	0.01%	flat	13q	+20.8%+$42.2K
SPDR SERIES TRUST	KRE	$241.7K	3,480	0.01%	flat	9q	HELD
SPDR SERIES TRUST	SLYG	$239.3K	2,237	0.01%	flat	5q	-0.9%-$2.1K
VANGUARD INDEX FDS	VOT	$238.9K	818	0.01%	flat	24q	+3.2%+$7.3K
ARISTA NETWORKS INC	ANET	$236.6K	1,162	0.01%	-	new	NEW
NORTHERN LTS FD TR IV	WWJD	$232.9K	6,007	0.01%	flat	4q	HELD
BLACKROCK INC	BLK	$230.7K	218	0.01%	flat	6q	-19.3%-$55.0K
WASTE MGMT INC DEL	WM	$227.0K	1,113	0.01%	-0.01pp	7q	-52.3%-$248.6K
SCHWAB STRATEGIC TR	SCHX	$222.0K	7,401	0.01%	-	new	NEW
NEWMONT CORP	NEM	$221.2K	1,918	0.01%	-	new	NEW
PERMIAN RESOURCES CORP	PR	$219.5K	10,392	0.01%	-	new	NEW
THE CIGNA GROUP	CI	$218.8K	805	0.01%	flat	7q	-3.9%-$9.0K
VANGUARD WORLD FD	VIS	$213.1K	665	0.01%	flat	6q	HELD
PUTNAM ETF TRUST	FTNY	$212.6K	28,999	0.01%	flat	4q	HELD
ARM HOLDINGS PLC	ARM	$211.5K	730	0.01%	flat	2q	HELD
ISHARES TR	IXJ	$208.5K	2,042	0.01%	flat	2q	HELD
BLACKROCK INCOME TR INC	BKT	$208.5K	21,834	0.01%	flat	14q	-10.4%-$24.3K
NOVARTIS AG	NVS	$206.4K	1,448	0.01%	flat	7q	-12.1%-$28.5K
TELEDYNE TECHNOLOGIES INC	TDY	$205.1K	338	0.01%	-	new	NEW
QNITY ELECTRONICS INC	Q	$203.1K	1,615	0.01%	flat	3q	-2.8%-$5.9K
INVESCO EXCHANGE TRADED FD T	PNQI	$203.0K	4,000	0.01%	-	new	NEW
KEYCORP	KEY	$201.8K	10,057	0.01%	flat	7q	HELD
ULTA BEAUTY INC	ULTA	$201.5K	369	0.01%	-	new	NEW
WISDOMTREE TR	DTH	$200.9K	3,600	0.01%	-	new	NEW
PENSKE AUTOMOTIVE GRP INC	PAG	$200.3K	1,000	0.01%	-	new	NEW
ADOBE INC	ADBE	$200.1K	834	0.01%	-	new	NEW
NORTHWEST BANCSHARES INC	NWBI	$193.0K	13,005	0.01%	flat	32q	+1.1%+$2.2K
PIMCO DYNAMIC INCOME OPRNTS	PDO	$193.0K	16,269	0.01%	flat	8q	HELD
MOBILEYE GLOBAL INC	MBLY	$184.8K	25,000	0.01%	flat	2q	HELD
BLACKROCK MUNIYILD QULT FD I	MQY	$158.9K	16,000	0.01%	flat	7q	HELD
RAND CAP CORP	RAND	$153.7K	15,382	0.01%	flat	7q	HELD

Showing the largest 400 of 405 positions.

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	$111.7M	5.5%
Software & IT Services	$94.0M	4.6%
Banks & Lending	$71.1M	3.5%
Biotech & Pharma	$49.2M	2.4%
Energy	$47.1M	2.3%
Semiconductors & Electronics	$46.2M	2.3%
Retail & Consumer	$45.8M	2.3%
Other sectors	$225.3M	11.1%
Not classified	$1.3B	65.9%

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	-0.3%	+2.1%	-2.4%	100%
Q2 2026	+10.6%	+14.8%	-4.2%	100%
Q1 2026	-1.1%	-4.6%	+3.5%	100%
Q4 2025	+2.1%	+2.4%	-0.2%	100%
Q3 2025	+6.5%	+7.8%	-1.3%	100%
Q2 2025	+6.6%	+10.5%	-3.8%	100%
Q1 2025	-2.1%	-4.6%	+2.4%	100%
Q4 2024	-0.6%	+2.1%	-2.7%	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	$2.0B	405	24	121	150	18	32.1%	19
Q2 2026	$2.0B	399	23	116	131	9	31.1%	16
Q1 2026	$1.8B	385	22	118	140	21	30.2%	23
Q4 2025	$1.8B	384	14	96	158	20	31.3%	29
Q3 2025	$1.7B	390	14	96	157	10	31.5%	29
Q2 2025	$1.6B	386	24	108	140	11	30.9%	28
Q1 2025	$1.5B	373	28	149	109	14	30.3%	14
Q4 2024	$1.4B	359	27	87	144	25	32.9%	13
Q3 2024	$1.5B	357	31	106	120	13	33.3%	22
Q2 2024	$1.3B	339	14	62	144	31	36.1%	23
Q1 2024	$1.4B	356	13	56	173	12	31.5%	16
Q4 2023	$1.3B	355	23	74	126	8	31.8%	17
Q3 2023	$1.2B	340	12	65	143	32	30.8%	13
Q2 2023	$1.3B	360	85	102	86	12	30.6%	31
Q1 2023	$905.0M	287	12	60	129	16	37.6%	48
Q4 2022	$867.8M	291	21	38	122	11	36.0%	24
Q3 2022	$807.2M	281	13	70	67	8	36.1%	18
Q2 2022	$853.9M	276	4	62	86	30	36.2%	20
Q1 2022	$1.0B	302	13	46	124	16	37.1%	32
Q4 2021	$1.1B	305	7	43	145	11	37.3%	18
Q3 2021	$1.1B	309	7	66	102	11	37.1%	14
Q2 2021	$1.1B	313	10	68	122	8	36.5%	12
Q1 2021	$990.2M	311	19	81	77	8	36.4%	12
Q4 2020	$921.7M	300	25	68	63	10	37.8%	41
Q3 2020	$834.9M	285	27	68	137	10	38.5%	40
Q2 2020	$777.0M	268	17	58	82	14	39.2%	6
Q1 2020	$673.9M	265	10	76	80	37	38.6%	22
Q4 2019	$852.3M	292	15	72	101	11	36.9%	10
Q3 2019	$768.1M	288	15	65	81	18	35.8%	4
Q2 2019	$781.9M	291	10	46	121	12	36.7%	16
Q1 2019	$769.1M	293	36	63	84	1	36.3%	25
Q4 2018	$682.6M	258	0	0	0	0	36.1%	39

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.