DaveManuel.com · Institutional Ownership · 13F Holdings
FLAGSTAR SECURITIES, INC
Reported holdings as of Q3 2026, from 21 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ISHARES TR | IVV | $24.6M | 32,170 | +0.17pp | 21q | HELD | |
| INVESCO QQQ TR | QQQ | $14.6M | 19,753 | -0.57pp | 21q | -12.2%-$2.0M | |
| VANGUARD INDEX FDS | VOO | $10.2M | 14,499 | +1.12pp | 21q | +53.3%+$3.5M | |
| ISHARES TR | IJR | $9.9M | 72,725 | -0.30pp | 21q | -1.4%-$136.4K | |
| ISHARES TR | AGG | $8.8M | 93,315 | +0.43pp | 21q | +24.4%+$1.7M | |
| ISHARES TR | DGRO | $7.1M | 94,793 | -0.27pp | 21q | -11.2%-$899.8K | |
| ISHARES TR | IVE | $6.0M | 26,271 | +0.11pp | 21q | +5.6%+$318.2K | |
| ISHARES TR | IVW | $5.6M | 39,243 | -0.16pp | 21q | -12.0%-$760.5K | |
| ISHARES TR | IWF | $5.6M | 44,375 | -0.23pp | 21q | -13.0%-$829.5K | |
| VANGUARD INDEX FDS | VTV | $5.5M | 25,581 | -0.03pp | 21q | -1.2%-$67.4K | |
| VANGUARD SPECIALIZED FUNDS | VIG | $5.4M | 23,232 | -0.14pp | 21q | -6.7%-$390.3K | |
| VANGUARD INDEX FDS | VTI | $5.2M | 13,799 | +0.01pp | 21q | -0.7%-$35.2K | |
| ISHARES TR | IWY | $5.1M | 17,210 | +0.04pp | 21q | +0.9%+$45.7K | |
| VANGUARD BD INDEX FDS | BLV | $5.0M | 80,059 | -0.13pp | 21q | +0.9%+$42.8K | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $5.0M | 89,080 | +0.04pp | 11q | +3.0%+$144.1K | |
| FIRST TR EXCHANGE-TRADED FD | EMLP | $4.8M | 117,827 | -0.03pp | 21q | +3.5%+$163.2K | |
| VANECK ETF TRUST | MOAT | $4.5M | 42,554 | +0.04pp | 14q | +0.5%+$22.8K | |
| VANECK ETF TRUST | SMH | $4.2M | 6,936 | -0.31pp | 10q | -13.6%-$666.3K | |
| FIRST TR EXCHANGE-TRADED FD | FVD | $4.1M | 87,704 | -0.06pp | 21q | -2.4%-$100.9K | |
| FIRST TR EXCHANGE TRADED FD | CIBR | $4.0M | 38,672 | +0.23pp | 19q | +7.1%+$262.6K | |
| FIRST TR EXCHANGE TRADED FD | RDVY | $4.0M | 50,792 | +0.02pp | 21q | +5.1%+$193.9K | |
| J P MORGAN EXCHANGE TRADED F | JEPQ | $3.9M | 64,469 | +0.05pp | 11q | +3.9%+$149.5K | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $3.9M | 5,981 | -0.06pp | 21q | +1.5%+$59.2K | |
| SELECT SECTOR SPDR TR | XLK | $3.9M | 20,006 | -0.21pp | 21q | -17.5%-$832.7K | |
| ISHARES TR | IWM | $3.6M | 12,995 | +0.01pp | 21q | +8.5%+$281.5K | |
| ISHARES TR | IEFA | $3.6M | 37,211 | +0.08pp | 21q | +6.6%+$222.1K | |
| VANGUARD TAX-MANAGED FDS | VEA | $3.5M | 49,014 | +0.25pp | 21q | +31.7%+$832.6K | |
| FIRST TR EXCH TRADED FD III | FPE | $3.5M | 202,634 | -0.07pp | 21q | -2.1%-$73.5K | |
| ISHARES TR | IJH | $3.4M | 47,459 | +0.06pp | 21q | +13.4%+$404.2K | |
| ISHARES TR | IWD | $3.4M | 13,628 | +0.02pp | 21q | HELD | |
| ISHARES TR | EFA | $3.4M | 32,373 | flat | 21q | HELD | |
| ISHARES TR | LQD | $3.4M | 32,910 | -0.04pp | 21q | +1.9%+$62.7K | |
| ISHARES TR | IWR | $3.3M | 31,115 | -0.03pp | 21q | HELD | |
| STATE STR SPDR S&P 500 ETF T | SPY | $3.3M | 4,339 | +0.04pp | 21q | +2.0%+$65.0K | |
| VANGUARD INDEX FDS | VO | $3.3M | 41,631 | +0.46pp | 21q | +90.4%+$1.6M | |
| VANGUARD INDEX FDS | VB | $3.2M | 11,315 | +0.20pp | 21q | +33.9%+$814.5K | |
| ISHARES TR | IYW | $3.0M | 11,319 | -0.31pp | 13q | -29.3%-$1.2M | |
| FIRST TR EXCHANGE-TRADED FD | FTSL | $3.0M | 67,093 | flat | 20q | HELD | |
| JOHN HANCOCK EXCHANGE TRADED | JHMM | $2.6M | 36,809 | -0.03pp | 21q | +0.9%+$22.7K | |
| ISHARES TR | HEFA | $2.6M | 56,445 | +0.23pp | 17q | +41.8%+$771.2K | |
| VANGUARD WHITEHALL FDS | VYM | $2.6M | 16,847 | -0.02pp | 21q | -1.0%-$26.5K | |
| SELECT SECTOR SPDR TR | XLP | $2.5M | 30,760 | +0.10pp | 21q | +18.0%+$378.1K | |
| VANGUARD BD INDEX FDS | BND | $2.3M | 33,355 | -0.02pp | 21q | +1.2%+$27.8K | |
| VANGUARD STAR FDS | VXUS | $2.2M | 26,282 | -0.01pp | 21q | -0.6%-$13.3K | |
| INVESCO EXCHANGE TRADED FD T | RSP | $2.2M | 10,621 | +0.20pp | 21q | +44.0%+$675.0K | |
| INVESCO EXCH TRADED FD TR II | PXF | $2.2M | 28,918 | +0.02pp | 12q | +2.2%+$47.9K | |
| VANGUARD WORLD FD | VPU | $2.0M | 11,579 | -0.08pp | 14q | +1.1%+$21.4K | |
| ISHARES TR | TLT | $1.9M | 24,873 | +0.14pp | 2q | +44.1%+$592.3K | |
| STATE STR SPDR DOW JONES IND | DIA | $1.9M | 3,772 | flat | 21q | +1.5%+$28.0K | |
| LATTICE STRATEGIES TR | RODM | $1.9M | 46,868 | +0.01pp | 21q | HELD | |
| SPDR SERIES TRUST | CWB | $1.9M | 18,744 | +0.03pp | 16q | +12.1%+$204.8K | |
| SELECT SECTOR SPDR TR | XLC | $1.8M | 16,296 | +0.08pp | 13q | +12.8%+$204.6K | |
| ISHARES INC | IEMG | $1.8M | 22,011 | +0.22pp | 21q | +70.5%+$738.4K | |
| SPDR SERIES TRUST | XAR | $1.8M | 7,692 | -0.05pp | 13q | +11.0%+$176.9K | |
| ISHARES TR | DVY | $1.6M | 10,472 | -0.01pp | 21q | HELD | |
| ISHARES TR | USIG | $1.5M | 31,453 | +0.10pp | 21q | +34.6%+$394.1K | |
| VANGUARD INDEX FDS | VNQ | $1.4M | 16,045 | flat | 21q | +6.0%+$81.7K | |
| VANGUARD INDEX FDS | VOT | $1.4M | 4,859 | +0.11pp | 21q | +40.2%+$407.2K | |
| AMERICAN CENTY ETF TR | AVEM | $1.4M | 15,070 | +0.26pp | 13q | +151.6%+$853.7K | |
| ISHARES TR | TIP | $1.4M | 13,511 | +0.06pp | 21q | +23.4%+$266.3K | |
| VANGUARD CHARLOTTE FDS | BNDX | $1.4M | 29,977 | +0.01pp | 21q | +6.6%+$87.0K | |
| FIRST TR EXCHANGE-TRADED FD | SDVY | $1.4M | 34,606 | -0.02pp | 18q | +0.6%+$8.2K | |
| VANGUARD BD INDEX FDS | BSV | $1.4M | 18,135 | +0.06pp | 21q | +19.7%+$228.2K | |
| DIREXION SHARES ETF TRUST | MUU | $1.3M | 36,094 | -1.16pp | 2q | +633.6%+$1.1M | |
| iShares Tr | SHV | $1.3M | 11,832 | +0.12pp | 17q | +43.3%+$394.5K | |
| SELECT SECTOR SPDR TR | XLV | $1.3M | 7,592 | +0.04pp | 21q | +4.2%+$51.2K | |
| ISHARES TR | FLOT | $1.3M | 24,943 | +0.01pp | 21q | +1.9%+$24.1K | |
| FIRST TR EXCHANGE-TRADED FD | AIRR | $1.2M | 12,081 | -0.12pp | 4q | -3.4%-$43.4K | |
| WISDOMTREE TR | USFR | $1.2M | 24,697 | +0.10pp | 13q | +36.0%+$329.1K | |
| VANGUARD WORLD FD | VHT | $1.2M | 3,898 | +0.07pp | 21q | +16.3%+$172.9K | |
| INVESCO EXCH TRD SLF IDX FD | OMFL | $1.2M | 17,349 | +0.01pp | 12q | HELD | |
| FIRST TR EXCHANGE-TRADED FD | GRID | $1.2M | 6,823 | -0.01pp | 18q | +5.7%+$65.4K | |
| ISHARES TR | IEF | $1.2M | 13,361 | +0.01pp | 17q | +7.4%+$82.6K | |
| ISHARES TR | IMCV | $1.2M | 12,786 | -0.04pp | 21q | -10.5%-$137.9K | |
| DIREXION SHARES ETF TRUST | QQQE | $1.2M | 9,676 | flat | 12q | +1.0%+$11.2K | |
| INVESCO EXCH TRADED FD TR II | BKLN | $1.1M | 55,657 | +0.04pp | 17q | +10.6%+$108.7K | |
| ISHARES TR | HDV | $1.1M | 39,478 | +0.12pp | 21q | +49.5%+$365.2K | |
| FIRST TR EXCH TRD ALPHDX FD | FDT | $1.1M | 11,750 | flat | 21q | +1.4%+$15.6K | |
| SPDR GOLD TR | GLD | $1.1M | 2,819 | -0.12pp | 21q | -29.5%-$450.2K | |
| VANECK ETF TRUST | DAPP | $1.1M | 56,480 | -0.01pp | 21q | HELD | |
| ISHARES TR | IGSB | $1.1M | 20,859 | -0.02pp | 21q | -4.0%-$44.0K | |
| NEOS ETF TRUST | QQQI | $1.1M | 19,197 | +0.10pp | 3q | +49.3%+$352.1K | |
| SPDR SERIES TRUST | SDY | $1.1M | 7,277 | flat | 21q | +2.8%+$28.7K | |
| SPDR SERIES TRUST | BIL | $1.1M | 11,628 | +0.18pp | 2q | +117.4%+$575.4K | |
| ISHARES TR | IQLT | $1.1M | 21,475 | -0.08pp | 19q | -19.7%-$260.9K | |
| ISHARES TR | NYF | $1.0M | 20,013 | +0.13pp | 21q | +80.8%+$451.9K | |
| FIRST TR EXCHANGE-TRADED FD | FBT | $993.5K | 3,649 | +0.03pp | 19q | HELD | |
| LEGG MASON ETF INVT | LRGE | $976.6K | 10,785 | - | new | NEW | |
| J P MORGAN EXCHANGE TRADED F | JMST | $959.3K | 18,973 | +0.19pp | 7q | +182.0%+$619.2K | |
| FIRST TR EXCHANGE-TRADED FD | FIW | $957.1K | 9,223 | -0.01pp | 21q | +0.8%+$7.4K | |
| LAZARD ACTIVE ETF TR | IDEQ | $931.6K | 26,603 | - | new | NEW | |
| GLOBAL X FDS | BOTZ | $906.2K | 25,722 | -0.02pp | 21q | HELD | |
| PRINCIPAL EXCHANGE TRADED FD | PREF | $897.0K | 48,881 | -0.01pp | 12q | +1.4%+$12.2K | |
| SELECT SECTOR SPDR TR | XLRE | $868.6K | 21,233 | +0.08pp | 19q | +51.9%+$296.6K | |
| ISHARES TR | IWB | $858.4K | 2,063 | +0.06pp | 21q | +29.6%+$196.0K | |
| SPDR SERIES TRUST | MDYG | $847.9K | 8,112 | +0.04pp | 12q | +27.8%+$184.5K | |
| ISHARES TR | MTUM | $845.7K | 2,665 | -0.04pp | 21q | -6.6%-$59.7K | |
| SSGA ACTIVE ETF TR | SRLN | $838.4K | 20,757 | -0.03pp | 21q | -11.9%-$112.7K | |
| NEOS ETF TRUST | SPYI | $833.1K | 15,668 | +0.10pp | 3q | +62.8%+$321.4K | |
| ISHARES TR | ACWX | $805.8K | 10,656 | +0.01pp | 21q | +4.8%+$36.9K | |
| FIRST TR EXCHANGE-TRADED FD | LEGR | $794.5K | 12,194 | +0.01pp | 19q | HELD | |
| ISHARES TR | QUAL | $787.5K | 3,543 | flat | 21q | -1.1%-$8.4K | |
| VANECK ETF TRUST | EMET | $777.4K | 18,827 | +0.01pp | 12q | HELD | |
| VANGUARD SCOTTSDALE FDS | VTWO | $738.8K | 6,582 | -0.01pp | 21q | +2.8%+$19.9K | |
| ISHARES TR | HYG | $734.0K | 9,507 | flat | 21q | +3.1%+$21.9K | |
| SELECT SECTOR SPDR TR | XLI | $725.7K | 4,346 | -0.02pp | 12q | HELD | |
| ISHARES TR | IUSB | $721.3K | 16,360 | +0.03pp | 12q | +22.3%+$131.7K | |
| ISHARES GOLD TR | IAU | $663.3K | 8,493 | +0.07pp | 21q | +42.7%+$198.6K | |
| VANECK ETF TRUST | GDX | $650.1K | 7,404 | +0.03pp | 5q | HELD | |
| VANGUARD MALVERN FDS | VTIP | $634.6K | 12,893 | flat | 13q | +1.4%+$8.6K | |
| GLOBAL X FDS | AIQ | $634.2K | 9,733 | +0.01pp | 4q | +7.6%+$45.0K | |
| INVESCO EXCH TRADED FD TR II | PXH | $621.5K | 21,381 | +0.01pp | 12q | +1.1%+$6.5K | |
| ROUNDHILL ETF TRUST | DRAM | $617.5K | 10,230 | -0.19pp | 2q | -39.5%-$402.7K | |
| VANGUARD SCOTTSDALE FDS | VCSH | $606.3K | 7,849 | - | new | NEW | |
| FIDELITY MERRIMACK STR TR | FBND | $569.9K | 13,123 | - | new | NEW | |
| MORGAN STANLEY ETF TRUST | PAPI | $567.1K | 21,436 | flat | 7q | +2.0%+$10.9K | |
| SELECT SECTOR SPDR TR | XLE | $566.9K | 9,218 | +0.02pp | 21q | HELD | |
| VANGUARD INDEX FDS | VUG | $557.8K | 6,190 | +0.02pp | 21q | +8.3%+$42.9K | |
| FIRST TR EXCH TRADED FD III | FPEI | $545.8K | 29,598 | -0.01pp | 12q | +0.7%+$3.7K | |
| SSGA ACTIVE ETF TR | TOTL | $540.0K | 14,430 | -0.01pp | 21q | +1.6%+$8.6K | |
| VANECK ETF TRUST | REMX | $517.8K | 8,057 | -0.06pp | 12q | HELD | |
| FIRST TR EXCHNG TRADED FD VI | BUFQ | $509.1K | 12,563 | flat | 12q | -2.0%-$10.3K | |
| ISHARES TR | IMCG | $507.5K | 5,405 | -0.03pp | 21q | -13.9%-$82.1K | |
| VANECK ETF TRUST | NLR | $506.2K | 4,893 | -0.01pp | 5q | +7.4%+$34.8K | |
| VANGUARD ADMIRAL FDS INC | VOOG | $497.2K | 5,816 | +0.01pp | 12q | HELD | |
| SCHWAB STRATEGIC TR | SCHD | $496.2K | 15,255 | +0.03pp | 12q | +18.2%+$76.3K | |
| FIRST TR EXCHANGE-TRADED FD | FPX | $494.5K | 2,775 | flat | 3q | +12.7%+$55.8K | |
| ISHARES TR | USMV | $493.0K | 5,059 | flat | 21q | HELD | |
| ISHARES TR | IMCB | $482.3K | 5,104 | -0.11pp | 21q | -40.9%-$334.3K | |
| FIDELITY COVINGTON TRUST | FDVV | $460.5K | 7,583 | -1.23pp | 7q | -89.9%-$4.1M | |
| AMERICAN CENTY ETF TR | AVUV | $452.8K | 3,845 | - | new | NEW | |
| TRUST FOR PROFESSIONAL MANAG | APUE | $448.7K | 9,551 | flat | 9q | -5.0%-$23.8K | |
| WISDOMTREE TR | OPPE | $439.1K | 7,627 | +0.01pp | 3q | +6.5%+$26.7K | |
| GLOBAL X FDS | PAVE | $438.8K | 8,357 | -0.02pp | 3q | HELD | |
| SPDR SERIES TRUST | MDYV | $438.2K | 4,951 | flat | 11q | +6.7%+$27.3K | |
| VANECK ETF TRUST | GLIN | $438.0K | 10,191 | -0.02pp | 10q | -3.8%-$17.4K | |
| FIRST TR EXCHANGE-TRADED ALP | FTC | $423.9K | 2,390 | -0.03pp | 8q | -12.1%-$58.4K | |
| ISHARES TR | EEM | $421.8K | 6,315 | +0.02pp | 4q | +25.3%+$85.2K | |
| DIMENSIONAL ETF TRUST | DFIV | $409.7K | 7,335 | - | new | NEW | |
| J P MORGAN EXCHANGE TRADED F | BBUS | $395.3K | 2,873 | flat | 9q | HELD | |
| ISHARES TR | IUSV | $395.1K | 3,583 | flat | 21q | +2.0%+$7.8K | |
| NUSHARES ETF TR | NCLO | $393.0K | 15,690 | flat | 7q | +1.3%+$5.0K | |
| ISHARES TR | ILCB | $386.6K | 3,658 | flat | 21q | -1.2%-$4.5K | |
| SCHWAB STRATEGIC TR | SCHI | $377.0K | 17,583 | -0.09pp | 9q | -42.5%-$278.6K | |
| FIRST TR EXCHANGE-TRADED FD | FTXL | $373.9K | 1,477 | +0.03pp | 2q | +43.8%+$113.9K | |
| ISHARES TR | EFV | $368.4K | 4,656 | flat | 13q | -1.5%-$5.7K | |
| VANGUARD INTL EQUITY INDEX F | VWO | $364.5K | 6,145 | -0.02pp | 21q | -13.9%-$58.9K | |
| ISHARES TR | IWP | $354.1K | 2,572 | -0.01pp | 17q | HELD | |
| ISHARES TR | SHY | $349.5K | 4,304 | flat | 21q | -1.1%-$4.1K | |
| ISHARES TR | ILCV | $349.3K | 3,316 | -0.06pp | 21q | -40.5%-$237.3K | |
| J P MORGAN EXCHANGE TRADED F | JPST | $346.8K | 6,886 | flat | 21q | +1.0%+$3.5K | |
| ISHARES TR | IWS | $341.5K | 2,125 | flat | 21q | -0.5%-$1.8K | |
| VANGUARD INDEX FDS | VBR | $339.5K | 1,470 | flat | 18q | HELD | |
| VANECK DIGITAL INDIA ETF | DGIN | $339.5K | 9,833 | -0.01pp | 10q | -4.3%-$15.1K | |
| VANECK BITCOIN ETF | HODL | $338.3K | 14,324 | +0.03pp | 5q | -4.2%-$14.7K | |
| GOLDMAN SACHS ETF TR | GEM | $337.4K | 6,602 | flat | 3q | HELD | |
| ISHARES TR | IUSG | $326.5K | 1,685 | flat | 8q | HELD | |
| AMPLIFY ETF TR | IDVO | $310.6K | 7,476 | flat | 2q | +1.4%+$4.2K | |
| ISHARES TR | IYR | $310.5K | 3,267 | +0.03pp | 7q | +58.5%+$114.6K | |
| ISHARES TR | PFF | $306.4K | 10,386 | flat | 21q | +6.9%+$19.9K | |
| INVESCO EXCH TRADED FD TR II | SOXQ | $304.3K | 3,061 | -0.04pp | 2q | -20.7%-$79.3K | |
| INVESCO EXCH TRADED FD TR II | QQQM | $301.9K | 991 | -0.03pp | 2q | -25.9%-$105.4K | |
| FIRST TR EXCHNG TRADED FD VI | BUFR | $299.9K | 8,004 | -0.07pp | 14q | -43.5%-$230.4K | |
| FIRST TR EXCHANGE-TRADED FD | QTEC | $293.5K | 890 | flat | 11q | +6.5%+$17.8K | |
| ISHARES TR | ISCB | $277.0K | 3,891 | -0.02pp | 21q | -10.5%-$32.5K | |
| FIRST TR EXCHNG TRADED FD VI | UCON | $275.4K | 11,596 | flat | 20q | +1.2%+$3.2K | |
| AMERICAN CENTY ETF TR | AVDV | $273.8K | 2,503 | - | new | NEW | |
| BLACKROCK ETF TRUST II | BINC | $273.6K | 5,386 | flat | 5q | +1.3%+$3.6K | |
| ISHARES TR | IGIB | $267.8K | 5,319 | flat | 21q | +0.9%+$2.3K | |
| NUSHARES ETF TR | NUSC | $257.5K | 5,306 | -0.01pp | 17q | HELD | |
| FIRST TR EXCH TRADED FD III | FMHI | $255.1K | 5,688 | flat | 16q | +1.2%+$3.0K | |
| ISHARES TR | IJT | $254.9K | 1,590 | -0.01pp | 4q | +0.5%+$1.3K | |
| INVESTMENT MANAGERS SER TR I | SNXX | $250.7K | 15,031 | -0.63pp | 3q | -73.0%-$679.3K | |
| AMPLIFY ETF TR | DIVO | $246.1K | 5,293 | - | new | NEW | |
| T ROWE PRICE EXCHANGE-TRADED | TFLR | $240.3K | 4,758 | - | new | NEW | |
| ISHARES TR | IEI | $240.1K | 2,117 | flat | 21q | +0.7%+$1.7K | |
| GOLDMAN SACHS PHYSICAL GOLD | AAAU | $228.2K | 5,571 | flat | 17q | HELD | |
| ISHARES TR | EFG | $210.5K | 1,756 | -0.01pp | 3q | -11.0%-$26.0K | |
| VANGUARD INDEX FDS | VBK | $206.8K | 612 | - | new | NEW | |
| SPDR INDEX SHS FDS | FEZ | $206.3K | 3,064 | flat | 3q | +4.1%+$8.1K | |
| FIRST TR EXCH TRADED FD III | FMB | $204.9K | 4,282 | flat | 21q | +0.8%+$1.7K | |
| BLACKROCK ETF TRUST II | SHYM | $204.5K | 9,565 | - | new | NEW | |
| TRUST FOR PROFESSIONAL MANAG | APIE | $202.0K | 5,250 | - | new | NEW | |
| VANECK ETF TRUST | MLN | $174.1K | 10,664 | - | new | NEW |
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 |
|---|---|---|
| Funds & ETFs | $9.2M | 2.8% |
| Other sectors | $2.3M | 0.7% |
| Not classified | $318.2M | 96.5% |
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 | -3.6% | +2.1% | -5.8% | 99% |
| Q2 2026 | +11.7% | +14.8% | -3.2% | 100% |
| Q1 2026 | -1.3% | -4.6% | +3.3% | 100% |
| Q4 2025 | +1.4% | +2.4% | -1.0% | 100% |
| Q3 2025 | +6.0% | +7.8% | -1.8% | 100% |
| Q2 2025 | +6.7% | +10.5% | -3.7% | 100% |
| Q1 2025 | -1.9% | -4.6% | +2.7% | 100% |
| Q4 2024 | -1.1% | +2.1% | -3.2% | 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 | $329.7M | 184 | 13 | 98 | 46 | 6 | 29.7% | 15 |
| Q2 2026 | $331.2M | 177 | 10 | 85 | 59 | 7 | 29.5% | 15 |
| Q1 2026 | $276.1M | 174 | 12 | 48 | 94 | 15 | 29.6% | 42 |
| Q4 2025 | $298.6M | 177 | 8 | 70 | 80 | 9 | 31.4% | 13 |
| Q3 2025 | $326.7M | 178 | 9 | 42 | 112 | 31 | 32.0% | 41 |
| Q2 2025 | $361.2M | 200 | 3 | 67 | 110 | 18 | 30.6% | 14 |
| Q1 2025 | $391.2M | 215 | 13 | 87 | 80 | 3 | 31.9% | 9 |
| Q4 2024 | $401.5M | 205 | 4 | 118 | 55 | 7 | 33.6% | 34 |
| Q3 2024 | $394.6M | 208 | 14 | 94 | 65 | 1 | 33.9% | 43 |
| Q2 2024 | $365.0M | 195 | 12 | 85 | 78 | 4 | 34.7% | 43 |
| Q1 2024 | $359.2M | 187 | 13 | 98 | 58 | 2 | 35.5% | 15 |
| Q4 2023 | $315.9M | 176 | 25 | 79 | 62 | 7 | 34.9% | 19 |
| Q3 2023 | $263.0M | 158 | 15 | 69 | 58 | 10 | 36.9% | 18 |
| Q2 2023 | $265.8M | 153 | 9 | 41 | 93 | 12 | 38.7% | 42 |
| Q1 2023 | $275.1M | 156 | 3 | 32 | 103 | 6 | 40.0% | 40 |
| Q4 2022 | $284.6M | 159 | 6 | 0 | 153 | 125 | 40.1% | 44 |
| Q3 2022 | $266.3M | 278 | 135 | 143 | 0 | 1 | 40.5% | 46 |
| Q2 2022 | $270.5M | 144 | 7 | 54 | 56 | 6 | 42.2% | 20 |
| Q1 2022 | $318.1M | 143 | 14 | 73 | 44 | 4 | 43.6% | 35 |
| Q4 2021 | $325.9M | 133 | 4 | 72 | 44 | 106 | 44.6% | 26 |
| Q3 2021 | $300.4M | 235 | 0 | 0 | 0 | 0 | 43.1% | 33 |
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.