DaveManuel.com · Institutional Ownership · 13F Holdings

TRUST CO OF VERMONT

Reported holdings as of Q3 2026, from 31 quarterly filings.

CIK

1134008

Reported value

$2.8B

Positions

1,376

Top 10 weight

34.8%

Filed

2026-10-21

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
APPLE INC	AAPL	$194.2M	583,081	6.94%	+0.62pp	31q	HELD
MICROSOFT CORP	MSFT	$133.7M	260,756	4.78%	+1.24pp	31q	+2.5%+$3.3M
ALPHABET INC	GOOG	$125.7M	368,945	4.49%	-0.36pp	31q	HELD
AMAZON COM INC	AMZN	$87.5M	351,034	3.12%	+0.09pp	31q	+2.7%+$2.3M
NVIDIA CORPORATION	NVDA	$85.6M	374,883	3.06%	+0.35pp	31q	+3.1%+$2.6M
PALO ALTO NETWORKS INC	PANW	$80.9M	203,528	2.89%	+0.30pp	31q	HELD
JPMORGAN CHASE & CO	JPM	$71.3M	215,573	2.55%	-0.08pp	31q	HELD
BERKSHIRE HATHAWAY INC DEL	BRKB	$67.4M	135,255	2.41%	+0.01pp	31q	+5.3%+$3.4M
VANGUARD INDEX FDS	VOO	$64.5M	92,067	2.31%	+0.27pp	31q	+15.9%+$8.8M
APPLIED MATLS INC	AMAT	$62.9M	122,925	2.25%	-0.98pp	31q	+2.7%+$1.6M
JOHNSON & JOHNSON	JNJ	$56.8M	214,433	2.03%	+0.02pp	31q	+1.1%+$640.7K
META PLATFORMS INC	META	$51.5M	71,019	1.84%	+0.38pp	31q	+2.4%+$1.2M
COSTCO WHOLESALE CORPORATION	COST	$48.3M	53,102	1.73%	-0.10pp	31q	+1.5%+$731.0K
VANGUARD MALVERN FDS	VTIP	$47.4M	963,484	1.69%	+0.01pp	31q	+7.0%+$3.1M
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$47.3M	103,720	1.69%	-0.10pp	16q	+3.2%+$1.5M
ABBVIE INC	ABBV	$42.1M	160,893	1.50%	-0.02pp	31q	-1.0%-$407.3K
THERMO FISHER SCIENTIFIC INC	TMO	$34.5M	51,145	1.23%	+0.29pp	31q	+1.2%+$425.3K
VANGUARD WORLD FD	VHT	$34.2M	108,074	1.22%	+0.10pp	7q	+7.3%+$2.3M
NEXTERA ENERGY INC	NEE	$33.2M	437,821	1.18%	-0.22pp	31q	+2.0%+$658.3K
ISHARES TR	IJH	$32.9M	457,047	1.17%	-0.07pp	31q	+5.8%+$1.8M
MASTERCARD INCORPORATED	MA	$30.9M	55,990	1.10%	+0.02pp	31q	-0.5%-$164.3K
ALPHABET INC	GOOGL	$30.3M	88,141	1.08%	-0.12pp	31q	-2.5%-$789.7K
BLACKROCK INC	BLK	$29.9M	28,239	1.07%	+0.08pp	7q	+2.0%+$594.8K
VANGUARD INTL EQUITY INDEX F	VEU	$29.5M	355,153	1.05%	+0.07pp	31q	+13.0%+$3.4M
VISA INC	V	$27.9M	77,683	1.00%	+0.03pp	31q	+3.3%+$886.1K
EMERSON ELEC CO	EMR	$26.4M	170,484	0.94%	+0.05pp	31q	+2.2%+$565.3K
ANALOG DEVICES INC	ADI	$25.9M	65,179	0.92%	-0.05pp	31q	-0.9%-$244.4K
RTX CORPORATION	RTX	$25.7M	138,279	0.92%	-0.06pp	10q	HELD
PROCTER & GAMBLE CO	PG	$24.5M	168,622	0.88%	-0.04pp	31q	HELD
ISHARES TR	IJR	$24.2M	177,951	0.86%	-0.09pp	31q	+3.0%+$695.3K
EATON CORP PLC	ETN	$23.5M	54,677	0.84%	-0.02pp	31q	+1.2%+$274.2K
CISCO SYS INC	CSCO	$22.3M	207,382	0.80%	-0.10pp	31q	+0.9%+$203.6K
ISHARES TR	SGOV	$21.4M	212,203	0.76%	+0.29pp	7q	+68.6%+$8.7M
BROADCOM INC	AVGO	$20.7M	59,013	0.74%	+0.04pp	31q	+18.9%+$3.3M
UNION PAC CORP	UNP	$20.4M	74,967	0.73%	-0.03pp	31q	HELD
LOWES COS INC	LOW	$20.1M	109,033	0.72%	-0.20pp	31q	-2.8%-$581.8K
ECOLAB INC	ECL	$20.0M	72,792	0.71%	-0.03pp	31q	+2.0%+$395.9K
CHEVRON CORPORATION	CVX	$19.7M	96,643	0.71%	+0.11pp	31q	HELD
EXXONMOBIL HOLDINGS CORP	XOM	$19.2M	117,679	0.68%	-	new	NEW
CME GROUP INC	CME	$18.5M	70,630	0.66%	+0.09pp	31q	+2.1%+$376.2K
ABBOTT LABORATORIES	ABT	$18.4M	186,472	0.66%	+0.01pp	31q	-2.4%-$456.6K
VANGUARD TAX-MANAGED FDS	VEA	$16.8M	238,563	0.60%	+0.01pp	31q	+6.7%+$1.1M
HOME DEPOT INC	HD	$16.7M	58,783	0.60%	-0.18pp	31q	-0.6%-$93.0K
WALMART INC	WMT	$16.6M	160,066	0.59%	-0.08pp	31q	HELD
REALTY INCOME CORP	O	$16.5M	302,978	0.59%	-0.10pp	31q	+2.4%+$382.3K
MERCK & CO INC	MRK	$15.7M	108,036	0.56%	+0.05pp	31q	+1.5%+$232.6K
SALESFORCE INC	CRM	$15.2M	66,417	0.54%	+0.09pp	31q	-15.4%-$2.8M
AUTOMATIC DATA PROCESSING IN	ADP	$13.9M	53,900	0.50%	+0.04pp	31q	-2.3%-$325.7K
PEPSICO INC	PEP	$13.3M	104,731	0.47%	-0.08pp	31q	-5.2%-$727.8K
VANGUARD INDEX FDS	VTI	$13.1M	34,893	0.47%	flat	31q	+3.5%+$437.5K
DEERE CO	DE	$12.7M	18,892	0.45%	+0.02pp	31q	+3.6%+$437.9K
VANGUARD SCOTTSDALE FDS	VGSH	$12.0M	207,976	0.43%	+0.02pp	7q	+11.9%+$1.3M
AIR PRODUCTS AND CHEMICALS I	APD	$11.9M	42,705	0.42%	-0.04pp	31q	HELD
VANGUARD SPECIALIZED FUNDS	VIG	$11.6M	49,569	0.41%	-0.01pp	31q	+3.2%+$353.2K
STATE STR SPDR S&P 500 ETF T	SPY	$11.4M	14,911	0.41%	-0.01pp	31q	-0.8%-$87.7K
CATERPILLAR INC	CAT	$10.7M	13,257	0.38%	-0.09pp	31q	+10.8%+$1.0M
VANGUARD INTL EQUITY INDEX F	VWO	$10.5M	177,698	0.38%	flat	31q	+6.0%+$601.2K
TJX COS INC NEW	TJX	$10.4M	78,922	0.37%	-0.07pp	31q	+1.5%+$151.9K
MCDONALDS CORP	MCD	$10.1M	43,725	0.36%	-0.10pp	31q	-4.3%-$453.3K
BOOKING HOLDINGS INC	BKNG	$10.1M	61,853	0.36%	-0.05pp	31q	+1.0%+$98.9K
ILLINOIS TOOL WKS INC	ITW	$10.0M	38,982	0.36%	-0.04pp	31q	-0.9%-$91.8K
ELI LILLY & CO	LLY	$10.0M	8,606	0.36%	-0.03pp	31q	+0.9%+$89.1K
CHENIERE ENERGY INC	LNG	$9.9M	36,866	0.35%	+0.04pp	25q	+5.3%+$496.4K
PROLOGIS INC.	PLD	$9.9M	76,359	0.35%	-0.01pp	17q	+4.9%+$463.0K
INVESCO QQQ TR	QQQ	$9.6M	13,042	0.34%	flat	31q	+2.5%+$239.7K
AMGEN INC	AMGN	$9.6M	22,811	0.34%	+0.04pp	31q	HELD
INTERNATIONAL BUSINESS MACHS	IBM	$9.4M	42,921	0.34%	-0.11pp	31q	HELD
HONEYWELL INTL INC	HON	$9.4M	44,647	0.34%	-	new	NEW
CUMMINS INC	CMI	$9.4M	18,229	0.34%	-0.12pp	31q	+7.1%+$623.5K
NORFOLK SOUTHN CORP	NSC	$9.0M	29,203	0.32%	-0.02pp	31q	-0.7%-$60.9K
ISHARES TR	IVV	$8.9M	11,609	0.32%	-0.03pp	31q	-5.4%-$507.8K
ENBRIDGE INC	ENB	$8.7M	186,811	0.31%	-0.07pp	31q	HELD
INTERCONTINENTAL EXCHANGE IN	ICE	$8.4M	55,365	0.30%	+0.04pp	31q	-2.3%-$196.4K
STRYKER CORPORATION	SYK	$8.3M	29,984	0.29%	-0.07pp	31q	-4.5%-$391.6K
CHURCH & DWIGHT CO INC	CHD	$8.1M	85,665	0.29%	-0.01pp	31q	+4.2%+$324.2K
LAM RESEARCH CORP	LRCX	$8.0M	24,368	0.29%	-0.05pp	7q	+18.9%+$1.3M
STARBUCKS CORP	SBUX	$7.7M	81,603	0.27%	-0.04pp	31q	-1.4%-$108.1K
AMERICAN EXPRESS CO	AXP	$7.5M	24,563	0.27%	-0.04pp	31q	HELD
LOCKHEED MARTIN CORP	LMT	$7.3M	14,364	0.26%	-0.01pp	31q	HELD
MICRON TECHNOLOGY INC	MU	$7.1M	6,629	0.25%	+0.10pp	17q	+93.7%+$3.4M
US BANCORP	USB	$6.7M	116,822	0.24%	+0.10pp	31q	+83.5%+$3.1M
ACCENTURE PLC IRELAND	ACN	$6.7M	36,762	0.24%	+0.05pp	31q	-8.4%-$621.1K
ORACLE CORP	ORCL	$6.7M	48,972	0.24%	-0.01pp	31q	+5.0%+$319.8K
VANGUARD WORLD FD	VGT	$6.7M	53,013	0.24%	+0.01pp	19q	+5.4%+$339.2K
NOVARTIS AG	NVS	$6.6M	46,234	0.24%	-0.04pp	31q	HELD
CORTEVA INC	CTVA	$6.6M	84,668	0.23%	-0.08pp	27q	-14.8%-$1.1M
CHUBB LIMITED	CB	$6.4M	19,689	0.23%	-0.03pp	31q	-1.4%-$93.7K
WASTE MGMT INC DEL	WM	$6.2M	30,509	0.22%	-0.03pp	31q	HELD
TORONTO DOMINION BK ONT	TD	$6.1M	52,189	0.22%	-0.02pp	31q	HELD
INTUIT	INTU	$5.8M	21,165	0.21%	-0.06pp	31q	-23.4%-$1.8M
VANGUARD BD INDEX FDS	BND	$5.8M	82,382	0.21%	-0.01pp	31q	+6.5%+$353.1K
BECTON DICKINSON CO	BDX	$5.7M	31,898	0.20%	+0.02pp	31q	-3.3%-$197.1K
S&P GLOBAL INC	SPGI	$5.2M	13,303	0.19%	+0.04pp	31q	+41.4%+$1.5M
COCA COLA CO	KO	$5.2M	60,889	0.19%	+0.01pp	31q	+5.9%+$290.7K
ALLSTATE CORP	ALL	$5.2M	23,556	0.19%	-0.02pp	31q	HELD
AMERICAN TOWER CORP	AMT	$5.1M	30,853	0.18%	-0.03pp	31q	-10.0%-$559.0K
UBER TECHNOLOGIES INC	UBER	$4.9M	71,795	0.18%	+0.03pp	10q	+33.0%+$1.2M
BANK OF AMER CORP	BAC	$4.7M	87,231	0.17%	-0.02pp	31q	-3.1%-$150.4K
INTEL CORP	INTC	$4.7M	39,424	0.17%	-0.05pp	31q	-6.5%-$330.9K
TEXAS INSTRS INC	TXN	$4.7M	16,921	0.17%	+0.01pp	31q	+14.7%+$606.1K
WILLIAMS SONOMA INC	WSM	$4.6M	20,004	0.16%	-	new	NEW
VERIZON COMMUNICATIONS INC	VZ	$4.5M	98,683	0.16%	+0.01pp	31q	+1.3%+$56.2K
PENSKE AUTOMOTIVE GRP INC	PAG	$4.5M	22,462	0.16%	+0.01pp	31q	-0.5%-$24.6K
SPDR GOLD TR	GLD	$4.5M	11,692	0.16%	flat	31q	+1.0%+$45.7K
DANAHER CORP DEL	DHR	$4.4M	20,035	0.16%	+0.01pp	31q	-3.2%-$146.4K
VANGUARD WHITEHALL FDS	VYM	$4.3M	27,761	0.15%	-0.01pp	31q	HELD
M & T BK CORP	MTB	$4.3M	19,660	0.15%	-0.04pp	31q	-11.0%-$529.2K
PFIZER INC	PFE	$4.3M	149,045	0.15%	+0.01pp	31q	-6.1%-$276.2K
MONDELEZ INTL INC	MDLZ	$4.1M	70,375	0.15%	-0.01pp	31q	-1.9%-$80.4K
LINDE PLC	LIN	$4.1M	8,570	0.15%	-0.02pp	14q	HELD
CAPITAL ONE FINL CORP	COF	$3.8M	19,627	0.14%	-0.01pp	31q	+1.4%+$52.1K
VANGUARD INDEX FDS	VO	$3.7M	47,591	0.13%	flat	31q	+4.9%+$174.3K
ADVANCED MICRO DEVICES INC	AMD	$3.7M	6,084	0.13%	+0.01pp	17q	+5.0%+$177.4K
GE AEROSPACE	GE	$3.7M	11,789	0.13%	-0.02pp	20q	+9.1%+$306.4K
DISNEY WALT CO	DIS	$3.6M	34,437	0.13%	flat	31q	-1.5%-$55.7K
CSX CORP	CSX	$3.4M	72,783	0.12%	-0.01pp	31q	+0.6%+$19.3K
SCHWAB STRATEGIC TR	SCHD	$3.2M	97,534	0.11%	+0.10pp	19q	+827.0%+$2.8M
BRISTOL-MYERS SQUIBB CO	BMY	$3.1M	49,287	0.11%	flat	31q	HELD
ALTRIA GROUP INC	MO	$3.0M	44,833	0.11%	-0.01pp	31q	+3.2%+$94.3K
BAR HBR BANKSHARES	BHB	$3.0M	76,391	0.11%	flat	17q	HELD
GE VERNOVA INC	GEV	$2.8M	2,976	0.10%	-0.02pp	9q	+10.6%+$271.8K
WATERS CORP	WAT	$2.8M	6,273	0.10%	+0.01pp	31q	+0.8%+$21.5K
FLEXSHARES TR	QDF	$2.7M	30,128	0.10%	flat	31q	HELD
MEDTRONIC PLC	MDT	$2.7M	31,393	0.10%	flat	31q	-8.8%-$262.4K
CHARLES SCHWAB CORP (THE)	SCHW	$2.7M	27,457	0.10%	+0.01pp	17q	+6.8%+$170.0K
TESLA INC	TSLA	$2.6M	7,307	0.09%	-0.02pp	31q	+2.6%+$66.3K
ISHARES TR	IWM	$2.5M	9,005	0.09%	+0.01pp	31q	+21.9%+$449.3K
NIKE INC	NKE	$2.5M	70,053	0.09%	+0.03pp	31q	+78.0%+$1.1M
PAYCHEX INC	PAYX	$2.5M	25,049	0.09%	-0.01pp	31q	-7.0%-$186.0K
THE CIGNA GROUP	CI	$2.5M	9,067	0.09%	-0.07pp	31q	-40.9%-$1.7M
CVS HEALTH CORP	CVS	$2.5M	28,760	0.09%	-0.02pp	31q	HELD
MORGAN STANLEY	MS	$2.5M	13,091	0.09%	-0.01pp	31q	+1.6%+$39.3K
COLGATE PALMOLIVE CO	CL	$2.4M	28,222	0.09%	-0.01pp	31q	+5.6%+$127.7K
VANGUARD INDEX FDS	VTV	$2.4M	11,099	0.09%	-0.01pp	31q	-7.4%-$192.3K
UNITEDHEALTH GROUP INC	UNH	$2.3M	6,334	0.08%	-0.02pp	31q	-1.9%-$45.9K
TRAVELERS COMPANIES INC	TRV	$2.3M	6,521	0.08%	+0.01pp	31q	+3.8%+$85.9K
ISHARES TR	IEFA	$2.3M	23,917	0.08%	flat	17q	-1.4%-$33.5K
AT&T INC	T	$2.3M	94,323	0.08%	+0.01pp	31q	+2.6%+$57.6K
VANGUARD CHARLOTTE FDS	BNDX	$2.3M	48,894	0.08%	-0.01pp	5q	HELD
GENERAL DYNAMICS CORP	GD	$2.3M	6,901	0.08%	-0.01pp	31q	+0.8%+$17.6K
SERVICENOW INC	NOW	$2.3M	17,019	0.08%	+0.06pp	17q	+184.9%+$1.5M
CROWN HLDGS INC	CCK	$2.2M	21,314	0.08%	-0.01pp	31q	-2.1%-$48.4K
ISHARES TR	EFA	$2.2M	21,254	0.08%	-0.01pp	31q	-8.0%-$192.4K
ATMOS ENERGY CORP	ATO	$2.2M	13,872	0.08%	-0.01pp	31q	-0.5%-$11.9K
3M CO	MMM	$2.1M	12,974	0.08%	flat	31q	+7.3%+$144.5K
PORTLAND GEN ELEC CO	POR	$2.1M	47,707	0.08%	flat	31q	+20.1%+$356.6K
VANGUARD INDEX FDS	VB	$2.1M	7,463	0.08%	flat	31q	+5.4%+$108.1K
STONEX GROUP INC	SNEX	$2.0M	31,556	0.07%	-0.02pp	24q	-2.1%-$42.7K
KLA CORP	KLAC	$2.0M	10,441	0.07%	-0.05pp	19q	-0.9%-$19.3K
AUTODESK INC	ADSK	$2.0M	9,722	0.07%	-0.02pp	31q	-23.6%-$626.6K
SOUTHERN CO	SO	$2.0M	24,366	0.07%	-0.01pp	31q	+5.4%+$103.8K
TARGET CORP	TGT	$2.0M	12,806	0.07%	+0.01pp	31q	HELD
QUALCOMM INC	QCOM	$2.0M	10,902	0.07%	flat	31q	+2.2%+$43.1K
ARROW FINL CORP	AROW	$2.0M	54,365	0.07%	-0.01pp	31q	HELD
ADOBE INC	ADBE	$2.0M	8,332	0.07%	flat	31q	-9.1%-$199.2K
MARATHON PETE CORP	MPC	$1.9M	4,913	0.07%	+0.02pp	31q	+0.8%+$15.0K
PHILIP MORRIS INTL INC	PM	$1.9M	10,180	0.07%	flat	31q	HELD
CARRIER GLOBAL CORPORATION	CARR	$1.9M	35,111	0.07%	-0.03pp	25q	-3.7%-$73.3K
INVESCO EXCHANGE TRADED FD T	RSP	$1.9M	9,245	0.07%	flat	31q	+13.9%+$234.9K
GILEAD SCIENCES INC	GILD	$1.9M	12,663	0.07%	+0.01pp	31q	+2.6%+$48.3K
CONOCOPHILLIPS	COP	$1.9M	15,014	0.07%	+0.01pp	31q	+4.5%+$80.3K
NETFLIX INC.	NFLX	$1.9M	26,809	0.07%	+0.01pp	31q	+17.2%+$273.6K
ISHARES TR	IJK	$1.9M	16,895	0.07%	-0.01pp	31q	HELD
BANK OF NY MELLON CORP	BNY	$1.8M	12,671	0.07%	flat	31q	+3.8%+$67.1K
TPG INC	TPG	$1.8M	41,118	0.06%	-0.03pp	7q	-35.4%-$992.2K
SCHWAB STRATEGIC TR	SCHB	$1.8M	61,174	0.06%	flat	10q	HELD
LIBERTY MEDIA CORP DEL	FWONK	$1.8M	18,966	0.06%	flat	2q	+5.0%+$83.7K
PARKER HANNIFIN CORP	PH	$1.8M	1,833	0.06%	flat	31q	+3.7%+$62.1K
VANGUARD INDEX FDS	VBR	$1.7M	7,479	0.06%	-0.01pp	26q	+1.2%+$21.0K
VANGUARD WHITEHALL FDS	VIGI	$1.7M	18,290	0.06%	flat	8q	HELD
VANGUARD INDEX FDS	VOE	$1.7M	8,827	0.06%	flat	31q	+1.3%+$21.5K
MCCORMICK & CO INC	MKC	$1.7M	37,104	0.06%	+0.01pp	31q	+40.5%+$496.5K
PHILLIPS 66	PSX	$1.7M	6,712	0.06%	+0.02pp	31q	+4.0%+$65.9K
DUKE ENERGY CORP NEW	DUK	$1.7M	14,931	0.06%	-0.01pp	31q	+4.2%+$69.3K
AFLAC INC	AFL	$1.7M	15,161	0.06%	-0.01pp	31q	HELD
CORNING INC	GLW	$1.7M	10,805	0.06%	-0.03pp	31q	+10.0%+$150.4K
ISHARES TR	IJJ	$1.7M	12,012	0.06%	-0.01pp	27q	HELD
EBAY INC.	EBAY	$1.7M	15,579	0.06%	-0.01pp	31q	HELD
ISHARES INC	IEMG	$1.7M	20,338	0.06%	flat	17q	+3.0%+$48.5K
VANGUARD INDEX FDS	VUG	$1.6M	18,034	0.06%	flat	31q	+0.9%+$14.7K
STATE STR SPDR S&P MIDCAP 40	MDY	$1.6M	2,466	0.06%	-0.01pp	31q	HELD
INTUITIVE SURGICAL INC	ISRG	$1.6M	3,972	0.06%	flat	31q	-6.0%-$102.5K
UNILEVER PLC	UL	$1.6M	26,371	0.06%	flat	3q	-1.6%-$26.6K
AMERIPRISE FINL INC	AMP	$1.5M	3,123	0.05%	flat	31q	HELD
DIGITAL RLTY TR INC	DLR	$1.5M	8,560	0.05%	flat	31q	-1.3%-$19.5K
SPDR SERIES TRUST	SDY	$1.5M	10,198	0.05%	-0.01pp	31q	-2.4%-$36.8K
BROOKFIELD CORP	BN	$1.5M	40,348	0.05%	-0.01pp	15q	-4.8%-$73.8K
ROCKWELL AUTOMATION INC	ROK	$1.5M	3,362	0.05%	-0.01pp	31q	+1.3%+$19.2K
FIRST SOLAR INC	FSLR	$1.4M	8,237	0.05%	-0.02pp	31q	+1.2%+$16.5K
TEXAS PACIFIC LAND CORPORATI	TPL	$1.4M	4,367	0.05%	-0.02pp	10q	HELD
AUTOZONE INC	AZO	$1.4M	490	0.05%	-0.01pp	31q	HELD
VERISIGN INC	VRSN	$1.4M	4,917	0.05%	flat	31q	+0.9%+$11.8K
DEVON ENERGY CORP NEW	DVN	$1.4M	29,673	0.05%	+0.01pp	8q	+5.6%+$72.1K
PUBLIC STORAGE	PSA	$1.4M	4,816	0.05%	+0.02pp	31q	+93.2%+$657.0K
VANGUARD INTL EQUITY INDEX F	VT	$1.3M	8,145	0.05%	flat	17q	-2.2%-$28.9K
TRUIST FINL CORP	TFC	$1.2M	26,614	0.04%	flat	27q	+4.6%+$54.1K
COMCAST CORP NEW	CMCSA	$1.2M	56,077	0.04%	-0.02pp	31q	-18.9%-$284.8K
MARRIOTT INTL INC NEW	MAR	$1.2M	3,363	0.04%	flat	31q	+0.5%+$6.0K
CROWDSTRIKE HLDGS INC	CRWD	$1.2M	4,504	0.04%	+0.01pp	17q	+3.5%+$40.2K
GOLDMAN SACHS GROUP INC	GS	$1.2M	1,297	0.04%	-0.01pp	31q	+0.9%+$10.8K
BERKLEY W R CORP	WRB	$1.1M	16,852	0.04%	flat	31q	-0.5%-$5.9K
ISHARES TR	IWF	$1.1M	8,803	0.04%	flat	17q	-3.2%-$36.2K
PAYPAL HLDGS INC	PYPL	$1.1M	20,719	0.04%	+0.01pp	31q	-0.8%-$9.0K
MSC INDL DIRECT INC	MSM	$1.1M	8,733	0.04%	flat	31q	HELD
SHELL PLC	SHEL	$1.1M	11,220	0.04%	+0.02pp	18q	+55.1%+$379.1K
KIMBERLY CLARK CORP	KMB	$1.1M	10,859	0.04%	-0.01pp	31q	-5.3%-$59.3K
MARKEL GROUP INC	MKL	$1.0M	605	0.04%	-0.01pp	31q	HELD
VANGUARD INDEX FDS	VV	$1.0M	2,920	0.04%	flat	31q	HELD
INVESCO EXCH TRADED FD TR II	TAN	$1.0M	23,048	0.04%	-0.02pp	31q	-1.2%-$12.0K
CLOROX CO DEL	CLX	$1.0M	12,378	0.04%	-0.01pp	31q	+5.3%+$50.6K
ISHARES TR	EEM	$1.0M	14,985	0.04%	flat	31q	-2.0%-$20.2K
VANGUARD BD INDEX FDS	BSV	$984.5K	12,886	0.04%	flat	31q	-1.8%-$18.3K
Dominion Energy, Inc.	D	$983.9K	16,258	0.04%	-0.01pp	31q	+0.7%+$6.9K
ISHARES TR	DVY	$978.6K	6,435	0.03%	flat	19q	HELD
NOVO-NORDISK A S	NVO	$969.8K	25,581	0.03%	-0.01pp	31q	-1.9%-$18.5K
SELECT SECTOR SPDR TR	XLK	$962.7K	4,918	0.03%	flat	17q	HELD
STATE STR CORP	STT	$961.3K	5,506	0.03%	flat	17q	+2.9%+$27.1K
SIMON PPTY GROUP INC NEW	SPG	$954.2K	4,753	0.03%	flat	31q	+1.7%+$15.9K
VANGUARD BD INDEX FDS	BIV	$928.4K	12,742	0.03%	flat	31q	-3.1%-$29.9K
CARDINAL HEALTH INC	CAH	$902.5K	4,056	0.03%	-0.01pp	17q	-3.6%-$33.4K
DOVER CORP	DOV	$881.0K	4,710	0.03%	-0.01pp	31q	-3.0%-$27.5K
VANGUARD WORLD FD	VFH	$855.6K	6,577	0.03%	flat	7q	HELD
NUCOR CORP	NUE	$848.7K	3,631	0.03%	flat	31q	+1.3%+$10.5K
ISHARES TR	ICLN	$845.8K	49,750	0.03%	-0.01pp	12q	+5.8%+$46.6K
VANGUARD INDEX FDS	VNQ	$844.4K	9,421	0.03%	flat	17q	+8.0%+$62.4K
SPDR SERIES TRUST	SPYX	$834.2K	13,351	0.03%	flat	31q	+18.0%+$127.3K
WELLS FARGO & CO	WFC	$831.6K	10,388	0.03%	flat	31q	+2.6%+$21.0K
SYSCO CORP	SYY	$828.9K	10,632	0.03%	flat	31q	HELD
PRICE T ROWE GROUP INC	TROW	$825.7K	7,936	0.03%	flat	31q	-1.7%-$14.0K
ISHARES TR	IWN	$811.2K	3,873	0.03%	flat	31q	HELD
ISHARES TR	IWD	$802.3K	3,236	0.03%	flat	17q	HELD
ISHARES TR	REET	$790.0K	30,645	0.03%	flat	12q	-1.2%-$9.7K
PNC FINL SVCS GROUP INC	PNC	$771.9K	3,473	0.03%	-0.01pp	31q	-3.9%-$31.6K
MSILF TREASURY SECURITIES INST		$771.4K	771,439	0.03%	-	new	NEW
BERKSHIRE HATHAWAY INC DEL	BRKA	$747.0K	1	0.03%	flat	10q	HELD
OTIS WORLDWIDE CORP	OTIS	$739.1K	11,491	0.03%	-0.01pp	25q	-5.2%-$40.7K
LABCORP HOLDINGS INC	LH	$735.5K	2,387	0.03%	flat	9q	+0.5%+$4.0K
VERTIV HOLDINGS CO	VRT	$728.0K	3,017	0.03%	-0.01pp	3q	+10.6%+$69.7K
VANGUARD INTL EQUITY INDEX F	VSS	$726.9K	4,682	0.03%	flat	17q	HELD
MOODYS CORP	MCO	$707.5K	1,558	0.03%	flat	31q	+3.2%+$22.3K
STATE STR SPDR DOW JONES IND	DIA	$699.8K	1,376	0.02%	flat	17q	HELD
XYLEM INC	XYL	$699.0K	6,902	0.02%	-0.01pp	31q	-3.5%-$25.0K
FEDEX CORP	FDX	$689.1K	2,417	0.02%	flat	31q	+1.6%+$10.5K
ISHARES TR	DGRO	$688.9K	9,138	0.02%	flat	11q	HELD
ISHARES TR	IUSG	$682.2K	3,521	0.02%	flat	7q	+13.7%+$82.0K
UNION BANKSHARES INC	UNB	$674.4K	29,323	0.02%	flat	31q	HELD
ISHARES TR	SUSA	$671.6K	4,314	0.02%	flat	31q	+1.4%+$9.5K
ISHARES SILVER TR	SLV	$662.0K	12,144	0.02%	flat	17q	-3.0%-$20.7K
CANADIAN NATL RY CO	CNI	$657.2K	5,527	0.02%	flat	31q	HELD
ISHARES TR	QUAL	$656.5K	2,954	0.02%	flat	29q	HELD
GENUINE PARTS CO	GPC	$648.2K	5,155	0.02%	flat	31q	-0.8%-$5.0K
CONSOLIDATED EDISON INC	ED	$635.1K	6,214	0.02%	flat	31q	+8.9%+$52.1K
COMMUNITY FINANCIAL SYSTEM I	CBU	$615.4K	10,336	0.02%	flat	31q	-3.3%-$21.1K
HEWLETT PACKARD ENTERPRISE C	HPE	$615.2K	9,629	0.02%	+0.01pp	17q	+2.4%+$14.7K
ISHARES TR	EFG	$606.0K	5,057	0.02%	flat	8q	HELD
AMPHENOL CORP	APH	$593.6K	7,041	0.02%	flat	17q	+11.1%+$59.3K
NXP SEMICONDUCTORS N V	NXPI	$585.0K	2,463	0.02%	flat	31q	HELD
T MOBILE US INC	TMUS	$579.6K	3,554	0.02%	-0.10pp	17q	-81.7%-$2.6M
ISHARES TR	IVW	$571.9K	4,020	0.02%	flat	17q	+2.0%+$11.4K
BOEING CO	BA	$571.0K	3,069	0.02%	flat	31q	+5.4%+$29.2K
MATCH GROUP INC NEW	MTCH	$565.8K	14,093	0.02%	flat	10q	+5.8%+$30.8K
SMUCKER J M CO	SJM	$565.7K	4,757	0.02%	+0.02pp	31q	+356.5%+$441.8K
NORTHROP GRUMMAN CORP	NOC	$561.8K	1,162	0.02%	flat	31q	+2.6%+$14.0K
ISHARES TR	DSI	$555.6K	3,801	0.02%	flat	31q	HELD
PROGRESSIVE CORP	PGR	$541.7K	2,613	0.02%	flat	19q	+4.5%+$23.2K
ISHARES TR	EFV	$530.3K	6,701	0.02%	flat	14q	HELD
INVESCO EXCH TRADED FD TR II	SPLV	$527.4K	7,480	0.02%	flat	31q	HELD
AGILENT TECHNOLOGIES INC	A	$520.4K	3,020	0.02%	flat	31q	-3.2%-$17.1K
ROSS STORES INC	ROST	$520.0K	2,228	0.02%	flat	15q	+2.4%+$12.4K
DIAGEO PLC	DEO	$513.9K	6,004	0.02%	flat	31q	-9.6%-$54.7K
VANGUARD WORLD FD	VOX	$492.1K	2,582	0.02%	flat	7q	HELD
MCKESSON CORP	MCK	$478.1K	560	0.02%	flat	17q	+0.9%+$4.3K
VALERO ENERGY CORP	VLO	$470.2K	1,213	0.02%	+0.01pp	17q	+8.6%+$37.2K
AIRBNB INC	ABNB	$465.1K	2,895	0.02%	+0.01pp	11q	+34.3%+$118.9K
TE CONNECTIVITY PLC	TEL	$463.7K	2,197	0.02%	flat	7q	+1.2%+$5.3K
ISHARES TR	IWB	$461.1K	1,108	0.02%	+0.01pp	10q	+59.0%+$171.0K
VANGUARD SCOTTSDALE FDS	VCIT	$454.2K	5,800	0.02%	flat	10q	-2.6%-$12.2K
VANGUARD INDEX FDS	VXF	$451.0K	1,947	0.02%	flat	17q	-1.6%-$7.2K
SCHWAB STRATEGIC TR	SCHF	$449.2K	16,354	0.02%	flat	23q	HELD
ISHARES TR	IWO	$448.6K	1,257	0.02%	flat	31q	-1.3%-$5.7K
AMERICAN ELEC PWR CO INC	AEP	$447.9K	3,775	0.02%	flat	19q	+8.0%+$33.2K
ISHARES TR	TIP	$444.6K	4,273	0.02%	flat	17q	+2.0%+$8.5K
PACCAR INC	PCAR	$438.7K	3,995	0.02%	flat	17q	+4.9%+$20.3K
PROVIDENT FINL SVCS INC	PFS	$437.4K	19,745	0.02%	flat	31q	HELD
INVESCO ACTVELY MNGD ETC FD	PDBC	$434.0K	22,486	0.02%	flat	11q	-2.1%-$9.4K
UNITED PARCEL SVCS INC	UPS	$431.2K	4,615	0.02%	flat	31q	+3.7%+$15.3K
PPG INDS INC	PPG	$431.1K	4,132	0.02%	flat	31q	HELD
HERSHEY CO	HSY	$430.1K	2,729	0.02%	flat	31q	+14.6%+$54.8K
ISHARES TR	IVE	$424.6K	1,860	0.02%	flat	17q	HELD
ISHARES TR	OEF	$421.1K	1,102	0.02%	flat	5q	HELD
FORTINET INC	FTNT	$418.7K	2,342	0.01%	flat	13q	+6.4%+$25.0K
VANGUARD WORLD FD	VPU	$417.8K	2,443	0.01%	flat	7q	HELD
ISHARES TR	USMV	$413.0K	4,238	0.01%	flat	31q	+5.6%+$21.7K
DUPONT DE NEMOURS INC	DD	$409.8K	3,155	0.01%	flat	2q	+1.9%+$7.5K
ISHARES GOLD TR	IAU	$405.3K	5,190	0.01%	flat	12q	HELD
FRANCO NEV CORP	FNV	$390.0K	1,638	0.01%	flat	10q	+6.5%+$23.8K
PUBLIC SVC ENTERPRISE GROUP	PEG	$387.3K	5,751	0.01%	flat	19q	+66.2%+$154.3K
GRAYSCALE BITCOIN TRUST ETF	GBTC	$386.6K	5,985	0.01%	flat	2q	HELD
DORCHESTER MINERALS LP	DMLP	$386.0K	13,766	0.01%	flat	10q	HELD
ISHARES TR	IUSV	$382.2K	3,466	0.01%	flat	17q	+4.0%+$14.6K
FREEPORT-MCMORAN INC	FCX	$381.6K	5,452	0.01%	flat	17q	+8.1%+$28.6K
MATSON INC	MATX	$380.9K	1,734	0.01%	flat	19q	HELD
ROPER TECHNOLOGIES INC	ROP	$374.2K	1,071	0.01%	flat	17q	HELD
PRESTIGE CONSMR HEALTHCARE I	PBH	$359.8K	7,843	0.01%	flat	28q	-7.1%-$27.5K
MICROCHIP TECHNOLOGY INC.	MCHP	$357.0K	4,590	0.01%	flat	17q	+3.4%+$11.7K
GENERAL MILLS INC	GIS	$355.6K	11,056	0.01%	flat	31q	+1.2%+$4.1K
EASTGROUP PPTYS INC	EGP	$353.6K	1,791	0.01%	+0.01pp	8q	+4268.3%+$345.5K
ISHARES TR	IJT	$347.6K	2,168	0.01%	flat	17q	HELD
ISHARES TR	IWS	$337.2K	2,098	0.01%	flat	17q	+0.7%+$2.3K
CITIGROUP INC	C	$332.9K	2,571	0.01%	flat	31q	+14.0%+$40.9K
SS&C TECH HLDGS	SSNC	$328.2K	4,258	0.01%	flat	18q	-1.0%-$3.5K
PALANTIR TECHNOLOGIES INC	PLTR	$327.1K	1,749	0.01%	+0.01pp	8q	+42.5%+$97.6K
QUEST DIAGNOSTICS INC	DGX	$326.8K	1,402	0.01%	flat	17q	+3.1%+$9.8K
YUM! BRANDS INC	YUM	$326.0K	2,391	0.01%	flat	31q	+92.4%+$156.5K
DELL TECHNOLOGIES INC	DELL	$323.3K	601	0.01%	flat	8q	+27.9%+$70.5K
INVESCO EXCH TRADED FD TR II	PBD	$323.0K	19,238	0.01%	flat	31q	-1.4%-$4.5K
ISHARES TR	IWR	$322.2K	3,019	0.01%	flat	31q	HELD
FISERV INC	FISV	$319.0K	7,060	0.01%	flat	17q	HELD
HP INC	HPQ	$315.8K	10,096	0.01%	flat	31q	-1.1%-$3.6K
GALLAGHER ARTHUR J CO	AJG	$315.7K	1,384	0.01%	flat	17q	+5.0%+$15.1K
ISHARES TR	ESGD	$311.3K	3,021	0.01%	flat	17q	+1.6%+$5.0K
WISDOMTREE TR	DLN	$308.2K	3,171	0.01%	+0.01pp	10q	+1189.0%+$284.3K
METTLER TOLEDO INTERNATIONAL	MTD	$302.2K	200	0.01%	flat	31q	+2.6%+$7.6K
NASDAQ INC	NDAQ	$300.1K	3,262	0.01%	flat	10q	+5.5%+$15.6K
BLACKSTONE INC	BX	$294.2K	2,625	0.01%	flat	17q	+42.4%+$87.7K
VANGUARD SCOTTSDALE FDS	VTWG	$293.2K	1,125	0.01%	-	new	NEW
ISHARES TR	IWP	$293.1K	2,129	0.01%	flat	17q	+0.7%+$2.1K
ENTERGY CORP NEW	ETR	$290.6K	2,928	0.01%	flat	10q	+7.6%+$20.4K
UNIVEST FINANCIAL CORPORATIO	UVSP	$287.0K	7,004	0.01%	flat	17q	HELD
METLIFE INC	MET	$283.5K	3,011	0.01%	flat	17q	+5.3%+$14.3K
FIRST TR EXCHANGE-TRADED FD	FAN	$281.1K	12,392	0.01%	flat	31q	HELD
CONSTELLATION ENERGY CORP	CEG	$279.9K	1,102	0.01%	flat	10q	+7.9%+$20.6K
JOHNSON CONTROLS INTERNATION	JCI	$279.5K	1,880	0.01%	flat	17q	+1.5%+$4.2K
EOG RES INC	EOG	$277.6K	2,015	0.01%	flat	17q	+4.5%+$12.0K
SPDR SERIES TRUST	SPYM	$276.6K	3,081	0.01%	flat	2q	+32.1%+$67.2K
ISHARES TR	HDV	$276.4K	9,885	0.01%	-0.01pp	8q	-38.7%-$174.8K
EDWARDS LIFESCIENCES CORP	EW	$274.7K	3,182	0.01%	flat	17q	+2.5%+$6.7K
ISHARES TR	AGG	$274.0K	2,898	0.01%	flat	17q	-4.8%-$13.7K
ISHARES TR	SCZ	$272.9K	3,233	0.01%	flat	6q	-7.2%-$21.1K
HOWMET AEROSPACE INC	HWM	$272.5K	1,205	0.01%	flat	17q	+3.9%+$10.2K
ARISTA NETWORKS INC	ANET	$266.9K	1,311	0.01%	flat	7q	+16.2%+$37.3K
CINCINNATI FINL CORP	CINF	$263.0K	1,650	0.01%	flat	17q	HELD
BOSTON BEER INC	SAM	$259.2K	1,580	0.01%	flat	31q	HELD
REPUBLIC SVCS INC	RSG	$256.3K	1,221	0.01%	flat	17q	+7.5%+$17.8K
FASTENAL CO	FAST	$254.7K	5,143	0.01%	flat	17q	+12.8%+$29.0K
SYNCHRONY FINANCIAL	SYF	$253.0K	3,565	0.01%	flat	31q	+3.3%+$8.2K
SPDR SERIES TRUST	SPYG	$251.9K	2,047	0.01%	flat	12q	HELD
INVESCO EXCHANGE TRADED FD T	PKW	$250.5K	1,751	0.01%	flat	17q	HELD
OCCIDENTAL PETE CORP	OXY	$249.5K	4,511	0.01%	flat	17q	+4.4%+$10.6K
NEWMONT CORP	NEM	$248.3K	2,153	0.01%	flat	17q	-8.3%-$22.4K
VERALTO CORP	VLTO	$245.2K	2,600	0.01%	flat	11q	+2.4%+$5.8K
SELECT SECTOR SPDR TR	XLY	$237.3K	2,180	0.01%	flat	17q	HELD
MARVELL TECHNOLOGY INC	MRVL	$237.3K	898	0.01%	flat	10q	+14.7%+$30.4K
CENCORA INC	COR	$236.9K	789	0.01%	flat	17q	+5.1%+$11.4K
SPDR SERIES TRUST	SLYV	$236.3K	2,313	0.01%	flat	8q	HELD
SPDR SERIES TRUST	XBI	$235.7K	1,495	0.01%	flat	31q	+4.8%+$10.9K
SANOFI SA	SNY	$234.1K	5,679	0.01%	flat	31q	+14.3%+$29.4K
PC CONNECTION INC	CNXN	$233.6K	2,589	0.01%	+0.01pp	3q	+1001.7%+$212.4K
WISDOMTREE TR	AIVL	$230.3K	1,800	0.01%	flat	21q	HELD
O'REILLY AUTOMOTIVE INC	ORLY	$228.6K	2,677	0.01%	flat	17q	+5.0%+$10.8K
CHIPOTLE MEXICAN GRILL INC	CMG	$228.4K	7,150	0.01%	flat	31q	-3.5%-$8.4K
ISHARES TR	SHY	$228.2K	2,810	0.01%	flat	9q	+9.2%+$19.2K
ISHARES TR	MBB	$228.0K	2,544	0.01%	flat	4q	HELD
VANGUARD INTL EQUITY INDEX F	VGK	$227.3K	2,619	0.01%	flat	10q	-3.7%-$8.7K
GRIFFON CORP	GFF	$226.1K	2,430	0.01%	flat	17q	HELD
FORTUNE BRANDS INNOVATIONS I	FBIN	$224.3K	5,896	0.01%	flat	31q	+5.8%+$12.2K
CANADIAN PACIFIC KANSAS CITY	CP	$223.5K	2,626	0.01%	flat	13q	+4.6%+$9.9K
NUSHARES ETF TR	NULG	$222.7K	1,959	0.01%	flat	7q	HELD
SLB LIMITED	SLB	$222.7K	4,571	0.01%	flat	17q	+12.3%+$24.4K
VANGUARD WORLD FD	ESGV	$219.7K	1,621	0.01%	flat	17q	HELD
WW GRAINGER INC	GWW	$219.3K	176	0.01%	flat	31q	+0.6%+$1.2K
SOUTHERN COPPER CORP	SCCO	$217.4K	1,073	0.01%	flat	31q	-2.9%-$6.5K
TREX INC	TREX	$216.7K	4,975	0.01%	flat	31q	HELD
VANGUARD SCOTTSDALE FDS	VONG	$216.6K	1,680	0.01%	flat	12q	+4.9%+$10.2K
VANECK ETF TRUST	GDX	$215.0K	2,449	0.01%	flat	5q	-7.3%-$16.9K
KINDER MORGAN INC DEL	KMI	$214.5K	7,113	0.01%	flat	8q	+13.2%+$25.1K
VERTEX PHARMACEUTICALS INC	VRTX	$213.3K	408	0.01%	flat	17q	+13.3%+$25.1K
INVESCO EXCH TRADED FD TR II	QQQM	$212.6K	698	0.01%	flat	5q	+4.8%+$9.7K
PIMCO ETF TR	MINO	$208.6K	4,898	0.01%	-	new	NEW
ISHARES TR	MUB	$207.0K	2,047	0.01%	-0.02pp	10q	-67.6%-$431.7K
AMERICAN CENTY ETF TR	AVUV	$206.9K	1,757	0.01%	flat	10q	-9.3%-$21.2K
MONOLITHIC PWR SYS INC	MPWR	$200.7K	149	0.01%	flat	17q	+6.4%+$12.1K
TEJON RANCH CO	TRC	$200.4K	12,353	0.01%	-	new	NEW
ISHARES TR	SOXX	$199.0K	350	0.01%	flat	17q	-12.5%-$28.4K
OLD REP INTL CORP	ORI	$198.0K	5,308	0.01%	flat	13q	+6.1%+$11.4K
AMERICAN WTR WKS CO INC NEW	AWK	$193.8K	1,497	0.01%	flat	31q	+7.5%+$13.5K
BOSTON SCIENTIFIC CORP	BSX	$190.1K	4,356	0.01%	flat	17q	-6.8%-$13.8K
WEC ENERGY GROUP INC	WEC	$189.8K	1,883	0.01%	flat	17q	+4.1%+$7.6K
TRANE TECHNOLOGIES PLC	TT	$188.9K	418	0.01%	flat	17q	+10.0%+$17.2K
VANGUARD INDEX FDS	VBK	$187.5K	555	0.01%	flat	10q	+0.9%+$1.7K
ISHARES TR	CRBN	$185.4K	724	0.01%	-	new	NEW
DOW HLDGS INC	DOW	$185.2K	6,723	0.01%	flat	29q	+2.2%+$4.0K
ISHARES TR	ITA	$185.0K	893	0.01%	flat	17q	HELD
APTARGROUP INC	ATR	$184.3K	1,521	0.01%	flat	11q	HELD
ISHARES TR	IOO	$184.0K	1,278	0.01%	flat	10q	HELD
ADVANCED DRAIN SYS INC DEL	WMS	$182.2K	1,438	0.01%	flat	9q	+3.3%+$5.8K
WARNER BROS DISCOVERY INC	WBD	$181.2K	5,853	0.01%	flat	17q	-16.3%-$35.2K
ONEOK INC NEW	OKE	$180.8K	2,120	0.01%	-	new	NEW
ISHARES TR	MTUM	$178.7K	563	0.01%	flat	17q	HELD
FIDELITY COVINGTON TRUST	FTEC	$177.3K	591	0.01%	+0.01pp	2q	+491.0%+$147.3K

Showing the largest 400 of 1,376 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
Software & IT Services	$393.9M	14.1%
Computer Hardware	$309.0M	11.0%
Semiconductors & Electronics	$303.5M	10.8%
Retail & Consumer	$232.5M	8.3%
Biotech & Pharma	$174.9M	6.2%
Banks & Lending	$119.3M	4.3%
Insurance	$93.7M	3.3%
Industrials	$84.7M	3.0%
Business Services	$84.3M	3.0%
Chemicals	$78.1M	2.8%
Capital Markets	$77.0M	2.8%
Energy	$61.8M	2.2%
Other sectors	$344.7M	12.3%
Not classified	$441.9M	15.8%

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	+1.9%	+2.1%	-0.2%	100%
Q1 2026	-2.6%	-4.6%	+2.0%	100%
Q4 2025	+2.1%	+2.4%	-0.2%	100%
Q3 2025	+6.1%	+7.8%	-1.7%	100%
Q2 2025	+5.7%	+10.5%	-4.8%	100%
Q1 2025	-2.1%	-4.6%	+2.5%	100%
Q4 2024	-0.4%	+2.1%	-2.6%	100%
Q3 2024	+6.8%	+5.4%	+1.3%	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	$2.8B	1,376	277	424	153	55	34.8%	21
Q2 2026	$2.7B	1,154	145	329	283	122	33.3%	38
Q4 2025	$2.4B	1,131	105	254	212	68	33.0%	16
Q3 2025	$2.3B	1,094	111	209	221	102	32.8%	14
Q2 2025	$2.1B	1,085	111	194	200	57	31.5%	18
Q1 2025	$2.0B	1,031	57	158	275	77	30.0%	24
Q4 2024	$2.1B	1,051	89	217	218	101	31.2%	15
Q3 2024	$2.0B	1,063	223	264	184	61	29.8%	16
Q2 2024	$1.8B	901	106	196	201	51	31.3%	9
Q1 2024	$1.8B	846	136	297	120	89	28.6%	33
Q4 2023	$1.5B	799	105	110	322	118	28.9%	68
Q3 2023	$1.5B	812	57	135	240	72	28.2%	58
Q2 2023	$1.5B	827	54	152	228	97	27.6%	17
Q1 2023	$1.4B	870	46	188	188	45	25.8%	7
Q4 2022	$1.4B	869	68	152	221	157	24.1%	40
Q3 2022	$1.3B	958	121	243	158	50	25.7%	24
Q2 2022	$1.3B	887	580	111	116	2	24.5%	20
Q1 2022	$1.5B	309	3	100	115	492	26.2%	5
Q4 2021	$1.6B	798	498	106	94	1	24.8%	21
Q3 2021	$1.4B	301	1	102	109	475	24.5%	22
Q2 2021	$1.4B	775	51	213	153	31	24.0%	15
Q1 2021	$1.3B	755	41	120	227	36	23.3%	16
Q4 2020	$1.3B	750	46	199	164	37	24.4%	34
Q3 2020	$1.1B	741	34	127	209	49	24.9%	37
Q2 2020	$1.0B	756	36	82	374	140	24.3%	17
Q1 2020	$1.1B	860	54	220	233	105	22.6%	24
Q4 2019	$1.3B	911	57	124	190	130	21.0%	37
Q3 2019	$1.2B	984	57	166	225	86	19.8%	24
Q2 2019	$1.2B	1,013	92	197	188	50	20.0%	26
Q1 2019	$1.2B	971	81	164	373	91	20.0%	31
Q4 2018	$1.0B	981	0	0	0	0	20.3%	30

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.