DaveManuel.com · Institutional Ownership · 13F Holdings

Welch Group, LLC

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

CIK

1443095

Reported value

$2.9B

Positions

319

Top 10 weight

32.5%

Filed

2026-10-29

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
APPLE INC	AAPL	$123.5M	370,890	4.21%	+0.53pp	32q	-0.5%-$633.1K
MICROSOFT CORP	MSFT	$114.8M	223,862	3.91%	+1.11pp	32q	+1.9%+$2.1M
ABBVIE INC	ABBV	$97.4M	372,315	3.32%	+0.13pp	32q	HELD
CISCO SYS INC	CSCO	$95.5M	886,905	3.25%	-0.38pp	32q	-2.2%-$2.1M
JOHNSON & JOHNSON	JNJ	$93.6M	353,576	3.19%	+0.10pp	32q	-0.8%-$769.9K
JPMORGAN CHASE & CO	JPM	$91.5M	276,650	3.12%	+0.03pp	32q	HELD
CHEVRON CORPORATION	CVX	$88.8M	434,666	3.03%	+0.58pp	32q	+0.6%+$525.8K
RTX CORPORATION	RTX	$85.7M	461,868	2.92%	-0.07pp	26q	HELD
EXXONMOBIL HOLDINGS CORP	XOM	$84.5M	519,238	2.88%	-	new	NEW
QUALCOMM INC	QCOM	$77.2M	419,312	2.63%	+0.02pp	27q	+1.5%+$1.1M
SERVISFIRST BANCSHARES INC	SFBS	$75.4M	1,885,113	2.57%	-0.27pp	32q	-1.8%-$1.4M
EMERSON ELEC CO	EMR	$72.6M	467,818	2.47%	+0.19pp	32q	HELD
TEXAS INSTRS INC	TXN	$70.7M	252,500	2.41%	-0.19pp	31q	-1.2%-$843.6K
INTERNATIONAL BUSINESS MACHS	IBM	$68.1M	309,743	2.32%	-0.57pp	32q	+2.8%+$1.8M
LOCKHEED MARTIN CORP	LMT	$67.7M	132,853	2.31%	+0.04pp	32q	+2.0%+$1.3M
NEXTERA ENERGY INC	NEE	$66.6M	878,931	2.27%	-0.30pp	32q	+2.4%+$1.6M
SOUTHERN CO	SO	$66.2M	798,749	2.26%	-0.32pp	32q	+1.4%+$904.2K
PFIZER INC	PFE	$64.8M	2,271,062	2.21%	+0.40pp	32q	+3.5%+$2.2M
CINCINNATI FINL CORP	CINF	$63.4M	397,611	2.16%	-0.34pp	32q	HELD
TRUIST FINL CORP	TFC	$63.1M	1,362,301	2.15%	-0.13pp	28q	+1.7%+$1.1M
GALLAGHER ARTHUR J CO	AJG	$60.4M	264,798	2.06%	flat	32q	+1.0%+$583.3K
HOME DEPOT INC	HD	$58.6M	205,961	2.00%	-0.42pp	32q	+2.8%+$1.6M
VERIZON COMMUNICATIONS INC	VZ	$56.4M	1,229,866	1.92%	+0.19pp	32q	+2.4%+$1.3M
PROCTER & GAMBLE CO	PG	$56.4M	387,878	1.92%	+0.02pp	32q	+2.2%+$1.2M
CONSOLIDATED EDISON INC	ED	$55.2M	539,917	1.88%	-0.13pp	32q	+1.3%+$704.0K
COLGATE PALMOLIVE CO	CL	$54.7M	641,292	1.87%	-0.12pp	32q	+1.1%+$599.6K
MCDONALDS CORP	MCD	$54.2M	234,482	1.85%	-0.23pp	32q	+4.3%+$2.2M
PAYCHEX INC	PAYX	$50.2M	509,897	1.71%	+0.02pp	32q	+1.3%+$622.5K
AMERICAN ELEC PWR CO INC	AEP	$46.8M	394,440	1.60%	-0.20pp	32q	+2.6%+$1.2M
KIMBERLY CLARK CORP	KMB	$46.0M	472,336	1.57%	-0.16pp	32q	+2.3%+$1.0M
PEPSICO INC	PEP	$44.8M	353,597	1.53%	-0.07pp	32q	+2.1%+$928.0K
NVIDIA CORPORATION PUT	NVDA	$40.1M	174,663	1.37%	+0.17pp	32q	HELD
ADVANCED MICRO DEVICES INC	AMD	$33.7M	55,084	1.15%	flat	15q	-3.4%-$1.2M
CATERPILLAR INC	CAT	$31.7M	39,135	1.08%	-0.31pp	32q	+2.5%+$788.1K
MICRON TECHNOLOGY INC	MU	$29.8M	27,997	1.02%	-0.08pp	32q	HELD
COCA COLA CO	KO	$24.4M	283,086	0.83%	+0.05pp	32q	+1.1%+$267.0K
PIMCO ETF TR	PYLD	$24.0M	943,528	0.82%	-0.01pp	4q	+3.3%+$759.5K
ALPHABET INC	GOOGL	$22.2M	64,381	0.76%	-0.03pp	27q	+2.1%+$445.2K
AMAZON COM INC	AMZN	$20.0M	80,392	0.68%	+0.12pp	32q	+15.4%+$2.7M
PALO ALTO NETWORKS INC	PANW	$19.9M	50,104	0.68%	+0.08pp	5q	-2.8%-$567.4K
DEERE CO	DE	$19.3M	28,771	0.66%	+0.05pp	32q	+2.3%+$437.9K
ELI LILLY & CO	LLY	$18.6M	16,100	0.64%	+0.02pp	32q	+6.9%+$1.2M
VISA INC PUT	V	$17.5M	46,743	0.60%	+0.06pp	32q	+6.2%+$1.0M
GOLDMAN SACHS GROUP INC	GS	$15.3M	17,022	0.52%	-0.04pp	32q	+4.0%+$593.3K
META PLATFORMS INC	META	$15.3M	21,054	0.52%	+0.14pp	32q	+7.4%+$1.1M
ISHARES TR	IVV	$14.1M	18,390	0.48%	+0.01pp	16q	+0.9%+$120.2K
TARGET CORP	TGT	$13.5M	86,059	0.46%	+0.09pp	32q	+2.7%+$352.6K
BROADCOM INC PUT	AVGO	$13.1M	36,673	0.45%	-0.01pp	9q	+4.7%+$590.7K
APPLIED MATLS INC	AMAT	$13.1M	25,558	0.45%	-0.17pp	11q	+6.2%+$758.9K
ORACLE CORP	ORCL	$12.0M	87,507	0.41%	+0.01pp	32q	+10.4%+$1.1M
MASTERCARD INCORPORATED	MA	$12.0M	21,758	0.41%	+0.04pp	32q	+4.5%+$511.2K
TJX COS INC NEW	TJX	$11.5M	86,680	0.39%	-0.02pp	32q	+8.1%+$864.3K
BLACKSTONE INC	BX	$10.7M	95,571	0.37%	+0.01pp	27q	+9.0%+$888.5K
SHERWIN WILLIAMS CO	SHW	$10.7M	33,043	0.36%	flat	32q	+6.6%+$663.3K
STRYKER CORPORATION	SYK	$9.6M	34,897	0.33%	-0.02pp	32q	+8.3%+$738.9K
CARRIER GLOBAL CORPORATION	CARR	$9.3M	169,400	0.32%	-0.07pp	13q	+10.3%+$864.3K
GLOBE LIFE INC	GL	$7.5M	45,498	0.26%	-0.02pp	29q	-1.0%-$77.5K
TESLA INC	TSLA	$6.8M	19,026	0.23%	-0.05pp	14q	+15.4%+$901.2K
VULCAN MATLS CO	VMC	$6.7M	27,466	0.23%	-0.05pp	32q	HELD
VANGUARD INDEX FDS	VOO	$6.0M	8,590	0.21%	+0.01pp	27q	+1.2%+$68.7K
AMERICAN EXPRESS CO	AXP	$5.8M	18,979	0.20%	-0.02pp	32q	HELD
MERCK & CO INC	MRK	$5.5M	37,868	0.19%	+0.02pp	27q	+1.7%+$92.6K
WORLD GOLD TR	GLDM	$5.5M	66,568	0.19%	+0.03pp	5q	+17.1%+$797.2K
ALPHABET INC	GOOG	$5.4M	15,791	0.18%	+0.02pp	27q	+16.8%+$775.5K
WALMART INC	WMT	$5.1M	49,503	0.18%	-0.02pp	32q	-2.3%-$121.8K
NORFOLK SOUTHN CORP	NSC	$4.5M	14,606	0.15%	flat	32q	HELD
PHILIP MORRIS INTL INC	PM	$4.2M	21,943	0.14%	+0.01pp	32q	+0.9%+$37.4K
REGIONS FINANCIAL CORP NEW	RF	$4.1M	153,064	0.14%	-0.01pp	32q	+1.9%+$75.1K
STATE STR SPDR S&P 500 ETF T	SPY	$3.9M	5,070	0.13%	-0.06pp	16q	-31.0%-$1.7M
AFLAC INC	AFL	$3.6M	31,981	0.12%	-0.03pp	20q	-16.8%-$722.2K
INVESCO QQQ TR	QQQ	$3.5M	4,749	0.12%	+0.01pp	24q	+7.2%+$234.5K
SPDR GOLD TR	GLD	$3.0M	8,007	0.10%	flat	16q	-7.2%-$235.4K
ALTRIA GROUP INC	MO	$2.9M	42,344	0.10%	-0.01pp	32q	HELD
MUELLER INDS INC	MLI	$2.7M	45,288	0.09%	flat	23q	+2.9%+$78.1K
PINNACLE FINL PARTNERS INC	PNFP	$2.6M	27,731	0.09%	flat	3q	+3.3%+$82.2K
WELLTOWER INC	WELL	$2.5M	10,731	0.08%	flat	23q	HELD
BANK OF NY MELLON CORP	BNY	$2.5M	16,944	0.08%	flat	12q	HELD
MODINE MFG CO	MOD	$2.4M	13,000	0.08%	-0.04pp	12q	HELD
ISHARES TR	SHY	$2.3M	28,686	0.08%	flat	12q	-0.8%-$19.8K
CRANE COMPANY	CR	$2.3M	11,117	0.08%	-0.01pp	15q	+1.1%+$23.9K
VANGUARD SCOTTSDALE FDS	VGSH	$2.2M	39,034	0.08%	-0.05pp	8q	-40.2%-$1.5M
PALANTIR TECHNOLOGIES INC	PLTR	$2.2M	11,731	0.07%	+0.03pp	8q	+2.5%+$54.2K
AT&T INC	T	$2.1M	86,414	0.07%	+0.01pp	32q	HELD
VANGUARD INDEX FDS	VUG	$2.1M	23,383	0.07%	+0.03pp	14q	+82.3%+$951.2K
VANGUARD INDEX FDS	VTI	$2.0M	5,291	0.07%	+0.01pp	16q	+14.5%+$250.7K
WELLS FARGO & CO	WFC	$2.0M	24,715	0.07%	flat	23q	HELD
WATTS WATER TECHNOLOGIES INC	WTS	$2.0M	5,537	0.07%	-0.01pp	23q	+2.5%+$48.5K
ISHARES TR	IEI	$1.9M	16,916	0.07%	+0.02pp	5q	+35.3%+$500.9K
COSTCO WHOLESALE CORPORATION	COST	$1.9M	2,093	0.06%	flat	21q	-1.0%-$19.1K
SELECT SECTOR SPDR TR	XLK	$1.9M	9,562	0.06%	+0.02pp	16q	+33.0%+$463.9K
BANCO BILBAO VIZCAYA ARGENTA	BBVA	$1.9M	66,881	0.06%	+0.01pp	32q	HELD
BANK OF AMER CORP	BAC	$1.7M	31,901	0.06%	flat	32q	+0.5%+$8.8K
REPUBLIC SVCS INC	RSG	$1.7M	8,140	0.06%	flat	27q	HELD
GENUINE PARTS CO	GPC	$1.7M	13,579	0.06%	flat	25q	HELD
VANGUARD WORLD FD	VGT	$1.7M	13,571	0.06%	+0.03pp	25q	+83.8%+$777.5K
WASTE MGMT INC DEL	WM	$1.7M	8,231	0.06%	-0.01pp	25q	HELD
VANECK ETF TRUST	SMH	$1.7M	2,719	0.06%	flat	14q	HELD
GRACO INC	GGG	$1.6M	20,648	0.05%	flat	23q	HELD
CONOCOPHILLIPS	COP	$1.6M	12,402	0.05%	+0.01pp	23q	+7.5%+$108.1K
ABBOTT LABORATORIES	ABT	$1.5M	15,273	0.05%	flat	32q	-1.6%-$24.6K
DUKE ENERGY CORP NEW	DUK	$1.5M	13,080	0.05%	-0.01pp	27q	HELD
INTEL CORP	INTC	$1.5M	12,142	0.05%	flat	32q	+7.6%+$103.2K
VANGUARD SCOTTSDALE FDS	VONE	$1.5M	4,222	0.05%	flat	27q	HELD
AON PLC	AON	$1.4M	5,152	0.05%	-0.01pp	25q	HELD
NORTHROP GRUMMAN CORP	NOC	$1.3M	2,770	0.05%	flat	32q	HELD
STATE STR CORP	STT	$1.3M	7,635	0.05%	flat	23q	HELD
NEWMONT CORP	NEM	$1.3M	11,478	0.05%	+0.01pp	10q	-4.9%-$67.6K
GATX CORP	GATX	$1.3M	7,545	0.04%	flat	16q	HELD
ROYAL BK CDA	RY	$1.3M	6,475	0.04%	flat	32q	HELD
MARATHON PETE CORP	MPC	$1.3M	3,207	0.04%	+0.02pp	15q	+48.2%+$412.4K
ONEOK INC NEW	OKE	$1.2M	14,520	0.04%	-	new	NEW
ENPRO INC	NPO	$1.2M	4,000	0.04%	-0.01pp	12q	HELD
ATLANTA BRAVES HLDGS INC	BATRA	$1.2M	20,974	0.04%	flat	10q	HELD
TEXTRON INC	TXT	$1.2M	15,879	0.04%	-0.01pp	23q	+3.1%+$36.5K
VANGUARD STAR FDS	VXUS	$1.2M	14,239	0.04%	flat	5q	+7.6%+$85.0K
EATON CORP PLC	ETN	$1.2M	2,796	0.04%	flat	14q	-10.3%-$137.5K
BLACKROCK INC	BLK	$1.2M	1,110	0.04%	flat	7q	+0.5%+$6.3K
O'REILLY AUTOMOTIVE INC	ORLY	$1.2M	13,694	0.04%	flat	11q	HELD
CHUBB LIMITED	CB	$1.2M	3,583	0.04%	flat	25q	+11.8%+$123.3K
VANGUARD WHITEHALL FDS	VYM	$1.2M	7,506	0.04%	flat	27q	HELD
VANGUARD INDEX FDS	VTV	$1.1M	5,299	0.04%	+0.02pp	11q	+172.0%+$724.1K
ENERGY TRANSFER L P	ET	$1.1M	56,875	0.04%	+0.02pp	9q	+66.0%+$447.0K
UNITED RENTALS INC	URI	$1.1M	1,104	0.04%	-0.01pp	15q	-2.2%-$25.0K
SPDR SERIES TRUST	BIL	$1.1M	11,993	0.04%	flat	18q	+1.0%+$10.6K
MONDELEZ INTL INC	MDLZ	$1.1M	18,970	0.04%	flat	27q	HELD
ARCOSA INC	ACA	$1.1M	7,502	0.04%	flat	14q	HELD
ISHARES SILVER TR	SLV	$1.0M	19,022	0.04%	flat	16q	-11.8%-$138.5K
NOVARTIS AG	NVS	$1.0M	7,262	0.04%	flat	32q	HELD
GE VERNOVA INC	GEV	$1.0M	1,082	0.04%	flat	6q	+39.1%+$289.1K
DIAMONDBACK ENERGY INC	FANG	$1.0M	5,477	0.03%	flat	22q	-1.8%-$18.6K
ISHARES TR	DVY	$997.3K	6,558	0.03%	+0.01pp	16q	+23.0%+$186.4K
MADISON SQUARE GRDN SPRT COR	MSGS	$988.3K	2,439	0.03%	flat	10q	HELD
VANGUARD SPECIALIZED FUNDS	VIG	$973.9K	4,174	0.03%	flat	23q	+2.6%+$24.3K
BRISTOL-MYERS SQUIBB CO	BMY	$948.5K	15,200	0.03%	+0.01pp	32q	+15.4%+$126.9K
DISNEY WALT CO	DIS	$935.8K	8,921	0.03%	flat	32q	HELD
LAM RESEARCH CORP	LRCX	$932.9K	2,840	0.03%	-0.01pp	5q	+12.0%+$99.9K
GE AEROSPACE	GE	$926.7K	2,968	0.03%	-0.01pp	7q	+1.0%+$9.4K
PHILLIPS 66	PSX	$912.4K	3,574	0.03%	+0.01pp	20q	+14.6%+$116.4K
SELECT SECTOR SPDR TR	XLP	$880.2K	10,920	0.03%	+0.01pp	4q	+73.9%+$374.0K
IDEX CORP	IEX	$873.6K	3,832	0.03%	flat	23q	+3.4%+$28.5K
UNITED CMNTY BKS BLAIRSVLE G	UCB	$868.7K	26,047	0.03%	flat	19q	HELD
NETFLIX INC.	NFLX	$865.5K	12,439	0.03%	flat	11q	+13.1%+$100.4K
ISHARES TR	IWM	$835.6K	3,007	0.03%	flat	7q	-2.3%-$19.5K
HONEYWELL INTL INC	HON	$821.0K	3,892	0.03%	-	new	NEW
ISHARES TR	IVW	$814.7K	5,727	0.03%	flat	27q	+1.0%+$8.4K
PACER FDS TR	PTLC	$810.1K	13,613	0.03%	flat	15q	HELD
CORNING INC	GLW	$806.2K	5,243	0.03%	-0.02pp	3q	+3.8%+$29.5K
XYLEM INC	XYL	$789.9K	7,800	0.03%	flat	23q	HELD
PNC FINL SVCS GROUP INC	PNC	$788.8K	3,549	0.03%	flat	24q	+17.7%+$118.7K
CNH INDL N V	CNH	$787.6K	61,291	0.03%	flat	23q	+5.5%+$40.8K
GENERAL DYNAMICS CORP	GD	$771.5K	2,325	0.03%	flat	23q	+1.3%+$10.0K
NATIONAL FUEL GAS CO	NFG	$766.8K	10,108	0.03%	flat	10q	HELD
SELECT SECTOR SPDR TR	XLE	$765.6K	12,449	0.03%	flat	25q	-3.9%-$30.9K
BERKSHIRE HATHAWAY INC DEL	BRKA	$747.0K	1	0.03%	flat	3q	HELD
KINDER MORGAN INC DEL	KMI	$744.8K	24,704	0.03%	flat	17q	+13.3%+$87.5K
BOEING CO	BA	$743.9K	3,999	0.03%	flat	27q	-1.2%-$8.9K
VANGUARD INDEX FDS	VO	$742.7K	9,471	0.03%	flat	16q	HELD
YUM! BRANDS INC	YUM	$741.3K	5,437	0.03%	flat	32q	HELD
THERMO FISHER SCIENTIFIC INC	TMO	$735.2K	1,089	0.03%	+0.01pp	5q	+1.8%+$12.8K
HERC HLDGS INC	HRI	$724.2K	5,803	0.02%	flat	17q	HELD
SCHWAB STRATEGIC TR	FNDX	$720.7K	22,902	0.02%	flat	16q	+17.2%+$105.9K
FLOWSERVE CORP	FLS	$720.2K	9,850	0.02%	flat	12q	HELD
GILEAD SCIENCES INC	GILD	$700.4K	4,699	0.02%	flat	20q	HELD
CRESCENT ENERGY COMPANY	CRGY	$689.3K	53,472	0.02%	+0.01pp	20q	+10.5%+$65.4K
REAVES UTIL INCOME FD	UTG	$677.7K	19,729	0.02%	flat	25q	HELD
SIMON PPTY GROUP INC NEW	SPG	$634.3K	3,160	0.02%	flat	16q	-1.7%-$11.0K
RYMAN HOSPITALITY PPTYS INC	RHP	$627.5K	5,250	0.02%	flat	16q	HELD
ENTERGY CORP NEW	ETR	$625.6K	6,303	0.02%	flat	32q	HELD
ISHARES TR	ICSH	$619.5K	12,291	0.02%	-	new	NEW
REGENERON PHARMACEUTICALS	REGN	$613.4K	809	0.02%	flat	5q	-4.7%-$30.3K
PERMIAN BASIN RTY TR	PBT	$607.5K	19,298	0.02%	flat	21q	HELD
VANGUARD WORLD FD	VDE	$604.6K	3,512	0.02%	+0.01pp	16q	+64.0%+$236.0K
VANGUARD INTL EQUITY INDEX F	VWO	$604.5K	10,193	0.02%	flat	6q	HELD
HONEYWELL AEROSPACE INC	HONA	$600.5K	3,875	0.02%	-0.01pp	2q	+2.4%+$13.8K
IRON MTN INC DEL	IRM	$599.5K	5,403	0.02%	flat	16q	+6.6%+$37.1K
Dominion Energy, Inc.	D	$597.2K	9,867	0.02%	flat	32q	HELD
VANGUARD TAX-MANAGED FDS	VEA	$596.1K	8,442	0.02%	flat	5q	-0.8%-$5.0K
SONY GROUP CORP	SONY	$591.9K	25,156	0.02%	flat	10q	HELD
UNION PAC CORP	UNP	$579.2K	2,128	0.02%	flat	20q	+2.1%+$12.0K
CROWDSTRIKE HLDGS INC	CRWD	$576.9K	2,179	0.02%	flat	6q	-9.2%-$58.5K
CARDINAL HEALTH INC	CAH	$575.4K	2,586	0.02%	flat	7q	-4.0%-$23.8K
NORTHERN TR CORP	NTRS	$568.2K	3,355	0.02%	flat	10q	+6.4%+$34.2K
SPACE EXPLORATION TECHN CORP	SPCX	$546.7K	3,624	0.02%	+0.01pp	2q	+79.3%+$241.8K
ISHARES TR	IJH	$541.4K	7,525	0.02%	flat	16q	+35.8%+$142.6K
NUCOR CORP	NUE	$540.3K	2,311	0.02%	flat	22q	-8.0%-$46.8K
TRAVELERS COMPANIES INC	TRV	$538.7K	1,511	0.02%	flat	5q	HELD
SCHWAB STRATEGIC TR	SCHK	$529.1K	14,432	0.02%	flat	16q	HELD
CAPITAL ONE FINL CORP	COF	$516.5K	2,675	0.02%	flat	23q	+10.9%+$50.8K
VALMONT INDS INC	VMI	$513.9K	1,110	0.02%	flat	10q	HELD
EDISON INTL	EIX	$500.9K	9,323	0.02%	-	new	NEW
ISHARES TR	USMV	$497.3K	5,104	0.02%	flat	4q	HELD
INVESCO EXCHANGE TRADED FD T	PRF	$493.5K	9,067	0.02%	flat	16q	-2.3%-$11.9K
ZIMMER BIOMET HOLDINGS INC	ZBH	$493.0K	5,550	0.02%	flat	23q	HELD
TERADYNE INC	TER	$487.9K	1,217	0.02%	flat	3q	+17.8%+$73.8K
ITT INC	ITT	$484.7K	2,402	0.02%	flat	11q	HELD
AMGEN INC	AMGN	$482.1K	1,144	0.02%	flat	11q	-3.3%-$16.4K
IDACORP INC	IDA	$477.9K	3,656	0.02%	flat	20q	HELD
AZZ INC	AZZ	$473.6K	3,524	0.02%	flat	10q	+0.7%+$3.2K
VANGUARD WORLD FD	VFH	$472.3K	3,631	0.02%	+0.01pp	9q	+90.8%+$224.8K
SENSIENT TECHNOLOGIES CORP	SXT	$470.6K	3,600	0.02%	flat	10q	HELD
ISHARES TR	EFA	$469.3K	4,517	0.02%	flat	4q	HELD
GRIFFON CORP	GFF	$465.2K	5,000	0.02%	flat	11q	HELD
NASDAQ INC	NDAQ	$462.7K	5,029	0.02%	flat	23q	HELD
RENAISSANCERE HLDGS LTD	RNR	$461.4K	1,450	0.02%	flat	32q	HELD
MARTIN MARIETTA MATLS INC	MLM	$460.1K	959	0.02%	flat	27q	-4.0%-$19.2K
MORGAN STANLEY	MS	$450.8K	2,397	0.02%	flat	16q	+3.3%+$14.3K
FIRSTENERGY CORP	FE	$446.9K	10,314	0.02%	flat	12q	+0.5%+$2.3K
T ROWE PRICE EXCHANGE-TRADED	TSPA	$445.8K	9,238	0.02%	flat	6q	HELD
SPDR SERIES TRUST	SDY	$440.8K	3,009	0.02%	-	new	NEW
ROSS STORES INC	ROST	$431.8K	1,850	0.01%	flat	9q	+6.4%+$25.9K
ENTERPRISE PRODS PARTNERS L	EPD	$428.8K	12,042	0.01%	flat	32q	-1.6%-$7.1K
CASEYS GEN STORES INC	CASY	$425.9K	700	0.01%	+0.01pp	3q	+133.3%+$243.4K
VANGUARD WORLD FD	MGV	$421.4K	2,616	0.01%	flat	7q	HELD
ISHARES TR	IDV	$417.9K	9,906	0.01%	flat	4q	HELD
AUTOMATIC DATA PROCESSING IN	ADP	$417.5K	1,618	0.01%	flat	32q	-4.5%-$19.9K
MARVELL TECHNOLOGY INC	MRVL	$415.1K	1,571	0.01%	flat	2q	-11.7%-$55.2K
EVERSOURCE ENERGY	ES	$412.7K	6,433	0.01%	flat	10q	+6.8%+$26.3K
TECK RESOURCES LTD	TECK	$412.2K	6,266	0.01%	flat	16q	HELD
SELECT SECTOR SPDR TR	XLV	$407.9K	2,422	0.01%	-	new	NEW
GLOBAL PMTS INC	GPN	$403.0K	4,935	0.01%	flat	20q	-7.0%-$30.4K
HALLIBURTON CO	HAL	$400.5K	12,594	0.01%	flat	11q	+5.5%+$20.7K
3M CO	MMM	$400.1K	2,437	0.01%	flat	6q	HELD
SELECT SECTOR SPDR TR	XLB	$391.0K	8,029	0.01%	-	new	NEW
SHELL PLC	SHEL	$390.7K	4,110	0.01%	flat	11q	+1.0%+$4.0K
VANGUARD WORLD FD	MGK	$377.5K	4,075	0.01%	flat	10q	HELD
ALLSTATE CORP	ALL	$371.1K	1,673	0.01%	flat	9q	+8.7%+$29.7K
ARRAY DIGITAL INFRASTRUCTURE	AD	$370.9K	11,000	0.01%	flat	10q	HELD
AIR PRODUCTS AND CHEMICALS I	APD	$368.1K	1,323	0.01%	flat	26q	+3.3%+$11.7K
UBER TECHNOLOGIES INC	UBER	$356.7K	5,207	0.01%	-	new	NEW
COMCAST CORP NEW	CMCSA	$355.8K	16,351	0.01%	flat	7q	+47.8%+$115.1K
CHEMED CORP NEW	CHE	$354.6K	702	0.01%	flat	11q	+6.4%+$21.2K
HALOZYME THERAPEUTICS INC	HALO	$353.3K	3,200	0.01%	flat	2q	+18.5%+$55.2K
FB FINL CORP	FBK	$352.3K	6,814	0.01%	flat	5q	HELD
XCEL ENERGY INC	XEL	$351.6K	4,989	0.01%	flat	32q	HELD
ISHARES TR	IHI	$345.6K	6,757	0.01%	flat	23q	HELD
ISHARES TR	IJR	$342.9K	2,521	0.01%	flat	6q	+17.1%+$50.2K
DIAGEO PLC	DEO	$339.6K	3,967	0.01%	flat	32q	+0.8%+$2.8K
WISDOMTREE TR	DXJ	$337.6K	1,870	0.01%	-0.01pp	6q	-38.8%-$214.5K
ARISTA NETWORKS INC	ANET	$334.9K	1,645	0.01%	-	new	NEW
CADENCE DESIGN SYSTEM INC	CDNS	$334.5K	1,013	0.01%	flat	6q	HELD
KRYSTAL BIOTECH INC	KRYS	$332.6K	1,000	0.01%	flat	3q	HELD
SLB LIMITED	SLB	$330.7K	6,787	0.01%	flat	16q	+1.4%+$4.5K
SCHWAB STRATEGIC TR	SCHD	$327.2K	10,058	0.01%	flat	3q	+8.6%+$26.0K
STARBUCKS CORP	SBUX	$325.9K	3,468	0.01%	flat	30q	-0.5%-$1.8K
AGNICO EAGLE MINES LTD	AEM	$325.5K	1,776	0.01%	flat	11q	-5.7%-$19.8K
SMARTFINANCIAL INC	SMBK	$322.2K	6,499	0.01%	flat	8q	HELD
ADOBE INC	ADBE	$320.8K	1,337	0.01%	flat	3q	-1.3%-$4.3K
CITIGROUP INC	C	$320.0K	2,472	0.01%	flat	4q	+34.8%+$82.6K
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$318.9K	699	0.01%	flat	3q	+3.4%+$10.5K
SELECT SECTOR SPDR TR	XLY	$311.5K	2,862	0.01%	-	new	NEW
FEDEX CORP	FDX	$309.8K	1,087	0.01%	flat	4q	+39.9%+$88.4K
DOLLAR GEN CORP	DG	$309.0K	2,584	0.01%	flat	6q	+22.0%+$55.7K
US BANCORP	USB	$308.7K	5,344	0.01%	flat	5q	+33.4%+$77.2K
J P MORGAN EXCHANGE TRADED F	BBUS	$305.0K	2,217	0.01%	flat	15q	HELD
SIMPLIFY EXCHANGE TRADED FUN	TUA	$300.7K	15,793	0.01%	flat	3q	+17.1%+$44.0K
TRINITY INDS INC	TRN	$293.7K	11,500	0.01%	flat	10q	HELD
SELECT SECTOR SPDR TR	XLI	$291.7K	1,747	0.01%	-	new	NEW
SHOPIFY INC	SHOP	$290.2K	1,957	0.01%	flat	4q	HELD
VANECK ETF TRUST	GDX	$289.3K	3,295	0.01%	flat	6q	-8.1%-$25.5K
ISHARES TR	OEF	$288.1K	754	0.01%	flat	11q	-18.0%-$63.4K
ISHARES GOLD TR	IAU	$287.6K	3,683	0.01%	flat	4q	HELD
VANGUARD INDEX FDS	VOT	$286.8K	982	0.01%	flat	9q	+10.0%+$26.0K
DELL TECHNOLOGIES INC	DELL	$286.7K	533	0.01%	-	new	NEW
HP INC	HPQ	$284.4K	9,092	0.01%	-	new	NEW
LOWES COS INC	LOW	$282.8K	1,534	0.01%	flat	8q	-1.3%-$3.7K
BLUE OWL CAPITAL CORPORATION	OBDC	$282.0K	26,882	0.01%	flat	9q	+2.8%+$7.6K
L3HARRIS TECHNOLOGIES INC	LHX	$281.8K	1,190	0.01%	flat	6q	+11.4%+$28.9K
SCHWAB STRATEGIC TR	SCHX	$281.3K	9,378	0.01%	flat	10q	HELD
VANGUARD WORLD FD	VIS	$278.1K	868	0.01%	-	new	NEW
LINDE PLC	LIN	$276.9K	583	0.01%	flat	5q	HELD
VANGUARD INDEX FDS	VB	$275.9K	970	0.01%	flat	6q	+12.8%+$31.3K
INVESCO EXCH TRADED FD TR II	SPMO	$275.7K	1,819	0.01%	-	new	NEW
DELTA AIR LINES INC	DAL	$275.6K	3,303	0.01%	flat	2q	+11.9%+$29.3K
ISHARES TR	IWR	$275.1K	2,578	0.01%	flat	6q	+2.1%+$5.8K
ASML HLDG NV	ASML	$268.1K	148	0.01%	flat	2q	+2.8%+$7.2K
VANGUARD INTL EQUITY INDEX F	VT	$263.6K	1,670	0.01%	flat	6q	HELD
HANCOCK WHITNEY CORPORATION	HWC	$262.4K	3,643	0.01%	flat	6q	HELD
SPHERE ENTERTAINMENT CO	SPHR	$259.9K	1,933	0.01%	flat	3q	HELD
CRANE NXT CO	CXT	$259.1K	5,500	0.01%	flat	14q	HELD
HEWLETT PACKARD ENTERPRISE C	HPE	$258.6K	4,047	0.01%	-	new	NEW
FREEPORT-MCMORAN INC	FCX	$254.0K	3,629	0.01%	-	new	NEW
ROYAL GOLD INC	RGLD	$253.9K	1,076	0.01%	-	new	NEW
POST HLDGS INC	POST	$247.7K	3,400	0.01%	flat	10q	HELD
F5 INC	FFIV	$244.4K	549	0.01%	-	new	NEW
AMEREN CORP	AEE	$243.5K	2,450	0.01%	flat	9q	HELD
CSX CORP	CSX	$243.1K	5,226	0.01%	flat	2q	HELD
CORTEVA INC	CTVA	$243.0K	3,130	0.01%	flat	3q	+5.4%+$12.4K
ILLINOIS TOOL WKS INC	ITW	$240.3K	934	0.01%	flat	5q	+10.5%+$22.9K
UNILEVER PLC	UL	$240.2K	3,955	0.01%	flat	4q	HELD
CONSTELLATION ENERGY CORP	CEG	$237.8K	936	0.01%	flat	6q	-37.1%-$140.2K
ARCHER DANIELS MIDLAND CO	ADM	$233.3K	2,939	0.01%	flat	3q	-4.5%-$10.9K
MCKESSON CORP	MCK	$229.7K	269	0.01%	flat	4q	HELD
PPG INDS INC	PPG	$229.5K	2,200	0.01%	flat	32q	+0.9%+$2.0K
BOSTON SCIENTIFIC CORP	BSX	$228.0K	5,223	0.01%	-	new	NEW
ALLIANT ENERGY CORP	LNT	$224.6K	3,548	0.01%	flat	5q	HELD
PACCAR INC	PCAR	$224.0K	2,040	0.01%	flat	20q	+7.6%+$15.8K
ISHARES TR	IWF	$216.7K	1,730	0.01%	flat	3q	-17.3%-$45.2K
SALESFORCE INC	CRM	$214.4K	934	0.01%	-	new	NEW
PRECIGEN INC	PGEN	$214.0K	25,000	0.01%	flat	2q	HELD
PRINCIPAL FINANCIAL GROUP IN	PFG	$214.0K	1,911	0.01%	-	new	NEW
AMERICAN COASTAL INS CORP	ACIC	$210.5K	23,288	0.01%	flat	20q	HELD
HUBBELL INC	HUBB	$210.5K	464	0.01%	flat	5q	HELD
Jazz Pharmaceuticals PLC	JAZZ	$209.1K	903	0.01%	flat	2q	HELD
HUNTINGTON BANCSHARES INC	HBAN	$202.9K	13,296	0.01%	flat	3q	HELD
CROSS TIMBERS RTY TR	CRT	$197.2K	16,652	0.01%	flat	3q	HELD
SPROTT ASSET MANAGEMENT LP	PSLV	$197.1K	10,173	0.01%	flat	4q	HELD
MEDICAL PROPERTIES TRUST INC	MPT	$185.6K	53,649	0.01%	flat	31q	+3.9%+$7.0K
AMBEV SA	ABEV	$134.2K	45,974	0.00%	flat	18q	+1.7%+$2.3K
ZEDGE INC	ZDGE	$131.5K	45,671	0.00%	flat	7q	HELD
SAN JUAN BASIN RTY TR	SJT	$129.6K	35,508	0.00%	flat	7q	HELD
KEEL INFRASTRUCTURE CORP	KEEL	$115.6K	32,740	0.00%	flat	2q	HELD
AGNC INVT CORP	AGNC	$97.6K	10,765	0.00%	flat	3q	+3.4%+$3.2K
URANIUM RTY CORP	UROY	$86.1K	21,310	0.00%	-	new	NEW
MARINE PETE TR	MARPS	$84.6K	19,956	0.00%	flat	3q	HELD
3-D SYS CORP DEL	DDD	$73.1K	20,313	0.00%	flat	2q	+1.6%+$1.1K
GRAY MEDIA INC	GTN	$55.7K	12,369	0.00%	flat	7q	HELD
MESA ROYALTY TR UBI	MTR	$55.1K	22,570	0.00%	flat	7q	HELD
WESTWATER RES INC	WWR	$15.8K	30,479	0.00%	flat	18q	HELD
Talphera Inc	TLPH	$11.6K	10,000	0.00%	-	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
Semiconductors & Electronics	$355.2M	12.1%
Computer Hardware	$308.4M	10.5%
Biotech & Pharma	$286.3M	9.8%
Banks & Lending	$257.7M	8.8%
Utilities	$243.8M	8.3%
Energy	$184.1M	6.3%
Retail & Consumer	$179.1M	6.1%
Software & IT Services	$174.7M	6.0%
Autos & Aerospace	$168.9M	5.8%
Insurance	$140.0M	4.8%
Industrials	$121.3M	4.1%
Chemicals	$113.9M	3.9%
Other sectors	$309.1M	10.5%
Not classified	$90.6M	3.1%

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	-1.3%	+2.1%	-3.4%	100%
Q2 2026	+9.1%	+14.8%	-5.7%	100%
Q1 2026	+1.4%	-4.6%	+6.1%	100%
Q4 2025	-0.4%	+2.4%	-2.7%	100%
Q3 2025	+4.9%	+7.8%	-2.9%	100%
Q2 2025	+1.9%	+10.5%	-8.5%	101%
Q1 2025	+2.5%	-4.6%	+7.0%	100%
Q4 2024	-3.6%	+2.1%	-5.7%	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	$2.9B	319	25	137	47	26	32.5%	29
Q2 2026	$2.9B	320	23	93	52	11	30.8%	23
Q1 2026	$2.7B	308	23	69	84	22	31.8%	21
Q4 2025	$2.6B	307	26	122	63	17	32.8%	26
Q3 2025	$2.6B	298	25	124	36	7	33.1%	14
Q2 2025	$2.4B	280	22	121	20	8	32.5%	25
Q1 2025	$2.3B	266	18	69	60	15	32.4%	8
Q4 2024	$2.2B	263	13	73	48	19	32.9%	27
Q3 2024	$2.3B	269	16	77	32	14	32.5%	24
Q2 2024	$2.1B	267	38	117	32	5	32.7%	17
Q1 2024	$2.0B	234	20	70	58	14	33.0%	9
Q4 2023	$1.9B	228	20	96	39	7	34.2%	23
Q3 2023	$1.7B	215	6	62	43	8	34.5%	18
Q2 2023	$1.7B	217	10	62	47	9	33.6%	18
Q1 2023	$1.7B	216	12	50	61	15	33.7%	13
Q4 2022	$1.7B	219	45	64	37	6	34.3%	30
Q3 2022	$1.5B	180	6	68	24	27	36.6%	13
Q2 2022	$1.6B	201	8	78	36	21	35.0%	21
Q1 2022	$1.8B	214	13	79	35	16	36.6%	29
Q4 2021	$1.7B	217	35	80	24	7	36.3%	26
Q3 2021	$1.5B	189	5	84	24	5	35.1%	36
Q2 2021	$1.5B	189	9	78	42	9	34.2%	21
Q1 2021	$1.4B	189	47	86	26	5	34.0%	23
Q4 2020	$1.2B	147	16	57	40	8	35.1%	25
Q3 2020	$1.1B	139	15	57	34	9	35.6%	28
Q2 2020	$1.1B	133	7	65	26	28	36.4%	22
Q1 2020	$937.3M	154	37	90	11	41	35.8%	28
Q4 2019	$1.0B	158	17	52	41	3	33.0%	24
Q3 2019	$973.6M	144	5	48	40	4	33.8%	36
Q2 2019	$937.0M	143	8	48	46	8	33.5%	11
Q1 2019	$908.4M	143	7	71	27	8	32.6%	15
Q4 2018	$816.2M	144	0	0	0	0	33.0%	10

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.