DaveManuel.com · Institutional Ownership · 13F Holdings
RKL Wealth Management LLC
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ISHARES TR | IVV | $237.4M | 310,042 | -0.07pp | 32q | -2.0%-$4.8M | |
| ISHARES TR | IEFA | $120.5M | 1,243,834 | +0.23pp | 32q | +2.8%+$3.3M | |
| ISHARES TR | IJH | $79.1M | 1,098,947 | -0.57pp | 32q | -1.2%-$986.9K | |
| SCHWAB STRATEGIC TR | SCHX | $54.3M | 1,808,702 | -0.02pp | 32q | -1.7%-$915.7K | |
| ISHARES TR | IJR | $51.3M | 377,073 | -0.44pp | 32q | -1.0%-$509.2K | |
| SPDR SERIES TRUST | SPMD | $51.1M | 810,331 | +0.17pp | 9q | +12.5%+$5.7M | |
| APPLE INC | AAPL | $39.9M | 119,769 | +0.41pp | 32q | +0.5%+$207.1K | |
| SPDR SERIES TRUST | SPSM | $34.8M | 658,787 | +0.03pp | 9q | +10.9%+$3.4M | |
| ISHARES INC | IEMG | $30.0M | 370,247 | -0.02pp | 32q | +1.7%+$495.8K | |
| VANGUARD SCOTTSDALE FDS | VGIT | $27.4M | 482,963 | -0.06pp | 32q | +2.0%+$539.3K | |
| MICROSOFT CORP | MSFT | $25.6M | 49,966 | +0.55pp | 32q | HELD | |
| ALPHABET INC | GOOGL | $24.2M | 70,211 | -0.16pp | 32q | -3.4%-$842.0K | |
| SCHWAB STRATEGIC TR | SCHM | $23.2M | 680,744 | -0.17pp | 32q | HELD | |
| SCHWAB STRATEGIC TR | SCHG | $22.2M | 616,945 | +0.06pp | 32q | -1.7%-$387.0K | |
| VANGUARD SCOTTSDALE FDS | VCIT | $20.4M | 260,837 | -0.09pp | 32q | +0.7%+$148.1K | |
| NVIDIA CORPORATION | NVDA | $20.3M | 88,888 | +0.27pp | 26q | +5.8%+$1.1M | |
| VANGUARD SCOTTSDALE FDS | VMBS | $19.8M | 445,308 | +0.03pp | 32q | +7.9%+$1.4M | |
| MICRON TECHNOLOGY INC | MU | $18.8M | 17,633 | -0.23pp | 25q | -5.5%-$1.1M | |
| ISHARES TR | MBB | $17.6M | 196,709 | -0.05pp | 32q | +2.5%+$433.9K | |
| JPMORGAN CHASE & CO | JPM | $16.6M | 50,314 | +0.02pp | 32q | +1.2%+$193.9K | |
| AMAZON COM INC | AMZN | $15.9M | 63,626 | +0.02pp | 32q | -2.5%-$402.1K | |
| SCHWAB STRATEGIC TR | SCHF | $15.8M | 575,556 | -0.06pp | 32q | -2.9%-$470.2K | |
| SCHWAB STRATEGIC TR | SCHA | $15.6M | 478,301 | -0.15pp | 32q | -0.5%-$84.7K | |
| COSTCO WHOLESALE CORPORATION | COST | $12.0M | 13,179 | -0.04pp | 32q | -1.3%-$152.9K | |
| MASTERCARD INCORPORATED | MA | $8.3M | 14,968 | +0.03pp | 32q | -1.8%-$153.9K | |
| ISHARES TR | AGZ | $7.7M | 72,353 | -0.03pp | 32q | -2.3%-$185.2K | |
| JOHNSON & JOHNSON | JNJ | $7.3M | 27,711 | +0.03pp | 32q | +1.3%+$90.8K | |
| THERMO FISHER SCIENTIFIC INC | TMO | $7.2M | 10,615 | +0.13pp | 32q | -3.7%-$275.4K | |
| CROWDSTRIKE HLDGS INC | CRWD | $7.1M | 26,894 | +0.16pp | 9q | HELD | |
| ISHARES TR | IVW | $6.8M | 48,089 | -0.01pp | 32q | -3.9%-$280.3K | |
| ISHARES TR | AGG | $6.3M | 66,388 | flat | 32q | +4.5%+$268.2K | |
| CHEVRON CORPORATION | CVX | $6.3M | 30,658 | +0.10pp | 32q | +1.4%+$88.8K | |
| VANGUARD INDEX FDS | VO | $6.2M | 78,909 | -0.02pp | 32q | HELD | |
| VANGUARD INDEX FDS | VOO | $5.7M | 8,106 | +0.01pp | 32q | HELD | |
| UNITED RENTALS INC | URI | $5.5M | 5,448 | -0.07pp | 32q | -1.9%-$106.1K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $5.2M | 6,778 | flat | 32q | HELD | |
| ABBVIE INC | ABBV | $4.9M | 18,566 | +0.04pp | 32q | +8.0%+$359.7K | |
| SPDR SERIES TRUST | SPYG | $4.4M | 36,019 | +0.05pp | 9q | +14.2%+$552.5K | |
| SCHWAB STRATEGIC TR | SCHE | $4.2M | 116,542 | -0.01pp | 32q | -1.8%-$77.7K | |
| SCHWAB STRATEGIC TR | SCHV | $4.2M | 124,800 | -0.02pp | 32q | -1.1%-$44.5K | |
| ELI LILLY & CO | LLY | $4.1M | 3,518 | +0.10pp | 20q | +48.2%+$1.3M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $4.0M | 7,962 | -0.01pp | 32q | -1.8%-$71.7K | |
| UNION PAC CORP | UNP | $3.9M | 14,277 | flat | 32q | HELD | |
| EXXONMOBIL HOLDINGS CORP | XOM | $3.8M | 23,524 | - | new | NEW | |
| ISHARES TR | IVE | $3.7M | 16,246 | flat | 32q | HELD | |
| CATERPILLAR INC | CAT | $3.7M | 4,546 | -0.09pp | 25q | +0.6%+$20.3K | |
| TRANE TECHNOLOGIES PLC | TT | $3.7M | 8,145 | -0.02pp | 27q | +1.0%+$34.8K | |
| META PLATFORMS INC | META | $3.6M | 4,987 | +0.07pp | 32q | +1.3%+$46.4K | |
| TESLA INC | TSLA | $3.3M | 9,399 | -0.04pp | 15q | +3.5%+$113.5K | |
| PROCTER & GAMBLE CO | PG | $3.3M | 22,834 | flat | 32q | +2.8%+$89.9K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $3.2M | 14,660 | -0.06pp | 22q | +5.6%+$170.9K | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $3.0M | 19,804 | +0.05pp | 32q | +2.5%+$72.4K | |
| EOG RES INC | EOG | $3.0M | 21,579 | +0.01pp | 32q | +0.8%+$23.0K | |
| BLACKSTONE INC | BX | $2.9M | 25,814 | -0.01pp | 26q | +2.1%+$60.8K | |
| WALMART INC | WMT | $2.9M | 27,680 | -0.02pp | 15q | +1.1%+$31.9K | |
| GENERAL DYNAMICS CORP | GD | $2.8M | 8,372 | -0.01pp | 32q | +1.4%+$37.8K | |
| PHILIP MORRIS INTL INC | PM | $2.8M | 14,546 | +0.01pp | 8q | -0.8%-$22.5K | |
| ISHARES TR | IWM | $2.7M | 9,620 | -0.02pp | 32q | HELD | |
| ISHARES TR | IWF | $2.6M | 20,780 | flat | 8q | HELD | |
| ALTRIA GROUP INC | MO | $2.5M | 36,729 | -0.01pp | 9q | +1.5%+$35.9K | |
| ISHARES TR | USRT | $2.4M | 39,333 | +0.13pp | 2q | +213.4%+$1.6M | |
| L3HARRIS TECHNOLOGIES INC | LHX | $2.3M | 9,882 | -0.04pp | 18q | +2.7%+$60.6K | |
| ILLINOIS TOOL WKS INC | ITW | $2.3M | 9,030 | -0.01pp | 29q | +2.9%+$65.3K | |
| ALPHABET INC | GOOG | $2.3M | 6,692 | -0.02pp | 26q | -3.8%-$90.6K | |
| VISA INC | V | $2.2M | 6,150 | +0.02pp | 32q | +7.0%+$144.8K | |
| PEPSICO INC | PEP | $2.1M | 16,961 | flat | 32q | +5.3%+$108.0K | |
| ISHARES TR | IWD | $2.1M | 8,471 | flat | 12q | HELD | |
| HOME DEPOT INC | HD | $2.0M | 7,175 | -0.03pp | 25q | +5.4%+$105.3K | |
| MERCK & CO INC | MRK | $2.0M | 13,914 | +0.02pp | 20q | +1.1%+$22.1K | |
| PROLOGIS INC. | PLD | $2.0M | 15,445 | flat | 7q | +3.2%+$62.6K | |
| MID PENN BANCORP INC | MPB | $2.0M | 55,230 | flat | 19q | HELD | |
| NOVO-NORDISK A S | NVO | $2.0M | 51,456 | -0.04pp | 32q | +0.9%+$16.8K | |
| ONEOK INC NEW | OKE | $1.9M | 22,018 | - | new | NEW | |
| VANGUARD TAX-MANAGED FDS | VEA | $1.9M | 26,494 | +0.02pp | 19q | +16.9%+$270.9K | |
| MCDONALDS CORP | MCD | $1.9M | 8,047 | -0.04pp | 32q | -6.4%-$126.1K | |
| SCHWAB STRATEGIC TR | SCHB | $1.9M | 63,231 | flat | 32q | +0.7%+$13.3K | |
| DUKE ENERGY CORP NEW | DUK | $1.8M | 15,442 | -0.01pp | 7q | +4.9%+$83.0K | |
| ISHARES TR | IEI | $1.7M | 14,822 | -0.01pp | 32q | -2.1%-$36.8K | |
| ISHARES TR | QLTA | $1.5M | 33,003 | -0.01pp | 32q | -5.4%-$84.4K | |
| COCA COLA CO | KO | $1.5M | 16,879 | +0.01pp | 19q | +3.5%+$49.2K | |
| ROPER TECHNOLOGIES INC | ROP | $1.5M | 4,150 | -0.02pp | 32q | -15.5%-$266.2K | |
| ISHARES TR | USXF | $1.3M | 19,798 | flat | 19q | HELD | |
| MARKEL GROUP INC | MKL | $1.3M | 778 | -0.02pp | 32q | HELD | |
| VANGUARD INDEX FDS | VUG | $1.3M | 14,565 | flat | 32q | HELD | |
| WISDOMTREE TR | DGRW | $1.3M | 13,015 | -0.01pp | 8q | -6.1%-$82.4K | |
| SPDR GOLD TR | GLD | $1.2M | 3,262 | flat | 5q | HELD | |
| SPDR SERIES TRUST | SPYV | $1.2M | 19,809 | +0.02pp | 9q | +30.5%+$282.8K | |
| NUCOR CORP | NUE | $1.2M | 5,130 | flat | 8q | -4.0%-$49.8K | |
| ADVANCED MICRO DEVICES INC | AMD | $1.2M | 1,949 | +0.02pp | 5q | +17.0%+$173.1K | |
| HERSHEY CO | HSY | $1.2M | 7,350 | -0.01pp | 32q | -1.0%-$11.5K | |
| FULTON FINL CORP PA | FULT | $1.1M | 50,544 | -0.01pp | 32q | +0.6%+$7.0K | |
| ISHARES TR | IXUS | $1.1M | 11,873 | flat | 8q | -3.9%-$45.6K | |
| BROADCOM INC | AVGO | $1.1M | 3,168 | -0.02pp | 12q | -14.0%-$181.2K | |
| AGNICO EAGLE MINES LTD | AEM | $1.1M | 6,009 | +0.01pp | 5q | HELD | |
| ISHARES TR | IWR | $1.1M | 9,893 | flat | 32q | HELD | |
| AUTOMATIC DATA PROCESSING IN | ADP | $1.1M | 4,075 | flat | 32q | -8.5%-$97.3K | |
| PNC FINL SVCS GROUP INC | PNC | $1.0M | 4,705 | -0.01pp | 12q | +1.6%+$16.4K | |
| ISHARES TR | IJK | $1.0M | 9,288 | -0.01pp | 26q | -0.7%-$7.0K | |
| M & T BK CORP | MTB | $1.0M | 4,618 | -0.01pp | 24q | HELD | |
| VANGUARD STAR FDS | VXUS | $982.5K | 11,564 | flat | 32q | +0.7%+$7.2K | |
| ISHARES TR | EFA | $973.9K | 9,374 | flat | 15q | -1.3%-$12.9K | |
| VANGUARD INDEX FDS | VTI | $911.5K | 2,436 | +0.04pp | 16q | +108.9%+$475.2K | |
| D R HORTON INC | DHI | $890.0K | 6,513 | -0.01pp | 32q | +0.9%+$8.1K | |
| DEERE CO | DE | $863.9K | 1,286 | -0.03pp | 25q | -31.2%-$391.7K | |
| ACNB CORP | ACNB | $835.6K | 13,413 | flat | 12q | HELD | |
| SPDR SERIES TRUST | SPIB | $829.7K | 25,702 | flat | 9q | +1.2%+$9.5K | |
| CISCO SYS INC | CSCO | $814.7K | 7,569 | -0.01pp | 32q | -9.1%-$81.7K | |
| ISHARES TR | IWV | $788.6K | 1,827 | flat | 31q | HELD | |
| CORNING INC | GLW | $761.3K | 4,951 | -0.04pp | 5q | HELD | |
| UNITEDHEALTH GROUP INC | UNH | $758.4K | 2,066 | -0.01pp | 32q | +4.8%+$34.9K | |
| CONSTELLATION ENERGY CORP | CEG | $745.9K | 2,936 | flat | 8q | HELD | |
| SPDR SERIES TRUST | SPTI | $741.0K | 27,161 | -0.01pp | 9q | -5.3%-$41.1K | |
| TRUIST FINL CORP | TFC | $720.7K | 15,565 | flat | 28q | +4.1%+$28.2K | |
| AT&T INC | T | $692.1K | 28,366 | +0.01pp | 12q | -2.8%-$20.2K | |
| BLACKROCK INC | BLK | $687.4K | 649 | +0.01pp | 4q | +6.7%+$43.4K | |
| FLEXSTEEL INDS INC | FLXS | $686.7K | 8,112 | flat | 15q | -11.0%-$84.7K | |
| KINDER MORGAN INC DEL | KMI | $684.5K | 22,704 | flat | 8q | +1.8%+$12.3K | |
| RTX CORPORATION | RTX | $674.7K | 3,634 | flat | 8q | +3.8%+$24.9K | |
| NORTHERN LTS FD TR IV | BIBL | $619.4K | 11,458 | flat | 7q | HELD | |
| VANGUARD SCOTTSDALE FDS | VTWO | $609.6K | 5,432 | flat | 19q | HELD | |
| VANGUARD INDEX FDS | VBK | $602.9K | 1,785 | flat | 32q | HELD | |
| EMERSON ELEC CO | EMR | $602.9K | 3,887 | flat | 8q | -5.0%-$31.6K | |
| VANECK ETF TRUST | FLTR | $586.2K | 22,906 | - | new | NEW | |
| SCHWAB STRATEGIC TR | SCHZ | $572.7K | 25,915 | flat | 32q | +1.1%+$6.1K | |
| FRANKLIN FINL SVCS CORP | FRAF | $572.5K | 9,261 | flat | 12q | HELD | |
| HEICO CORP NEW | HEI | $568.8K | 1,876 | -0.01pp | 25q | HELD | |
| DISNEY WALT CO | DIS | $560.5K | 5,343 | flat | 7q | +0.8%+$4.3K | |
| ISHARES TR | ESGU | $552.2K | 3,311 | flat | 27q | HELD | |
| MID-AMER APT CMNTYS INC | MAA | $551.4K | 4,683 | -0.01pp | 32q | -5.3%-$30.6K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $545.1K | 1,195 | - | new | NEW | |
| PPL CORP | PPL | $544.7K | 16,560 | flat | 9q | HELD | |
| ISHARES TR | IYW | $542.0K | 2,046 | - | new | NEW | |
| LAM RESEARCH CORP | LRCX | $532.2K | 1,620 | -0.01pp | 4q | +7.9%+$38.8K | |
| CITIGROUP INC | C | $529.4K | 4,089 | +0.01pp | 8q | +25.5%+$107.5K | |
| BANK OF AMER CORP | BAC | $525.2K | 9,650 | flat | 11q | +5.0%+$25.1K | |
| ORRSTOWN FINL SVCS INC | ORRF | $516.4K | 12,727 | flat | 13q | HELD | |
| ORACLE CORP | ORCL | $515.1K | 3,752 | flat | 16q | +20.3%+$86.8K | |
| LOCKHEED MARTIN CORP | LMT | $487.0K | 956 | flat | 32q | +7.4%+$33.6K | |
| DANAHER CORP DEL | DHR | $484.3K | 2,186 | +0.01pp | 19q | +1.9%+$8.9K | |
| MORGAN STANLEY | MS | $484.3K | 2,575 | flat | 8q | +4.9%+$22.8K | |
| PFIZER INC | PFE | $480.5K | 16,847 | +0.01pp | 32q | +6.3%+$28.4K | |
| GOLDMAN SACHS GROUP INC | GS | $479.2K | 532 | flat | 9q | +10.4%+$45.0K | |
| INVESCO QQQ TR | QQQ | $474.2K | 641 | flat | 4q | +9.8%+$42.2K | |
| CSX CORP | CSX | $445.7K | 9,584 | -0.02pp | 8q | -30.6%-$196.2K | |
| MARATHON PETE CORP | MPC | $442.2K | 1,118 | +0.01pp | 3q | HELD | |
| FORD MTR CO | F | $434.8K | 36,049 | flat | 12q | +4.5%+$18.6K | |
| YORK WTR CO | YORW | $434.4K | 14,186 | flat | 7q | +0.7%+$3.1K | |
| DIMENSIONAL ETF TRUST | DFAS | $424.3K | 5,481 | flat | 21q | +23.1%+$79.6K | |
| ISHARES SILVER TR | SLV | $420.2K | 7,709 | flat | 5q | HELD | |
| HEICO CORP NEW | HEIA | $408.3K | 1,788 | flat | 17q | HELD | |
| INTEL CORP | INTC | $406.0K | 3,377 | -0.01pp | 2q | -15.3%-$73.3K | |
| SCHWAB STRATEGIC TR | SCHD | $400.8K | 12,321 | flat | 32q | -6.3%-$27.0K | |
| GE AEROSPACE | GE | $400.7K | 1,283 | -0.01pp | 7q | +1.0%+$4.1K | |
| VANGUARD INTL EQUITY INDEX F | VWO | $388.2K | 6,545 | +0.01pp | 6q | +42.3%+$115.4K | |
| 3M CO | MMM | $385.9K | 2,351 | flat | 7q | HELD | |
| VALERO ENERGY CORP | VLO | $375.2K | 968 | +0.01pp | 3q | HELD | |
| ISHARES TR | ITOT | $361.2K | 2,172 | flat | 11q | HELD | |
| SCHEIN HENRY INC | HSIC | $355.5K | 4,234 | flat | 32q | -7.5%-$28.8K | |
| ANALOG DEVICES INC | ADI | $355.4K | 896 | flat | 4q | +0.7%+$2.4K | |
| DIMENSIONAL ETF TRUST | DFUV | $345.8K | 6,288 | flat | 16q | HELD | |
| GSK PLC | GSK | $341.5K | 7,090 | flat | 12q | HELD | |
| PALANTIR TECHNOLOGIES INC | PLTR | $340.2K | 1,819 | - | new | NEW | |
| SFL CORPORATION LTD | SFL | $330.5K | 25,113 | +0.01pp | 12q | HELD | |
| WASTE MGMT INC DEL | WM | $315.5K | 1,547 | - | new | NEW | |
| WELLS FARGO & CO | WFC | $309.2K | 3,862 | flat | 8q | +9.9%+$27.9K | |
| ABBOTT LABORATORIES | ABT | $305.0K | 3,086 | flat | 32q | -2.0%-$6.1K | |
| TJX COS INC NEW | TJX | $298.5K | 2,256 | -0.01pp | 14q | -8.8%-$29.0K | |
| NORFOLK SOUTHN CORP | NSC | $296.6K | 960 | flat | 3q | -2.2%-$6.8K | |
| SERVICENOW INC | NOW | $282.6K | 2,109 | +0.01pp | 14q | +1.3%+$3.6K | |
| VANGUARD BD INDEX FDS | BND | $276.2K | 3,937 | -0.02pp | 3q | -44.0%-$217.1K | |
| LOWES COS INC | LOW | $276.0K | 1,497 | -0.01pp | 18q | -2.8%-$7.9K | |
| GE VERNOVA INC | GEV | $275.7K | 290 | -0.01pp | 3q | +0.7%+$1.9K | |
| VERIZON COMMUNICATIONS INC | VZ | $267.9K | 5,841 | flat | 12q | +4.1%+$10.6K | |
| APPLIED MATLS INC | AMAT | $259.0K | 506 | -0.02pp | 2q | -18.4%-$58.3K | |
| AMGEN INC | AMGN | $256.5K | 608 | flat | 2q | HELD | |
| TRAVELERS COMPANIES INC | TRV | $251.0K | 704 | flat | 2q | +6.0%+$14.3K | |
| ISHARES TR | DMXF | $242.7K | 2,867 | flat | 6q | HELD | |
| GAMING & LEISURE P | GLPI | $241.6K | 6,362 | flat | 20q | +7.7%+$17.2K | |
| MARRIOTT INTL INC NEW | MAR | $240.3K | 676 | flat | 26q | -10.2%-$27.4K | |
| SPDR SERIES TRUST | SPAB | $233.3K | 9,577 | flat | 4q | HELD | |
| HONEYWELL INTL INC | HON | $232.0K | 1,100 | - | new | NEW | |
| QUALCOMM INC | QCOM | $228.2K | 1,240 | flat | 2q | +1.1%+$2.4K | |
| NIKE INC | NKE | $225.2K | 6,362 | -0.01pp | 32q | -14.6%-$38.6K | |
| CROWN HLDGS INC | CCK | $224.6K | 2,131 | flat | 6q | HELD | |
| KLA CORP | KLAC | $213.3K | 1,094 | -0.01pp | 2q | -1.3%-$2.7K | |
| SELECT SECTOR SPDR TR | XLK | $212.9K | 1,088 | -0.01pp | 2q | -44.1%-$167.9K | |
| ISHARES TR | ESML | $209.1K | 4,021 | flat | 2q | HELD | |
| TEXAS INSTRS INC | TXN | $206.8K | 738 | - | new | NEW | |
| VANGUARD INDEX FDS | VB | $206.6K | 726 | flat | 2q | -7.8%-$17.4K | |
| FIRSTENERGY CORP | FE | $206.3K | 4,761 | -0.01pp | 8q | -19.1%-$48.7K | |
| KIMBERLY CLARK CORP | KMB | $202.6K | 2,079 | -0.01pp | 8q | -18.9%-$47.2K | |
| HUNTINGTON BANCSHARES INC | HBAN | $168.4K | 11,037 | flat | 3q | HELD | |
| GABELLI UTIL TR | GUT | $142.2K | 25,000 | flat | 4q | HELD | |
| ANNOVIS BIO INC | ANVS | $12.7K | 10,000 | flat | 4q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $65.0M | 5.2% |
| Semiconductors & Electronics | $44.7M | 3.5% |
| Computer Hardware | $43.9M | 3.5% |
| Retail & Consumer | $35.2M | 2.8% |
| Banks & Lending | $26.0M | 2.1% |
| Biotech & Pharma | $21.6M | 1.7% |
| Other sectors | $117.7M | 9.3% |
| Not classified | $907.8M | 71.9% |
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 | -0.4% | +2.1% | -2.5% | 100% |
| Q2 2026 | +13.2% | +14.8% | -1.7% | 100% |
| Q1 2026 | -1.8% | -4.6% | +2.9% | 100% |
| Q4 2025 | +2.1% | +2.4% | -0.3% | 100% |
| Q3 2025 | +7.0% | +7.8% | -0.8% | 100% |
| Q2 2025 | +8.2% | +10.5% | -2.2% | 100% |
| Q1 2025 | -3.4% | -4.6% | +1.1% | 100% |
| Q4 2024 | -0.5% | +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 | $1.3B | 194 | 9 | 80 | 57 | 4 | 57.5% | 16 |
| Q2 2026 | $1.3B | 189 | 12 | 75 | 57 | 2 | 57.8% | 42 |
| Q1 2026 | $1.1B | 179 | 6 | 28 | 104 | 10 | 57.6% | 24 |
| Q4 2025 | $1.2B | 183 | 9 | 86 | 46 | 4 | 58.7% | 43 |
| Q3 2025 | $1.2B | 178 | 7 | 28 | 90 | 5 | 58.9% | 43 |
| Q2 2025 | $1.1B | 176 | 11 | 48 | 74 | 4 | 58.0% | 18 |
| Q1 2025 | $1.1B | 169 | 7 | 54 | 65 | 10 | 56.8% | 28 |
| Q4 2024 | $1.1B | 172 | 21 | 62 | 58 | 10 | 59.0% | 38 |
| Q3 2024 | $1.1B | 161 | 20 | 50 | 52 | 4 | 61.1% | 32 |
| Q2 2024 | $1.0B | 145 | 3 | 51 | 52 | 16 | 61.1% | 18 |
| Q1 2024 | $1.0B | 158 | 9 | 48 | 51 | 4 | 60.5% | 38 |
| Q4 2023 | $924.9M | 153 | 25 | 55 | 52 | 2 | 59.6% | 25 |
| Q3 2023 | $817.4M | 130 | 5 | 42 | 58 | 6 | 59.2% | 37 |
| Q2 2023 | $845.1M | 131 | 6 | 35 | 54 | 6 | 59.3% | 39 |
| Q1 2023 | $791.9M | 131 | 5 | 29 | 61 | 4 | 58.3% | 32 |
| Q4 2022 | $748.1M | 130 | 6 | 32 | 51 | 5 | 57.3% | 38 |
| Q3 2022 | $694.1M | 129 | 2 | 50 | 37 | 10 | 55.8% | 45 |
| Q2 2022 | $728.9M | 137 | 7 | 71 | 29 | 12 | 54.6% | 32 |
| Q1 2022 | $832.7M | 142 | 19 | 74 | 20 | 3 | 54.8% | 40 |
| Q4 2021 | $842.2M | 126 | 3 | 44 | 42 | 0 | 55.7% | 39 |
| Q3 2021 | $787.5M | 123 | 2 | 39 | 51 | 9 | 55.7% | 46 |
| Q2 2021 | $794.0M | 130 | 7 | 45 | 50 | 6 | 55.2% | 44 |
| Q1 2021 | $746.5M | 129 | 8 | 21 | 76 | 4 | 55.7% | 40 |
| Q4 2020 | $717.3M | 125 | 11 | 28 | 60 | 2 | 54.5% | 42 |
| Q3 2020 | $628.2M | 116 | 11 | 34 | 40 | 5 | 53.8% | 40 |
| Q2 2020 | $583.4M | 110 | 7 | 47 | 30 | 6 | 54.2% | 38 |
| Q1 2020 | $478.0M | 109 | 5 | 25 | 67 | 15 | 52.5% | 28 |
| Q4 2019 | $557.5M | 119 | 4 | 24 | 72 | 8 | 51.1% | 35 |
| Q3 2019 | $525.8M | 123 | 4 | 16 | 81 | 8 | 50.7% | 31 |
| Q2 2019 | $542.5M | 127 | 6 | 42 | 64 | 6 | 50.3% | 33 |
| Q1 2019 | $510.8M | 127 | 6 | 49 | 51 | 3 | 49.2% | 26 |
| Q4 2018 | $433.4M | 124 | 0 | 0 | 0 | 0 | 47.9% | 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.