DaveManuel.com · Institutional Ownership · 13F Holdings

Royal Fund Management, LLC

Reported holdings as of Q3 2026, from 40 quarterly filings.

CIK

1810099

Reported value

$1.3B

Positions

264

Top 10 weight

19.6%

Filed

2026-10-22

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
INVESCO QQQ TR	QQQ	$44.1M	59,658	3.51%	+0.01pp	34q	+4.6%+$1.9M
VANGUARD INDEX FDS	VOO	$43.2M	61,580	3.44%	+0.03pp	40q	+3.5%+$1.4M
STATE STR SPDR S&P 500 ETF T CALL	SPY	$29.4M	38,415	2.34%	+0.43pp	33q	+25.9%+$6.0M
MICROSOFT CORP	MSFT	$22.8M	44,417	1.81%	+0.45pp	40q	+1.2%+$264.1K
SPDR SERIES TRUST	XBI	$19.9M	125,943	1.58%	-0.45pp	4q	-18.5%-$4.5M
NVIDIA CORPORATION PUT	NVDA	$18.4M	78,462	1.47%	-0.29pp	40q	-23.2%-$5.6M
STATE STR SPDR DOW JONES IND	DIA	$17.6M	34,616	1.40%	-	new	NEW
DELL TECHNOLOGIES INC	DELL	$17.5M	32,469	1.39%	+0.18pp	4q	-3.9%-$717.6K
JPMORGAN CHASE & CO	JPM	$17.0M	51,259	1.35%	-0.06pp	40q	-1.1%-$194.5K
ISHARES TR	TLT	$16.8M	215,893	1.34%	-0.16pp	12q	+3.8%+$612.8K
ISHARES TR	IJT	$16.7M	104,432	1.33%	+1.22pp	7q	+1257.8%+$15.5M
SELECT SECTOR SPDR TR	XLF	$15.9M	298,676	1.27%	+0.62pp	9q	+103.9%+$8.1M
VANGUARD WORLD FD	VGT	$15.9M	126,910	1.27%	+0.02pp	37q	+1.5%+$232.7K
APPLE INC	AAPL	$15.9M	47,666	1.26%	+0.16pp	40q	+3.8%+$580.8K
ROBINHOOD MKTS INC PUT	HOOD	$15.5M	135,695	1.23%	+0.19pp	7q	+10.7%+$1.5M
ABBVIE INC	ABBV	$14.6M	56,001	1.17%	+0.10pp	40q	+10.2%+$1.4M
CROWDSTRIKE HLDGS INC	CRWD	$14.6M	55,048	1.16%	+0.43pp	25q	+19.4%+$2.4M
SELECT SECTOR SPDR TR	XLK	$14.3M	73,153	1.14%	+0.17pp	9q	+19.3%+$2.3M
QUALCOMM INC	QCOM	$14.2M	77,249	1.13%	+0.29pp	40q	+40.6%+$4.1M
ALPHABET INC	GOOGL	$14.2M	41,203	1.13%	-0.11pp	2q	-0.8%-$121.1K
SELECT SECTOR SPDR TR	XLI	$14.2M	84,852	1.13%	-0.24pp	3q	-4.6%-$681.8K
PHILLIPS 66	PSX	$13.8M	54,116	1.10%	+0.42pp	22q	+11.3%+$1.4M
ISHARES TR	MTUM	$13.6M	42,900	1.08%	-0.11pp	36q	+2.7%+$362.1K
SPACE EXPLORATION TECHN CORP PUT	SPCX	$12.9M	84,464	1.02%	+0.62pp	2q	+200.1%+$8.6M
RTX CORPORATION	RTX	$12.6M	67,754	1.00%	-0.13pp	26q	-5.0%-$668.2K
VANGUARD SCOTTSDALE FDS	VONG	$12.3M	95,316	0.98%	+0.01pp	32q	+4.7%+$557.2K
VANGUARD INDEX FDS	VUG	$12.1M	133,879	0.96%	+0.04pp	9q	+4.1%+$478.3K
AMAZON COM INC	AMZN	$11.9M	47,873	0.95%	+0.30pp	40q	+47.0%+$3.8M
BROADCOM INC PUT	AVGO	$11.9M	33,601	0.95%	-0.09pp	33q	+1.8%+$206.6K
VANGUARD WORLD FD	VHT	$11.7M	36,962	0.93%	+0.05pp	35q	+4.9%+$545.9K
WALMART INC PUT	WMT	$11.5M	107,711	0.91%	+0.02pp	40q	+17.0%+$1.7M
ISHARES TR	IWM	$11.3M	40,539	0.90%	-0.08pp	2q	+3.6%+$390.7K
SCHWAB STRATEGIC TR	SCHG	$10.9M	302,771	0.87%	+0.01pp	28q	-0.6%-$68.9K
MERCK & CO INC	MRK	$10.8M	74,606	0.86%	+0.10pp	40q	+4.7%+$491.3K
JOHNSON & JOHNSON	JNJ	$10.5M	39,807	0.84%	+0.04pp	40q	+5.5%+$549.2K
WISDOMTREE TR	WCBR	$10.5M	229,386	0.84%	-	new	NEW
INTERNATIONAL BUSINESS MACHS	IBM	$10.4M	47,407	0.83%	-0.21pp	40q	+6.5%+$637.1K
ISHARES TR	IXJ	$10.4M	101,993	0.83%	+0.03pp	4q	+4.8%+$476.7K
PALANTIR TECHNOLOGIES INC PUT	PLTR	$10.4M	53,290	0.83%	+0.39pp	7q	+25.6%+$2.1M
SELECT SECTOR SPDR TR	XLV	$10.2M	60,451	0.81%	-	new	NEW
VANGUARD WORLD FD	MGK	$9.8M	105,492	0.78%	+0.01pp	40q	+0.5%+$49.4K
ISHARES TR	SOXX	$9.7M	16,997	0.77%	-	new	NEW
AMGEN INC	AMGN	$9.5M	22,585	0.76%	+0.09pp	36q	+1.8%+$164.0K
ISHARES TR	DGRO	$9.5M	125,534	0.75%	-0.04pp	28q	HELD
SPDR SERIES TRUST	KCE	$8.8M	56,873	0.70%	+0.03pp	16q	+4.3%+$364.5K
ISHARES TR	INDA	$8.4M	180,681	0.67%	-0.02pp	9q	+7.8%+$611.6K
GARMIN LTD	GRMN	$8.4M	29,384	0.67%	+0.09pp	38q	HELD
TESLA INC PUT	TSLA	$8.4M	23,292	0.67%	flat	40q	+27.3%+$1.8M
DATADOG INC	DDOG	$8.4M	30,729	0.67%	-0.05pp	17q	-6.9%-$622.7K
NEWMONT CORP	NEM	$8.0M	69,511	0.64%	+0.09pp	24q	-1.1%-$86.4K
META PLATFORMS INC PUT	META	$8.0M	10,492	0.63%	-0.04pp	40q	-24.6%-$2.6M
DIGITAL RLTY TR INC	DLR	$7.7M	43,871	0.61%	flat	39q	+7.0%+$506.4K
ISHARES TR	IUSB	$7.6M	172,673	0.61%	-0.03pp	28q	+3.6%+$261.7K
3M CO	MMM	$7.6M	46,204	0.60%	-0.03pp	17q	-1.2%-$94.2K
CVS HEALTH CORP	CVS	$7.4M	86,465	0.59%	-0.06pp	36q	+15.0%+$967.1K
UBER TECHNOLOGIES INC PUT	UBER	$7.4M	107,805	0.59%	-0.04pp	17q	+3.8%+$270.4K
SNOWFLAKE INC PUT	SNOW	$7.4M	21,241	0.59%	+0.05pp	23q	-15.1%-$1.3M
BLACKSTONE INC	BX	$7.3M	65,212	0.58%	-0.01pp	18q	+8.2%+$552.6K
ISHARES TR	TLH	$7.3M	79,194	0.58%	-0.06pp	11q	+3.4%+$238.4K
DARDEN RESTAURANTS INC	DRI	$7.2M	37,439	0.58%	-0.04pp	40q	+5.1%+$350.8K
MARVELL TECHNOLOGY INC PUT	MRVL	$7.0M	26,276	0.56%	+0.53pp	6q	+2409.6%+$6.7M
LAMAR ADVERTISING CO	LAMR	$6.9M	47,703	0.55%	-0.05pp	40q	+3.0%+$200.9K
CISCO SYS INC	CSCO	$6.8M	63,134	0.54%	-0.08pp	40q	-1.3%-$88.5K
STARBUCKS CORP	SBUX	$6.8M	71,919	0.54%	-0.04pp	40q	+6.3%+$403.2K
EMERSON ELEC CO	EMR	$6.7M	43,112	0.53%	+0.02pp	39q	+0.9%+$62.2K
PROCTER & GAMBLE CO	PG	$6.5M	44,629	0.52%	flat	40q	+5.5%+$336.9K
INTEL CORP	INTC	$6.4M	53,624	0.51%	+0.13pp	2q	+63.3%+$2.5M
UNION PAC CORP	UNP	$6.4M	23,631	0.51%	-0.01pp	39q	+1.9%+$121.6K
ROCKET LAB CORP	RKLB	$6.4M	91,147	0.51%	+0.49pp	4q	+3767.1%+$6.2M
WASTE MGMT INC DEL	WM	$6.2M	30,455	0.49%	-0.04pp	40q	+5.0%+$296.5K
ELI LILLY & CO	LLY	$6.1M	5,302	0.49%	-0.03pp	12q	+3.1%+$186.3K
VANGUARD WORLD FD	MGV	$6.0M	37,310	0.48%	flat	2q	+6.3%+$357.1K
CARVANA CO	CVNA	$5.9M	94,711	0.47%	+0.09pp	2q	+35.3%+$1.5M
VANGUARD WORLD FD	VDE	$5.9M	34,190	0.47%	+0.07pp	16q	+6.0%+$333.7K
VERIZON COMMUNICATIONS INC	VZ	$5.9M	128,121	0.47%	+0.03pp	40q	+2.0%+$117.7K
VERTIV HOLDINGS CO PUT	VRT	$5.7M	23,602	0.46%	-0.16pp	9q	+7.0%+$371.7K
VANGUARD INTL EQUITY INDEX F	VT	$5.7M	36,164	0.45%	+0.01pp	16q	+7.3%+$389.7K
ISHARES TR	AOM	$5.7M	116,470	0.45%	-0.02pp	28q	+2.5%+$137.0K
KIMBERLY CLARK CORP	KMB	$5.7M	58,223	0.45%	-0.20pp	40q	-17.8%-$1.2M
AT&T INC	T	$5.5M	223,616	0.43%	+0.07pp	40q	+7.2%+$367.1K
VISTRA CORP PUT	VST	$5.4M	39,090	0.43%	flat	4q	+21.4%+$957.1K
AFFIRM HLDGS INC	AFRM	$5.4M	78,244	0.43%	+0.41pp	4q	+1935.5%+$5.2M
INVESCO EXCH TRADED FD TR II	PGHY	$5.4M	282,469	0.43%	-0.02pp	28q	+3.6%+$188.1K
J P MORGAN EXCHANGE TRADED F	BBHY	$5.4M	120,767	0.43%	-0.02pp	28q	+3.8%+$197.9K
VANGUARD WHITEHALL FDS	VWOB	$5.2M	82,369	0.41%	-0.03pp	28q	+3.7%+$184.0K
CHEVRON CORPORATION	CVX	$5.2M	25,375	0.41%	+0.05pp	40q	-2.4%-$127.6K
US BANCORP	USB	$5.2M	89,388	0.41%	-0.04pp	29q	+0.6%+$30.3K
ISHARES TR	IVW	$5.0M	35,121	0.40%	-1.28pp	37q	-76.1%-$15.9M
COREWEAVE INC PUT	CRWV	$4.9M	55,530	0.39%	+0.03pp	2q	+32.2%+$1.2M
CORNING INC PUT	GLW	$4.8M	31,200	0.38%	+0.16pp	3q	+191.6%+$3.2M
MCDONALDS CORP	MCD	$4.7M	20,404	0.38%	-0.06pp	40q	+4.4%+$198.8K
DUKE ENERGY CORP NEW	DUK	$4.7M	41,314	0.38%	-0.04pp	40q	+3.8%+$171.6K
SUNCOR ENERGY INC NEW	SU	$4.6M	67,829	0.37%	+0.01pp	12q	-15.4%-$838.9K
VANGUARD INDEX FDS	VTI	$4.5M	12,062	0.36%	flat	40q	+3.5%+$154.2K
VANGUARD SPECIALIZED FUNDS	VIG	$4.4M	18,840	0.35%	-0.01pp	40q	+4.3%+$180.4K
SAMSARA INC	IOT	$4.4M	114,500	0.35%	+0.12pp	11q	+34.2%+$1.1M
VANGUARD INDEX FDS	VV	$4.4M	12,383	0.35%	+0.01pp	26q	+4.4%+$183.3K
BRISTOL-MYERS SQUIBB CO	BMY	$4.3M	69,636	0.35%	+0.02pp	40q	+3.7%+$155.8K
AGNICO EAGLE MINES LTD	AEM	$4.3M	23,289	0.34%	+0.04pp	13q	HELD
VANGUARD ADMIRAL FDS INC	VOOG	$4.2M	49,289	0.34%	-0.02pp	32q	-3.6%-$158.5K
BLOCK INC	XYZ	$4.1M	56,420	0.33%	-0.04pp	3q	-2.6%-$110.3K
BEST BUY INC	BBY	$4.1M	46,359	0.33%	+0.01pp	3q	-7.9%-$352.4K
BOEING CO	BA	$4.0M	21,273	0.32%	+0.29pp	5q	+1372.2%+$3.7M
SYSCO CORP	SYY	$3.9M	50,471	0.31%	-0.03pp	40q	+3.4%+$128.8K
ASML HLDG NV	ASML	$3.8M	2,072	0.30%	-0.05pp	12q	-2.2%-$85.2K
COCA COLA CO	KO	$3.7M	42,990	0.29%	-0.23pp	40q	-44.1%-$2.9M
VANGUARD WORLD FD	VDC	$3.6M	16,508	0.29%	-0.01pp	2q	+6.0%+$205.1K
GILEAD SCIENCES INC	GILD	$3.6M	23,861	0.28%	+0.26pp	7q	+827.4%+$3.2M
KROGER CO	KR	$3.5M	60,505	0.28%	+0.03pp	7q	+10.8%+$346.1K
GREENBRIER COS INC	GBX	$3.5M	88,017	0.28%	-0.04pp	19q	+11.0%+$349.9K
Rio Tinto PLC	RIO	$3.5M	37,287	0.28%	-0.01pp	40q	+0.7%+$24.3K
TYSON FOODS INC	TSN	$3.4M	67,713	0.27%	-0.04pp	9q	+3.6%+$120.0K
VANGUARD WORLD FD	VPU	$3.4M	19,995	0.27%	-0.02pp	16q	+10.8%+$334.1K
VANGUARD WELLINGTON FD	VFQY	$3.3M	19,574	0.27%	+0.01pp	16q	+7.3%+$226.1K
PAYCHEX INC	PAYX	$3.3M	33,790	0.26%	flat	40q	+4.2%+$133.3K
VANGUARD WORLD FD	VIS	$3.3M	10,237	0.26%	-0.02pp	16q	+7.5%+$228.2K
ARCHER DANIELS MIDLAND CO	ADM	$3.2M	40,371	0.26%	flat	2q	+1.2%+$39.5K
VANGUARD WORLD FD	VFH	$3.2M	24,632	0.26%	flat	16q	+7.9%+$234.6K
Dominion Energy, Inc.	D	$3.1M	50,757	0.24%	-0.05pp	3q	-1.5%-$47.9K
VANGUARD WORLD FD	VCR	$3.0M	8,207	0.24%	-0.01pp	16q	+9.2%+$253.1K
CEREBRAS SYSTEMS INC	CBRS	$2.9M	16,469	0.23%	-0.03pp	2q	+13.4%+$345.9K
RESTAURANT BRANDS INTL INC	QSR	$2.9M	40,830	0.23%	flat	11q	+5.7%+$156.4K
APPLOVIN CORP PUT	APP	$2.9M	9,740	0.23%	-0.06pp	3q	+46.1%+$911.1K
ROCKET COS INC	RKT	$2.9M	250,400	0.23%	-0.12pp	5q	-5.0%-$151.9K
AMPHENOL CORP	APH	$2.8M	33,160	0.22%	+0.08pp	3q	+70.9%+$1.2M
INVESCO EXCHANGE TRADED FD T	XLG	$2.8M	43,907	0.22%	+0.02pp	2q	+10.6%+$267.3K
GOLDMAN SACHS GROUP INC	GS	$2.7M	2,948	0.21%	-0.03pp	7q	+2.0%+$51.3K
DEVON ENERGY CORP NEW	DVN	$2.6M	55,977	0.21%	+0.02pp	15q	+2.9%+$73.1K
VANGUARD INDEX FDS	VO	$2.5M	32,465	0.20%	-0.01pp	40q	+4.5%+$110.2K
VANGUARD WHITEHALL FDS	VYM	$2.5M	16,341	0.20%	flat	40q	+4.5%+$108.8K
VANGUARD WORLD FD	VOX	$2.5M	13,106	0.20%	-0.01pp	26q	-3.3%-$84.2K
NEXTERA ENERGY INC	NEE	$2.5M	32,601	0.20%	-0.02pp	14q	+10.3%+$230.9K
COINBASE GLOBAL INC	COIN	$2.5M	13,200	0.20%	+0.06pp	4q	+15.8%+$335.2K
DIAGEO PLC	DEO	$2.4M	28,142	0.19%	flat	5q	-2.5%-$60.5K
NETFLIX INC.	NFLX	$2.4M	34,593	0.19%	-0.01pp	10q	+1.5%+$36.7K
APPLIED DIGITAL CORP	APLD	$2.4M	97,950	0.19%	+0.08pp	6q	+184.3%+$1.5M
EVERSOURCE ENERGY	ES	$2.3M	36,552	0.19%	-	new	NEW
AMERICAN TOWER CORP	AMT	$2.3M	14,262	0.19%	+0.03pp	14q	+21.2%+$408.6K
CAVA GROUP INC	CAVA	$2.3M	41,900	0.18%	-0.10pp	2q	-1.6%-$37.9K
NETAPP INC	NTAP	$2.2M	10,497	0.18%	+0.08pp	14q	+34.6%+$567.3K
ISHARES TR	IJK	$2.2M	19,776	0.17%	flat	10q	+10.6%+$207.4K
DEERE CO	DE	$2.2M	3,217	0.17%	flat	18q	HELD
DOW HLDGS INC	DOW	$2.2M	78,349	0.17%	+0.01pp	25q	+8.5%+$168.2K
BHP BILLITON LIMITED	BHP	$2.2M	25,397	0.17%	flat	40q	+0.7%+$15.2K
VANGUARD WORLD FD	MGC	$2.2M	7,627	0.17%	+0.01pp	13q	+10.1%+$196.8K
DELTA AIR LINES INC	DAL	$2.1M	25,547	0.17%	-0.03pp	3q	-0.6%-$13.5K
PHILIP MORRIS INTL INC	PM	$2.1M	11,081	0.17%	flat	40q	+1.2%+$26.0K
SERVICENOW INC	NOW	$2.1M	15,627	0.17%	-	new	NEW
KINDER MORGAN INC DEL	KMI	$2.0M	67,841	0.16%	-0.01pp	23q	+4.8%+$93.6K
LYONDELLBASELL INDUSTRIES NV	LYB	$2.0M	35,500	0.16%	+0.04pp	21q	+23.7%+$390.8K
PFIZER INC	PFE	$2.0M	69,417	0.16%	flat	9q	-10.7%-$236.3K
ORACLE CORP	ORCL	$2.0M	14,307	0.16%	+0.07pp	6q	+96.1%+$962.6K
CONAGRA BRANDS INC	CAG	$2.0M	145,900	0.16%	flat	21q	+2.4%+$45.7K
QNITY ELECTRONICS INC	Q	$1.9M	15,488	0.16%	-	new	NEW
NXP SEMICONDUCTORS N V	NXPI	$1.9M	8,198	0.16%	-0.04pp	3q	-1.5%-$30.4K
UNITED PARCEL SVCS INC	UPS	$1.9M	20,789	0.15%	flat	40q	+18.9%+$308.4K
OMEGA HEALTHCARE INVS INC	OHI	$1.9M	41,781	0.15%	-0.01pp	40q	+3.1%+$57.8K
ISHARES TR	IEI	$1.9M	16,735	0.15%	-0.01pp	11q	HELD
CHENIERE ENERGY INC	LNG	$1.9M	7,055	0.15%	flat	16q	-4.4%-$88.2K
VANGUARD SCOTTSDALE FDS	VONE	$1.9M	5,499	0.15%	-0.01pp	2q	-1.2%-$23.0K
TOAST INC	TOST	$1.9M	64,600	0.15%	+0.04pp	7q	+41.0%+$545.0K
MICRON TECHNOLOGY INC	MU	$1.9M	1,756	0.15%	+0.07pp	4q	+108.3%+$972.6K
GSK PLC	GSK	$1.8M	37,952	0.15%	-0.01pp	17q	+5.1%+$88.3K
RUBRIK INC.	RBRK	$1.8M	15,900	0.14%	+0.03pp	5q	-9.2%-$184.9K
ISHARES TR	IGIB	$1.8M	35,604	0.14%	-0.02pp	11q	HELD
EOG RES INC	EOG	$1.8M	13,010	0.14%	+0.02pp	14q	+19.2%+$289.3K
IRON MTN INC DEL	IRM	$1.8M	15,839	0.14%	-0.02pp	40q	+2.4%+$40.8K
XCEL ENERGY INC	XEL	$1.7M	24,293	0.14%	-0.03pp	10q	HELD
ISHARES TR	FLOT	$1.7M	33,319	0.14%	+0.01pp	8q	+15.4%+$227.1K
MORGAN STANLEY	MS	$1.7M	9,040	0.14%	+0.11pp	9q	+586.9%+$1.5M
PPL CORP	PPL	$1.7M	50,625	0.13%	-0.01pp	22q	+6.9%+$108.0K
SOUTHERN COPPER CORP	SCCO	$1.6M	7,708	0.12%	+0.02pp	7q	+4.1%+$61.6K
CITIGROUP INC	C	$1.6M	11,996	0.12%	+0.01pp	8q	+18.1%+$238.2K
NORTHROP GRUMMAN CORP	NOC	$1.6M	3,209	0.12%	-	new	NEW
TC ENERGY CORP	TRP	$1.5M	26,052	0.12%	-0.02pp	30q	+4.0%+$58.1K
SHOPIFY INC	SHOP	$1.4M	9,676	0.11%	-0.25pp	7q	-74.7%-$4.2M
CIPHER DIGITAL INC	CIFR	$1.4M	90,400	0.11%	-	new	NEW
WP CAREY INC	WPC	$1.4M	21,038	0.11%	-0.01pp	40q	+5.5%+$70.4K
FREEPORT-MCMORAN INC	FCX	$1.3M	17,942	0.10%	+0.01pp	12q	+8.5%+$98.0K
VANGUARD INDEX FDS	VOT	$1.3M	4,293	0.10%	-0.01pp	2q	-3.5%-$45.3K
CHIRON REAL ESTATE INC	XRN	$1.2M	35,716	0.10%	flat	3q	+7.6%+$87.8K
VANGUARD INDEX FDS	VBK	$1.1M	3,371	0.09%	-0.02pp	35q	-3.4%-$40.5K
DIAMONDBACK ENERGY INC	FANG	$1.1M	6,147	0.09%	flat	2q	HELD
Kinetik Holdings Inc	KNTK	$1.1M	21,876	0.09%	flat	2q	+1.3%+$14.5K
PROFESIONALLY MANAGED PORTFO	AKRE	$1.0M	19,917	0.08%	-0.01pp	2q	-2.3%-$25.0K
SPDR GOLD TR	GLD	$1.0M	2,717	0.08%	-0.44pp	7q	-83.9%-$5.4M
INVESCO EXCHANGE TRADED FD T	RSPT	$1.0M	15,480	0.08%	flat	4q	HELD
VANECK ETF TRUST	FLTR	$985.0K	38,490	0.08%	-0.01pp	9q	-1.7%-$16.8K
SPDR SERIES TRUST	BIL	$981.7K	10,712	0.08%	flat	9q	-1.5%-$15.4K
ISHARES TR	IYH	$974.7K	13,621	0.08%	flat	21q	-1.3%-$13.2K
TIDAL TRUST I	ZHDG	$963.6K	40,314	0.08%	flat	12q	+3.2%+$29.5K
ISHARES SILVER TR	SLV	$944.9K	17,335	0.08%	-0.18pp	4q	-69.6%-$2.2M
CF INDUSTRIES HOLD	CF	$933.1K	8,100	0.07%	+0.05pp	11q	+170.0%+$587.5K
WELLS FARGO & CO	WFC	$905.5K	11,311	0.07%	flat	4q	+13.4%+$107.3K
OCCIDENTAL PETE CORP	OXY	$886.9K	16,033	0.07%	+0.01pp	18q	+4.6%+$38.7K
ADVANCED MICRO DEVICES INC	AMD	$876.0K	1,432	0.07%	-0.01pp	19q	-12.7%-$127.9K
MARKEL GROUP INC	MKL	$873.4K	510	0.07%	-0.01pp	40q	HELD
COHERENT CORP	COHR	$870.6K	3,025	0.07%	-0.02pp	6q	+10.7%+$84.3K
ENTERGY CORP NEW	ETR	$863.6K	8,700	0.07%	+0.03pp	7q	+102.3%+$436.7K
KEYCORP	KEY	$863.0K	43,000	0.07%	-0.01pp	3q	HELD
MEDTRONIC PLC	MDT	$843.5K	9,775	0.07%	-0.13pp	7q	-67.3%-$1.7M
UNIVERSAL HLTH SVCS INC	UHS	$799.5K	4,588	0.06%	+0.01pp	4q	HELD
PROLOGIS INC.	PLD	$792.0K	6,100	0.06%	flat	8q	+12.6%+$88.7K
SLB LIMITED	SLB	$751.8K	15,430	0.06%	+0.01pp	4q	+11.6%+$78.0K
TAIWAN SEMICONDUCTOR MANUFAC PUT	TSM	$716.7K	1,471	0.06%	-0.01pp	7q	+0.6%+$4.4K
RBB FD INC	TBIL	$713.6K	14,314	0.06%	flat	3q	+6.3%+$42.2K
ISHARES TR	IVE	$691.1K	3,027	0.06%	flat	4q	-1.0%-$7.3K
STATE STR SPDR S&P MIDCAP 40	MDY	$689.5K	1,050	0.05%	-0.01pp	4q	-0.8%-$5.9K
CREDO TECHNOLOGY GROUP HOLDI	CRDO	$683.5K	3,509	0.05%	flat	4q	+48.2%+$222.5K
VIKING THERAPEUTICS INC	VKTX	$646.9K	19,843	0.05%	-0.02pp	4q	-5.3%-$35.9K
FRANKLIN TEMPLETON ETF TR	DIVI	$632.1K	14,818	0.05%	flat	4q	+1.2%+$7.2K
GLOBAL X FDS	XYLD	$613.6K	14,777	0.05%	+0.01pp	5q	+16.6%+$87.4K
HOME DEPOT INC	HD	$592.8K	2,083	0.05%	-0.02pp	40q	-2.7%-$16.2K
FIRST TR EXCHANGE-TRADED FD	QTEC	$584.8K	1,773	0.05%	flat	9q	-0.7%-$4.0K
AEROVIRONMENT INC	AVAV	$583.1K	4,100	0.05%	+0.01pp	3q	+51.8%+$199.0K
CONSTELLATION ENERGY CORP	CEG	$573.6K	2,258	0.05%	flat	4q	-4.6%-$27.7K
TRUIST FINL CORP	TFC	$571.0K	12,333	0.05%	-0.11pp	5q	-67.3%-$1.2M
SELECT SECTOR SPDR TR	XLE	$554.1K	9,009	0.04%	-0.61pp	16q	-93.9%-$8.5M
TIMKEN CO	TKR	$540.7K	4,631	0.04%	-0.01pp	4q	HELD
SMUCKER J M CO	SJM	$511.3K	4,300	0.04%	-0.07pp	7q	-64.8%-$939.4K
SPDR SERIES TRUST	QUS	$463.0K	2,435	0.04%	flat	36q	-0.9%-$4.0K
ISHARES BITCOIN TRUST ETF PUT	IBIT	$431.5K	6,114	0.03%	-	new	NEW
NEOS ETF TRUST	SPYI	$424.3K	7,979	0.03%	+0.01pp	3q	+29.1%+$95.7K
AMPLIFY ETF TR	DIVO	$417.8K	8,986	0.03%	+0.01pp	4q	+25.8%+$85.7K
J P MORGAN EXCHANGE TRADED F	JEPI	$417.1K	7,418	0.03%	+0.01pp	4q	+28.7%+$93.1K
BANK OF AMER CORP	BAC	$406.7K	7,472	0.03%	flat	24q	+0.8%+$3.4K
SSGA ACTIVE ETF TR	SRLN	$393.3K	9,738	0.03%	+0.01pp	4q	+32.4%+$96.3K
STRATEGY INC PUT	MSTR	$385.6K	1,519	0.03%	-	new	NEW
ISHARES TR	IYJ	$365.0K	2,379	0.03%	flat	4q	-1.0%-$3.7K
INVESCO EXCHANGE TRADED FD T	RSPS	$342.2K	11,923	0.03%	flat	4q	-2.1%-$7.2K
COSTCO WHOLESALE CORPORATION	COST	$340.5K	374	0.03%	flat	22q	+12.7%+$38.2K
MONOLITHIC PWR SYS INC	MPWR	$334.1K	248	0.03%	flat	4q	+2.5%+$8.1K
ALPHABET INC	GOOG	$328.8K	964	0.03%	flat	4q	HELD
ALLSTATE CORP	ALL	$324.4K	1,462	0.03%	flat	4q	HELD
GE AEROSPACE	GE	$319.6K	1,023	0.03%	-0.01pp	9q	HELD
AMERIPRISE FINL INC	AMP	$317.9K	645	0.03%	flat	4q	HELD
CONOCOPHILLIPS	COP	$317.7K	2,538	0.03%	flat	23q	-2.1%-$6.8K
BERKSHIRE HATHAWAY INC DEL	BRKB	$314.2K	631	0.03%	flat	25q	+0.8%+$2.5K
ISHARES TR	IJJ	$311.5K	2,261	0.02%	flat	2q	HELD
SPDR SERIES TRUST	SJNK	$308.2K	12,709	0.02%	flat	4q	+32.3%+$75.2K
FORD MTR CO	F	$300.5K	24,708	0.02%	-0.01pp	40q	-22.9%-$89.4K
AMERICAN EXPRESS CO	AXP	$297.2K	977	0.02%	flat	4q	-1.0%-$3.0K
ALLIANT ENERGY CORP	LNT	$281.3K	4,444	0.02%	-0.01pp	12q	HELD
UPSTART HLDGS INC	UPST	$279.1K	12,140	0.02%	-0.02pp	7q	-16.5%-$55.2K
VALERO ENERGY CORP	VLO	$276.1K	712	0.02%	-	new	NEW
RBB FD INC	XBIL	$244.6K	4,894	0.02%	flat	2q	HELD
SOUTHERN CO	SO	$236.4K	2,852	0.02%	flat	4q	+0.8%+$1.9K
ZOOM COMMUNICATIONS INC	ZM	$236.0K	2,600	0.02%	-0.02pp	2q	-46.9%-$208.8K
ISHARES TR	IDU	$234.4K	2,324	0.02%	flat	4q	-0.9%-$2.1K
LOCKHEED MARTIN CORP	LMT	$230.1K	451	0.02%	flat	40q	HELD
GE VERNOVA INC	GEV	$229.1K	241	0.02%	-0.01pp	2q	HELD
LINDE PLC	LIN	$225.0K	474	0.02%	flat	3q	HELD
RBB FD INC	RBIL	$215.4K	4,312	0.02%	flat	2q	HELD
FIDELITY COVINGTON TRUST	FTEC	$211.9K	706	0.02%	flat	2q	HELD
RBB FD INC	UTWO	$210.2K	4,440	0.02%	-0.01pp	2q	-29.2%-$86.5K
REALTY INCOME CORP	O	$209.9K	3,865	0.02%	-	new	NEW
ISHARES TR	IWF	$207.4K	1,656	0.02%	flat	2q	HELD
ARM HOLDINGS PLC PUT	ARM	$202.8K	500	0.02%	-0.02pp	11q	-38.2%-$125.3K
URANIUM ENERGY CORP PUT	UEC	$108.2K	5,750	0.01%	-	new	NEW
RITHM CAPITAL CORP	RITM	$94.8K	10,614	0.01%	-	new	NEW
RPC INC	RES	$68.9K	12,234	0.01%	flat	3q	+0.6%
OUTLOOK THERAPEUTICS INC	OTLK	$63.9K	111,415	0.01%	flat	2q	+136.0%+$36.8K
RING ENERGY INC	REI	$39.3K	30,000	0.00%	flat	4q	HELD
AMERICAN RES CORP	AREC	$26.1K	14,578	0.00%	flat	2q	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	$126.9M	10.1%
Semiconductors & Electronics	$85.3M	6.8%
Biotech & Pharma	$64.1M	5.1%
Retail & Consumer	$61.7M	4.9%
Computer Hardware	$52.8M	4.2%
Funds & ETFs	$47.7M	3.8%
Autos & Aerospace	$45.9M	3.7%
Banks & Lending	$39.6M	3.2%
Energy	$38.0M	3.0%
Capital Markets	$29.9M	2.4%
Utilities	$29.6M	2.4%
Mining & Metals	$25.7M	2.0%
Other sectors	$123.5M	9.8%
Not classified	$485.4M	38.6%

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	+0.9%	+2.1%	-1.2%	100%
Q2 2026	+15.1%	+14.8%	+0.3%	99%
Q1 2026	-1.0%	-4.6%	+3.6%	99%
Q4 2025	+0.0%	+2.4%	-2.4%	99%
Q3 2025	+7.6%	+7.8%	-0.2%	93%
Q2 2025	+10.7%	+10.5%	+0.3%	93%
Q1 2025	-2.9%	-4.6%	+1.6%	86%
Q4 2024	+0.6%	+2.1%	-1.6%	84%

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	264	15	156	65	24	19.6%	22
Q2 2026	$1.2B	273	38	120	90	23	20.5%	20
Q1 2026	$1.1B	258	31	109	90	25	19.9%	49
Q4 2025	$1.1B	252	50	159	38	14	21.1%	15
Q3 2025	$839.9M	216	17	37	150	48	23.6%	29
Q2 2025	$1.0B	247	19	124	77	22	22.0%	44
Q1 2025	$898.6M	250	36	103	90	21	20.1%	44
Q4 2024	$1.1B	235	14	62	144	47	29.6%	16
Q3 2024	$1.7B	268	47	154	53	16	34.2%	8
Q2 2024	$1.2B	237	14	59	141	32	47.3%	18
Q1 2024	$1.0B	255	25	138	67	6	26.2%	11
Q4 2023	$903.1M	236	27	100	88	17	27.5%	37
Q3 2023	$738.8M	226	27	116	63	14	20.4%	17
Q2 2023	$804.4M	213	20	81	80	17	26.5%	12
Q1 2023	$698.9M	210	15	109	56	12	20.2%	10
Q4 2022	$628.7M	207	29	119	38	12	21.5%	20
Q3 2022	$550.2M	190	21	74	71	14	22.2%	45
Q2 2022	$601.7M	183	17	90	52	21	23.9%	28
Q1 2022	$690.3M	187	10	100	48	15	27.4%	43
Q4 2021	$697.7M	192	19	101	44	10	26.3%	42
Q3 2021	$686.4M	183	10	112	39	17	30.0%	20
Q2 2021	$604.0M	190	20	109	42	13	23.4%	26
Q1 2021	$546.7M	183	20	111	37	13	23.1%	29
Q4 2020	$472.2M	176	21	79	59	13	26.0%	33
Q3 2020	$391.0M	168	27	96	27	6	27.3%	13
Q2 2020	$283.6M	147	9	89	32	407	24.4%	37
Q1 2020	$245.3M	545	53	147	152	125	29.1%	38
Q4 2019	$393.0M	617	70	160	144	30	27.5%	132
Q3 2019	$358.6M	577	83	167	96	34	27.7%	221
Q2 2019	$337.3M	528	61	136	116	109	27.5%	313
Q1 2019	$313.5M	576	57	136	98	48	27.3%	407
Q4 2018	$246.6M	567	104	125	94	40	28.9%	493
Q3 2018	$321.1M	503	68	102	159	112	28.7%	585
Q2 2018	$302.9M	547	82	119	122	54	29.7%	677
Q1 2018	$273.8M	519	68	116	168	185	33.6%	768
Q4 2017	$278.7M	636	228	156	72	40	34.4%	858
Q3 2017	$251.1M	448	62	75	88	48	37.3%	950
Q2 2017	$235.7M	434	69	115	73	42	41.6%	1,042
Q1 2017	$207.2M	407	68	107	47	44	44.2%	1,133
Q4 2016	$180.2M	383	0	0	0	0	50.0%	1,223

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.