DaveManuel.com · Institutional Ownership · 13F Holdings

Fermata Advisors, LLC

Reported holdings as of Q3 2026, from 23 quarterly filings.

CIK

1859259

Reported value

$517.0M

Positions

293

Top 10 weight

25.1%

Filed

2026-10-13

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
APPLE INC	AAPL	$19.3M	57,818	3.72%	+0.07pp	23q	-7.5%-$1.6M
VANGUARD INDEX FDS	VOO	$17.0M	24,204	3.28%	+1.14pp	23q	+57.1%+$6.2M
DIMENSIONAL ETF TRUST	DFAI	$15.2M	367,211	2.94%	+0.15pp	22q	+9.7%+$1.3M
VANECK ETF TRUST	MOAT	$13.0M	122,627	2.51%	-0.07pp	22q	HELD
CAPITAL GROUP DIVIDEND VALUE	CGDV	$11.9M	244,074	2.31%	-0.18pp	9q	-2.3%-$278.9K
INVESCO QQQ TR	QQQ	$11.6M	15,744	2.25%	-0.21pp	13q	-4.9%-$603.6K
MFS ACTIVE EXCHANGE TRADED F	MFSB	$10.9M	458,924	2.11%	-0.22pp	6q	-0.9%-$98.8K
PACER FDS TR	COWZ	$10.6M	158,703	2.05%	-0.26pp	12q	-13.4%-$1.6M
J P MORGAN EXCHANGE TRADED F	JEPI	$10.4M	185,394	2.02%	-0.73pp	11q	-22.9%-$3.1M
SCHWAB STRATEGIC TR	SCHG	$9.9M	276,672	1.92%	+0.67pp	9q	+51.3%+$3.4M
NVIDIA CORPORATION	NVDA	$8.8M	38,550	1.70%	+0.06pp	13q	-5.1%-$477.8K
PIMCO ETF TR	LTPZ	$8.1M	179,609	1.57%	-0.10pp	19q	+10.7%+$781.9K
CAMBRIA ETF TR	SYLD	$7.9M	97,488	1.52%	-0.08pp	20q	-2.3%-$185.7K
WISDOMTREE TR	NTSX	$7.5M	128,387	1.45%	+0.05pp	21q	+9.1%+$626.2K
WISDOMTREE TR	DGRW	$7.0M	71,694	1.35%	+0.22pp	11q	+22.8%+$1.3M
ISHARES TR	TLT	$6.7M	86,198	1.30%	-0.29pp	19q	-5.1%-$357.1K
VANGUARD SCOTTSDALE FDS	VGIT	$6.7M	117,926	1.29%	flat	23q	+8.5%+$521.9K
IM GLOBAL PARTNER FUNDS	DBMF	$6.6M	203,341	1.28%	+0.08pp	19q	+5.0%+$312.4K
CAMBRIA ETF TR	FYLD	$6.6M	166,835	1.28%	+0.03pp	20q	-1.2%-$80.7K
LATTICE STRATEGIES ETF	ROUS	$6.5M	97,601	1.25%	-0.42pp	12q	-20.3%-$1.7M
EA SERIES TRUST	ENDW	$6.3M	186,628	1.23%	-0.02pp	5q	+1.0%+$63.3K
TIDAL TRUST II	RSST	$6.2M	175,616	1.20%	+0.06pp	7q	+1.5%+$90.1K
PGIM ROCK ETF TR	BUFP	$6.2M	187,996	1.20%	-0.05pp	8q	-2.2%-$138.8K
FLEXSHARES TR	GUNR	$6.0M	114,092	1.16%	+0.07pp	19q	+3.7%+$215.3K
ISHARES GOLD TR	IAU	$6.0M	76,742	1.16%	+0.02pp	22q	+3.0%+$177.2K
VANGUARD WORLD FD	EDV	$5.9M	105,681	1.13%	+0.07pp	19q	+30.4%+$1.4M
WISDOMTREE TR	GDE	$5.7M	88,816	1.09%	+0.02pp	8q	+1.9%+$103.9K
ETF SER SOLUTIONS	DSTL	$5.3M	83,088	1.03%	+0.02pp	17q	HELD
PGIM ETF TR	PULS	$5.2M	105,039	1.00%	+0.04pp	9q	+8.6%+$412.8K
PIMCO ETF TR	MUNI	$4.9M	98,004	0.94%	-0.15pp	13q	-4.4%-$225.0K
ISHARES TR	TIP	$4.9M	46,772	0.94%	-0.06pp	13q	+3.3%+$157.4K
THORNBURG ETF TR	TXUE	$4.8M	139,286	0.94%	-0.11pp	6q	-6.8%-$350.4K
TIDAL TRUST II	RSSB	$4.8M	162,021	0.93%	-0.07pp	8q	+0.9%+$41.2K
CAMBRIA ETF TR	TRTY	$4.8M	153,412	0.93%	+0.02pp	19q	+2.7%+$127.5K
RPAR RISK PARITY TIDAL ETF	RPAR	$4.5M	212,785	0.87%	-0.07pp	19q	+1.5%+$66.6K
SCHWAB STRATEGIC TR	SCHR	$4.4M	186,303	0.85%	+0.23pp	8q	+48.9%+$1.4M
SCHWAB STRATEGIC TR	FNDE	$4.3M	103,517	0.84%	flat	7q	-1.0%-$43.9K
AMERICAN CENTY ETF TR	AVGE	$4.3M	43,592	0.83%	-0.05pp	14q	HELD
MICROSOFT CORP	MSFT	$4.2M	8,276	0.82%	+0.25pp	23q	+10.0%+$384.7K
ISHARES TR	MBB	$4.0M	44,822	0.78%	+0.02pp	11q	+13.6%+$479.8K
SPDR GOLD TR	GLD	$3.9M	10,117	0.75%	flat	13q	+0.8%+$30.1K
SPDR SERIES TRUST	SPYM	$3.5M	38,908	0.68%	+0.29pp	12q	+77.2%+$1.5M
INVESCO EXCHANGE TRADED FD T	XSVM	$3.5M	53,469	0.67%	-0.06pp	14q	+2.3%+$77.4K
CAMBRIA ETF TR	EYLD	$3.4M	71,967	0.66%	-0.01pp	14q	-1.4%-$48.6K
ISHARES TR	DGRO	$3.3M	43,901	0.64%	-0.06pp	23q	-3.9%-$133.7K
AMAZON COM INC	AMZN	$3.2M	13,032	0.63%	-0.01pp	23q	-1.2%-$37.9K
VANGUARD INDEX FDS	VTV	$3.1M	14,483	0.61%	-0.02pp	10q	+2.1%+$64.4K
PACER FDS TR	GCOW	$3.1M	68,725	0.59%	-0.04pp	13q	-5.4%-$174.8K
COLUMBIA ETF TR I	RECS	$3.1M	68,163	0.59%	-0.23pp	12q	-27.9%-$1.2M
VANGUARD INTL EQUITY INDEX F	VEU	$3.1M	36,785	0.59%	-0.16pp	14q	-17.0%-$624.0K
J P MORGAN EXCHANGE TRADED F	JPST	$3.0M	60,042	0.58%	-0.02pp	23q	+2.1%+$63.2K
SCHWAB STRATEGIC TR	SCHD	$3.0M	91,854	0.58%	+0.01pp	16q	+3.5%+$100.4K
iShares Tr	SHV	$2.8M	25,386	0.54%	-0.02pp	18q	+1.0%+$26.9K
WISDOMTREE TR	NTSI	$2.6M	57,192	0.51%	+0.02pp	21q	+10.4%+$247.8K
WISDOMTREE TR	USFR	$2.4M	48,528	0.47%	-0.05pp	18q	-4.7%-$121.7K
J P MORGAN EXCHANGE TRADED F	JUSA	$2.4M	35,367	0.47%	-	new	NEW
ISHARES TR	SYSB	$2.4M	28,261	0.46%	+0.26pp	2q	+149.3%+$1.4M
VANGUARD TAX-MANAGED FDS	VEA	$2.3M	33,044	0.45%	-0.04pp	16q	-2.8%-$68.1K
CHEVRON CORPORATION	CVX	$2.3M	11,306	0.45%	+0.02pp	13q	-12.0%-$314.7K
AMERICAN CENTY ETF TR	AVEM	$2.3M	23,983	0.44%	+0.39pp	2q	+953.7%+$2.0M
VANGUARD BD INDEX FDS	BND	$2.3M	32,132	0.44%	-	new	NEW
ISHARES TR	MTUM	$2.2M	6,940	0.43%	-0.06pp	23q	-1.4%-$31.1K
CAPITAL GROUP GROWTH ETF	CGGR	$2.2M	45,675	0.42%	-0.01pp	8q	+1.9%+$40.2K
J P MORGAN EXCHANGE TRADED F	JGRO	$2.1M	21,756	0.41%	-0.24pp	8q	-33.4%-$1.1M
ISHARES TR	STIP	$2.1M	20,837	0.40%	-0.05pp	22q	-4.5%-$98.6K
EQUITY LIFESTYLE PROPERTIES	ELS	$2.0M	33,926	0.38%	-0.06pp	19q	HELD
ALPHABET INC	GOOGL	$2.0M	5,715	0.38%	-0.02pp	23q	+2.9%+$55.4K
WISDOMTREE TR	GDMN	$2.0M	23,668	0.38%	+0.04pp	14q	+2.7%+$51.2K
ADVANCED MICRO DEVICES INC	AMD	$1.9M	3,149	0.37%	+0.08pp	4q	+25.9%+$396.4K
TIDAL TRUST II	RSIT	$1.9M	88,383	0.37%	-	new	NEW
SCHWAB STRATEGIC TR	SCHQ	$1.9M	67,260	0.37%	-0.25pp	8q	-31.7%-$887.2K
EA SERIES TRUST	BOXX	$1.9M	15,755	0.36%	-0.01pp	8q	HELD
ISHARES TR	TLH	$1.8M	19,801	0.35%	-0.04pp	10q	+2.3%+$41.3K
SSGA ACTIVE TR	ALLW	$1.8M	62,807	0.35%	-0.02pp	4q	+2.6%+$46.3K
TIDAL TRUST II	RSBT	$1.8M	90,023	0.34%	-0.01pp	5q	-0.9%-$15.5K
VANGUARD INDEX FDS	VTI	$1.7M	4,646	0.34%	-0.08pp	14q	-15.6%-$321.1K
BERKSHIRE HATHAWAY INC DEL	BRKB	$1.7M	3,425	0.33%	-0.01pp	13q	+1.3%+$21.4K
FIRST TR EXCHANGE-TRADED FD	FTHI	$1.7M	71,675	0.33%	-0.01pp	5q	+3.1%+$50.3K
MICRON TECHNOLOGY INC	MU	$1.7M	1,586	0.33%	-0.07pp	4q	-7.8%-$142.7K
META PLATFORMS INC	META	$1.7M	2,325	0.33%	+0.08pp	14q	+9.2%+$141.4K
ALPHABET INC	GOOG	$1.6M	4,772	0.31%	-0.04pp	23q	-4.3%-$73.9K
EXXONMOBIL HOLDINGS CORP	XOM	$1.6M	9,838	0.31%	-	new	NEW
ISHARES INC	IEMG	$1.5M	18,882	0.30%	+0.23pp	5q	+346.0%+$1.2M
VANGUARD INDEX FDS	VO	$1.5M	19,510	0.30%	-0.01pp	13q	+2.3%+$34.7K
SELECT SECTOR SPDR TR	XLE	$1.5M	24,729	0.29%	+0.04pp	23q	+3.3%+$49.0K
SCHWAB STRATEGIC TR	SCHF	$1.5M	53,879	0.29%	-	new	NEW
JOHNSON & JOHNSON	JNJ	$1.5M	5,522	0.28%	+0.01pp	23q	+2.5%+$35.5K
JPMORGAN CHASE & CO	JPM	$1.4M	4,166	0.27%	+0.01pp	13q	+7.7%+$98.9K
TESLA INC	TSLA	$1.4M	3,882	0.27%	-0.07pp	23q	-0.8%-$11.7K
GLOBAL X FDS	MLPX	$1.4M	19,492	0.26%	-0.03pp	6q	HELD
J P MORGAN EXCHANGE TRADED F	JMEE	$1.4M	18,398	0.26%	-0.19pp	8q	-35.9%-$757.1K
TIDAL TRUST II	BTGD	$1.3M	49,978	0.26%	+0.12pp	3q	+39.8%+$383.7K
FIRST TR EXCHANGE-TRADED FD	FTCS	$1.3M	14,120	0.26%	-0.04pp	13q	-8.7%-$126.8K
PROCTER & GAMBLE CO	PG	$1.3M	9,056	0.25%	+0.02pp	13q	+12.4%+$145.1K
JANUS DETROIT STR TR	JAAA	$1.3M	25,567	0.25%	flat	8q	+2.8%+$35.5K
ISHARES TR	EFV	$1.3M	16,040	0.25%	-0.01pp	12q	-2.0%-$26.3K
J P MORGAN EXCHANGE TRADED F	JIRE	$1.3M	15,357	0.24%	-	new	NEW
FIRST TR EXCHANGE TRADED FD	RDVY	$1.3M	16,044	0.24%	-	new	NEW
SIMPLIFY EXCHANGE TRADED FUN	CTA	$1.2M	43,252	0.24%	+0.02pp	14q	+4.4%+$52.3K
GOLDMAN SACHS ETF TR	GBIL	$1.2M	12,444	0.24%	-0.05pp	16q	-12.1%-$170.8K
BROADCOM INC	AVGO	$1.2M	3,427	0.23%	-0.01pp	13q	+8.3%+$92.4K
FLEXSHARES TR GLB QLT	GQRE	$1.2M	19,553	0.22%	-0.03pp	14q	HELD
ISHARES TR	IGEB	$1.2M	27,108	0.22%	-0.19pp	10q	-39.9%-$769.3K
RBB FD INC	RBIL	$1.1M	22,994	0.22%	flat	2q	+3.9%+$43.2K
INTEL CORP	INTC	$1.1M	9,497	0.22%	-0.02pp	3q	+12.3%+$125.3K
LATTICE STRATEGIES TR	ROAM	$1.1M	31,366	0.22%	-0.10pp	8q	-29.2%-$459.1K
ALPS ETF TR	SMTH	$1.1M	45,306	0.22%	-0.20pp	11q	-43.5%-$856.2K
SPDR INDEX SHS FDS	GNR	$1.1M	14,960	0.21%	flat	12q	-3.4%-$39.2K
ISHARES TR	AGG	$1.1M	11,661	0.21%	+0.01pp	23q	+16.7%+$158.1K
FIRST TR EXCHANGE-TRADED FD	FMF	$1.1M	21,072	0.21%	+0.01pp	23q	+4.8%+$50.7K
SPDR SERIES TRUST	SPAB	$1.1M	43,183	0.20%	-0.20pp	11q	-44.5%-$845.0K
WALMART INC	WMT	$1.0M	10,068	0.20%	-0.02pp	13q	+5.5%+$54.2K
SPDR SERIES TRUST	XME	$1.0M	10,093	0.20%	-0.01pp	11q	+3.0%+$30.0K
INVESCO EXCH TRADED FD TR II	EELV	$1.0M	37,349	0.20%	-0.27pp	9q	-55.3%-$1.3M
J P MORGAN EXCHANGE TRADED F	JEPQ	$1.0M	17,039	0.20%	+0.02pp	11q	+17.1%+$152.7K
PGIM ETF TR	PTRB	$1.0M	25,696	0.20%	-	new	NEW
KRANESHARES TRUST	KMLM	$1.0M	32,352	0.19%	+0.02pp	13q	+4.9%+$47.1K
COSTCO WHOLESALE CORPORATION	COST	$964.7K	1,060	0.19%	-0.03pp	20q	-7.7%-$80.1K
J P MORGAN EXCHANGE TRADED F	JCPB	$964.7K	21,543	0.19%	-	new	NEW
STATE STR SPDR S&P 500 ETF T	SPY	$962.6K	1,262	0.19%	-0.01pp	23q	-3.4%-$34.3K
LATTICE STRATEGIES TR	RODM	$952.4K	23,371	0.18%	-0.03pp	23q	-10.1%-$106.6K
EA SERIES TRUST	FRDM	$943.8K	13,491	0.18%	-0.01pp	4q	+3.7%+$33.9K
TIDAL TRUST I	HFND	$937.2K	39,255	0.18%	-0.01pp	14q	+2.8%+$25.4K
ISHARES BITCOIN TRUST ETF	IBIT	$934.9K	19,748	0.18%	+0.06pp	9q	+13.4%+$110.3K
ISHARES TR	IWM	$909.5K	3,273	0.18%	-0.03pp	23q	-2.1%-$19.7K
VANGUARD INDEX FDS	VBR	$873.5K	3,781	0.17%	-0.03pp	14q	-7.8%-$73.7K
ISHARES TR	IEFA	$871.2K	8,993	0.17%	-0.01pp	9q	-2.7%-$24.1K
WELLS FARGO & CO	WFC	$869.3K	10,860	0.17%	flat	12q	+7.3%+$58.9K
ISHARES TR	IWR	$853.1K	7,994	0.17%	-0.01pp	16q	HELD
SSGA ACTIVE ETF TR	RLY	$847.4K	23,416	0.16%	flat	11q	-0.6%-$4.9K
CROWDSTRIKE HLDGS INC	CRWD	$806.4K	3,046	0.16%	+0.05pp	3q	+6.1%+$46.1K
VANGUARD INDEX FDS	VXF	$789.7K	3,409	0.15%	-	new	NEW
VISA INC	V	$776.1K	2,160	0.15%	+0.01pp	23q	+5.1%+$37.4K
ISHARES TR	IXUS	$773.0K	8,138	0.15%	-0.01pp	9q	-0.6%-$4.7K
VANGUARD INDEX FDS	VUG	$757.8K	8,410	0.15%	flat	6q	HELD
VANGUARD INTL EQUITY INDEX F	VT	$752.7K	4,769	0.15%	-0.01pp	23q	-5.7%-$45.6K
ISHARES TR	IVV	$746.7K	975	0.14%	-0.03pp	23q	-16.2%-$144.8K
VANGUARD WORLD FD	VGT	$703.8K	5,601	0.14%	+0.01pp	9q	+4.3%+$29.0K
SCHWAB STRATEGIC TR	SCHP	$696.0K	27,694	0.13%	-	new	NEW
PHILIP MORRIS INTL INC	PM	$693.6K	3,635	0.13%	+0.01pp	3q	+4.8%+$31.9K
SCHWAB STRATEGIC TR	SCHA	$687.9K	21,081	0.13%	-0.02pp	8q	+3.2%+$21.6K
ELI LILLY & CO	LLY	$683.1K	590	0.13%	flat	13q	+12.6%+$76.4K
WORLD GOLD TR	GLDM	$669.9K	8,152	0.13%	+0.01pp	3q	+7.5%+$46.9K
GLOBAL X FDS	MLPA	$644.9K	12,113	0.12%	-0.02pp	13q	-8.1%-$56.6K
SPDR SERIES TRUST	SPTL	$644.4K	27,018	0.12%	-0.01pp	6q	+4.4%+$27.3K
INVESCO EXCH TRADED FD TR II	IDMO	$632.9K	10,369	0.12%	+0.04pp	2q	+62.2%+$242.7K
BANK OF AMER CORP	BAC	$622.1K	11,430	0.12%	flat	13q	+7.8%+$45.1K
ISHARES TR	IWF	$608.5K	4,858	0.12%	flat	13q	HELD
INNOVATOR ETFS TRUST	BALT	$607.4K	17,380	0.12%	-	new	NEW
VANGUARD INTL EQUITY INDEX F	VWO	$598.2K	10,087	0.12%	-	new	NEW
DIMENSIONAL ETF TRUST	DFAC	$591.1K	13,297	0.11%	flat	2q	HELD
WISDOMTREE TR	XSOE	$588.6K	12,563	0.11%	-0.01pp	23q	-1.0%-$6.2K
VANGUARD SCOTTSDALE FDS	VONG	$578.7K	4,488	0.11%	flat	9q	HELD
ALPS ETF TR	IDOG	$576.2K	13,692	0.11%	-0.10pp	11q	-46.6%-$502.4K
ENTERPRISE PRODS PARTNERS L	EPD	$547.3K	15,369	0.11%	-0.01pp	10q	-1.0%-$5.8K
ENERGY TRANSFER L P	ET	$542.7K	27,451	0.10%	flat	10q	+5.2%+$26.7K
INVESCO EXCH TRD SLF IDX FD	IUS	$517.8K	7,636	0.10%	flat	12q	+3.2%+$16.2K
SPDR SERIES TRUST	SPHY	$516.3K	22,854	0.10%	-0.10pp	11q	-45.9%-$437.5K
CATERPILLAR INC	CAT	$510.2K	629	0.10%	-0.02pp	8q	+17.8%+$77.1K
CISCO SYS INC	CSCO	$509.5K	4,733	0.10%	-0.01pp	9q	+6.6%+$31.5K
HARTFORD FDS EXCHANGE TRADED	HTRB	$509.1K	15,884	0.10%	+0.01pp	22q	+27.9%+$111.1K
VICOR CORP	VICR	$486.0K	1,682	0.09%	+0.02pp	2q	+74.3%+$207.2K
ISHARES TR	IMCG	$477.0K	5,081	0.09%	-0.02pp	13q	-8.0%-$41.6K
ISHARES TR	IWB	$472.7K	1,136	0.09%	-0.04pp	11q	-26.2%-$168.1K
GE VERNOVA INC	GEV	$471.5K	496	0.09%	-0.02pp	3q	+4.2%+$19.0K
USCF ETF TR	USG	$454.2K	14,342	0.09%	flat	9q	HELD
ALPS ETF TR	RFFC	$453.5K	5,923	0.09%	-0.05pp	11q	-33.5%-$228.6K
NOVO-NORDISK A S	NVO	$449.7K	11,862	0.09%	-0.03pp	5q	HELD
ANNALY CAPITAL MANAGEMENT IN	NLY	$443.9K	23,500	0.09%	-0.01pp	10q	+8.8%+$35.9K
FIRST TR EXCHANGE-TRADED FD	FVD	$438.2K	9,341	0.08%	-0.02pp	9q	-8.9%-$42.9K
PIMCO ETF TR	MINT	$434.2K	4,318	0.08%	-0.02pp	3q	-12.5%-$61.9K
FIRST TR EXCHNG TRADED FD VI	BUFR	$432.0K	11,528	0.08%	-0.01pp	7q	-9.2%-$44.0K
SPACE EXPLORATION TECHN CORP	SPCX	$430.3K	2,852	0.08%	-	new	NEW
COLUMBIA ETF TR I	SEMI	$422.9K	10,543	0.08%	-0.05pp	12q	-33.4%-$212.0K
LINDE PLC	LIN	$410.6K	865	0.08%	-0.05pp	3q	-28.4%-$162.8K
PFIZER INC	PFE	$407.8K	14,300	0.08%	+0.03pp	2q	+48.6%+$133.4K
CITIGROUP INC	C	$397.5K	3,070	0.08%	+0.02pp	2q	+41.7%+$116.9K
ISHARES TR	IWY	$390.2K	1,323	0.08%	flat	13q	-0.8%-$2.9K
PHILLIPS 66	PSX	$389.4K	1,525	0.08%	+0.03pp	2q	+16.2%+$54.4K
DEERE CO	DE	$389.4K	580	0.08%	flat	9q	HELD
SPDR SERIES TRUST	ONEV	$382.0K	2,750	0.07%	-0.01pp	13q	-7.7%-$32.1K
AGNC INVT CORP	AGNC	$378.5K	41,734	0.07%	-0.02pp	12q	HELD
J P MORGAN EXCHANGE TRADED F	JTEK	$377.8K	3,591	0.07%	-0.01pp	3q	-6.3%-$25.2K
ISHARES TR	IJH	$369.5K	5,136	0.07%	-0.03pp	12q	-18.5%-$83.7K
CAMBRIA ETF TR	TAIL	$367.6K	37,568	0.07%	-0.01pp	2q	+0.8%+$3.1K
J P MORGAN EXCHANGE TRADED F	JPIE	$364.7K	8,124	0.07%	-	new	NEW
PUTNAM ETF TRUST	FTCA	$361.8K	52,812	0.07%	+0.01pp	3q	+24.6%+$71.4K
ISHARES TR	IJR	$353.9K	2,602	0.07%	-0.01pp	13q	+2.8%+$9.7K
RTX CORPORATION	RTX	$348.8K	1,879	0.07%	flat	3q	+14.7%+$44.7K
IBOTTA INC	IBTA	$336.6K	8,543	0.07%	+0.01pp	6q	HELD
GE AEROSPACE	GE	$335.7K	1,075	0.06%	-0.02pp	3q	-1.0%-$3.4K
VERIZON COMMUNICATIONS INC	VZ	$332.4K	7,246	0.06%	flat	5q	-3.5%-$11.9K
ISHARES TR	IWD	$330.0K	1,331	0.06%	flat	7q	HELD
SPROTT ASSET MANAGEMENT LP	CEF	$326.6K	7,862	0.06%	-0.01pp	10q	-7.4%-$26.1K
PGIM ETF TR	PAAA	$325.2K	6,340	0.06%	flat	5q	HELD
AUTOMATIC DATA PROCESSING IN	ADP	$325.2K	1,260	0.06%	+0.01pp	9q	+6.0%+$18.3K
LEMONADE INC	LMND	$325.0K	7,200	0.06%	-0.03pp	5q	+6.4%+$19.5K
INVESCO EXCH TRADED FD TR II	QQQM	$323.5K	1,062	0.06%	-0.03pp	2q	-28.1%-$126.4K
INTERNATIONAL BUSINESS MACHS	IBM	$313.2K	1,424	0.06%	-0.01pp	7q	+7.3%+$21.3K
DISNEY WALT CO	DIS	$308.1K	2,937	0.06%	+0.02pp	23q	+39.3%+$86.9K
VANGUARD SPECIALIZED FUNDS	VIG	$306.6K	1,314	0.06%	flat	5q	HELD
ORACLE CORP	ORCL	$304.5K	2,218	0.06%	-	new	NEW
SNOWFLAKE INC	SNOW	$303.2K	893	0.06%	+0.01pp	2q	+4.9%+$14.3K
DIMENSIONAL ETF TRUST	DFCA	$302.5K	6,346	0.06%	-0.01pp	6q	+0.7%+$2.1K
PALANTIR TECHNOLOGIES INC	PLTR	$300.4K	1,606	0.06%	-	new	NEW
EATON CORP PLC	ETN	$300.4K	699	0.06%	flat	3q	+6.2%+$17.6K
VANGUARD STAR FDS	VXUS	$299.6K	3,526	0.06%	-0.01pp	14q	-12.9%-$44.3K
INVESCO EXCHANGE TRADED FD T	PRFZ	$297.7K	5,689	0.06%	-0.01pp	9q	HELD
SPOTIFY TECHNOLOGY S A	SPOT	$294.9K	605	0.06%	flat	2q	+3.1%+$8.8K
STATE STR SPDR S&P MIDCAP 40	MDY	$294.7K	449	0.06%	-0.01pp	9q	HELD
VANECK ETF TRUST	SMOT	$294.1K	7,849	0.06%	flat	6q	HELD
ABBVIE INC	ABBV	$294.0K	1,124	0.06%	+0.01pp	2q	+23.7%+$56.2K
MPLX LP	MPLX	$293.7K	5,215	0.06%	flat	4q	HELD
WISDOMTREE TR	NTSE	$293.7K	6,392	0.06%	-	new	NEW
WHEATON PRECIOUS METALS CORP	WPM	$290.4K	2,172	0.06%	flat	3q	-7.4%-$23.3K
TERADYNE INC	TER	$289.5K	722	0.06%	-0.02pp	3q	-11.5%-$37.7K
IDAHO STRATEGIC RESOURCES	IDR	$289.4K	10,337	0.06%	-0.01pp	5q	HELD
WISDOMTREE TR	EMCB	$287.2K	4,495	0.06%	+0.01pp	5q	+20.0%+$47.8K
AT&T INC	T	$286.7K	11,748	0.06%	+0.01pp	3q	+17.7%+$43.2K
INVESCO EXCHANGE TRADED FD T	PRF	$285.4K	5,243	0.06%	flat	4q	HELD
SALESFORCE INC	CRM	$284.4K	1,239	0.06%	-	new	NEW
SERVICENOW INC	NOW	$284.0K	2,119	0.05%	flat	2q	-16.4%-$55.7K
DYNEX CAP INC	DX	$282.8K	25,386	0.05%	+0.01pp	2q	+47.2%+$90.6K
THE ALGER ETF TRUST	ATFV	$282.8K	6,950	0.05%	flat	2q	+15.8%+$38.7K
MASTERCARD INCORPORATED	MA	$282.7K	513	0.05%	flat	2q	+3.2%+$8.8K
AMERICAN TOWER CORP	AMT	$280.6K	1,714	0.05%	-	new	NEW
WISDOMTREE TR	GCC	$279.4K	10,486	0.05%	flat	14q	-8.6%-$26.3K
BOEING CO	BA	$276.6K	1,487	0.05%	-0.03pp	6q	-19.4%-$66.4K
COCA COLA CO	KO	$273.6K	3,178	0.05%	+0.01pp	2q	+21.8%+$49.0K
DELL TECHNOLOGIES INC	DELL	$272.8K	507	0.05%	+0.01pp	2q	+8.8%+$22.1K
TAKE-TWO INTERACTIVE SOFTWAR	TTWO	$271.4K	1,308	0.05%	-0.01pp	4q	+12.4%+$29.9K
AMERICAN ELEC PWR CO INC	AEP	$264.5K	2,230	0.05%	flat	3q	+10.9%+$26.1K
AIRBNB INC	ABNB	$264.3K	1,645	0.05%	+0.01pp	2q	+5.7%+$14.1K
OCCIDENTAL PETE CORP	OXY	$263.7K	4,768	0.05%	-	new	NEW
CENTENE CORP DEL	CNC	$263.3K	4,239	0.05%	flat	2q	+18.3%+$40.7K
CAPITAL ONE FINL CORP	COF	$258.3K	1,338	0.05%	-	new	NEW
ISHARES TR	USMV	$258.1K	2,649	0.05%	-0.02pp	13q	-26.1%-$91.3K
FORTINET INC	FTNT	$255.8K	1,431	0.05%	-	new	NEW
INVESCO EXCHANGE TRADED FD T	XMMO	$251.9K	1,717	0.05%	-0.01pp	8q	HELD
UIPATH INC	PATH	$251.0K	19,550	0.05%	-0.02pp	4q	-35.6%-$138.7K
DIMENSIONAL ETF TRUST	DFAT	$249.4K	3,753	0.05%	flat	5q	HELD
NETFLIX INC.	NFLX	$247.8K	3,561	0.05%	flat	8q	+3.2%+$7.6K
ISHARES TR	AOR	$247.7K	3,615	0.05%	flat	11q	HELD
TWIST BIOSCIENCE CORP	TWST	$243.3K	1,259	0.05%	-	new	NEW
SOFI TECHNOLOGIES INC	SOFI	$243.0K	15,455	0.05%	-0.01pp	10q	HELD
PACER FDS TR	COWG	$240.6K	6,032	0.05%	flat	3q	-2.7%-$6.6K
TEXAS INSTRS INC	TXN	$239.3K	855	0.05%	-	new	NEW
LOWES COS INC	LOW	$239.1K	1,297	0.05%	-0.01pp	3q	-0.8%-$2.0K
SEAGATE TECHNOLOGY HLDNGS PL	STX	$238.9K	259	0.05%	flat	2q	+0.8%+$1.8K
ARISTA NETWORKS INC	ANET	$238.2K	1,170	0.05%	-	new	NEW
SELECT SECTOR SPDR TR	XLK	$238.0K	1,216	0.05%	flat	2q	HELD
ISHARES TR	IDEV	$235.8K	2,635	0.05%	-0.02pp	11q	-28.8%-$95.2K
FRANCO NEV CORP	FNV	$229.1K	962	0.04%	flat	3q	-5.7%-$13.8K
GOLDMAN SACHS ETF TR	GSLC	$228.2K	1,573	0.04%	flat	5q	HELD
3M CO	MMM	$227.9K	1,389	0.04%	flat	2q	+11.8%+$24.1K
REGENERON PHARMACEUTICALS	REGN	$227.5K	300	0.04%	-	new	NEW
TRACTOR SUPPLY CO	TSCO	$225.2K	7,197	0.04%	flat	3q	+2.5%+$5.4K
OSCAR HEALTH INC	OSCR	$224.1K	7,265	0.04%	flat	2q	+1.3%+$2.8K
MARVELL TECHNOLOGY INC	MRVL	$223.7K	847	0.04%	-	new	NEW
FIDELITY COVINGTON TRUST	FMDE	$220.9K	5,472	0.04%	-0.04pp	6q	-48.6%-$209.0K
ATMOS ENERGY CORP	ATO	$220.4K	1,409	0.04%	-	new	NEW
ATLASSIAN CORPORATION	TEAM	$219.6K	1,225	0.04%	-	new	NEW
APPLIED MATLS INC	AMAT	$218.0K	426	0.04%	-0.01pp	2q	+27.5%+$47.1K
ST JOE CO	JOE	$216.6K	3,293	0.04%	flat	3q	HELD
BLOOM ENERGY CORP	BE	$215.8K	779	0.04%	-	new	NEW
PEPSICO INC	PEP	$214.5K	1,693	0.04%	-0.03pp	3q	-31.6%-$99.0K
ALPS ETF TR	ENFR	$212.8K	5,806	0.04%	-0.04pp	11q	-44.6%-$171.4K
EMERSON ELEC CO	EMR	$212.0K	1,367	0.04%	-	new	NEW
ILLINOIS TOOL WKS INC	ITW	$212.0K	824	0.04%	-	new	NEW
DOW HLDGS INC	DOW	$211.9K	7,695	0.04%	-	new	NEW
SEABRIDGE GOLD INC	SA	$211.8K	7,474	0.04%	-	new	NEW
IREN LIMITED	IREN	$210.9K	5,160	0.04%	-	new	NEW
AMERICAN CENTY ETF TR	AVDE	$210.6K	2,337	0.04%	flat	2q	HELD
MERCK & CO INC	MRK	$208.3K	1,433	0.04%	-	new	NEW
HARTFORD FDS EXCHANGE TRADED	HTAB	$208.1K	11,631	0.04%	flat	8q	HELD
UNION PAC CORP	UNP	$207.6K	763	0.04%	-	new	NEW
AMERICAN CENTY ETF TR	AVUV	$207.3K	1,761	0.04%	-0.01pp	2q	-4.0%-$8.7K
ISHARES TR	IVW	$206.2K	1,450	0.04%	-0.05pp	13q	-53.4%-$236.4K
SPROTT FDS TR	URNM	$205.7K	4,335	0.04%	-0.01pp	13q	-1.3%-$2.7K
SPDR SERIES TRUST	SDY	$204.9K	1,399	0.04%	flat	3q	HELD
ISHARES INC	RING	$202.9K	2,649	0.04%	-	new	NEW
ALTRIA GROUP INC	MO	$200.1K	2,972	0.04%	-	new	NEW
TIDAL ETF TR	UPAR	$184.0K	12,343	0.04%	flat	4q	+11.6%+$19.1K
ENERGOUS CORP	WATT	$181.3K	13,800	0.04%	-	new	NEW
OXFORD LANE CAP CORP	OXLC	$158.0K	17,540	0.03%	flat	5q	+1.4%+$2.2K
PIMCO DYNAMIC INCOME FD	PDI	$141.5K	10,084	0.03%	-	new	NEW
NUVEEN CA DIVI ADV MUN	NAC	$117.9K	11,500	0.02%	-0.01pp	13q	HELD
SIBANYE STILLWATER LTD	SBSW	$110.0K	10,773	0.02%	flat	11q	-4.8%-$5.5K
ONDAS INC	ONDS	$84.5K	11,525	0.02%	flat	2q	+7.0%+$5.5K
STARLING ONCOLOGY INC	STLN	$80.1K	12,675	0.02%	flat	2q	-1.0%
EAGLE POINT CR CO	ECC	$56.5K	16,340	0.01%	flat	6q	+1.2%
BRIGHTSPIRE CAPITAL INC	BRSP	$39.8K	10,397	0.01%	-	new	NEW
GRAB HOLDINGS LIMITED	GRAB	$31.1K	10,000	0.01%	-	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
Computer Hardware	$21.1M	4.1%
Semiconductors & Electronics	$17.4M	3.4%
Software & IT Services	$13.3M	2.6%
Capital Markets	$11.8M	2.3%
Other sectors	$39.8M	7.7%
Not classified	$413.6M	80.0%

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	+0.7%	+2.1%	-1.4%	98%
Q2 2026	+6.0%	+14.8%	-8.8%	100%
Q1 2026	+0.2%	-4.6%	+4.9%	100%
Q4 2025	+1.8%	+2.4%	-0.5%	100%
Q3 2025	+6.6%	+7.8%	-1.2%	100%
Q2 2025	+5.7%	+10.5%	-4.7%	100%
Q1 2025	-2.0%	-4.6%	+2.6%	100%
Q4 2024	-1.3%	+2.1%	-3.5%	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	$517.0M	293	44	118	94	26	25.1%	13
Q2 2026	$494.5M	275	47	119	81	4	25.2%	7
Q1 2026	$444.1M	232	25	109	60	11	25.1%	8
Q4 2025	$416.6M	218	16	92	75	9	26.6%	8
Q3 2025	$394.4M	211	17	72	91	26	27.4%	9
Q2 2025	$374.2M	220	17	62	118	82	25.6%	9
Q1 2025	$552.7M	285	41	117	98	21	31.4%	10
Q4 2024	$535.6M	265	43	96	94	26	37.9%	15
Q3 2024	$492.6M	248	31	135	61	11	41.3%	9
Q2 2024	$435.4M	228	38	85	85	22	38.5%	12
Q1 2024	$443.9M	212	48	65	80	23	36.8%	12
Q4 2023	$419.3M	187	34	68	72	10	35.0%	19
Q3 2023	$355.0M	163	94	54	12	2	34.2%	38
Q2 2023	$110.6M	71	18	36	15	46	42.4%	24
Q1 2023	$165.5M	99	7	6	84	44	47.5%	13
Q4 2022	$337.4M	136	20	46	63	15	36.3%	44
Q3 2022	$307.2M	131	7	58	59	34	35.5%	45
Q2 2022	$286.8M	158	21	65	69	48	33.5%	40
Q1 2022	$266.7M	185	19	59	104	18	30.5%	22
Q4 2021	$273.2M	184	23	67	85	13	32.9%	33
Q3 2021	$226.5M	174	33	65	68	12	35.3%	29
Q2 2021	$172.1M	153	86	45	20	3	39.8%	41
Q1 2021	$118.8M	70	0	0	0	0	57.9%	48

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.