DaveManuel.com · Institutional Ownership · 13F Holdings

TECTONIC ADVISORS LLC

Reported holdings as of Q3 2026, from 24 quarterly filings.

CIK

1859918

Reported value

$2.2B

Positions

277

Top 10 weight

41.3%

Filed

2026-10-22

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
VANGUARD INDEX FDS	VOO	$165.6M	236,321	7.67%	+0.05pp	24q	+2.4%+$3.8M
PIMCO ETF TR	BOND	$150.0M	1,724,091	6.95%	-0.46pp	13q	+3.2%+$4.7M
ISHARES TR	IVV	$114.2M	149,104	5.29%	+0.11pp	24q	+3.6%+$4.0M
SSGA ACTIVE ETF TR	TOTL	$99.0M	2,646,000	4.59%	-0.44pp	13q	HELD
SPDR SERIES TRUST	SPYM	$83.5M	930,056	3.87%	-0.21pp	24q	-3.6%-$3.2M
ADVISORS INNER CIRCLE FD III	GQGU	$83.2M	3,148,421	3.85%	+0.20pp	5q	+5.1%+$4.0M
VANGUARD TAX-MANAGED FDS	VEA	$60.2M	852,510	2.79%	-0.05pp	24q	+3.0%+$1.8M
VANGUARD BD INDEX FDS	BND	$47.7M	679,950	2.21%	+0.02pp	24q	+9.6%+$4.2M
TOUCHSTONE ETF TRUST	TLCI	$45.6M	1,730,843	2.11%	-0.05pp	5q	+3.7%+$1.6M
SPDR SERIES TRUST	BIL	$42.9M	467,670	1.98%	+0.39pp	17q	+29.4%+$9.7M
ISHARES TR	AGG	$40.3M	426,401	1.87%	+0.02pp	24q	+10.0%+$3.7M
TCW ETF TRUST	FLXR	$31.9M	841,815	1.48%	+0.06pp	10q	+12.0%+$3.4M
ISHARES TR	TLT	$29.9M	384,917	1.39%	+1.32pp	24q	+2200.2%+$28.6M
VANGUARD INDEX FDS	VO	$28.5M	363,975	1.32%	-0.06pp	24q	+2.3%+$654.6K
VANGUARD INDEX FDS	VB	$23.7M	83,362	1.10%	-0.08pp	24q	+2.8%+$636.4K
UNIFIED SER TR	ABEQ	$22.1M	596,548	1.03%	-0.07pp	24q	-2.3%-$524.6K
VANGUARD INDEX FDS	VNQ	$22.0M	245,640	1.02%	-0.07pp	24q	+4.4%+$929.9K
ONEOK INC NEW	OKE	$19.3M	226,774	0.90%	-	new	NEW
VERIZON COMMUNICATIONS INC	VZ	$18.6M	405,042	0.86%	+0.11pp	24q	+10.2%+$1.7M
HERCULES CAPITAL INC	HTGC	$18.5M	1,101,790	0.86%	+0.09pp	24q	+9.5%+$1.6M
IRON MTN INC DEL	IRM	$18.2M	163,750	0.84%	-0.14pp	23q	+0.8%+$149.7K
ARES CAPITAL CORP	ARCC	$17.9M	938,383	0.83%	+0.08pp	24q	+11.1%+$1.8M
SIXTH STREET SPECIALTY LENDI	TSLX	$17.7M	980,705	0.82%	+0.12pp	5q	+16.0%+$2.4M
MERCK & CO INC	MRK	$17.6M	121,391	0.82%	+0.03pp	24q	-4.2%-$769.1K
ISHARES TR	IEFA	$17.5M	180,998	0.81%	flat	24q	+3.8%+$644.9K
CISCO SYS INC	CSCO	$17.2M	159,550	0.80%	-0.20pp	24q	-9.6%-$1.8M
VANGUARD INTL EQUITY INDEX F	VWO	$17.1M	288,576	0.79%	-0.02pp	24q	+2.5%+$417.4K
AT&T INC	T	$17.0M	695,882	0.79%	+0.18pp	23q	+13.7%+$2.0M
NNN REIT INC	NNN	$16.6M	405,201	0.77%	-0.08pp	13q	+6.7%+$1.1M
Clearway Energy, Inc.	CWEN	$16.6M	567,137	0.77%	-0.06pp	2q	+12.8%+$1.9M
ALTRIA GROUP INC	MO	$16.5M	244,830	0.76%	-0.04pp	23q	+5.1%+$799.0K
MPLX LP	MPLX	$16.5M	292,674	0.76%	+0.01pp	24q	+5.2%+$817.7K
ENBRIDGE INC	ENB	$16.5M	354,389	0.76%	-0.10pp	24q	+7.4%+$1.1M
ENERGY TRANSFER L P	ET	$16.4M	827,868	0.76%	+0.03pp	13q	+4.3%+$679.0K
ABBVIE INC	ABBV	$16.3M	62,352	0.76%	flat	24q	-0.5%-$86.3K
ISHARES TR	IAGG	$16.1M	327,808	0.75%	-0.05pp	24q	HELD
ISHARES TR	USRT	$16.1M	261,736	0.75%	-0.06pp	24q	+3.7%+$578.4K
ENTERPRISE PRODS PARTNERS L	EPD	$15.8M	443,070	0.73%	-0.01pp	24q	+5.3%+$799.7K
SPDR SERIES TRUST	BWX	$15.8M	744,825	0.73%	-0.05pp	24q	HELD
INTERNATIONAL BUSINESS MACHS	IBM	$15.4M	69,853	0.71%	-0.13pp	24q	+12.0%+$1.7M
GLOBAL X FDS	MLPA	$15.2M	286,377	0.71%	flat	24q	+3.0%+$447.6K
GILEAD SCIENCES INC	GILD	$15.2M	102,138	0.70%	+0.09pp	23q	+0.6%+$86.6K
HASBRO INC	HAS	$15.1M	172,379	0.70%	+0.05pp	21q	+5.0%+$722.4K
ALPS ETF TR	AMLP	$15.0M	288,621	0.69%	flat	24q	+3.0%+$436.3K
BROADCOM INC	AVGO	$14.3M	40,655	0.66%	-0.02pp	21q	+7.6%+$1.0M
DELL TECHNOLOGIES INC	DELL	$14.0M	25,939	0.65%	+0.06pp	4q	-8.3%-$1.3M
MSC INDL DIRECT INC	MSM	$13.7M	111,074	0.64%	-0.03pp	18q	-5.3%-$766.8K
WP CAREY INC	WPC	$13.5M	208,971	0.63%	-0.04pp	5q	+7.9%+$989.8K
ISHARES TR	IJH	$13.4M	185,871	0.62%	-0.04pp	24q	+4.1%+$528.9K
PFIZER INC	PFE	$13.3M	465,200	0.61%	+0.11pp	24q	+7.7%+$944.3K
ISHARES TR	IJR	$13.1M	96,636	0.61%	-0.05pp	24q	+3.8%+$479.4K
REALTY INCOME CORP	O	$13.1M	240,521	0.60%	-0.05pp	23q	+9.0%+$1.1M
COCA COLA CO	KO	$12.9M	149,869	0.60%	+0.02pp	24q	+2.2%+$274.3K
CONSOLIDATED EDISON INC	ED	$12.3M	120,564	0.57%	-0.03pp	23q	+6.4%+$741.0K
VICI PPTYS INC	VICI	$12.2M	532,627	0.57%	-0.01pp	18q	+18.2%+$1.9M
WISDOMTREE TR	USFR	$11.8M	234,279	0.55%	+0.02pp	14q	+8.2%+$897.3K
DUKE ENERGY CORP NEW	DUK	$11.8M	103,251	0.55%	-0.04pp	23q	+8.1%+$884.0K
PAYCHEX INC	PAYX	$11.4M	116,076	0.53%	+0.02pp	23q	+7.3%+$777.3K
BLOCK H & R INC	HRB	$11.4M	278,686	0.53%	+0.01pp	21q	-0.7%-$83.3K
CLEAN HARBORS INC	CLH	$11.3M	36,545	0.53%	+0.04pp	24q	+9.1%+$941.2K
PROCTER & GAMBLE CO	PG	$11.3M	78,030	0.52%	+0.02pp	24q	+9.3%+$967.7K
PINNACLE FINL PARTNERS INC	PNFP	$10.9M	115,947	0.50%	+0.11pp	3q	+44.0%+$3.3M
PEPSICO INC	PEP	$10.5M	82,808	0.49%	flat	24q	+11.8%+$1.1M
KIRBY CORP	KEX	$9.9M	75,698	0.46%	+0.03pp	10q	+14.8%+$1.3M
SS&C TECH HLDGS	SSNC	$9.8M	126,683	0.45%	+0.13pp	13q	+16.7%+$1.4M
HEALTHEQUITY INC	HQY	$9.7M	109,953	0.45%	+0.01pp	6q	+9.6%+$851.9K
CRH PLC	CRH	$9.1M	110,044	0.42%	-0.12pp	11q	+4.9%+$426.6K
SOMNIGROUP INTERNATIONAL INC	SGI	$9.0M	144,819	0.42%	-0.03pp	8q	+21.0%+$1.6M
MAIN STR CAP CORP	MAIN	$8.8M	159,437	0.41%	+0.04pp	2q	+9.6%+$770.3K
CAPITAL SOUTHWEST CORP	CSWC	$8.7M	377,520	0.40%	flat	2q	+6.2%+$512.3K
CIENA CORP	CIEN	$8.0M	22,655	0.37%	+0.06pp	9q	+72.4%+$3.3M
KNIGHT-SWIFT TRANSN HLDGS IN	KNX	$7.1M	111,505	0.33%	-0.19pp	24q	-20.1%-$1.8M
MASCO CORP	MAS	$6.8M	101,497	0.32%	-0.05pp	24q	+9.5%+$592.7K
POOL CORP	POOL	$5.9M	36,235	0.27%	-0.07pp	2q	+9.9%+$526.2K
RB GLOBAL INC	RBA	$5.4M	66,826	0.25%	-0.09pp	14q	+10.0%+$495.7K
MICROSOFT CORP	MSFT	$5.3M	10,348	0.25%	+0.07pp	24q	+4.3%+$221.1K
LKQ CORP	LKQ	$5.0M	218,363	0.23%	-0.02pp	24q	+9.9%+$450.5K
BRUNSWICK CORP	BC	$4.8M	75,212	0.22%	-0.03pp	6q	+21.8%+$865.7K
VANGUARD WORLD FD	EDV	$4.7M	85,024	0.22%	-0.01pp	24q	+14.1%+$581.1K
GENERAC HLDGS INC	GNRC	$4.5M	21,563	0.21%	-0.08pp	3q	+5.3%+$226.4K
APPLE INC	AAPL	$4.4M	13,228	0.20%	+0.02pp	24q	+1.6%+$70.6K
ACADEMY SPORTS & OUTDOORS IN	ASO	$4.2M	87,153	0.19%	+0.04pp	12q	+25.8%+$859.9K
PROGRESSIVE CORP	PGR	$3.9M	18,852	0.18%	flat	24q	+10.1%+$358.0K
GOLDMAN SACHS ETF TR	GBIL	$3.8M	38,077	0.18%	-0.04pp	15q	-13.9%-$614.3K
HP INC	HPQ	$3.7M	117,438	0.17%	+0.04pp	24q	-5.1%-$195.8K
NVIDIA CORPORATION	NVDA	$3.7M	16,006	0.17%	+0.15pp	10q	+906.0%+$3.3M
ISHARES TR	IWS	$3.6M	22,445	0.17%	-0.02pp	12q	-3.6%-$135.7K
VANGUARD INTL EQUITY INDEX F	VSS	$3.5M	22,626	0.16%	flat	24q	+3.1%+$105.7K
DIAMONDBACK ENERGY INC	FANG	$3.4M	18,375	0.16%	+0.02pp	10q	+11.2%+$340.6K
ADOBE INC	ADBE	$3.0M	12,300	0.14%	+0.03pp	24q	+14.2%+$368.1K
META PLATFORMS INC	META	$2.9M	4,001	0.13%	+0.04pp	24q	+11.6%+$301.7K
GEO GROUP INC	GEO	$2.8M	93,405	0.13%	+0.02pp	6q	+20.2%+$477.4K
MADDEN STEVEN LTD	SHOO	$2.8M	63,517	0.13%	+0.05pp	4q	+57.4%+$1.0M
NAVIGATOR HLDGS LTD	NVGS	$2.8M	118,973	0.13%	+0.06pp	14q	+48.0%+$894.1K
BERKSHIRE HATHAWAY INC DEL	BRKB	$2.8M	5,535	0.13%	-0.01pp	24q	HELD
ORACLE CORP	ORCL	$2.7M	19,853	0.13%	+0.01pp	9q	+24.2%+$531.6K
TENET HEALTHCARE CORP	THC	$2.7M	10,578	0.13%	+0.03pp	2q	-1.0%-$26.8K
ROPER TECHNOLOGIES INC	ROP	$2.7M	7,622	0.12%	+0.01pp	20q	+9.4%+$229.9K
APPLIED MATLS INC	AMAT	$2.6M	5,093	0.12%	-0.10pp	8q	-20.9%-$687.8K
KONTOOR BRANDS INC	KTB	$2.6M	41,112	0.12%	+0.02pp	8q	+69.8%+$1.1M
DISNEY WALT CO	DIS	$2.6M	24,619	0.12%	+0.02pp	24q	+14.1%+$319.4K
RYMAN HOSPITALITY PPTYS INC	RHP	$2.6M	21,542	0.12%	+0.02pp	3q	+40.2%+$738.8K
KINDER MORGAN INC DEL	KMI	$2.5M	83,771	0.12%	flat	12q	+8.4%+$194.9K
EAGLE MATLS INC	EXP	$2.5M	14,705	0.12%	-0.01pp	16q	+23.6%+$480.4K
PEMBINA PIPELINE CORP	PBA	$2.5M	55,971	0.12%	flat	9q	+4.7%+$112.2K
KLA CORP	KLAC	$2.5M	12,608	0.11%	-0.10pp	24q	-14.7%-$425.1K
SAIA INC	SAIA	$2.4M	7,243	0.11%	+0.04pp	2q	+118.7%+$1.3M
ENCOMPASS HEALTH CORP	EHC	$2.4M	19,675	0.11%	+0.07pp	13q	+153.3%+$1.4M
VANGUARD INDEX FDS	VUG	$2.4M	26,400	0.11%	flat	24q	-2.7%-$66.3K
ALPHABET INC	GOOGL	$2.4M	6,863	0.11%	-0.01pp	24q	-1.2%-$28.2K
GARRETT MOTION INC	GTX	$2.3M	89,639	0.11%	-0.03pp	3q	+17.3%+$343.8K
COMMERCIAL METALS CO	CMC	$2.3M	37,058	0.11%	+0.02pp	16q	+23.4%+$437.1K
TEXAS CAP BANCSHARES INC	TCBI	$2.3M	24,559	0.11%	flat	16q	+15.7%+$309.7K
HAVERTY FURNITURE COS INC	HVT	$2.2M	79,791	0.10%	+0.03pp	4q	+27.2%+$471.9K
CBRE GROUP INC	CBRE	$2.2M	17,075	0.10%	flat	13q	+7.2%+$147.0K
TRIUMPH FINANCIAL INC	TFIN	$2.2M	36,474	0.10%	flat	16q	+27.4%+$471.0K
TC ENERGY CORP	TRP	$2.2M	37,477	0.10%	-0.01pp	9q	+7.2%+$144.7K
AVNET INC	AVT	$2.2M	21,565	0.10%	+0.03pp	2q	+40.4%+$620.1K
BANC OF CALIFORNIA INC	BANC	$2.1M	124,740	0.10%	-0.02pp	11q	HELD
HALOZYME THERAPEUTICS INC	HALO	$2.1M	19,360	0.10%	+0.04pp	11q	+20.9%+$370.2K
TRAVELERS COMPANIES INC	TRV	$2.1M	5,893	0.10%	-0.01pp	24q	-14.7%-$361.5K
VANGUARD CHARLOTTE FDS	BNDX	$2.1M	44,027	0.10%	flat	23q	+8.6%+$162.6K
CINEMARK HLDGS INC	CNK	$2.0M	52,565	0.09%	+0.03pp	16q	+25.7%+$401.4K
POWELL INDS INC	POWL	$1.9M	10,494	0.09%	-0.03pp	5q	+18.5%+$302.7K
MATADOR RES CO	MTDR	$1.9M	36,643	0.09%	+0.01pp	6q	+17.9%+$287.3K
BANK OZK LITTLE ROCK ARK	OZK	$1.8M	39,438	0.08%	-0.01pp	5q	+5.5%+$94.4K
MARRIOTT INTL INC NEW	MAR	$1.8M	5,081	0.08%	flat	2q	+13.0%+$208.4K
BRIDGEWATER BANCSHARES INC	BWB	$1.8M	88,744	0.08%	+0.01pp	4q	+18.1%+$274.8K
DARDEN RESTAURANTS INC	DRI	$1.8M	9,254	0.08%	flat	23q	+12.1%+$192.5K
UNION PAC CORP	UNP	$1.7M	6,345	0.08%	flat	20q	+6.2%+$101.5K
WABTEC	WAB	$1.7M	5,964	0.08%	+0.01pp	17q	+8.4%+$132.1K
THERMO FISHER SCIENTIFIC INC	TMO	$1.7M	2,518	0.08%	+0.03pp	21q	+34.7%+$438.1K
JPMORGAN CHASE & CO	JPM	$1.7M	5,115	0.08%	flat	24q	+3.6%+$58.2K
HANOVER INS GROUP INC	THG	$1.7M	7,895	0.08%	flat	9q	+4.0%+$65.3K
NCR ATLEOS CORPORATION	NATL	$1.7M	37,000	0.08%	+0.02pp	7q	+24.4%+$328.3K
VALERO ENERGY CORP	VLO	$1.7M	4,296	0.08%	flat	19q	-31.2%-$754.3K
D R HORTON INC	DHI	$1.7M	12,165	0.08%	-0.01pp	14q	+9.4%+$142.5K
METLIFE INC	MET	$1.7M	17,654	0.08%	flat	20q	-7.0%-$125.0K
BANK OF AMER CORP	BAC	$1.6M	30,102	0.08%	-0.01pp	24q	-2.5%-$42.4K
MASTERCARD INCORPORATED	MA	$1.6M	2,911	0.07%	+0.01pp	24q	+9.0%+$132.3K
AMERIPRISE FINL INC	AMP	$1.6M	3,258	0.07%	flat	21q	+1.6%+$25.1K
PRICESMART INC	PSMT	$1.6M	9,453	0.07%	flat	2q	+17.3%+$235.7K
LOWES COS INC	LOW	$1.6M	8,432	0.07%	flat	23q	+21.3%+$272.9K
FRANCO NEV CORP	FNV	$1.5M	6,487	0.07%	flat	13q	-5.0%-$81.7K
QUANTA SVCS INC	PWR	$1.5M	2,390	0.07%	-0.01pp	21q	+1.5%+$23.1K
LOEWS CORP	L	$1.5M	14,400	0.07%	-0.01pp	24q	-0.9%-$14.2K
GATX CORP	GATX	$1.5M	8,768	0.07%	+0.01pp	2q	+32.0%+$361.3K
CONOCOPHILLIPS	COP	$1.5M	11,833	0.07%	+0.01pp	20q	-5.8%-$90.9K
CLEVELAND-CLIFFS INC NEW	CLF	$1.5M	134,200	0.07%	flat	16q	-9.2%-$148.9K
APTIV PLC	APTV	$1.5M	33,940	0.07%	-0.01pp	8q	+29.7%+$334.8K
UNITED RENTALS INC	URI	$1.5M	1,449	0.07%	-0.02pp	16q	-5.4%-$82.1K
Jazz Pharmaceuticals PLC	JAZZ	$1.4M	6,089	0.07%	flat	13q	+3.3%+$44.7K
TARGET CORP	TGT	$1.4M	8,990	0.07%	+0.01pp	24q	-6.2%-$93.7K
UNILEVER PLC	UL	$1.4M	22,866	0.06%	flat	4q	-4.0%-$57.8K
FISERV INC	FISV	$1.4M	30,573	0.06%	flat	24q	+22.1%+$250.1K
VOX ROYALTY CORP	VOXR	$1.4M	271,534	0.06%	+0.01pp	5q	+14.8%+$175.4K
REGENERON PHARMACEUTICALS	REGN	$1.3M	1,743	0.06%	+0.03pp	20q	+54.8%+$467.7K
PIMCO ETF TR	PYLD	$1.3M	50,897	0.06%	flat	9q	+16.6%+$184.2K
KNOWLES CORP	KN	$1.3M	34,599	0.06%	+0.01pp	2q	+34.3%+$328.0K
MYERS INDS INC	MYE	$1.3M	41,362	0.06%	-0.02pp	4q	-14.3%-$212.7K
CUMMINS INC	CMI	$1.3M	2,440	0.06%	-0.02pp	19q	HELD
MCKESSON CORP	MCK	$1.3M	1,474	0.06%	+0.02pp	21q	+47.8%+$407.3K
ETF OPPORTUNITIES TRUST	VSLU	$1.2M	25,546	0.06%	-0.01pp	5q	-13.0%-$185.2K
TOWER SEMICONDUCTOR LTD	TSEM	$1.2M	5,431	0.06%	-0.02pp	12q	-15.9%-$233.1K
BANK OF NY MELLON CORP	BNY	$1.2M	8,413	0.06%	flat	13q	-4.1%-$51.8K
PRIMORIS SVCS CORP	PRIM	$1.2M	16,319	0.06%	-0.03pp	6q	-12.8%-$178.3K
MAXLINEAR INC	MXL	$1.2M	13,389	0.06%	-0.05pp	6q	-24.4%-$390.0K
HILLMAN SOLUTIONS CORP	HLMN	$1.2M	169,717	0.05%	flat	6q	+34.4%+$303.7K
CVS HEALTH CORP	CVS	$1.1M	13,406	0.05%	flat	22q	+24.5%+$226.4K
MEDTRONIC PLC	MDT	$1.1M	13,153	0.05%	flat	24q	-2.3%-$26.1K
STRYKER CORPORATION	SYK	$1.1M	4,109	0.05%	+0.02pp	20q	+69.1%+$462.4K
HERC HLDGS INC	HRI	$1.1M	9,048	0.05%	+0.01pp	2q	+60.1%+$423.7K
KEURIG DR PEPPER INC	KDP	$1.1M	37,217	0.05%	-0.02pp	9q	-14.4%-$189.4K
ARROW ELECTRS INC	ARW	$1.1M	4,969	0.05%	+0.01pp	13q	+14.4%+$141.6K
AMEREN CORP	AEE	$1.1M	11,172	0.05%	flat	13q	+30.4%+$258.7K
TYSON FOODS INC	TSN	$1.1M	21,087	0.05%	flat	21q	+11.3%+$108.0K
COOPER STD HLDGS INC	CPS	$1.0M	49,957	0.05%	flat	3q	+28.6%+$231.4K
COGNIZANT TECHNOLOGY SOLUTIO	CTSH	$1.0M	18,069	0.05%	+0.03pp	2q	+60.5%+$391.3K
OGE ENERGY CORP	OGE	$1.0M	22,439	0.05%	+0.01pp	13q	+41.5%+$298.8K
CONSTELLATION BRANDS INC	STZ	$1.0M	8,995	0.05%	flat	20q	+18.5%+$158.6K
REINSURANCE GROUP AMER INC	RGA	$961.1K	3,903	0.04%	+0.01pp	13q	+21.9%+$172.9K
RAYMOND JAMES FINL INC	RJF	$959.8K	6,074	0.04%	+0.02pp	13q	+52.5%+$330.6K
HORACE MANN EDUCATORS CORP N	HMN	$945.2K	21,193	0.04%	flat	7q	+20.8%+$163.1K
QUEST DIAGNOSTICS INC	DGX	$939.6K	4,031	0.04%	+0.01pp	12q	+11.0%+$92.8K
EOG RES INC	EOG	$937.0K	6,801	0.04%	flat	21q	HELD
ASSURANT INC	AIZ	$936.0K	3,552	0.04%	flat	13q	+8.6%+$74.0K
LINDBLAD EXPEDITIONS HLDGS ICOM	LIND	$924.9K	29,428	0.04%	-	new	NEW
DOLLAR GEN CORP	DG	$904.3K	7,563	0.04%	+0.01pp	8q	+14.1%+$111.7K
HERSHEY CO	HSY	$902.7K	5,727	0.04%	flat	8q	+18.4%+$140.4K
AVERY DENNISON CORP	AVY	$901.3K	5,281	0.04%	+0.01pp	13q	+15.4%+$120.0K
AZZ INC	AZZ	$876.8K	6,524	0.04%	flat	7q	+9.1%+$73.4K
REGENCY CTRS CORP	REG	$864.7K	12,029	0.04%	flat	13q	+14.7%+$111.1K
INTERNATIONAL FLAVORS&FRAGRA	IFF	$864.5K	10,356	0.04%	flat	13q	+6.3%+$51.1K
PUBLIC SVC ENTERPRISE GROUP	PEG	$862.4K	12,807	0.04%	flat	20q	+24.1%+$167.4K
ATMOS ENERGY CORP	ATO	$860.9K	5,503	0.04%	+0.01pp	13q	+32.7%+$212.1K
ICHOR HOLDINGS	ICHR	$846.7K	13,687	0.04%	-	new	NEW
SEACOAST BKG CORP FLA	SBCF	$840.8K	26,414	0.04%	-	new	NEW
DTE ENERGY CO	DTE	$840.8K	6,903	0.04%	flat	19q	+19.0%+$134.0K
KAISER ALUMINIUM CORPORATION	KALU	$824.8K	5,695	0.04%	-	new	NEW
STEEL DYNAMICS INC	STLD	$823.8K	3,718	0.04%	flat	5q	-4.8%-$41.4K
VIVMARK RESIDENTIAL	VMRK	$818.1K	13,465	0.04%	-	new	NEW
HARTFORD INSURANCE GROUP INC	HIG	$814.8K	6,659	0.04%	flat	12q	+14.8%+$105.0K
RPM INTL INC	RPM	$792.2K	8,029	0.04%	flat	3q	+15.1%+$103.7K
PROSPERITY BANCSHARES INC	PB	$791.4K	11,953	0.04%	flat	12q	+15.8%+$108.0K
WESCO INTL INC	WCC	$782.3K	2,175	0.04%	flat	6q	-1.2%-$9.4K
US FOODS HLDG CORP	USFD	$777.9K	8,436	0.04%	flat	11q	+10.3%+$72.6K
FIDELITY WISE ORIGIN BITCOIN	FBTC	$776.0K	10,683	0.04%	+0.01pp	11q	+19.4%+$126.3K
SHERWIN WILLIAMS CO	SHW	$770.9K	2,385	0.04%	flat	9q	+10.8%+$75.3K
REGIONS FINANCIAL CORP NEW	RF	$761.6K	28,335	0.04%	flat	13q	+14.5%+$96.5K
BLUE BIRD CORP	BLBD	$761.3K	13,718	0.04%	+0.01pp	9q	+87.1%+$354.5K
PERMIAN RESOURCES CORP	PR	$748.6K	35,447	0.03%	+0.01pp	8q	+14.4%+$94.4K
RAYONIER INC	RYN	$744.2K	40,532	0.03%	-0.01pp	2q	HELD
AVIAT NETWORKS INC	AVNW	$743.3K	37,073	0.03%	flat	16q	+14.3%+$93.0K
BERKLEY W R CORP	WRB	$742.6K	10,995	0.03%	flat	13q	+13.5%+$88.3K
DOVER CORP	DOV	$738.3K	3,947	0.03%	flat	11q	+17.9%+$112.0K
REPUBLIC SVCS INC	RSG	$721.9K	3,440	0.03%	flat	13q	+15.3%+$95.9K
DEVON ENERGY CORP NEW	DVN	$719.8K	15,634	0.03%	flat	2q	+4.4%+$30.7K
CENTERPOINT ENERGY INC	CNP	$715.7K	19,448	0.03%	flat	11q	+25.8%+$146.9K
L3HARRIS TECHNOLOGIES INC	LHX	$715.2K	3,020	0.03%	flat	12q	+30.1%+$165.5K
ITT INC	ITT	$709.5K	3,515	0.03%	flat	13q	-2.8%-$20.8K
OMNICOM GROUP INC	OMC	$706.6K	9,597	0.03%	flat	13q	+14.3%+$88.6K
ZIMMER BIOMET HOLDINGS INC	ZBH	$701.7K	7,899	0.03%	flat	13q	+15.2%+$92.7K
GATES INDL CORP LTD	GTES	$698.4K	26,656	0.03%	-	new	NEW
BJS WHSL CLUB HLDGS INC	BJ	$694.0K	7,544	0.03%	+0.01pp	13q	+16.6%+$98.9K
EASTMAN CHEM CO	EMN	$689.4K	10,633	0.03%	flat	6q	+16.4%+$97.1K
Domino's Pizza, Inc.	DPZ	$684.9K	2,286	0.03%	+0.01pp	2q	+50.2%+$228.9K
STAG INDUSTRIAL INC	STAG	$681.6K	19,033	0.03%	flat	13q	+15.1%+$89.6K
MICROCHIP TECHNOLOGY INC.	MCHP	$677.5K	8,711	0.03%	flat	14q	+25.0%+$135.6K
AIR PRODUCTS AND CHEMICALS I	APD	$676.1K	2,430	0.03%	flat	6q	HELD
LITTELFUSE INC	LFUS	$663.9K	1,567	0.03%	-0.01pp	11q	-14.7%-$114.0K
HUBBELL INC	HUBB	$660.9K	1,457	0.03%	-0.01pp	6q	+2.0%+$12.7K
AGNICO EAGLE MINES LTD	AEM	$659.1K	3,596	0.03%	flat	24q	-1.4%-$9.3K
SPDR GOLD TR	GLD	$653.5K	1,716	0.03%	flat	24q	HELD
ISHARES TR	HDV	$643.2K	23,004	0.03%	flat	24q	-3.4%-$22.4K
KROGER CO	KR	$631.3K	10,770	0.03%	+0.01pp	2q	+24.1%+$122.7K
AGCO CORP	AGCO	$626.6K	5,486	0.03%	-0.06pp	8q	-64.0%-$1.1M
IDEX CORP	IEX	$625.2K	2,742	0.03%	flat	5q	HELD
ULTA BEAUTY INC	ULTA	$624.6K	1,144	0.03%	-	new	NEW
HONEYWELL AEROSPACE INC	HONA	$618.6K	3,992	0.03%	+0.01pp	2q	+159.2%+$380.0K
EMERSON ELEC CO	EMR	$614.9K	3,965	0.03%	flat	5q	+1.1%+$6.8K
LEVI STRAUSS & CO NEW	LEVI	$594.9K	30,198	0.03%	flat	3q	+15.6%+$80.1K
NEXTERA ENERGY INC	NEE	$594.0K	7,842	0.03%	-0.01pp	2q	HELD
BORGWARNER INC	BWA	$589.0K	9,798	0.03%	-0.01pp	13q	-5.0%-$30.7K
FACTSET RESH SYS INC	FDS	$580.6K	2,151	0.03%	-	new	NEW
PULTEGROUP INC	PHM	$571.4K	4,924	0.03%	flat	13q	+12.1%+$61.7K
REGAL REXNORD CORPORATION	RRX	$565.5K	3,646	0.03%	-0.01pp	11q	+17.2%+$82.8K
INVESCO QQQ TR	QQQ	$558.1K	754	0.03%	flat	9q	-3.8%-$22.2K
ISHARES TR	IXUS	$551.1K	5,802	0.03%	flat	6q	HELD
SPROTT ASSET MANAGEMENT LP	PHYS	$542.6K	17,352	0.03%	flat	13q	-6.8%-$39.8K
DEERE CO	DE	$536.0K	798	0.02%	flat	9q	+0.5%+$2.7K
VANGUARD INDEX FDS	VOT	$495.1K	1,695	0.02%	flat	8q	HELD
BAKER HUGHES COMPANY	BKR	$492.5K	8,970	0.02%	flat	13q	-8.6%-$46.4K
VIATRIS INC	VTRS	$474.9K	26,801	0.02%	-	new	NEW
CITI TRENDS INC	CTRN	$465.5K	9,029	0.02%	-0.05pp	5q	-64.1%-$829.9K
VANGUARD INDEX FDS	VTI	$418.3K	1,118	0.02%	flat	9q	+2.9%+$11.6K
XCEL ENERGY INC	XEL	$381.7K	5,416	0.02%	-0.03pp	9q	-59.1%-$552.6K
HOME DEPOT INC	HD	$381.4K	1,341	0.02%	flat	10q	+1.0%+$3.7K
FERROVIAL NV	FER	$371.6K	6,869	0.02%	-	new	NEW
LINCOLN NATL CORP IND	LNC	$363.3K	9,025	0.02%	-	new	NEW
PLAINS ALL AMERN PIPELINE L	PAA	$345.5K	14,565	0.02%	-	new	NEW
WESTERN MIDSTREAM PARTNERS L	WES	$324.0K	7,303	0.02%	-	new	NEW
EA SERIES TRUST	BUXX	$262.1K	13,000	0.01%	flat	3q	HELD
STONEX GROUP INC	SNEX	$262.0K	4,053	0.01%	flat	6q	+9.6%+$22.9K
South Bow Corp	SOBO	$252.8K	7,628	0.01%	flat	3q	+2.4%+$6.0K
VANGUARD INDEX FDS	VBK	$241.0K	713	0.01%	flat	4q	-5.4%-$13.9K
GOLDMAN SACHS ETF TR	GPIX	$235.9K	4,225	0.01%	-	new	NEW
TESLA INC	TSLA	$233.8K	659	0.01%	flat	8q	+3.6%+$8.2K
FIRST TR EXCHANGE-TRADED FD	KNG	$225.3K	4,680	0.01%	-	new	NEW
SCHWAB STRATEGIC TR	SCHM	$222.4K	6,538	0.01%	flat	3q	HELD
STATE STR SPDR S&P 500 ETF T	SPY	$221.9K	291	0.01%	flat	5q	-14.4%-$37.4K
APPLIED FINANCE IVS US SMID ETF	IVSS	$221.8K	7,760	0.01%	flat	2q	HELD
VANGUARD WHITEHALL FDS	VYM	$218.4K	1,407	0.01%	flat	2q	+0.5%+$1.1K
RUSH ENTERPRISES INC	RUSHA	$217.5K	4,748	0.01%	flat	2q	+1.4%+$3.0K
SERIES PORTFOLIOS TR	CLOX	$204.9K	8,000	0.01%	flat	2q	HELD
GRANITE CONSTR INC	GVA	$201.5K	1,739	0.01%	flat	2q	+10.1%+$18.5K
MARTEN TRANS LTD	MRTN	$155.3K	12,023	0.01%	flat	2q	+7.1%+$10.3K
BLUE OWL CAPITAL CORPORATION	OBDC	$148.5K	14,155	0.01%	flat	21q	-21.8%-$41.3K

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
Real Estate	$81.5M	3.8%
Funds & ETFs	$73.8M	3.4%
Energy	$70.7M	3.3%
Biotech & Pharma	$67.8M	3.1%
Transport & Logistics	$60.1M	2.8%
Utilities	$58.3M	2.7%
Computer Hardware	$56.2M	2.6%
Business Services	$46.1M	2.1%
Food, Drink & Tobacco	$44.0M	2.0%
Semiconductors & Electronics	$42.8M	2.0%
Telecom & Media	$40.1M	1.9%
Industrials	$36.0M	1.7%
Other sectors	$213.3M	9.9%
Not classified	$1.3B	58.8%

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	-2.4%	+2.1%	-4.5%	98%
Q2 2026	+7.3%	+14.8%	-7.6%	99%
Q1 2026	+1.1%	-4.6%	+5.8%	100%
Q4 2025	+0.3%	+2.4%	-2.1%	98%
Q3 2025	+3.7%	+7.8%	-4.1%	100%
Q2 2025	+3.6%	+10.5%	-6.8%	100%
Q1 2025	+0.8%	-4.6%	+5.3%	100%
Q4 2024	-2.8%	+2.1%	-4.9%	99%

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	$2.2B	277	16	191	52	28	41.3%	22
Q2 2026	$2.1B	289	39	149	83	17	42.0%	15
Q1 2026	$1.9B	267	12	157	77	64	42.0%	17
Q4 2025	$1.9B	319	12	200	68	23	41.6%	23
Q3 2025	$1.8B	330	42	138	114	30	41.5%	21
Q2 2025	$1.7B	318	21	189	77	19	45.5%	23
Q1 2025	$1.6B	316	9	194	75	12	46.1%	32
Q4 2024	$1.5B	319	31	209	46	15	45.7%	27
Q3 2024	$1.5B	303	18	182	68	13	48.2%	23
Q2 2024	$1.4B	298	17	229	22	13	49.8%	33
Q1 2024	$1.3B	294	22	189	45	15	50.4%	37
Q4 2023	$1.2B	287	22	192	28	11	51.5%	17
Q3 2023	$1.1B	276	54	130	51	17	52.4%	24
Q2 2023	$812.1M	239	16	147	43	11	45.8%	14
Q1 2023	$731.2M	234	9	151	43	42	45.5%	26
Q4 2022	$645.0M	267	66	107	48	7	45.3%	45
Q3 2022	$542.1M	208	5	127	18	10	51.7%	39
Q2 2022	$547.5M	213	12	132	22	13	52.9%	42
Q1 2022	$581.2M	214	15	139	19	22	54.2%	39
Q4 2021	$558.4M	221	21	106	46	15	55.8%	33
Q3 2021	$509.5M	215	32	97	59	22	54.7%	33
Q2 2021	$485.0M	205	19	106	50	11	54.2%	22
Q1 2021	$402.5M	197	24	90	54	12	51.4%	48
Q4 2020	$365.9M	185	0	0	0	0	48.7%	137

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.