DaveManuel.com · Institutional Ownership · 13F Holdings
STUDIO INVESTMENT MANAGEMENT LLC
Reported holdings as of Q3 2026, from 21 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| VANGUARD MALVERN FDS | VTIP | $93.2M | 1,893,778 | -0.04pp | 21q | +1.3%+$1.2M | |
| VANGUARD SPECIALIZED FUNDS | VIG | $33.1M | 141,796 | -0.08pp | 21q | -0.5%-$175.2K | |
| VANGUARD INDEX FDS | VTV | $26.7M | 123,767 | -1.14pp | 21q | -19.8%-$6.6M | |
| DIMENSIONAL ETF TRUST | DFIC | $21.5M | 570,929 | +0.04pp | 15q | HELD | |
| SCHWAB STRATEGIC TR | FNDF | $19.3M | 358,730 | -0.14pp | 21q | -6.3%-$1.3M | |
| VANGUARD SCOTTSDALE FDS | VGSH | $17.2M | 299,351 | +0.05pp | 21q | +2.4%+$409.9K | |
| DIMENSIONAL ETF TRUST | DFSD | $15.6M | 336,232 | flat | 8q | +2.2%+$340.4K | |
| ALPHABET INC | GOOGL | $14.1M | 40,987 | -0.50pp | 21q | -14.6%-$2.4M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $13.8M | 27,753 | -0.07pp | 21q | -2.8%-$405.3K | |
| DIMENSIONAL ETF TRUST | DFLV | $13.3M | 331,242 | +1.03pp | 15q | +79.9%+$5.9M | |
| VANGUARD INDEX FDS | VBR | $12.5M | 54,130 | -0.96pp | 21q | -27.9%-$4.8M | |
| APPLE INC | AAPL | $10.4M | 31,370 | +0.07pp | 21q | -10.1%-$1.2M | |
| MICROSOFT CORP | MSFT | $10.1M | 19,632 | +0.38pp | 21q | -6.7%-$717.5K | |
| DIMENSIONAL ETF TRUST | DFEM | $9.2M | 231,061 | +0.01pp | 15q | +2.7%+$239.9K | |
| DFA U.S. Targeted Value ETF | DFAT | $8.5M | 127,681 | - | new | NEW | |
| VANGUARD INDEX FDS | VV | $8.1M | 23,029 | +0.98pp | 8q | +237.6%+$5.7M | |
| INVESCO EXCHANGE TRADED FD T | RSPU | $7.5M | 106,933 | -0.09pp | 13q | +7.4%+$517.3K | |
| VANGUARD INSTL INDEX FD | VBIL | $7.4M | 97,939 | - | new | NEW | |
| GENERAL DYNAMICS CORP | GD | $7.2M | 21,587 | -0.10pp | 21q | -1.5%-$110.5K | |
| JOHNSON & JOHNSON | JNJ | $6.8M | 25,606 | +0.01pp | 21q | -4.0%-$283.8K | |
| JPMORGAN CHASE & CO | JPM | $6.7M | 20,137 | -0.02pp | 21q | -2.9%-$198.8K | |
| VANGUARD SCOTTSDALE FDS | VCSH | $6.5M | 84,412 | +0.05pp | 21q | +6.3%+$385.0K | |
| NEXTERA ENERGY INC | NEE | $6.1M | 81,104 | -0.23pp | 21q | -5.7%-$373.7K | |
| MERCK & CO INC | MRK | $5.9M | 40,178 | +0.11pp | 21q | -1.1%-$62.4K | |
| CAPITAL GRP FIXED INCM ETF T | CGCP | $5.9M | 276,672 | -0.01pp | 16q | +4.2%+$236.1K | |
| CATERPILLAR INC | CAT | $5.8M | 7,120 | -0.60pp | 21q | -18.8%-$1.3M | |
| RTX CORPORATION | RTX | $5.6M | 30,226 | -0.03pp | 21q | -1.5%-$85.2K | |
| ISHARES TR | EFA | $5.5M | 53,162 | +0.69pp | 16q | +276.9%+$4.1M | |
| VANGUARD WHITEHALL FDS | VIGI | $5.3M | 56,617 | -0.03pp | 16q | -5.2%-$292.8K | |
| CISCO SYS INC | CSCO | $5.3M | 49,219 | -0.23pp | 21q | -13.5%-$825.7K | |
| PROCTER & GAMBLE CO | PG | $5.2M | 35,551 | -0.13pp | 21q | -12.4%-$729.9K | |
| PIMCO ETF TR | PYLD | $5.0M | 198,018 | +0.73pp | 6q | +637.0%+$4.3M | |
| MORGAN STANLEY ETF TRUST | EVTR | $4.8M | 99,838 | +0.72pp | 6q | +773.5%+$4.3M | |
| AMGEN INC | AMGN | $4.6M | 11,016 | +0.10pp | 21q | -1.7%-$82.6K | |
| BROADCOM INC | AVGO | $4.2M | 12,055 | -0.07pp | 14q | -1.9%-$83.9K | |
| CHEVRON CORPORATION | CVX | $4.1M | 20,078 | +0.13pp | 21q | HELD | |
| ILLINOIS TOOL WKS INC | ITW | $3.2M | 12,479 | -0.03pp | 21q | -1.0%-$31.3K | |
| BLACKROCK INC | BLK | $3.2M | 3,040 | +0.05pp | 9q | HELD | |
| VANGUARD INDEX FDS | VTI | $3.1M | 8,352 | -0.36pp | 21q | -41.1%-$2.2M | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $3.1M | 54,263 | flat | 7q | HELD | |
| DIMENSIONAL ETF TRUST | DUSB | $3.0M | 60,129 | +0.04pp | 8q | +7.4%+$209.9K | |
| VANGUARD INTL EQUITY INDEX F | VT | $3.0M | 19,197 | -0.43pp | 20q | -45.9%-$2.6M | |
| D R HORTON INC | DHI | $3.0M | 21,859 | -0.10pp | 21q | -0.8%-$23.5K | |
| DISNEY WALT CO | DIS | $2.9M | 27,263 | +0.02pp | 21q | -3.3%-$98.6K | |
| BANK OF AMER CORP | BAC | $2.8M | 52,109 | -0.02pp | 21q | -0.9%-$25.4K | |
| UNITEDHEALTH GROUP INC | UNH | $2.8M | 7,582 | -0.06pp | 21q | HELD | |
| AMAZON COM INC | AMZN | $2.7M | 10,833 | flat | 21q | -5.7%-$161.9K | |
| ALLIANT ENERGY CORP | LNT | $2.6M | 41,609 | -0.09pp | 21q | HELD | |
| JOHNSON CONTROLS INTERNATION | JCI | $2.6M | 17,299 | flat | 21q | -2.4%-$64.1K | |
| CORTEVA INC | CTVA | $2.6M | 33,049 | -0.04pp | 21q | -0.8%-$20.3K | |
| ISHARES TR | SGOV | $2.5M | 24,973 | -0.88pp | 15q | -67.6%-$5.2M | |
| PEPSICO INC | PEP | $2.3M | 18,204 | -0.02pp | 21q | +1.6%+$36.7K | |
| UNION PAC CORP | UNP | $2.3M | 8,418 | -0.02pp | 21q | -4.7%-$112.7K | |
| CACI INTL INC | CACI | $2.2M | 3,678 | +0.09pp | 18q | -2.3%-$51.8K | |
| VANGUARD ADMIRAL FDS INC | VIOV | $2.2M | 19,997 | -0.06pp | 15q | -9.4%-$227.7K | |
| SPDR SERIES TRUST | BWZ | $2.2M | 81,264 | +0.03pp | 7q | +6.8%+$139.5K | |
| HONEYWELL INTL INC | HON | $2.1M | 10,070 | -0.02pp | 2q | HELD | |
| BECTON DICKINSON CO | BDX | $2.1M | 11,627 | +0.05pp | 21q | -2.1%-$43.9K | |
| VANGUARD ADMIRAL FDS INC | VIOG | $2.0M | 14,405 | -0.08pp | 15q | -9.6%-$212.0K | |
| ZIMMER BIOMET HOLDINGS INC | ZBH | $2.0M | 22,303 | +0.01pp | 21q | HELD | |
| NORTHROP GRUMMAN CORP | NOC | $1.9M | 3,951 | -0.02pp | 21q | HELD | |
| TARGET CORP | TGT | $1.9M | 12,041 | +0.04pp | 7q | -5.9%-$118.9K | |
| HERSHEY CO | HSY | $1.8M | 11,624 | -0.03pp | 11q | +0.7%+$12.8K | |
| DFA INVT DIMENSIONS GROUP IN | DFSV | $1.8M | 48,865 | - | new | NEW | |
| CSX CORP | CSX | $1.7M | 37,320 | -0.01pp | 21q | -0.7%-$11.4K | |
| VANGUARD INDEX FDS | VB | $1.7M | 6,076 | +0.21pp | 2q | +296.3%+$1.3M | |
| NEOS ETF TRUST | SPYI | $1.5M | 29,052 | flat | 3q | HELD | |
| HONEYWELL AEROSPACE INC | HONA | $1.5M | 9,957 | -0.11pp | 2q | -0.6%-$10.1K | |
| DIMENSIONAL ETF TRUST | DFIV | $1.5M | 26,711 | +0.02pp | 12q | +4.0%+$57.0K | |
| TE CONNECTIVITY PLC | TEL | $1.4M | 6,782 | +0.01pp | 9q | -0.6%-$8.9K | |
| VANGUARD INTL EQUITY INDEX F | VWO | $1.4M | 24,005 | -0.02pp | 21q | -7.3%-$112.3K | |
| ADOBE INC | ADBE | $1.4M | 5,913 | +0.05pp | 7q | +5.3%+$70.8K | |
| MEDTRONIC PLC | MDT | $1.4M | 16,269 | +0.02pp | 16q | HELD | |
| FORTINET INC | FTNT | $1.4M | 7,856 | -0.01pp | 4q | -19.5%-$340.5K | |
| INVESCO EXCH TRADED FD TR II | PDN | $1.3M | 27,547 | -0.01pp | 21q | -8.0%-$109.7K | |
| SMUCKER J M CO | SJM | $1.3M | 10,585 | +0.03pp | 10q | +6.7%+$78.6K | |
| FLEXSHARES TR | GUNR | $1.2M | 22,489 | +0.01pp | 16q | -4.1%-$50.5K | |
| GMO ETF TRUST | QLTY | $1.1M | 26,597 | -0.01pp | 11q | -8.8%-$109.6K | |
| PFIZER INC | PFE | $1.1M | 38,441 | +0.03pp | 21q | +2.0%+$21.3K | |
| T ROWE PRICE EXCHANGE-TRADED | TCAF | $1.1M | 25,901 | -0.02pp | 11q | -10.8%-$132.0K | |
| SYSCO CORP | SYY | $1.1M | 13,680 | +0.01pp | 7q | +14.6%+$136.3K | |
| FLEXSHARES TR GLB QLT | GQRE | $1.1M | 17,670 | -0.03pp | 16q | -7.6%-$86.8K | |
| DONALDSON INC | DCI | $1.0M | 11,926 | flat | 7q | +4.5%+$44.7K | |
| VANGUARD INDEX FDS | VOO | $1.0M | 1,473 | -0.02pp | 16q | -11.6%-$136.0K | |
| ABBOTT LABORATORIES | ABT | $1.0M | 10,430 | flat | 18q | -10.1%-$115.8K | |
| ALPHABET INC | GOOG | $1.0M | 3,011 | -0.03pp | 18q | -11.6%-$134.9K | |
| LKQ CORP | LKQ | $1.0M | 44,229 | -0.01pp | 21q | +9.6%+$88.2K | |
| T ROWE PRICE EXCHANGE-TRADED | TDVG | $991.0K | 20,534 | -0.02pp | 15q | -11.5%-$129.1K | |
| ECOLAB INC | ECL | $955.1K | 3,469 | -0.01pp | 16q | -3.0%-$29.5K | |
| VANGUARD SCOTTSDALE FDS | VONE | $927.4K | 2,696 | -0.03pp | 12q | -18.5%-$210.2K | |
| PAYCHEX INC | PAYX | $905.5K | 9,193 | -0.02pp | 21q | -12.7%-$132.2K | |
| DIMENSIONAL ETF TRUST | DISV | $890.0K | 20,559 | +0.01pp | 12q | -3.4%-$31.6K | |
| UNITED PARCEL SVCS INC | UPS | $879.0K | 9,407 | -0.03pp | 16q | -2.7%-$24.6K | |
| APPLIED MATLS INC | AMAT | $875.0K | 1,711 | -0.10pp | 18q | -15.1%-$156.0K | |
| DIMENSIONAL ETF TRUST | DFAI | $856.7K | 20,678 | +0.01pp | 12q | +3.0%+$24.9K | |
| LINCOLN NATL CORP IND | LNC | $855.2K | 21,241 | +0.01pp | 3q | -8.6%-$80.4K | |
| NORTHERN TR CORP | NTRS | $854.9K | 5,021 | -0.02pp | 21q | -12.2%-$118.7K | |
| AIR PRODUCTS AND CHEMICALS I | APD | $833.3K | 2,995 | -0.01pp | 16q | -4.3%-$37.6K | |
| SCHWAB STRATEGIC TR | FNDX | $804.6K | 25,566 | flat | 21q | -1.3%-$10.8K | |
| SCHWAB STRATEGIC TR | SCHR | $790.5K | 33,353 | -0.10pp | 8q | -41.4%-$558.6K | |
| AFLAC INC | AFL | $780.1K | 6,979 | -0.02pp | 16q | -8.8%-$75.0K | |
| ORACLE CORP | ORCL | $759.0K | 5,528 | +0.01pp | 16q | +10.8%+$74.0K | |
| SPDR SERIES TRUST | BILS | $757.4K | 7,624 | +0.01pp | 15q | +5.8%+$41.3K | |
| ISHARES TR | IEI | $748.1K | 6,595 | - | new | NEW | |
| DEERE CO | DE | $739.1K | 1,098 | -0.02pp | 21q | -20.5%-$190.5K | |
| ENBRIDGE INC | ENB | $738.1K | 15,876 | -0.03pp | 16q | -6.0%-$47.0K | |
| WELLS FARGO & CO | WFC | $690.9K | 8,631 | -0.01pp | 16q | -8.5%-$63.9K | |
| META PLATFORMS INC | META | $688.9K | 950 | +0.02pp | 21q | -3.5%-$24.7K | |
| LOWES COS INC | LOW | $686.1K | 3,723 | -0.01pp | 16q | +7.6%+$48.5K | |
| SPDR SERIES TRUST | SPTL | $681.6K | 28,579 | +0.01pp | 6q | +17.0%+$99.1K | |
| INTERACTIVE BROKERS GROUP IN | IBKR | $667.5K | 7,814 | -0.02pp | 15q | -13.8%-$106.8K | |
| ZEBRA TECHNOLOGIES CORPORATI | ZBRA | $663.4K | 1,777 | +0.02pp | 20q | -16.5%-$131.0K | |
| GENUINE PARTS CO | GPC | $656.2K | 5,175 | flat | 2q | -3.4%-$23.2K | |
| CLOROX CO DEL | CLX | $654.6K | 8,081 | -0.02pp | 9q | +2.2%+$13.9K | |
| EXPEDITORS INTL WASH INC | EXPD | $632.8K | 3,427 | flat | 21q | -10.2%-$71.6K | |
| GOLDMAN SACHS GROUP INC | GS | $620.3K | 689 | -0.03pp | 21q | -10.6%-$73.8K | |
| HUNTINGTON INGALLS INDS INC | HII | $604.1K | 2,262 | flat | 9q | +6.9%+$39.0K | |
| LITTELFUSE INC | LFUS | $586.5K | 1,384 | -0.02pp | 18q | -14.2%-$97.0K | |
| OMNICOM GROUP INC | OMC | $576.3K | 7,743 | -0.01pp | 16q | -10.9%-$70.9K | |
| WISDOMTREE TR | DLN | $525.6K | 5,407 | +0.03pp | 6q | +38.4%+$145.8K | |
| VISA INC | V | $525.0K | 1,461 | flat | 18q | -7.1%-$39.9K | |
| NIKE INC | NKE | $523.5K | 14,605 | -0.02pp | 2q | -6.5%-$36.1K | |
| MORGAN STANLEY ETF TRUST | EVSD | $517.1K | 10,347 | +0.02pp | 4q | +35.1%+$134.4K | |
| BANK OF NY MELLON CORP | BNY | $515.6K | 3,565 | -0.02pp | 21q | -21.6%-$141.9K | |
| STIFEL FINL CORP | SF | $515.4K | 7,358 | -0.01pp | 15q | -7.4%-$41.3K | |
| ARROW ELECTRS INC | ARW | $502.6K | 2,214 | -0.02pp | 18q | -21.0%-$133.5K | |
| CBRE GROUP INC | CBRE | $493.2K | 3,839 | -0.01pp | 21q | -6.5%-$34.4K | |
| C H ROBINSON WORLDWIDE IN | CHRW | $492.6K | 3,315 | -0.03pp | 21q | -4.9%-$25.6K | |
| UBS GROUP AG | UBS | $488.5K | 10,150 | -0.01pp | 21q | -10.1%-$54.7K | |
| INSIGHT ENTERPRISES INC | NSIT | $484.9K | 3,102 | +0.01pp | 18q | -15.2%-$86.8K | |
| PIMCO ETF TR | PMBS | $480.2K | 10,378 | +0.02pp | 4q | +43.0%+$144.3K | |
| HOULIHAN LOKEY INC | HLI | $472.5K | 3,740 | flat | 15q | HELD | |
| NORDSON CORP | NDSN | $466.3K | 1,418 | flat | 21q | -9.0%-$46.0K | |
| DIMENSIONAL ETF TRUST | DXIV | $461.4K | 6,408 | flat | 5q | -3.5%-$16.9K | |
| VANGUARD WELLINGTON FD | VFMF | $455.6K | 2,552 | +0.01pp | 5q | +20.2%+$76.4K | |
| SCHWAB STRATEGIC TR | SCHD | $442.0K | 13,588 | flat | 18q | HELD | |
| BROWN BROWN INC | BRO | $436.4K | 7,166 | flat | 18q | +1.4%+$5.9K | |
| ACCENTURE PLC IRELAND | ACN | $434.4K | 2,369 | +0.02pp | 21q | -7.2%-$33.9K | |
| US BANCORP | USB | $429.8K | 7,372 | -0.04pp | 14q | -32.6%-$207.5K | |
| THERMO FISHER SCIENTIFIC INC | TMO | $427.6K | 633 | +0.01pp | 21q | -7.7%-$35.8K | |
| CHIPOTLE MEXICAN GRILL INC | CMG | $408.2K | 12,776 | - | new | NEW | |
| OLD NATL BANCORP IND | ONB | $404.6K | 16,420 | flat | 15q | HELD | |
| SCHWAB STRATEGIC TR | SCHG | $401.2K | 11,167 | +0.01pp | 6q | +3.3%+$12.7K | |
| GENTEX CORP | GNTX | $399.4K | 18,371 | flat | 5q | +20.8%+$68.8K | |
| TAKE-TWO INTERACTIVE SOFTWAR | TTWO | $398.0K | 1,918 | -0.02pp | 18q | -4.7%-$19.5K | |
| ISHARES TR | IJR | $397.2K | 2,920 | -0.03pp | 16q | -25.4%-$135.4K | |
| SCHEIN HENRY INC | HSIC | $396.2K | 4,718 | -0.01pp | 17q | -8.5%-$36.8K | |
| JANUS DETROIT STR TR | JSML | $390.4K | 4,541 | flat | 5q | +5.6%+$20.7K | |
| HARBOR ETF TRUST | OSEA | $389.9K | 13,326 | -0.01pp | 9q | -6.4%-$26.5K | |
| ISHARES TR | IMCG | $383.2K | 4,081 | flat | 5q | +6.6%+$23.8K | |
| INTEL CORP | INTC | $381.1K | 3,170 | -0.04pp | 3q | -27.5%-$144.6K | |
| MARKEL GROUP INC | MKL | $368.2K | 215 | -0.01pp | 11q | +2.4%+$8.6K | |
| BANK OF MONTREAL | BMO | $363.8K | 2,175 | flat | 4q | HELD | |
| MICROCHIP TECHNOLOGY INC. | MCHP | $363.3K | 4,671 | -0.02pp | 21q | -6.2%-$23.9K | |
| LOCKHEED MARTIN CORP | LMT | $357.5K | 702 | flat | 21q | -2.2%-$8.1K | |
| 3M CO | MMM | $344.9K | 2,101 | flat | 21q | -3.9%-$14.1K | |
| CDW CORP | CDW | $343.0K | 2,676 | -0.01pp | 18q | HELD | |
| DANAHER CORP DEL | DHR | $340.0K | 1,532 | +0.01pp | 14q | -3.1%-$10.9K | |
| VANGUARD TAX-MANAGED FDS | VEA | $332.8K | 4,713 | flat | 2q | HELD | |
| MIDDLEBY CORP | MIDD | $331.5K | 3,200 | -0.04pp | 18q | +0.9%+$2.9K | |
| INVESCO QQQ TR | QQQ | $330.2K | 446 | flat | 18q | -8.2%-$29.6K | |
| CHARLES SCHWAB CORP (THE) | SCHW | $328.9K | 3,365 | flat | 21q | -8.7%-$31.5K | |
| COPART INC | CPRT | $312.9K | 11,471 | flat | 21q | +6.9%+$20.3K | |
| INTERNATIONAL FLAVORS&FRAGRA | IFF | $307.3K | 3,663 | flat | 4q | -6.5%-$21.2K | |
| SPDR GOLD TR | GLD | $293.2K | 770 | flat | 18q | HELD | |
| FORTIVE CORP | FTV | $291.6K | 5,320 | -0.01pp | 7q | -5.2%-$15.9K | |
| ISHARES TR | IVLU | $281.7K | 6,569 | +0.01pp | 2q | +22.5%+$51.7K | |
| MOTOROLA SOLUTIONS INC | MSI | $265.2K | 593 | flat | 21q | -6.2%-$17.4K | |
| SELECT SECTOR SPDR TR | XLE | $263.0K | 4,276 | flat | 2q | -7.3%-$20.7K | |
| SOUTHWEST AIRLS CO | LUV | $249.7K | 5,996 | -0.01pp | 15q | -7.1%-$19.0K | |
| CAPITAL ONE FINL CORP | COF | $247.9K | 1,284 | -0.01pp | 14q | -9.1%-$24.9K | |
| ADVANCE AUTO PARTS INC | AAP | $244.0K | 6,272 | -0.01pp | 3q | +37.0%+$65.9K | |
| STARBUCKS CORP | SBUX | $243.7K | 2,594 | -0.01pp | 21q | -6.8%-$17.9K | |
| LANDSTAR SYS INC | LSTR | $239.0K | 1,417 | -0.01pp | 4q | -7.1%-$18.2K | |
| TELEDYNE TECHNOLOGIES INC | TDY | $236.7K | 390 | -0.01pp | 5q | -5.8%-$14.6K | |
| IDEX CORP | IEX | $235.3K | 1,032 | flat | 4q | -8.4%-$21.7K | |
| EMERSON ELEC CO | EMR | $230.8K | 1,488 | flat | 21q | -8.0%-$20.0K | |
| CONSTELLATION SOFTWARE INC COM | CNSWF | $229.2K | 113 | - | new | NEW | |
| VANGUARD INDEX FDS | VO | $229.0K | 2,920 | -0.01pp | 2q | -13.1%-$34.6K | |
| HUNT J B TRANS SVCS INC | JBHT | $223.2K | 996 | -0.02pp | 4q | -13.3%-$34.3K | |
| INTUIT | INTU | $221.7K | 804 | flat | 18q | +1.3%+$2.8K |
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 | $30.9M | 5.3% |
| Autos & Aerospace | $19.9M | 3.4% |
| Biotech & Pharma | $19.4M | 3.3% |
| Insurance | $19.0M | 3.2% |
| Computer Hardware | $17.1M | 2.9% |
| Industrials | $15.1M | 2.6% |
| Banks & Lending | $13.5M | 2.3% |
| Other sectors | $77.9M | 13.2% |
| Not classified | $376.1M | 63.9% |
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 | -1.1% | +2.1% | -3.2% | 100% |
| Q2 2026 | +6.7% | +14.8% | -8.1% | 100% |
| Q1 2026 | +0.7% | -4.6% | +5.4% | 100% |
| Q4 2025 | +1.8% | +2.4% | -0.5% | 100% |
| Q3 2025 | +5.8% | +7.8% | -2.1% | 100% |
| Q2 2025 | +3.8% | +10.5% | -6.6% | 100% |
| Q1 2025 | +0.2% | -4.6% | +4.8% | 100% |
| Q4 2024 | -2.8% | +2.1% | -5.0% | 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 | $589.0M | 181 | 6 | 46 | 111 | 6 | 45.5% | 22 |
| Q2 2026 | $591.7M | 181 | 9 | 66 | 79 | 12 | 48.2% | 31 |
| Q1 2026 | $554.6M | 184 | 8 | 66 | 79 | 3 | 48.5% | 45 |
| Q4 2025 | $547.3M | 179 | 9 | 76 | 63 | 3 | 48.7% | 40 |
| Q3 2025 | $529.8M | 173 | 8 | 65 | 82 | 8 | 48.5% | 38 |
| Q2 2025 | $498.1M | 173 | 6 | 54 | 80 | 148 | 47.7% | 30 |
| Q1 2025 | $483.8M | 315 | 32 | 99 | 103 | 42 | 46.9% | 44 |
| Q4 2024 | $470.3M | 325 | 55 | 71 | 109 | 19 | 42.4% | 45 |
| Q3 2024 | $475.8M | 289 | 28 | 115 | 66 | 39 | 40.8% | 43 |
| Q2 2024 | $439.5M | 300 | 62 | 140 | 36 | 28 | 41.1% | 38 |
| Q1 2024 | $421.4M | 266 | 40 | 103 | 65 | 17 | 40.8% | 45 |
| Q4 2023 | $391.9M | 243 | 23 | 67 | 105 | 13 | 39.3% | 47 |
| Q3 2023 | $358.1M | 233 | 24 | 82 | 75 | 14 | 42.8% | 46 |
| Q2 2023 | $357.4M | 223 | 15 | 109 | 43 | 17 | 42.8% | 45 |
| Q1 2023 | $331.2M | 225 | 30 | 61 | 86 | 6 | 43.5% | 45 |
| Q4 2022 | $308.4M | 201 | 43 | 0 | 158 | 10 | 41.6% | 45 |
| Q3 2022 | $277.7M | 168 | 13 | 155 | 0 | 32 | 44.1% | 45 |
| Q2 2022 | $287.9M | 187 | 90 | 43 | 36 | 6 | 42.1% | 46 |
| Q1 2022 | $303.4M | 103 | 2 | 56 | 31 | 3 | 44.3% | 46 |
| Q4 2021 | $277.7M | 104 | 7 | 63 | 29 | 8 | 42.6% | 45 |
| Q3 2021 | $234.0M | 105 | 0 | 0 | 0 | 0 | 46.0% | 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.