DaveManuel.com · Institutional Ownership · 13F Holdings
Values First Advisors, Inc.
Reported holdings as of Q3 2026, from 28 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| VANGUARD SCOTTSDALE FDS | VGSH | $15.9M | 277,054 | +2.88pp | 28q | +59.4%+$5.9M | |
| ISHARES TR | IEI | $10.1M | 89,338 | +2.12pp | 28q | +81.3%+$4.5M | |
| ISHARES TR | ISTB | $7.0M | 148,757 | +0.12pp | 9q | +2.8%+$189.8K | |
| ISHARES TR | IEF | $5.7M | 63,355 | +0.05pp | 28q | +4.7%+$252.7K | |
| PIMCO ETF TR | MINT | $4.6M | 46,085 | +0.02pp | 28q | -1.7%-$80.5K | |
| VANGUARD INSTL INDEX FD | VBIL | $4.5M | 59,523 | +2.02pp | 2q | +1919.8%+$4.3M | |
| SPDR SERIES TRUST | BIL | $3.9M | 43,077 | +0.01pp | 16q | -2.2%-$89.9K | |
| ISHARES TR | SGOV | $3.6M | 35,853 | +0.08pp | 15q | +2.2%+$78.1K | |
| ARISTA NETWORKS INC | ANET | $3.0M | 14,930 | +1.20pp | 4q | +412.5%+$2.4M | |
| ENSIGN GROUP INC | ENSG | $2.9M | 17,078 | +0.11pp | 28q | -1.9%-$55.4K | |
| BIO TECHNE CORP | TECH | $2.9M | 39,625 | +0.05pp | 28q | -1.7%-$49.0K | |
| GUARDANT HEALTH INC | GH | $2.9M | 16,036 | +0.22pp | 20q | -2.6%-$75.4K | |
| BROADCOM INC | AVGO | $2.8M | 7,895 | -0.16pp | 8q | -6.8%-$203.3K | |
| XOMETRY INC | XMTR | $2.8M | 26,761 | -0.12pp | 15q | -16.3%-$536.1K | |
| LAM RESEARCH CORP | LRCX | $2.7M | 8,193 | -0.40pp | 8q | -2.8%-$76.5K | |
| AMPHENOL CORP | APH | $2.6M | 30,690 | -0.05pp | 18q | -2.2%-$58.2K | |
| NVIDIA CORPORATION | NVDA | $2.6M | 11,284 | +0.30pp | 10q | +13.5%+$305.8K | |
| NNN REIT INC | NNN | $2.5M | 61,011 | -0.12pp | 28q | HELD | |
| MONOLITHIC PWR SYS INC | MPWR | $2.5M | 1,821 | -0.02pp | 24q | -2.1%-$52.5K | |
| MID-AMER APT CMNTYS INC | MAA | $2.4M | 20,581 | -0.18pp | 28q | -1.3%-$32.5K | |
| EXPEDITORS INTL WASH INC | EXPD | $2.3M | 12,481 | +0.14pp | 28q | -1.8%-$43.4K | |
| 1ST SOURCE CORP | SRCE | $2.3M | 26,802 | +0.05pp | 28q | -1.4%-$32.6K | |
| STRATEGY SHS | ESUM | $2.3M | 74,658 | +0.51pp | 7q | +88.4%+$1.1M | |
| TRANE TECHNOLOGIES PLC | TT | $2.2M | 4,840 | -0.08pp | 25q | -1.8%-$40.7K | |
| COCA COLA CONS INC | COKE | $2.1M | 11,091 | +0.01pp | 4q | -1.4%-$30.7K | |
| LOWES COS INC | LOW | $2.1M | 11,141 | -0.19pp | 28q | -3.1%-$65.2K | |
| AMERICAN FINANCIAL GROUP INC | AFG | $2.0M | 14,920 | -0.01pp | 28q | -1.2%-$24.8K | |
| EOG RES INC | EOG | $2.0M | 14,561 | +0.07pp | 21q | -1.1%-$22.6K | |
| VAALCO ENERGY INC | EGY | $2.0M | 348,836 | +0.11pp | 16q | -0.8%-$16.5K | |
| BADGER METER INC | BMI | $2.0M | 15,937 | -0.17pp | 10q | -1.1%-$22.6K | |
| ISHARES GOLD TR | IAU | $2.0M | 25,190 | +0.08pp | 4q | +2.5%+$48.3K | |
| EMERGENT BIOSOLUTIONS INC | EBS | $2.0M | 296,098 | -0.24pp | 17q | -1.8%-$35.6K | |
| TORO CO | TTC | $2.0M | 20,266 | flat | 28q | -1.4%-$27.9K | |
| DONALDSON INC | DCI | $1.9M | 22,350 | -0.01pp | 28q | -1.2%-$23.2K | |
| ISHARES TR | TLH | $1.9M | 20,849 | -0.08pp | 12q | -3.3%-$66.1K | |
| SPDR GOLD TR | GLD | $1.9M | 5,000 | +0.08pp | 4q | +2.6%+$48.0K | |
| CINCINNATI FINL CORP | CINF | $1.9M | 11,905 | -0.13pp | 26q | -1.4%-$26.5K | |
| GRACO INC | GGG | $1.9M | 24,500 | +0.02pp | 9q | -1.8%-$34.9K | |
| GENTEX CORP | GNTX | $1.8M | 82,563 | -0.12pp | 28q | -1.2%-$21.8K | |
| GRAND CANYON ED INC | LOPE | $1.8M | 11,840 | +0.06pp | 10q | -1.7%-$31.7K | |
| COGNEX CORP | CGNX | $1.8M | 29,066 | -0.15pp | 28q | -1.8%-$33.1K | |
| NATIONAL BEVERAGE CORP | FIZZ | $1.8M | 60,240 | +0.03pp | 28q | +7.7%+$125.1K | |
| ASML HLDG NV | ASML | $1.7M | 951 | -0.08pp | 2q | -2.6%-$45.3K | |
| PALO ALTO NETWORKS INC | PANW | $1.7M | 4,322 | +0.12pp | 28q | -2.1%-$36.9K | |
| UNITED RENTALS INC | URI | $1.7M | 1,684 | -0.02pp | 8q | +6.7%+$106.1K | |
| STRATEGY SHS | ELCV | $1.7M | 54,656 | +0.35pp | 8q | +90.9%+$788.9K | |
| MICROCHIP TECHNOLOGY INC. | MCHP | $1.6M | 20,614 | -0.11pp | 28q | -1.1%-$17.8K | |
| LEMAITRE VASCULAR INC | LMAT | $1.5M | 18,642 | -0.11pp | 18q | -1.7%-$26.1K | |
| OLD DOMINION FREIGHT LINE IN | ODFL | $1.4M | 8,178 | -0.05pp | 28q | +13.4%+$167.7K | |
| GE VERNOVA INC | GEV | $1.4M | 1,447 | -0.41pp | 8q | -26.2%-$488.7K | |
| TANGER INC | SKT | $1.3M | 38,815 | -0.08pp | 26q | -0.9%-$12.7K | |
| LIQUIDITY SVCS INC | LQDT | $1.2M | 29,122 | +0.06pp | 28q | -1.8%-$22.3K | |
| O'REILLY AUTOMOTIVE INC | ORLY | $1.2M | 14,447 | -0.04pp | 15q | -2.2%-$28.0K | |
| DELL TECHNOLOGIES INC | DELL | $1.2M | 2,268 | +0.12pp | 4q | -1.9%-$23.1K | |
| ROYALTY PHARMA PLC | RPRX | $1.2M | 20,673 | +0.03pp | 11q | -1.6%-$19.4K | |
| HAWKINS INC | HWKN | $1.2M | 9,520 | -0.06pp | 26q | -1.4%-$17.1K | |
| TIMOTHY PLAN | TPLC | $1.2M | 24,463 | +0.20pp | 9q | +56.9%+$429.3K | |
| DATADOG INC | DDOG | $1.2M | 4,200 | +0.03pp | 26q | -2.9%-$34.0K | |
| METTLER TOLEDO INTERNATIONAL | MTD | $1.1M | 746 | +0.08pp | 28q | -2.5%-$28.7K | |
| NEOGEN CORP | NEOG | $1.1M | 86,964 | +0.16pp | 17q | -1.5%-$17.5K | |
| LINDE PLC | LIN | $1.1M | 2,270 | -0.04pp | 11q | -1.8%-$19.5K | |
| LATTICE SEMICONDUCTOR CORP | LSCC | $956.2K | 7,612 | -0.10pp | 16q | -2.9%-$28.6K | |
| ELANCO ANIMAL HEALTH INC | ELAN | $953.7K | 42,595 | -0.04pp | 15q | -1.6%-$15.8K | |
| BETA BIONICS INC | BBNX | $951.4K | 50,125 | +0.08pp | 7q | -1.5%-$14.7K | |
| ARGENX SE | ARGX | $931.7K | 972 | +0.01pp | 2q | -2.7%-$25.9K | |
| SCHOLAR ROCK HLDG CORP | SRRK | $920.7K | 19,054 | -0.06pp | 10q | -2.1%-$19.8K | |
| TOAST INC | TOST | $885.0K | 30,528 | +0.02pp | 13q | -2.5%-$22.5K | |
| ISHARES TR | TLT | $862.3K | 11,086 | -0.59pp | 12q | -55.9%-$1.1M | |
| ADVANCED MICRO DEVICES INC | AMD | $859.6K | 1,405 | +0.02pp | 4q | -1.9%-$16.5K | |
| IRHYTHM HOLDINGS INC | IRTC | $844.3K | 7,428 | +0.06pp | 9q | +21.6%+$149.8K | |
| GENERAC HLDGS INC | GNRC | $838.0K | 4,049 | -0.11pp | 3q | +6.4%+$50.7K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $835.4K | 1,831 | -0.01pp | 2q | -2.0%-$16.9K | |
| EXELIXIS INC | EXEL | $826.1K | 14,144 | +0.03pp | 28q | -1.8%-$14.8K | |
| AMERICOLD REALTY TRUST INC | COLD | $808.6K | 57,838 | -0.04pp | 12q | HELD | |
| MIRUM PHARMACEUTICALS INC | MIRM | $791.7K | 9,262 | -0.13pp | 13q | -2.3%-$18.5K | |
| WELLTOWER INC | WELL | $789.9K | 3,431 | +0.01pp | 28q | -1.5%-$12.2K | |
| ALNYLAM PHARMACEUTICALS INC | ALNY | $770.2K | 3,121 | -0.07pp | 28q | -1.8%-$14.1K | |
| OMEGA HEALTHCARE INVS INC | OHI | $758.9K | 16,388 | flat | 28q | HELD | |
| TARGA RES CORP | TRGP | $747.9K | 2,767 | +0.01pp | 15q | -1.9%-$14.9K | |
| AMERICAN EXPRESS CO | AXP | $739.4K | 2,431 | -0.08pp | 8q | -12.8%-$108.3K | |
| MISTRAS GROUP INC | MG | $716.0K | 34,000 | +0.06pp | 27q | -1.7%-$12.6K | |
| ISHARES SILVER TR | SLV | $690.2K | 12,661 | +0.05pp | 4q | +11.5%+$71.3K | |
| KIMCO REALTY CORP | KIM | $683.1K | 30,758 | -0.04pp | 21q | HELD | |
| STAG INDUSTRIAL INC | STAG | $680.0K | 18,989 | -0.01pp | 12q | -0.7%-$4.9K | |
| EXTRA SPACE STORAGE INC | EXR | $661.5K | 5,030 | -0.02pp | 13q | -0.7%-$4.3K | |
| WILLIAMS COS INC | WMB | $657.4K | 9,672 | -0.03pp | 19q | -1.9%-$12.6K | |
| NORTHERN LTS FD TR IV | BIBL | $643.4K | 11,902 | -0.06pp | 28q | -13.5%-$100.4K | |
| SITIME CORP | SITM | $634.2K | 973 | -0.04pp | 7q | -2.3%-$15.0K | |
| MONGODB INC | MDB | $633.9K | 1,818 | +0.01pp | 4q | -2.9%-$19.2K | |
| ANNALY CAPITAL MANAGEMENT IN | NLY | $624.9K | 33,078 | -0.04pp | 17q | +1.3%+$7.8K | |
| DOLLAR GEN CORP | DG | $616.8K | 5,158 | +0.02pp | 8q | -1.1%-$6.9K | |
| CONSTELLATION ENERGY CORP | CEG | $611.2K | 2,406 | +0.01pp | 9q | -2.3%-$14.5K | |
| VISTRA CORP | VST | $606.3K | 4,383 | -0.04pp | 11q | -2.2%-$13.7K | |
| AXSOME THERAPEUTICS INC | AXSM | $595.3K | 3,228 | -0.09pp | 9q | -2.8%-$17.0K | |
| TIMOTHY PLAN | TPIF | $584.7K | 15,754 | +0.17pp | 6q | +150.4%+$351.2K | |
| AMERISAFE INC | AMSF | $582.8K | 24,663 | -0.01pp | 16q | +36.1%+$154.6K | |
| WASTE MGMT INC DEL | WM | $577.8K | 2,834 | +0.08pp | 23q | +52.9%+$200.0K | |
| WEYERHAEUSER CO | WY | $572.5K | 30,053 | -0.06pp | 28q | -0.7%-$4.0K | |
| ITURAN LOCATION AND CONTROL | ITRN | $571.1K | 11,149 | -0.05pp | 25q | -1.0%-$5.5K | |
| frontdoor Inc | FTDR | $567.8K | 7,766 | +0.04pp | 8q | +23.2%+$106.9K | |
| STRATEGY SHS | ESLV | $557.4K | 20,100 | +0.16pp | 4q | +162.3%+$344.9K | |
| KLA CORP | KLAC | $547.8K | 2,810 | -0.14pp | 6q | -2.0%-$11.3K | |
| D R HORTON INC | DHI | $539.4K | 3,947 | -0.13pp | 26q | -23.8%-$168.4K | |
| QUANTA SVCS INC | PWR | $521.0K | 811 | -0.03pp | 10q | -2.5%-$13.5K | |
| VULCAN MATLS CO | VMC | $518.3K | 2,119 | -0.05pp | 8q | -1.9%-$10.3K | |
| TRANSMEDICS GROUP INC | TMDX | $499.8K | 5,989 | +0.05pp | 12q | -2.2%-$11.4K | |
| STRATEGY SHS | ESLG | $498.0K | 17,548 | +0.17pp | 4q | +248.3%+$355.0K | |
| NASDAQ INC | NDAQ | $497.4K | 5,406 | +0.08pp | 2q | +22.6%+$91.8K | |
| BLOOM ENERGY CORP | BE | $494.6K | 1,786 | -0.02pp | 3q | -2.1%-$10.5K | |
| IRIDIUM COMMUNICATIONS INC | IRDM | $478.7K | 9,995 | -0.03pp | 3q | -1.5%-$7.3K | |
| MEDTRONIC PLC | MDT | $473.0K | 5,482 | +0.03pp | 5q | +2.4%+$11.3K | |
| SPDR SERIES TRUST | BILS | $467.8K | 4,709 | -0.63pp | 16q | -75.0%-$1.4M | |
| STRATEGY SHS | ESIM | $467.0K | 16,295 | +0.15pp | 2q | +212.9%+$317.8K | |
| STRATEGY SHS | ESSC | $463.4K | 16,182 | +0.13pp | 4q | +163.7%+$287.7K | |
| MOTOROLA SOLUTIONS INC | MSI | $443.3K | 994 | +0.02pp | 9q | -1.7%-$7.6K | |
| FASTENAL CO | FAST | $442.9K | 8,942 | +0.01pp | 8q | -2.3%-$10.6K | |
| CARRIAGE SVCS INC | CSV | $434.1K | 13,928 | -0.04pp | 28q | -1.4%-$6.4K | |
| GREENBRIER COS INC | GBX | $433.4K | 10,815 | -0.04pp | 11q | -0.9%-$4.0K | |
| DIGI INTL INC | DGII | $425.9K | 5,586 | +0.01pp | 6q | -1.5%-$6.4K | |
| NEXTERA ENERGY INC | NEE | $422.7K | 5,581 | -0.03pp | 4q | -0.5%-$2.2K | |
| SOUTHERN CO | SO | $414.1K | 4,996 | -0.03pp | 11q | -2.3%-$9.9K | |
| CSX CORP | CSX | $414.1K | 8,904 | - | new | NEW | |
| TIMOTHY PLAN | TPSC | $405.9K | 9,081 | +0.06pp | 8q | +47.3%+$130.4K | |
| UNDER ARMOUR INC | UA | $391.8K | 90,074 | -0.08pp | 14q | -1.7%-$6.7K | |
| CARETRUST REIT INC | CTRE | $390.9K | 10,685 | -0.01pp | 15q | -0.8%-$3.3K | |
| UNION PAC CORP | UNP | $385.3K | 1,416 | +0.07pp | 2q | +61.6%+$146.9K | |
| COLLEGIUM PHARMACEUTICAL INC | COLL | $383.9K | 17,593 | -0.12pp | 28q | -2.3%-$9.2K | |
| VAXCYTE INC | PCVX | $380.5K | 6,687 | flat | 4q | -1.2%-$4.6K | |
| INNODATA INC | INOD | $373.1K | 5,674 | -0.02pp | 6q | -1.5%-$5.8K | |
| VANGUARD WORLD FD | VGT | $368.0K | 2,928 | +0.01pp | 8q | HELD | |
| REMITLY GLOBAL INC | RELY | $361.7K | 16,950 | flat | 2q | -0.6%-$2.3K | |
| LIBERTY ENERGY INC | LBRT | $349.2K | 19,168 | -0.07pp | 4q | -3.2%-$11.4K | |
| ENTERGY CORP NEW | ETR | $343.9K | 3,465 | -0.02pp | 7q | -0.9%-$3.1K | |
| AXON ENTERPRISE INC | AXON | $342.5K | 811 | -0.05pp | 7q | -2.5%-$8.9K | |
| iShares Tr | SHV | $341.5K | 3,095 | +0.01pp | 28q | +0.7%+$2.3K | |
| CELLDEX THERAPEUTICS INC NEW | CLDX | $339.8K | 10,483 | - | new | NEW | |
| FIFTH THIRD BANCORP | FITB | $338.4K | 6,691 | +0.02pp | 2q | +20.6%+$57.9K | |
| TRINITY CAP INC | TRIN | $329.8K | 18,790 | flat | 4q | +1.0%+$3.4K | |
| ELI LILLY & CO | LLY | $328.8K | 284 | flat | 9q | -2.4%-$8.1K | |
| CHEWY INC | CHWY | $325.0K | 17,855 | -0.01pp | 6q | -2.9%-$9.7K | |
| ISHARES U S ETF TR | NEAR | $324.5K | 6,508 | -0.06pp | 28q | -28.9%-$132.0K | |
| ASTERA LABS INC | ALAB | $319.3K | 897 | - | new | NEW | |
| RUBRIK INC. | RBRK | $311.8K | 2,724 | +0.05pp | 2q | -1.5%-$4.7K | |
| CENTRAL GARDEN & PET CO | CENT | $310.6K | 7,986 | -0.02pp | 28q | -1.7%-$5.5K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $309.2K | 621 | flat | 8q | HELD | |
| SERVICETITAN INC | TTAN | $301.0K | 4,575 | - | new | NEW | |
| WASTE CONNECTIONS INC | WCN | $298.7K | 1,941 | -0.01pp | 28q | -1.8%-$5.4K | |
| RECURSION PHARMACEUTICALS IN | RXRX | $294.7K | 71,351 | +0.02pp | 15q | -1.8%-$5.4K | |
| TALEN ENERGY CORP | TLN | $293.8K | 940 | -0.03pp | 5q | -1.7%-$5.0K | |
| ISHARES TR | SHY | $286.0K | 3,522 | -0.09pp | 28q | -42.2%-$209.0K | |
| FERGUSON ENTERPRISES INC | FERG | $282.5K | 1,269 | -0.01pp | 9q | -2.2%-$6.2K | |
| S&P GLOBAL INC | SPGI | $281.7K | 714 | -0.06pp | 12q | -30.2%-$121.9K | |
| ROCKWELL AUTOMATION INC | ROK | $279.1K | 641 | -0.02pp | 6q | -3.5%-$10.0K | |
| COHERENT CORP | COHR | $277.9K | 965 | -0.04pp | 2q | -0.8%-$2.3K | |
| SHERWIN WILLIAMS CO | SHW | $277.7K | 859 | -0.01pp | 20q | -2.3%-$6.5K | |
| VERTIV HOLDINGS CO | VRT | $272.8K | 1,130 | -0.05pp | 3q | -2.2%-$6.0K | |
| SCHWAB STRATEGIC TR | SCHO | $271.0K | 11,358 | -3.14pp | 2q | -96.2%-$6.8M | |
| NISOURCE INC | NI | $270.3K | 6,932 | -0.03pp | 3q | -3.3%-$9.4K | |
| COMFORT SYS USA INC | FIX | $267.4K | 162 | -0.02pp | 2q | HELD | |
| INSMED INC | INSM | $260.5K | 2,282 | +0.01pp | 9q | -3.0%-$8.0K | |
| DT MIDSTREAM INC | DTM | $251.5K | 2,105 | -0.03pp | 4q | -3.9%-$10.3K | |
| AMGEN INC | AMGN | $247.0K | 586 | +0.02pp | 3q | HELD | |
| GENEDX HOLDINGS CORP | WGS | $246.9K | 3,416 | +0.01pp | 2q | -0.9%-$2.3K | |
| ROPER TECHNOLOGIES INC | ROP | $245.7K | 703 | - | new | NEW | |
| HOME DEPOT INC | HD | $245.7K | 864 | -0.07pp | 9q | -25.7%-$85.0K | |
| CISCO SYS INC | CSCO | $244.8K | 2,274 | -0.01pp | 2q | -1.8%-$4.5K | |
| CHEVRON CORPORATION | CVX | $244.6K | 1,198 | - | new | NEW | |
| UL SOLUTIONS INC | ULS | $237.1K | 3,614 | - | new | NEW | |
| DEXCOM INC | DXCM | $236.5K | 2,741 | - | new | NEW | |
| UNIFIED SER TR | OAIM | $231.0K | 4,834 | -0.02pp | 5q | -17.7%-$49.7K | |
| CATERPILLAR INC | CAT | $231.0K | 285 | -0.03pp | 3q | -1.7%-$4.1K | |
| STRATASYS LTD | SSYS | $215.5K | 25,929 | flat | 22q | -1.7%-$3.7K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $212.5K | 1,136 | - | new | NEW | |
| OLIN CORP | OLN | $196.2K | 12,657 | -0.02pp | 27q | -0.7%-$1.3K | |
| LIFETIME BRANDS INC | LCUT | $159.9K | 18,589 | flat | 28q | -1.3%-$2.2K | |
| TANDY LEATHER FACTORY INC | TLF | $143.0K | 57,345 | +0.01pp | 17q | -0.8%-$1.1K | |
| ANGEL STUDIOS INC | ANGX | $117.4K | 25,138 | +0.01pp | 4q | -1.5%-$1.8K | |
| AGENUS INC | AGEN | $107.2K | 10,793 | +0.04pp | 10q | -1.7%-$1.9K | |
| Talphera Inc | TLPH | $90.8K | 78,273 | +0.01pp | 16q | -1.8%-$1.6K | |
| AMERICAS CAR-MART INC | CRMT | $42.9K | 42,032 | -0.03pp | 2q | -1.9% |
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 |
|---|---|---|
| Semiconductors & Electronics | $19.0M | 8.9% |
| Biotech & Pharma | $16.5M | 7.8% |
| Real Estate | $12.2M | 5.8% |
| Industrials | $10.9M | 5.1% |
| Business Services | $10.1M | 4.7% |
| Instruments & Controls | $7.3M | 3.4% |
| Computer Hardware | $6.9M | 3.2% |
| Energy | $6.2M | 2.9% |
| Healthcare Services | $6.0M | 2.8% |
| Retail & Consumer | $5.8M | 2.7% |
| Capital Markets | $5.1M | 2.4% |
| Insurance | $4.8M | 2.3% |
| Other sectors | $32.6M | 15.3% |
| Not classified | $69.3M | 32.6% |
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 | -4.7% | +2.1% | -6.8% | 100% |
| Q2 2026 | +10.4% | +14.8% | -4.5% | 100% |
| Q1 2026 | +0.0% | -4.6% | +4.7% | 100% |
| Q4 2025 | +0.5% | +2.4% | -1.9% | 100% |
| Q3 2025 | +5.2% | +7.8% | -2.6% | 100% |
| Q2 2025 | +6.6% | +10.5% | -3.9% | 100% |
| Q1 2025 | -3.5% | -4.6% | +1.0% | 100% |
| Q4 2024 | -2.5% | +2.1% | -4.7% | 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 | $212.7M | 180 | 9 | 35 | 128 | 16 | 28.9% | 23 |
| Q2 2026 | $219.0M | 187 | 21 | 88 | 64 | 13 | 25.6% | 35 |
| Q1 2026 | $191.9M | 179 | 8 | 122 | 24 | 10 | 28.7% | 17 |
| Q4 2025 | $192.7M | 181 | 24 | 61 | 87 | 14 | 28.1% | 30 |
| Q3 2025 | $186.8M | 171 | 6 | 36 | 116 | 16 | 27.5% | 21 |
| Q2 2025 | $183.6M | 181 | 13 | 73 | 69 | 15 | 28.4% | 29 |
| Q1 2025 | $171.4M | 183 | 13 | 75 | 53 | 54 | 31.0% | 30 |
| Q4 2024 | $181.7M | 224 | 34 | 91 | 91 | 82 | 29.4% | 29 |
| Q3 2024 | $184.4M | 272 | 112 | 57 | 81 | 9 | 28.7% | 23 |
| Q2 2024 | $166.9M | 169 | 19 | 59 | 60 | 17 | 28.5% | 19 |
| Q1 2024 | $170.6M | 167 | 15 | 85 | 58 | 12 | 27.8% | 23 |
| Q4 2023 | $165.7M | 164 | 20 | 94 | 44 | 19 | 27.2% | 18 |
| Q3 2023 | $154.8M | 163 | 13 | 46 | 69 | 20 | 31.0% | 39 |
| Q2 2023 | $165.7M | 170 | 4 | 107 | 48 | 231 | 29.3% | 33 |
| Q1 2023 | $157.0M | 397 | 247 | 100 | 44 | 7 | 30.2% | 45 |
| Q4 2022 | $143.3M | 157 | 15 | 60 | 68 | 13 | 31.6% | 20 |
| Q3 2022 | $139.2M | 155 | 12 | 97 | 36 | 13 | 29.0% | 63 |
| Q2 2022 | $140.8M | 156 | 16 | 73 | 61 | 22 | 28.5% | 20 |
| Q1 2022 | $158.4M | 162 | 11 | 113 | 32 | 21 | 26.1% | 33 |
| Q4 2021 | $168.9M | 172 | 29 | 62 | 79 | 5 | 25.1% | 69 |
| Q3 2021 | $154.4M | 148 | 13 | 106 | 22 | 12 | 24.7% | 411 |
| Q2 2021 | $147.4M | 147 | 15 | 59 | 68 | 11 | 19.2% | 503 |
| Q1 2021 | $135.5M | 143 | 10 | 109 | 13 | 10 | 20.9% | 594 |
| Q4 2020 | $125.5M | 143 | 11 | 41 | 65 | 9 | 20.6% | 684 |
| Q3 2020 | $108.8M | 141 | 12 | 89 | 33 | 8 | 21.4% | 776 |
| Q2 2020 | $101.0M | 137 | 19 | 0 | 118 | 9 | 21.4% | 868 |
| Q1 2020 | $83.3M | 127 | 11 | 116 | 0 | 22 | 24.9% | 1,014 |
| Q4 2019 | $103.6M | 138 | 0 | 0 | 0 | 0 | 22.5% | 1,050 |
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.