DaveManuel.com · Institutional Ownership · 13F Holdings

TrueMark Investments, LLC

Reported holdings as of Q2 2026, from 11 quarterly filings.

CIK

1974457

Reported value

$798.2M

Positions

187

Top 10 weight

32.3%

Filed

2026-07-22

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
ELEVATION SERIES TRUST	MARZ	$29.1M	793,030	3.64%	+1.60pp	4q	+149.6%+$17.4M
ELEVATION SERIES TRUST	MAYZ	$28.4M	785,052	3.55%	+2.12pp	4q	+240.4%+$20.0M
ELEVATION SERIES TRUST	NOVZ	$27.5M	584,693	3.45%	+1.63pp	4q	+166.3%+$17.2M
ELEVATION SERIES TRUST	FEBZ	$26.7M	661,553	3.35%	+1.39pp	4q	+138.4%+$15.5M
ELEVATION SERIES TRUST	APRZ	$25.9M	648,781	3.24%	+1.74pp	4q	+199.2%+$17.2M
ELEVATION SERIES TRUST	JUNZ	$25.1M	713,243	3.15%	+1.50pp	4q	+162.2%+$15.6M
ELEVATION SERIES TRUST	DECZ	$25.1M	579,744	3.14%	+1.03pp	4q	+107.5%+$13.0M
ELEVATION SERIES TRUST	JANZ	$24.3M	592,652	3.04%	+1.15pp	4q	+124.8%+$13.5M
ELEVATION SERIES TRUST	OCTZ	$23.4M	512,745	2.94%	+0.74pp	4q	+87.1%+$10.9M
ELEVATION SERIES TRUST	SEPZ	$22.6M	497,728	2.83%	+1.02pp	4q	+117.2%+$12.2M
ELEVATION SERIES TRUST	AUGZ	$21.8M	480,502	2.73%	+0.98pp	4q	+117.5%+$11.8M
ELEVATION SERIES TRUST	JULZ	$21.0M	462,156	2.63%	+1.05pp	4q	+128.9%+$11.8M
ELEVATION SERIES TRUST	QBER	$20.6M	864,077	2.58%	+0.83pp	6q	+132.2%+$11.7M
UNITEDHEALTH GROUP INC	UNH	$16.0M	38,459	2.00%	+1.01pp	3q	+104.1%+$8.2M
BRITISH AMERN TOB PLC	BTI	$15.9M	258,128	2.00%	-0.56pp	11q	+14.8%+$2.1M
PHILIP MORRIS INTL INC	PM	$15.5M	85,665	1.94%	-0.80pp	11q	+0.7%+$114.7K
ELEVATION SERIES TRUST	QBUL	$15.4M	639,278	1.93%	+0.36pp	6q	+86.9%+$7.2M
SPDR SERIES TRUST	SPSB	$15.0M	500,353	1.88%	-1.39pp	4q	-10.4%-$1.8M
MPLX LP	MPLX	$15.0M	266,413	1.88%	-0.70pp	7q	+14.9%+$1.9M
VERIZON COMMUNICATIONS INC	VZ	$14.0M	330,160	1.75%	-1.06pp	11q	+14.9%+$1.8M
NEXTERA ENERGY INC	NEE	$13.0M	148,289	1.63%	-0.67pp	11q	+16.4%+$1.8M
JOHNSON & JOHNSON	JNJ	$12.9M	50,803	1.62%	-0.49pp	11q	+14.9%+$1.7M
UNITED PARCEL SVCS INC	UPS	$12.4M	114,909	1.55%	-0.37pp	8q	+15.0%+$1.6M
CHEVRON CORPORATION	CVX	$10.7M	64,611	1.34%	-1.77pp	11q	-16.3%-$2.1M
HOME DEPOT INC	HD	$10.3M	29,197	1.29%	+0.12pp	2q	+59.6%+$3.8M
AMERICAN ELEC PWR CO INC	AEP	$10.2M	74,758	1.28%	-0.34pp	11q	+17.7%+$1.5M
ABBVIE INC	ABBV	$9.3M	37,043	1.17%	-0.20pp	9q	+15.0%+$1.2M
HERSHEY CO	HSY	$8.6M	49,051	1.08%	-0.65pp	10q	+15.1%+$1.1M
ENBRIDGE INC	ENB	$8.6M	157,958	1.07%	-0.38pp	8q	+15.0%+$1.1M
CME GROUP INC	CME	$8.4M	38,039	1.05%	-0.85pp	6q	+14.9%+$1.1M
RTX CORPORATION	RTX	$8.2M	43,234	1.03%	-	new	NEW
THE CIGNA GROUP	CI	$8.2M	29,680	1.03%	-0.32pp	4q	+14.7%+$1.1M
GOLDMAN SACHS GROUP INC	GS	$7.6M	7,487	0.95%	+0.19pp	9q	+61.9%+$2.9M
American Int'l Group, Inc.	AIG	$7.5M	100,526	0.94%	-0.34pp	4q	+15.0%+$977.3K
PEPSICO INC	PEP	$6.8M	50,070	0.85%	-0.47pp	10q	+14.9%+$881.5K
ATMOS ENERGY CORP	ATO	$6.6M	38,400	0.83%	-0.37pp	2q	+15.0%+$865.1K
BROOKFIELD INFRASTRUCTURE CO	BIPC	$6.6M	170,826	0.82%	-0.32pp	3q	+15.0%+$855.7K
UNION PAC CORP	UNP	$6.4M	23,620	0.80%	-	new	NEW
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$6.3M	13,171	0.79%	-0.13pp	6q	-6.0%-$402.1K
ALTRIA GROUP INC	MO	$6.3M	87,364	0.79%	-0.19pp	4q	+14.9%+$816.3K
ASML HLDG NV	ASML	$6.1M	3,052	0.76%	+0.08pp	6q	+14.7%+$775.9K
GSK PLC	GSK	$5.7M	108,899	0.72%	-0.52pp	6q	-5.6%-$336.7K
SANOFI SA	SNY	$5.4M	125,869	0.67%	-	new	NEW
ABBOTT LABORATORIES	ABT	$5.2M	57,508	0.65%	-	new	NEW
PETROLEO BRASILEIRO S A	PBR	$5.2M	320,874	0.65%	-0.69pp	6q	-3.5%-$189.5K
Rio Tinto PLC	RIO	$5.0M	52,736	0.63%	-0.21pp	6q	+14.5%+$635.6K
TOTALENERGIES SE	TTE	$4.9M	63,599	0.62%	-0.36pp	3q	+14.5%+$626.7K
Shreya Acquisition Group	SAGU	$4.9M	497,368	0.62%	-	new	NEW
TEXAS INSTRS INC	TXN	$4.9M	16,493	0.62%	-	new	NEW
PROCTER & GAMBLE CO	PG	$4.9M	33,454	0.61%	-0.20pp	7q	+15.0%+$641.0K
HSBC HLDGS PLC	HSBC	$4.6M	48,065	0.57%	-0.10pp	6q	+14.6%+$581.0K
AMERICA MOVIL SAB DE CV	AMX	$4.4M	167,984	0.55%	-0.18pp	4q	+14.5%+$554.1K
KINDER MORGAN INC DEL	KMI	$4.2M	131,559	0.53%	-0.68pp	11q	-29.0%-$1.7M
TELEFONICA BRASIL SA	VIV	$4.0M	306,315	0.51%	-0.32pp	2q	+14.5%+$511.5K
COCA-COLA FEMSA SAB DE CV	KOF	$3.9M	36,902	0.49%	-0.12pp	5q	+14.5%+$497.3K
QUALCOMM INC	QCOM	$3.8M	20,341	0.47%	-	new	NEW
JANUS DETROIT STR TR	JAAA	$3.7M	74,070	0.47%	-0.22pp	3q	+5.0%+$178.1K
ASTRAZENECA PLC	AZN	$3.6M	18,998	0.45%	-	new	NEW
BP PLC	BP	$3.5M	95,277	0.44%	-0.32pp	2q	+14.5%+$446.7K
UBS GROUP AG	UBS	$3.3M	67,374	0.42%	-0.03pp	6q	+14.6%+$425.2K
NOKIA CORP	NOK	$3.2M	240,190	0.40%	-0.22pp	3q	-39.1%-$2.0M
UNILEVER PLC	UL	$2.9M	48,218	0.36%	-0.10pp	3q	+14.5%+$367.3K
PERSHING SQUARE USA LTD	PSUS	$2.8M	74,019	0.35%	-	new	NEW
ICICI BK LTD	IBN	$2.7M	92,081	0.33%	-0.07pp	3q	+14.6%+$339.7K
BLACKROCK ETF TRUST II	BINC	$2.7M	50,793	0.33%	-0.15pp	4q	+7.1%+$176.3K
CLOUDFLARE INC	NET	$2.4M	9,894	0.30%	-0.47pp	9q	-48.7%-$2.3M
JD.COM INC	JD	$2.3M	92,211	0.29%	-0.17pp	4q	+14.5%+$298.1K
NATERA INC	NTRA	$2.3M	8,508	0.29%	+0.04pp	6q	+30.3%+$536.9K
CROWDSTRIKE HLDGS INC	CRWD	$2.3M	2,968	0.28%	-0.23pp	11q	-55.9%-$2.9M
SABA CAPITAL INCOME & OPPORT	SABA	$2.0M	244,129	0.26%	-0.11pp	4q	+8.6%+$162.2K
NOVARTIS AG	NVS	$2.0M	12,800	0.25%	-0.08pp	6q	+14.5%+$254.7K
APEX TECH ACQ CRP; TNT ACQ DT: 5/26/2027; CASH: $10.00	TRAD	$2.0M	201,261	0.25%	-	new	NEW
VICOR CORP	VICR	$2.0M	5,227	0.25%	+0.11pp	2q	+16.0%+$274.2K
PALO ALTO NETWORKS INC	PANW	$2.0M	5,797	0.25%	+0.09pp	2q	+13.8%+$239.4K
GUARDANT HEALTH INC	GH	$2.0M	13,160	0.25%	+0.13pp	2q	+99.5%+$984.8K
GRUPO AEROPORTUARIO DEL CENT	OMAB	$2.0M	17,346	0.25%	-0.09pp	5q	+14.6%+$249.9K
DATADOG INC	DDOG	$1.9M	7,486	0.24%	+0.04pp	11q	-16.6%-$386.9K
SNOWFLAKE INC	SNOW	$1.9M	7,572	0.24%	-0.07pp	11q	-27.5%-$732.2K
BLACKROCK SCIENCE & TECHNOLO	BSTZ	$1.9M	64,075	0.24%	-0.02pp	4q	+7.1%+$127.2K
CLOUGH GLOBAL EQUITY FD	GLQ	$1.9M	217,362	0.23%	-0.06pp	4q	+7.1%+$123.9K
ADVANCED MICRO DEVICES INC	AMD	$1.8M	3,140	0.23%	-0.04pp	11q	-54.4%-$2.2M
MICRON TECHNOLOGY INC	MU	$1.8M	1,567	0.23%	-	new	NEW
STRUCTURE THERAPEUTICS INC	GPCR	$1.8M	33,600	0.23%	-0.10pp	11q	-2.3%-$41.7K
SANDISK CORP	SNDK	$1.8M	784	0.22%	-	new	NEW
BROADCOM INC	AVGO	$1.8M	4,670	0.22%	+0.09pp	2q	+107.7%+$914.9K
INVESCO EXCH TRADED FD TR II	PXH	$1.7M	62,713	0.22%	-0.09pp	4q	+7.1%+$115.3K
WESTERN AST INFL LKD OPP & I	WIW	$1.7M	204,141	0.21%	-0.10pp	4q	+7.1%+$113.3K
ARM HOLDINGS PLC	ARM	$1.7M	4,783	0.21%	-0.01pp	6q	-37.0%-$996.0K
MONGODB INC	MDB	$1.7M	4,970	0.21%	-0.08pp	9q	-19.5%-$403.8K
ROYCE MICRO-CAP TR INC	RMT	$1.7M	113,982	0.21%	-0.03pp	4q	+7.1%+$110.4K
ALPHABET INC	GOOG	$1.7M	4,716	0.21%	-0.04pp	2q	+5.9%+$93.3K
MONOLITHIC PWR SYS INC	MPWR	$1.6M	1,162	0.20%	+0.07pp	2q	+90.2%+$761.7K
ASTERA LABS INC	ALAB	$1.5M	3,178	0.19%	-	new	NEW
NVIDIA CORPORATION	NVDA	$1.5M	7,615	0.19%	-0.44pp	11q	-59.1%-$2.2M
SAMSARA INC	IOT	$1.5M	46,657	0.19%	-0.09pp	11q	+4.3%+$62.7K
ROYCE SMALL CAP TRUST INC	RVT	$1.5M	79,839	0.18%	-0.06pp	4q	+7.1%+$97.3K
BLACKROCK HEALTH SCIENCES TE	BMEZ	$1.4M	88,556	0.17%	flat	4q	+49.6%+$450.7K
ANALOG DEVICES INC	ADI	$1.3M	3,386	0.17%	-	new	NEW
CLOUGH GLOBAL OPPORTUNITIES	GLO	$1.3M	212,884	0.16%	-0.05pp	4q	+7.1%+$86.2K
BLACKROCK CORPOR HI YLD FD I	HYT	$1.2M	145,508	0.16%	-0.07pp	2q	+7.1%+$82.3K
APPLIED MATLS INC	AMAT	$1.2M	1,671	0.15%	-	new	NEW
SCHRODINGER INC	SDGR	$1.2M	73,237	0.15%	+0.05pp	11q	+60.2%+$447.4K
CALAMOS LNG SHR EQT DYNAMIC	CPZ	$1.2M	90,879	0.15%	-0.08pp	4q	+7.1%+$78.5K
FS SPECIALTY LENDING FD	FSSL	$1.1M	99,075	0.14%	-0.03pp	3q	+47.2%+$354.2K
BLACKSTONE SENI FLTN RAT 202	BSL	$1.0M	80,558	0.13%	-0.07pp	4q	+3.4%+$34.3K
ROMAN DBDR ACQUISITION CORP	DRDB	$1.0M	95,100	0.13%	+0.06pp	2q	+217.0%+$686.2K
QuasarEdge Acquisition Corp	QRED	$978.5K	98,544	0.12%	-	new	NEW
KAYNE ANDERSON ENERGY INFRST	KYN	$902.8K	65,275	0.11%	-0.06pp	4q	+7.1%+$59.5K
BLUE OWL TECHNOLOGY FIN CORP	OTF	$894.9K	86,467	0.11%	+0.02pp	3q	+117.7%+$483.9K
ELI LILLY & CO	LLY	$828.8K	691	0.10%	-0.15pp	9q	-51.5%-$880.4K
GABELLI EQUITY TR INC	GAB	$823.2K	145,438	0.10%	-	new	NEW
FS CREDIT OPPORTUNITIES CORP	FSCO	$817.7K	163,877	0.10%	+0.01pp	2q	+80.1%+$363.7K
HOWARD HUGHES HOLDINGS INC	HHH	$789.3K	11,041	0.10%	-0.08pp	4q	-22.3%-$226.1K
LIBERTY ALL STAR EQUITY FD	USA	$780.0K	134,253	0.10%	-0.04pp	4q	+7.1%+$51.6K
CALAMOS STRATEGIC TOTAL RETU	CSQ	$733.3K	35,665	0.09%	-0.02pp	2q	+7.1%+$48.5K
XFLH Capital Corp	XFLH	$686.2K	68,823	0.09%	-0.05pp	2q	-1.7%-$11.7K
FIFTH ERA ACQUISITION CORP I ORD SH	FERA	$530.7K	50,930	0.07%	-	new	NEW
FIRST TR HIGH YIELD OPPRT 20	FTHY	$497.8K	36,337	0.06%	-0.03pp	4q	+7.1%+$32.9K
K2 CAP ACQUISITION CORP	KTWO	$487.3K	48,977	0.06%	-0.04pp	2q	-2.0%-$10.2K
ITHAX ACQ CRP III; TNT ACQ DT: 12/12/2027; CASH: $10.00	ITHA	$485.6K	48,655	0.06%	+0.01pp	2q	+95.1%+$236.7K
RF ACQUISITION CORP III	RFAM	$481.7K	48,710	0.06%	-0.03pp	2q	-2.6%-$12.8K
CLOUGH GLOBAL DIV AND INC	GLV	$462.8K	69,698	0.06%	-0.02pp	4q	+7.1%+$30.6K
SIXTH STREET SPECIALTY LENDI	TSLX	$412.7K	24,038	0.05%	-	new	NEW
SABA CAPITAL INCOME & OPRNT	BRW	$393.2K	59,855	0.05%	-0.02pp	3q	+7.1%+$26.0K
HA SUSTAINABLE INFRA CAP INC	HASI	$391.6K	10,029	0.05%	-	new	NEW
LAKE SUPERIOR ACQUISITION CO	LKSP	$382.6K	37,697	0.05%	-0.02pp	2q	+4.1%+$15.2K
PIMCO INCOME STRATEGY FD II	PFN	$355.9K	49,909	0.04%	-0.02pp	4q	+3.4%+$11.7K
Clearway Energy, Inc.	CWEN	$342.8K	10,028	0.04%	-	new	NEW
BLUE OWL CAPITAL CORPORATION	OBDC	$330.6K	30,413	0.04%	-0.03pp	2q	-11.2%-$41.7K
BLACKROCK MULTI SECTOR INC T	BIT	$310.6K	24,809	0.04%	-0.02pp	4q	+7.1%+$20.5K
BLACKROCK TECH AND PRIVATE E	BTX	$287.3K	31,814	0.04%	flat	3q	+7.1%+$19.0K
SPACSphere Acquisition Corp	SSAC	$254.9K	25,538	0.03%	-0.02pp	2q	-1.8%-$4.6K
SPECIAL OPPORTUNITIES FD INC	SPE	$233.7K	17,348	0.03%	-0.01pp	4q	+7.0%+$15.4K
PG&E CORP	PCG	$231.7K	13,773	0.03%	-	new	NEW
GALAXYEDGE ACQUISITION CORP	GLED	$221.3K	22,260	0.03%	-	new	NEW
FLAHERTY & CRUMRINE PFD INCO	PFO	$208.2K	22,537	0.03%	-0.01pp	4q	+7.1%+$13.8K
CREDIT SUISSE HIGH YIELD BD	DHY	$203.1K	114,081	0.03%	-	new	NEW
NEUBERGER HIGH YIELD ST FD I	NHS	$195.6K	31,347	0.02%	-	new	NEW
CRESCENT CAP BDC INC	CCAP	$194.9K	17,847	0.02%	-	new	NEW
GRAF GLOBAL CORP	TONT	$187.8K	17,311	0.02%	-0.01pp	4q	-4.1%-$8.0K
GUGGENHEIM STRATEGIC OPPORTU	GOF	$169.1K	15,486	0.02%	-	new	NEW
Solarius Capital Acquisition Corp	SOCA	$150.1K	14,599	0.02%	-0.01pp	3q	-4.1%-$6.4K
NEW PROVID	NPAC	$147.5K	14,209	0.02%	-0.01pp	2q	-2.7%-$4.1K
ACTIVATE ENERGY ACQUISIT COR	AEAQ	$143.9K	14,388	0.02%	-0.01pp	2q	-4.1%-$6.1K
BITCOIN IN	BIXI	$143.9K	14,388	0.02%	-0.01pp	2q	-4.1%-$6.1K
LAFAYETTE DIGITAL ACQ CRP; TNT ACQ DT: 1/9/2028; CASH: $10.00	ZKP	$143.6K	14,388	0.02%	-0.01pp	2q	-4.1%-$6.1K
UNITED ACQUISITION CORP I	UAC	$142.9K	14,388	0.02%	-0.01pp	2q	-4.1%-$6.1K
LEGATO MERGER CORP IV	LEGO	$142.7K	14,388	0.02%	-	new	NEW
SC ACQ CRP II; TNT ACQ DT: 5/25/2027; CASH: $10.00	SCII	$142.3K	14,177	0.02%	-0.01pp	2q	-4.1%-$6.1K
SUMA ACQUISITION CORP	SUMA	$142.0K	14,388	0.02%	-	new	NEW
EQV VENTURES AC CORP. II O	EVAC	$141.0K	13,848	0.02%	-0.01pp	4q	-4.1%-$6.0K
HALL CHADWICK ACQUISITION CO	HCAC	$137.4K	13,686	0.02%	-0.01pp	2q	-4.1%-$5.8K
INVEST GREEN ACQUISITION COR CL A O	IGAC	$137.0K	13,686	0.02%	-0.01pp	2q	-4.1%-$5.8K
FUTUREWAVE ACQUISITION CORP	FWACU	$130.4K	13,000	0.02%	-	new	NEW
NUVEEN REAL ESTATE INCOME FD	JRS	$123.2K	14,620	0.02%	-0.01pp	4q	-1.9%-$2.4K
PONO CAP FOUR INC	PONO	$121.7K	12,219	0.02%	-	new	NEW
BHAV Acquisition Corp	BHAV	$114.8K	11,540	0.01%	-	new	NEW
GigCapital9 Corp	GIX	$109.7K	11,031	0.01%	-	new	NEW
MOUNTAIN LAKE ACQUISIT CORP	MLAA	$109.5K	11,031	0.01%	-	new	NEW
YORKVILLE INTL CAP CORP	YICCU	$100.5K	10,000	0.01%	-	new	NEW
TEXAS VENTURES ACQUISITION I	TVIVU	$100.0K	10,000	0.01%	-	new	NEW
Wilco 63 Corp	WLCOU	$99.5K	10,000	0.01%	-	new	NEW
VERNAL CAP ACQUISITION CORP	VECA	$99.4K	10,000	0.01%	-	new	NEW
WEST ENCLAVE MERGER CORP	WENC	$99.2K	10,000	0.01%	-	new	NEW
APERTURE AC	APUR	$99.0K	10,000	0.01%	-	new	NEW
BLUE WTR ACQUISITION CORP IV	BWIV	$99.0K	10,000	0.01%	-	new	NEW
MAYWOOD ACQ CRP II; TNT ACQ DT: 7/14/2027; CASH: $10.00	MYX	$98.8K	10,000	0.01%	-	new	NEW
ABERDEEN GOVT MARKETS INCOME	MGF	$62.7K	21,856	0.01%	-0.03pp	2q	-63.9%-$111.2K
TOTAL RETURN SECURITIES FUND	SWZ	$60.5K	10,189	0.01%	flat	3q	-5.2%-$3.3K
Legato Merger Corp III	ENRDW	$6.0K	10,026	0.00%	-	new	NEW
AIMEI HEALTH TECHNOLOGY CO L	AFJKR	$4.3K	14,391	0.00%	flat	4q	HELD
Suma Acquisition Corp Right 03/05/2031	SUMAR	$4.3K	15,000	0.00%	-	new	NEW
Hall Chadwick Acquisition Co Right 11/20/2030	HCACR	$4.1K	14,268	0.00%	flat	2q	HELD
Graf Global Corp	TONTWS	$3.8K	10,000	0.00%	flat	4q	HELD
Gigcapital9 Corp Right 12/01/2030	GIXXR	$3.3K	11,500	0.00%	-	new	NEW
Invest Green Acquisition Cor Right 11/17/2030	IGACR	$3.0K	14,268	0.00%	flat	2q	HELD
Sc Ii Acquisition Corp Right 11/26/2030	SCIIR	$2.8K	14,780	0.00%	flat	2q	HELD
SILVER PEGASUS ACQUISITION C	SPEGR	$2.5K	10,001	0.00%	flat	3q	HELD
Bhav Acquisition Corp Right 03/18/2031	BHAVR	$2.1K	10,000	0.00%	-	new	NEW
VERNAL CAP ACQUISITION CORP	VECART	$2.1K	10,000	0.00%	-	new	NEW
Maywood Acquisition Corp 2	MYXXR	$2.0K	10,000	0.00%	-	new	NEW
Aperture Ac Right 05/06/2031	APURR	$1.9K	10,000	0.00%	-	new	NEW
WEST ENCLAVE MERGER CORP	WENCRT	$1.7K	10,000	0.00%	-	new	NEW
CN HEALTHY FOOD TECH GROUP C	IROHW	$1.1K	12,150	0.00%	flat	4q	HELD
RISING DRAGON ACQUISITION CO	RDACR	$700	10,000	0.00%	flat	4q	HELD
Maywood Acquisition Corp 2	MYXXW	$654	10,000	0.00%	-	new	NEW
Keen Vision Acquisition Corp	KVACW	$312	10,401	0.00%	flat	4q	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
Food, Drink & Tobacco	$57.0M	7.1%
Biotech & Pharma	$48.0M	6.0%
Transport & Logistics	$44.3M	5.6%
Energy	$41.8M	5.2%
Semiconductors & Electronics	$34.5M	4.3%
Insurance	$31.7M	4.0%
Funds & ETFs	$30.2M	3.8%
Utilities	$23.8M	3.0%
Telecom & Media	$22.4M	2.8%
Capital Markets	$16.0M	2.0%
Holding & Investment	$15.7M	2.0%
Software & IT Services	$13.7M	1.7%
Other sectors	$59.3M	7.4%
Not classified	$360.0M	45.1%

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
Q2 2026	+6.2%	+14.8%	-8.6%	100%
Q1 2026	+0.4%	-4.6%	+5.0%	100%
Q4 2025	-1.3%	+2.4%	-3.7%	100%
Q3 2025	+5.1%	+7.8%	-2.7%	87%
Q2 2025	+3.3%	+10.5%	-7.2%	100%
Q1 2025	-1.0%	-4.6%	+3.6%	100%
Q4 2024	-4.3%	+2.1%	-6.4%	100%
Q3 2024	+4.4%	+5.4%	-1.1%	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
Q2 2026	$798.2M	187	51	90	37	31	32.3%	22
Q1 2026	$513.7M	167	48	83	21	121	25.8%	20
Q4 2025	$523.5M	240	109	79	39	63	21.5%	14
Q3 2025	$575.4M	194	109	51	34	54	18.0%	30
Q2 2025	$462.7M	139	51	61	27	112	22.9%	29
Q1 2025	$381.7M	200	89	41	37	68	25.5%	22
Q4 2024	$313.3M	179	28	57	64	88	19.8%	43
Q3 2024	$311.6M	239	37	62	101	16	17.4%	16
Q2 2024	$292.5M	218	137	25	6	9	17.9%	29
Q1 2024	$109.0M	90	16	26	48	25	32.8%	15
Q4 2023	$100.6M	99	0	0	0	0	28.0%	11

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.