# DERBY & COMPANY, INC

> Institutional holdings reported to the SEC as of Q3 2021 on Form 13F. CIK 1086611. Source: https://holderbook.com/funds/1086611-derby-company-inc/

- Reported value: $495.3M
- Positions: 78
- Weight of the ten largest: 71.3%
- Filed: 2021-11-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $66.6M | 433,897 | 13.5% | 12 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $64.8M | 322,563 | 13.1% | 12 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $58.8M | 243,136 | 11.9% | 12 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $40.6M | 299,800 | 8.2% | 12 |
| ISHARES TR | [IWV](https://holderbook.com/stocks/IWV/) | $38.6M | 151,427 | 7.8% | 12 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $18.7M | 162,509 | 3.8% | 8 |
| PIMCO ETF TR | [MINT](https://holderbook.com/stocks/MINT/) | $17.7M | 173,679 | 3.6% | 7 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $16.2M | 150,946 | 3.3% | 8 |
| ISHARES TR | [IWN](https://holderbook.com/stocks/IWN/) | $16.0M | 99,642 | 3.2% | 5 |
| VANGUARD WORLD FD | [VFH](https://holderbook.com/stocks/VFH/) | $15.4M | 166,423 | 3.1% | 12 |
| GOLUB CAP BDC INC | [GBDC](https://holderbook.com/stocks/GBDC/) | $14.9M | 941,850 | 3.0% | 12 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $12.4M | 89,072 | 2.5% | 12 |
| SPDR SERIES TRUST | [SHM](https://holderbook.com/stocks/SHM/) | $9.9M | 201,120 | 2.0% | 8 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $8.8M | 103,122 | 1.8% | 6 |
| INVESCO EXCH TRADED FD TR II | [BKLN](https://holderbook.com/stocks/BKLN/) | $8.6M | 387,327 | 1.7% | 5 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $7.4M | 33,138 | 1.5% | 12 |
| INVESCO EXCH TRADED FD TR II | [PXH](https://holderbook.com/stocks/PXH/) | $7.0M | 311,510 | 1.4% | 7 |
| ISHARES TR | [EFV](https://holderbook.com/stocks/EFV/) | $6.0M | 118,089 | 1.2% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $5.7M | 40,196 | 1.1% | 11 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $4.9M | 41,466 | 1.0% | 12 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $3.6M | 34,963 | 0.7% | 12 |
| SPDR SERIES TRUST | [TFI](https://holderbook.com/stocks/TFI/) | $3.2M | 61,887 | 0.6% | 7 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $3.2M | 27,125 | 0.6% | 7 |
| J P MORGAN EXCHANGE TRADED F | [JMST](https://holderbook.com/stocks/JMST/) | $2.6M | 50,644 | 0.5% | 5 |
| ISHARES U S ETF TR | [MEAR](https://holderbook.com/stocks/MEAR/) | $2.2M | 43,778 | 0.4% | 4 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.2M | 807 | 0.4% | 5 |
| ISHARES TR | [IUSV](https://holderbook.com/stocks/IUSV/) | $2.0M | 28,894 | 0.4% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.0M | 762 | 0.4% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.0M | 610 | 0.4% | 6 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $2.0M | 4,627 | 0.4% | 12 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $1.9M | 7,066 | 0.4% | 3 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $1.8M | 3,175 | 0.4% | 12 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $1.6M | 17,896 | 0.3% | 3 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $1.4M | 26,058 | 0.3% | 6 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $1.4M | 5,257 | 0.3% | 3 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $1.3M | 4,278 | 0.3% | 10 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $1.1M | 17,185 | 0.2% | 8 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $1.1M | 806 | 0.2% | 6 |
| ISHARES TR | [IDV](https://holderbook.com/stocks/IDV/) | $1.1M | 34,522 | 0.2% | 5 |
| ISHARES TR | [REZ](https://holderbook.com/stocks/REZ/) | $1.0M | 12,156 | 0.2% | 12 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $985.0K | 1,583 | 0.2% | 6 |
| BIO RAD LABS INC | [BIO](https://holderbook.com/stocks/BIO/) | $970.0K | 1,300 | 0.2% | 6 |
| STERIS PLC | [STE](https://holderbook.com/stocks/STE/) | $945.0K | 4,626 | 0.2% | 6 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $919.0K | 13,095 | 0.2% | 8 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $800.0K | 12,526 | 0.2% | 7 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $776.0K | 2,365 | 0.2% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $761.0K | 2,701 | 0.2% | 7 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $726.0K | 4,291 | 0.1% | 6 |
| LULULEMON ATHLETICA INC | [LULU](https://holderbook.com/stocks/LULU/) | $648.0K | 1,602 | 0.1% | 6 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $624.0K | 3,228 | 0.1% | 6 |
| STARWOOD PPTY TR INC | [STWD](https://holderbook.com/stocks/STWD/) | $572.0K | 23,435 | 0.1% | 4 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $543.0K | 3,240 | 0.1% | 8 |
| LPL FINL HLDGS INC | [LPLA](https://holderbook.com/stocks/LPLA/) | $533.0K | 3,400 | 0.1% | 6 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $521.0K | 1,074 | 0.1% | 6 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $505.0K | 4,075 | 0.1% | 6 |
| VANGUARD ADMIRAL FDS INC | [VOOV](https://holderbook.com/stocks/VOOV/) | $477.0K | 3,395 | 0.1% | 12 |
| FAIR ISAAC CORP | [FICO](https://holderbook.com/stocks/FICO/) | $409.0K | 1,027 | 0.1% | 6 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $383.0K | 1,997 | 0.1% | 6 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $373.0K | 830 | 0.1% | 11 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $368.0K | 1,779 | 0.1% | 6 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $334.0K | 2,041 | 0.1% | 4 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $331.0K | 17,184 | 0.1% | 10 |
| CONSTELLATION BRANDS INC | [STZ](https://holderbook.com/stocks/STZ/) | $316.0K | 1,499 | 0.1% | 6 |
| GLOBAL PMTS INC | [GPN](https://holderbook.com/stocks/GPN/) | $312.0K | 1,978 | 0.1% | 6 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $305.0K | 7,178 | 0.1% | 4 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $291.0K | 1,371 | 0.1% | 5 |
| BROOKFIELD ASSET MGMT INC | [BAMXXXX](https://holderbook.com/stocks/BAMXXXX/) | $289.0K | 5,400 | 0.1% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $288.0K | 1,784 | 0.1% | 12 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $282.0K | 2,736 | 0.1% | 1 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $264.0K | 1,987 | 0.1% | 5 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $251.0K | 918 | 0.1% | 5 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $250.0K | 2,906 | 0.1% | 12 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $239.0K | 1,600 | 0.0% | 3 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $238.0K | 2,339 | 0.0% | 3 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $237.0K | 2,404 | 0.0% | 8 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $230.0K | 677 | 0.0% | 2 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $230.0K | 5,349 | 0.0% | 2 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $204.0K | 1,667 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2021 | -0.3% | +0.3% | -0.5% | 100% |
| Q2 2021 | +5.5% | +8.0% | -2.5% | 100% |
| Q1 2021 | +5.1% | +6.0% | -0.9% | 100% |
| Q4 2020 | +11.0% | +11.6% | -0.7% | 100% |
| Q3 2020 | +6.6% | +8.6% | -2.0% | 100% |
| Q2 2020 | +14.0% | +19.6% | -5.6% | 100% |
| Q1 2020 | -20.7% | -19.9% | -0.8% | 100% |
| Q4 2019 | +6.8% | +8.5% | -1.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2021 | $495.3M | 78 |
| Q2 2021 | $480.0M | 78 |
| Q1 2021 | $443.1M | 76 |
| Q4 2020 | $400.4M | 71 |
| Q3 2020 | $347.6M | 67 |
| Q2 2020 | $310.2M | 61 |
| Q1 2020 | $249.5M | 41 |
| Q4 2019 | $267.7M | 58 |
| Q3 2019 | $208.8M | 31 |
| Q2 2019 | $197.4M | 27 |
| Q1 2019 | $184.8M | 23 |
| Q4 2018 | $158.9M | 22 |