First Interstate Bank
Reported holdings as of Q2 2026, from 30 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| FIRST INTST BANCSYSTEM INC | FIBK | $177.9M | 4,614,432 | +0.55pp | 30q | -0.8%-$1.5M | |
| VANGUARD SCOTTSDALE FDS | VCIT | $177.5M | 2,148,198 | +0.23pp | 24q | +10.5%+$16.9M | |
| ISHARES TR | IVV | $159.8M | 213,448 | +0.77pp | 30q | +3.5%+$5.4M | |
| INVESCO EXCHANGE TRADED FD T | RSP | $155.5M | 730,736 | -0.10pp | 12q | -4.0%-$6.5M | |
| ISHARES TR | IJH | $120.6M | 1,563,909 | +0.41pp | 30q | +1.0%+$1.2M | |
| VANGUARD SCOTTSDALE FDS | VGIT | $113.7M | 1,927,652 | -0.09pp | 17q | +7.1%+$7.5M | |
| ISHARES TR | IJR | $97.4M | 657,052 | +0.34pp | 30q | -3.3%-$3.4M | |
| ISHARES TR | PFF | $93.1M | 3,052,764 | -0.08pp | 24q | +5.3%+$4.7M | |
| VANGUARD MALVERN FDS | VTIP | $78.8M | 1,568,915 | -0.16pp | 3q | +3.2%+$2.4M | |
| VANGUARD SCOTTSDALE FDS | VMBS | $68.7M | 1,467,793 | -0.06pp | 10q | +6.4%+$4.1M | |
| FLEXSHARES TR | GUNR | $62.7M | 1,272,602 | -0.80pp | 7q | -3.2%-$2.1M | |
| SELECT SECTOR SPDR TR | XLK | $47.4M | 248,803 | +0.53pp | 30q | -4.3%-$2.1M | |
| GLOBAL X FDS | PAVE | $44.5M | 755,645 | +0.14pp | 10q | -1.0%-$456.2K | |
| APPLE INC | AAPL | $22.1M | 76,399 | +0.02pp | 30q | -3.5%-$793.4K | |
| ALPHABET INC | GOOGL | $21.1M | 59,031 | +0.15pp | 30q | HELD | |
| SELECT SECTOR SPDR TR | XLI | $19.8M | 107,075 | +0.19pp | 30q | +15.7%+$2.7M | |
| SELECT SECTOR SPDR TR | XLV | $17.9M | 112,753 | -0.01pp | 30q | -1.9%-$351.7K | |
| AMAZON COM INC | AMZN | $16.4M | 68,632 | +0.05pp | 30q | HELD | |
| SELECT SECTOR SPDR TR | XLC | $15.8M | 147,712 | -0.09pp | 30q | +0.7%+$117.4K | |
| SPDR SERIES TRUST | XSD | $15.7M | 25,137 | +0.34pp | 21q | -4.4%-$721.6K | |
| PALO ALTO NETWORKS INC | PANW | $15.6M | 45,696 | +0.39pp | 23q | -2.1%-$336.6K | |
| MICROSOFT CORP | MSFT | $15.5M | 41,559 | -0.06pp | 30q | -0.9%-$147.3K | |
| CISCO SYS INC | CSCO | $14.9M | 126,563 | +0.20pp | 30q | -3.5%-$538.0K | |
| SELECT SECTOR SPDR TR | XLF | $13.2M | 246,550 | flat | 30q | HELD | |
| SELECT SECTOR SPDR TR | XLE | $10.9M | 206,153 | -0.14pp | 30q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $10.9M | 21,694 | -0.02pp | 30q | -0.7%-$79.6K | |
| JPMORGAN CHASE & CO | JPM | $9.8M | 29,970 | +0.02pp | 30q | +1.5%+$146.0K | |
| ISHARES TR | IBB | $7.7M | 40,526 | +0.01pp | 18q | -1.4%-$105.7K | |
| SELECT SECTOR SPDR TR | XLU | $7.7M | 169,858 | -0.05pp | 30q | -2.3%-$178.1K | |
| CAPITAL GRP FIXED INCM ETF T | CGHM | $7.5M | 290,676 | +0.12pp | 3q | +49.5%+$2.5M | |
| SELECT SECTOR SPDR TR | XLRE | $7.0M | 159,445 | -0.01pp | 30q | -3.1%-$220.9K | |
| AMERICAN EXPRESS CO | AXP | $7.0M | 20,721 | +0.02pp | 30q | +0.7%+$52.1K | |
| SELECT SECTOR SPDR TR | XLB | $6.8M | 133,863 | -0.02pp | 30q | -1.0%-$66.5K | |
| SELECT SECTOR SPDR TR | XLY | $6.7M | 57,152 | flat | 30q | +0.5%+$34.0K | |
| SELECT SECTOR SPDR TR | XLP | $6.4M | 77,282 | -0.03pp | 30q | -1.7%-$112.6K | |
| NVIDIA CORPORATION | NVDA | $6.4M | 31,915 | +0.03pp | 17q | +2.3%+$144.9K | |
| WALMART INC | WMT | $6.2M | 54,897 | -0.06pp | 30q | -1.5%-$96.5K | |
| ISHARES TR | HEFA | $6.1M | 130,124 | -0.01pp | 16q | -5.4%-$348.0K | |
| GLOBAL X FDS | PFFD | $6.0M | 321,320 | +0.10pp | 5q | +56.9%+$2.2M | |
| COSTCO WHOLESALE CORPORATION | COST | $6.0M | 6,399 | -0.04pp | 30q | HELD | |
| MCDONALDS CORP | MCD | $6.0M | 22,086 | -0.07pp | 30q | HELD | |
| CITIGROUP INC | C | $6.0M | 42,574 | +0.03pp | 21q | -2.8%-$174.5K | |
| INVESCO EXCHANGE TRADED FD T | PSP | $5.8M | 104,099 | - | new | NEW | |
| GLOBAL X FDS | BUG | $5.7M | 150,305 | +0.08pp | 2q | -1.7%-$97.2K | |
| ISHARES TR | IEF | $5.5M | 57,684 | flat | 5q | +7.5%+$378.7K | |
| SPDR SERIES TRUST | KRE | $5.3M | 70,749 | +0.01pp | 7q | -2.0%-$106.1K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $5.2M | 6,989 | +0.04pp | 30q | +10.5%+$497.3K | |
| GOLDMAN SACHS ETF TR | GSEW | $5.2M | 54,987 | flat | 5q | -4.9%-$265.6K | |
| DISNEY WALT CO | DIS | $5.0M | 52,317 | -0.02pp | 30q | -1.4%-$71.4K | |
| UNION PAC CORP | UNP | $4.8M | 17,579 | +0.01pp | 30q | HELD | |
| LOWES COS INC | LOW | $4.6M | 20,872 | -0.04pp | 30q | -0.6%-$28.0K | |
| META PLATFORMS INC | META | $4.3M | 7,655 | -0.01pp | 30q | +5.8%+$237.7K | |
| ISHARES TR | EFA | $4.2M | 39,997 | -0.01pp | 30q | -5.1%-$221.6K | |
| VANGUARD INDEX FDS | VOO | $3.9M | 5,689 | +0.01pp | 25q | -2.5%-$98.2K | |
| BROADCOM INC | AVGO | $3.9M | 10,266 | +0.02pp | 8q | HELD | |
| SALESFORCE INC | CRM | $3.8M | 24,417 | -0.06pp | 21q | +0.6%+$21.6K | |
| ABBOTT LABORATORIES | ABT | $3.6M | 39,850 | -0.06pp | 30q | -7.1%-$275.8K | |
| ISHARES TR | EEM | $3.5M | 50,954 | -0.01pp | 30q | -13.1%-$524.3K | |
| COLUMBIA ETF TR I | REVS | $3.5M | 109,803 | +0.11pp | 2q | +137.9%+$2.0M | |
| HOME DEPOT INC | HD | $3.3M | 9,331 | +0.01pp | 30q | +4.0%+$125.9K | |
| ISHARES TR | AGG | $3.1M | 31,467 | -0.01pp | 30q | +3.4%+$102.1K | |
| ISHARES TR | IBDY | $3.1M | 119,680 | -2.66pp | 11q | -93.8%-$46.9M | |
| PFIZER INC | PFE | $3.1M | 127,285 | -0.05pp | 30q | -3.0%-$96.4K | |
| EMERSON ELEC CO | EMR | $3.0M | 20,887 | flat | 30q | -2.7%-$81.9K | |
| CATERPILLAR INC | CAT | $2.9M | 2,716 | +0.04pp | 12q | -2.7%-$78.8K | |
| SPDR SERIES TRUST | HYMB | $2.7M | 106,385 | +0.09pp | 10q | +189.3%+$1.8M | |
| ISHARES TR | IHI | $2.5M | 50,622 | -0.02pp | 3q | -0.5%-$13.2K | |
| JOHNSON & JOHNSON | JNJ | $2.3M | 9,051 | flat | 30q | +4.2%+$91.9K | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $2.2M | 3 | flat | 30q | HELD | |
| AGNICO EAGLE MINES LTD | AEM | $2.2M | 14,279 | -0.05pp | 30q | HELD | |
| INVESCO EXCH TRADED FD TR II | BKLN | $2.2M | 106,982 | +0.08pp | 3q | +250.0%+$1.6M | |
| VANGUARD BD INDEX FDS | BSV | $2.1M | 26,743 | flat | 17q | +8.6%+$164.9K | |
| INTEL CORP | INTC | $2.1M | 14,824 | +0.06pp | 30q | -16.0%-$394.2K | |
| EXXON MOBIL CORP | XOMXXXX | $2.1M | 15,130 | -0.01pp | 30q | +22.6%+$380.9K | |
| MERCK & CO INC | MRK | $2.0M | 15,822 | flat | 30q | HELD | |
| MARATHON PETE CORP | MPC | $2.0M | 7,949 | flat | 4q | HELD | |
| ALPHABET INC | GOOG | $2.0M | 5,539 | -0.01pp | 30q | -19.2%-$465.3K | |
| ORACLE CORP | ORCL | $1.9M | 13,132 | flat | 20q | +6.2%+$111.7K | |
| PHILLIPS 66 | PSX | $1.8M | 10,477 | -0.01pp | 16q | HELD | |
| AMPHENOL CORP | APH | $1.7M | 9,600 | +0.02pp | 8q | HELD | |
| COCA COLA CO | KO | $1.7M | 20,567 | +0.03pp | 17q | +47.6%+$538.7K | |
| ISHARES TR | ITOT | $1.7M | 10,168 | -0.01pp | 5q | -18.9%-$389.8K | |
| VANGUARD INDEX FDS | VB | $1.6M | 5,388 | +0.02pp | 17q | +13.3%+$191.3K | |
| ISHARES TR | HYG | $1.6M | 20,327 | +0.02pp | 23q | +49.3%+$536.8K | |
| VANGUARD INTL EQUITY INDEX F | VEU | $1.6M | 18,780 | flat | 17q | -5.2%-$86.4K | |
| ABBVIE INC | ABBV | $1.5M | 5,964 | +0.01pp | 30q | +5.3%+$75.2K | |
| DEERE & CO | DE | $1.4M | 2,282 | +0.01pp | 18q | +6.9%+$93.2K | |
| CHEVRON CORPORATION | CVX | $1.4M | 8,238 | flat | 30q | +33.7%+$344.3K | |
| THERMO FISHER SCIENTIFIC INC | TMO | $1.4M | 2,716 | flat | 30q | +6.0%+$77.2K | |
| GOLDMAN SACHS GROUP INC | GS | $1.3M | 1,321 | +0.02pp | 30q | +17.8%+$202.3K | |
| VANGUARD INTL EQUITY INDEX F | VWO | $1.3M | 21,516 | flat | 17q | +5.0%+$60.9K | |
| GE AEROSPACE | GE | $1.3M | 3,384 | +0.01pp | 5q | HELD | |
| JOHNSON CONTROLS INTERNATION | JCI | $1.2M | 8,490 | flat | 4q | -9.5%-$129.6K | |
| AUTOMATIC DATA PROCESSING IN | ADP | $1.1M | 4,833 | +0.01pp | 17q | +10.0%+$98.8K | |
| PROCTER & GAMBLE CO | PG | $1.1M | 7,379 | flat | 30q | +4.0%+$42.1K | |
| WELLS FARGO & CO | WFC | $1.1M | 13,084 | flat | 8q | -2.6%-$29.2K | |
| BANK OF AMER CORP | BAC | $1.0M | 18,400 | flat | 4q | +1.2%+$12.3K | |
| VANGUARD INTL EQUITY INDEX F | VT | $1.0M | 6,650 | flat | 17q | HELD | |
| GE VERNOVA INC | GEV | $986.9K | 840 | +0.01pp | 4q | HELD | |
| TC ENERGY CORP | TRP | $974.5K | 14,700 | flat | 4q | -3.3%-$33.1K | |
| SEAGATE TECHNOLOGY HLDNGS PL | STX | $965.0K | 1,000 | +0.03pp | 4q | HELD | |
| MPLX LP | MPLX | $901.3K | 16,000 | flat | 4q | HELD | |
| ISHARES TR | IBDX | $881.2K | 34,983 | -0.01pp | 11q | -17.1%-$181.4K | |
| CUMMINS INC | CMI | $855.9K | 1,200 | +0.01pp | 8q | HELD | |
| ISHARES TR | IBDU | $855.3K | 36,932 | flat | 8q | HELD | |
| ISHARES TR | IBDS | $852.8K | 35,211 | flat | 14q | DEBT | |
| MASTERCARD INCORPORATED | MA | $826.9K | 1,610 | +0.01pp | 17q | +41.4%+$241.9K | |
| MORGAN STANLEY | MS | $826.3K | 3,953 | +0.01pp | 17q | HELD | |
| QUALCOMM INC | QCOM | $822.5K | 4,451 | +0.01pp | 30q | -0.8%-$6.5K | |
| BOEING CO | BA | $818.9K | 3,783 | -0.03pp | 5q | -40.3%-$552.9K | |
| UNITEDHEALTH GROUP INC | UNH | $803.0K | 1,932 | +0.01pp | 30q | +9.2%+$67.3K | |
| HF SINCLAIR CORP | DINO | $787.0K | 11,300 | +0.01pp | 4q | +25.6%+$160.2K | |
| ISHARES TR | IBDV | $785.4K | 36,029 | flat | 7q | HELD | |
| ISHARES TR | IBDR | $749.9K | 30,949 | flat | 17q | DEBT | |
| VANGUARD INDEX FDS | VO | $745.8K | 9,257 | flat | 16q | +291.4%+$555.3K | |
| ISHARES TR | IWV | $732.6K | 1,718 | flat | 15q | HELD | |
| ISHARES TR | SOXX | $702.9K | 1,097 | +0.01pp | 9q | -20.6%-$182.6K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $678.8K | 2,414 | flat | 16q | -1.5%-$10.1K | |
| ELI LILLY & CO | LLY | $665.7K | 555 | - | new | NEW | |
| ECOLAB INC | ECL | $665.6K | 2,389 | flat | 17q | +10.7%+$64.4K | |
| GLACIER BANCORP INC NEW | GBCI | $628.8K | 12,190 | flat | 6q | -7.7%-$52.1K | |
| DANAHER CORP DEL | DHR | $627.3K | 3,293 | flat | 21q | +11.8%+$66.1K | |
| VANGUARD SCOTTSDALE FDS | VCSH | $600.8K | 7,602 | flat | 21q | HELD | |
| VANGUARD TAX-MANAGED FDS | VEA | $593.4K | 8,329 | flat | 17q | -6.5%-$41.4K | |
| COHERENT CORP | COHR | $591.7K | 1,500 | +0.01pp | 3q | HELD | |
| GENERAL DYNAMICS CORP | GD | $589.1K | 1,663 | -0.01pp | 30q | -19.4%-$141.7K | |
| BLACKROCK INC | BLK | $579.8K | 603 | flat | 6q | +19.4%+$94.2K | |
| ISHARES TR | IBDT | $579.2K | 22,940 | flat | 8q | HELD | |
| MICRON TECHNOLOGY INC | MU | $577.1K | 500 | -0.02pp | 11q | -80.0%-$2.3M | |
| AT&T INC | T | $559.8K | 27,044 | -0.02pp | 30q | -6.9%-$41.4K | |
| VISA INC | V | $553.1K | 1,612 | flat | 30q | -2.8%-$15.8K | |
| STRYKER CORPORATION | SYK | $550.0K | 1,747 | flat | 17q | +14.2%+$68.3K | |
| PEPSICO INC | PEP | $545.5K | 4,029 | -0.03pp | 30q | -43.3%-$415.9K | |
| COLGATE PALMOLIVE CO | CL | $545.5K | 5,950 | flat | 10q | -1.3%-$7.2K | |
| REPUBLIC SVCS INC | RSG | $544.8K | 2,557 | flat | 14q | +12.5%+$60.7K | |
| TOTALENERGIES SE | TTE | $544.3K | 7,000 | -0.01pp | 2q | HELD | |
| NOKIA CORP | NOK | $531.2K | 40,000 | +0.01pp | 4q | -11.1%-$66.4K | |
| RTX CORPORATION | RTX | $524.8K | 2,766 | flat | 16q | +1.7%+$8.7K | |
| AMGEN INC | AMGN | $524.0K | 1,447 | flat | 30q | HELD | |
| CONOCOPHILLIPS | COP | $516.2K | 4,965 | -0.01pp | 4q | HELD | |
| ISHARES TR | IWM | $497.2K | 1,655 | +0.01pp | 24q | +74.2%+$211.8K | |
| ISHARES TR | TLT | $492.8K | 5,702 | flat | 15q | -7.3%-$38.9K | |
| CAPITAL ONE FINL CORP | COF | $479.1K | 2,388 | flat | 5q | +2.8%+$12.8K | |
| SHERWIN WILLIAMS CO | SHW | $447.3K | 1,299 | flat | 16q | +13.8%+$54.4K | |
| VANGUARD INDEX FDS | VNQ | $444.6K | 4,611 | flat | 17q | HELD | |
| ISHARES TR | MUB | $443.1K | 4,117 | - | new | NEW | |
| DONALDSON INC | DCI | $430.9K | 4,800 | flat | 8q | HELD | |
| US BANCORP | USB | $429.4K | 7,109 | flat | 18q | -0.7%-$3.0K | |
| VANGUARD WHITEHALL FDS | VYM | $423.8K | 2,682 | - | new | NEW | |
| RALPH LAUREN CORP | RL | $419.5K | 1,045 | flat | 2q | +12.9%+$47.8K | |
| ADVANCED MICRO DEVICES INC | AMD | $418.3K | 720 | flat | 5q | -55.6%-$522.8K | |
| ILLINOIS TOOL WKS INC | ITW | $413.5K | 1,529 | flat | 15q | +1.4%+$5.7K | |
| THE CIGNA GROUP | CI | $412.1K | 1,495 | flat | 29q | HELD | |
| ISHARES TR | IWR | $405.3K | 3,674 | - | new | NEW | |
| HAWKINS INC | HWKN | $397.9K | 2,800 | flat | 11q | HELD | |
| EOG RES INC | EOG | $397.1K | 3,061 | - | new | NEW | |
| MONDELEZ INTL INC | MDLZ | $394.4K | 6,818 | -0.17pp | 30q | -88.6%-$3.1M | |
| DEVON ENERGY CORP NEW | DVN | $380.8K | 9,215 | - | new | NEW | |
| ISHARES TR | IBDW | $368.5K | 17,684 | flat | 7q | HELD | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $355.4K | 2,887 | flat | 23q | +22.1%+$64.4K | |
| VANGUARD INDEX FDS | VUG | $349.4K | 4,056 | flat | 9q | +403.9%+$280.0K | |
| LAM RESEARCH CORP | LRCX | $348.8K | 805 | - | new | NEW | |
| TARGET CORP | TGT | $344.2K | 2,635 | flat | 16q | HELD | |
| ISHARES TR | REET | $339.9K | 12,307 | flat | 24q | -15.2%-$61.0K | |
| NEWMONT CORP | NEM | $337.0K | 3,608 | flat | 5q | HELD | |
| CVS HEALTH CORP | CVS | $335.0K | 3,238 | flat | 6q | HELD | |
| WILLIAMS COS INC | WMB | $334.5K | 4,500 | flat | 8q | HELD | |
| LIMONEIRA CO | LMNR | $328.2K | 25,000 | flat | 30q | HELD | |
| ISHARES TR | IVE | $310.8K | 1,369 | flat | 2q | HELD | |
| BRISTOL-MYERS SQUIBB CO | BMY | $307.0K | 5,328 | flat | 30q | -1.7%-$5.2K | |
| ISHARES TR | SCZ | $304.4K | 3,700 | -0.01pp | 30q | -34.6%-$161.2K | |
| VANGUARD INDEX FDS | VTV | $295.1K | 1,354 | flat | 8q | -2.2%-$6.5K | |
| ISHARES TR | ILCG | $292.6K | 2,500 | flat | 9q | HELD | |
| PAN AMERN SILVER CORP | PAAS | $286.3K | 6,392 | flat | 4q | HELD | |
| WILLIAMS SONOMA INC | WSM | $279.7K | 1,200 | flat | 10q | -20.0%-$69.9K | |
| ROCKWELL AUTOMATION INC | ROK | $277.7K | 561 | - | new | NEW | |
| AMETEK INC | AME | $272.2K | 1,125 | flat | 7q | HELD | |
| SPDR SERIES TRUST | SPYV | $271.7K | 4,469 | - | new | NEW | |
| ISHARES TR | IJK | $268.8K | 2,288 | flat | 5q | HELD | |
| SCHWAB STRATEGIC TR | SCHF | $261.7K | 9,446 | - | new | NEW | |
| WASTE MGMT INC DEL | WM | $260.8K | 1,170 | flat | 2q | -17.3%-$54.6K | |
| EATON CORP PLC | ETN | $255.7K | 600 | flat | 2q | HELD | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $250.7K | 525 | - | new | NEW | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $243.4K | 346 | flat | 4q | HELD | |
| ISHARES TR | IVW | $241.9K | 1,759 | - | new | NEW | |
| SCHWAB STRATEGIC TR | SCHG | $235.5K | 6,959 | - | new | NEW | |
| BLACKSTONE INC | BX | $228.4K | 1,941 | -0.21pp | 13q | -94.3%-$3.8M | |
| AMERICA MOVIL SAB DE CV | AMX | $228.3K | 8,783 | flat | 2q | HELD | |
| TRAVELERS COMPANIES INC | TRV | $226.5K | 686 | flat | 3q | HELD | |
| DELL TECHNOLOGIES INC | DELL | $216.6K | 502 | - | new | NEW | |
| ENERGY TRANSFER L P | ET | $208.2K | 10,887 | flat | 2q | -5.3%-$11.7K | |
| J P MORGAN EXCHANGE TRADED F | JMUB | $203.4K | 4,015 | - | new | NEW | |
| ISHARES TR | SUB | $201.8K | 1,895 | flat | 5q | HELD | |
| ISHARES TR | IJS | $201.7K | 1,476 | - | new | NEW | |
| FORD MTR CO | F | $197.8K | 14,228 | flat | 2q | -38.1%-$121.9K | |
| ARCOS DORADOS HLDGS INC | ARCO | $153.3K | 19,020 | flat | 10q | 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 |
|---|---|---|
| Banks & Lending | $204.4M | 10.7% |
| Computer Hardware | $54.4M | 2.8% |
| Software & IT Services | $49.7M | 2.6% |
| Retail & Consumer | $44.1M | 2.3% |
| Other sectors | $104.7M | 5.5% |
| Not classified | $1.5B | 76.1% |
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 | +8.8% | +14.8% | -6.0% | 100% |
| Q1 2026 | -0.3% | -4.6% | +4.3% | 100% |
| Q4 2025 | +1.8% | +2.4% | -0.6% | 100% |
| Q3 2025 | +5.5% | +7.8% | -2.3% | 100% |
| Q2 2025 | +4.5% | +10.5% | -5.9% | 100% |
| Q1 2025 | -2.7% | -4.6% | +1.9% | 100% |
| Q4 2024 | -0.4% | +2.1% | -2.6% | 100% |
| Q3 2024 | +5.6% | +5.4% | +0.2% | 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 | $1.9B | 196 | 17 | 57 | 69 | 8 | 64.9% | 24 |
| Q1 2026 | $1.8B | 187 | 12 | 42 | 88 | 24 | 63.5% | 29 |
| Q4 2025 | $1.9B | 199 | 9 | 28 | 91 | 11 | 59.5% | 29 |
| Q3 2025 | $1.8B | 201 | 23 | 45 | 69 | 3 | 59.0% | 29 |
| Q2 2025 | $1.7B | 181 | 16 | 20 | 92 | 5 | 59.6% | 30 |
| Q1 2025 | $1.7B | 170 | 6 | 33 | 95 | 15 | 63.3% | 30 |
| Q4 2024 | $1.7B | 179 | 6 | 61 | 74 | 14 | 59.9% | 35 |
| Q3 2024 | $1.6B | 187 | 22 | 58 | 65 | 4 | 61.4% | 29 |
| Q2 2024 | $1.5B | 169 | 7 | 40 | 78 | 8 | 64.6% | 38 |
| Q1 2024 | $1.4B | 170 | 16 | 18 | 103 | 5 | 64.5% | 31 |
| Q4 2023 | $1.3B | 159 | 5 | 25 | 101 | 14 | 65.7% | 30 |
| Q3 2023 | $1.2B | 168 | 7 | 40 | 80 | 6 | 67.3% | 31 |
| Q2 2023 | $1.2B | 167 | 7 | 18 | 107 | 18 | 67.0% | 32 |
| Q1 2023 | $1.3B | 178 | 7 | 45 | 100 | 15 | 67.3% | 32 |
| Q4 2022 | $1.4B | 186 | 15 | 37 | 91 | 6 | 67.2% | 30 |
| Q3 2022 | $1.2B | 177 | 18 | 126 | 12 | 8 | 66.7% | 25 |
| Q2 2022 | $1.3B | 167 | 64 | 47 | 36 | 15 | 65.2% | 43 |
| Q1 2022 | $1.1B | 118 | 16 | 48 | 34 | 10 | 60.0% | 36 |
| Q4 2021 | $1.0B | 112 | 4 | 28 | 33 | 2 | 64.8% | 28 |
| Q3 2021 | $975.4M | 110 | 2 | 61 | 17 | 2 | 66.1% | 32 |
| Q2 2021 | $950.5M | 110 | 15 | 21 | 57 | 9 | 65.5% | 29 |
| Q4 2020 | $750.7M | 104 | 5 | 18 | 55 | 5 | 69.4% | 34 |
| Q3 2020 | $666.3M | 104 | 6 | 5 | 82 | 62 | 69.1% | 40 |
| Q2 2020 | $723.4M | 160 | 17 | 52 | 56 | 15 | 61.2% | 36 |
| Q1 2020 | $399.6M | 158 | 4 | 47 | 66 | 386 | 44.3% | 41 |
| Q4 2019 | $447.9M | 540 | 33 | 77 | 146 | 91 | 33.6% | 37 |
| Q3 2019 | $431.9M | 598 | 50 | 100 | 175 | 83 | 31.7% | 30 |
| Q2 2019 | $451.0M | 631 | 32 | 86 | 202 | 65 | 31.0% | 36 |
| Q1 2019 | $448.2M | 664 | 77 | 119 | 182 | 35 | 29.5% | 32 |
| Q4 2018 | $404.4M | 622 | 0 | 0 | 0 | 0 | 29.1% | 31 |
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.