RATIONAL ADVISORS, INC.
Reported holdings as of Q2 2026, from 31 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 |
|---|---|---|---|---|---|---|---|
| ISHARES TR | AGG | $72.8M | 735,041 | -0.61pp | 22q | +2.3%+$1.6M | |
| VANGUARD BD INDEX FDS | BND | $72.7M | 990,343 | -0.61pp | 10q | +2.2%+$1.6M | |
| SCHWAB STRATEGIC TR | SCHZ | $72.7M | 3,142,160 | -0.62pp | 2q | +2.1%+$1.5M | |
| ISHARES TR | IVV | $52.3M | 69,863 | +1.28pp | 31q | +32.4%+$12.8M | |
| GLOBAL X FDS | MLPX | $49.2M | 667,709 | -0.57pp | 6q | -0.8%-$404.4K | |
| INVESCO EXCH TRADED FD TR II | QQQM | $45.9M | 151,497 | -0.34pp | 10q | -19.2%-$10.9M | |
| WISDOMTREE TR | NTSX | $43.4M | 735,041 | -3.09pp | 26q | -43.3%-$33.2M | |
| SELECT SECTOR SPDR TR | XLU | $41.1M | 905,679 | -0.56pp | 10q | -1.9%-$792.7K | |
| VANGUARD SPECIALIZED FUNDS | VIG | $35.8M | 151,497 | -0.58pp | 31q | -14.0%-$5.8M | |
| VANGUARD INDEX FDS | VOO | $34.7M | 50,476 | +1.05pp | 26q | +44.5%+$10.7M | |
| SCHWAB STRATEGIC TR | SCHH | $32.4M | 1,366,280 | +0.30pp | 31q | +12.1%+$3.5M | |
| J P MORGAN EXCHANGE TRADED F | JEPI | $28.2M | 499,379 | -0.50pp | 18q | -6.5%-$2.0M | |
| ISHARES TR | LQD | $24.6M | 225,180 | - | new | NEW | |
| VANGUARD SCOTTSDALE FDS | VCIT | $24.1M | 291,785 | +0.22pp | 2q | +23.8%+$4.6M | |
| GLOBAL X FDS | PFFD | $23.6M | 1,262,475 | -0.18pp | 30q | +1.0%+$236.5K | |
| SPDR SERIES TRUST | SPIB | $19.9M | 594,978 | - | new | NEW | |
| STATE STR SPDR S&P 500 ETF T | SPY | $19.2M | 25,677 | +0.71pp | 8q | +61.7%+$7.3M | |
| DIMENSIONAL ETF TRUST | DFCF | $16.0M | 378,744 | -0.12pp | 14q | +2.6%+$400.1K | |
| SPDR SERIES TRUST | SPYM | $15.3M | 173,941 | -0.11pp | 10q | -9.9%-$1.7M | |
| ISHARES TR | USIG | $14.4M | 281,728 | - | new | NEW | |
| ISHARES TR | IGIB | $14.4M | 271,160 | - | new | NEW | |
| INVESCO EXCH TRADED FD TR II | BAB | $12.0M | 448,880 | -0.08pp | 31q | +4.0%+$459.6K | |
| ALLIANT ENERGY CORP | $11.0M | 9,980,000 | - | new | DEBT | ||
| GLOBAL PMTS INC | $10.2M | 11,367,000 | -0.09pp | 6q | DEBT | ||
| PPL CAP FDG INC | $10.1M | 8,920,000 | -0.14pp | 10q | DEBT | ||
| BANK OF AMER CORP | BACPRL | $10.1M | 8,048 | -0.05pp | 10q | HELD | |
| NEXTERA ENERGY INC | NEEPRT | $10.0M | 201,000 | -0.16pp | 6q | HELD | |
| WELLTOWER INC | WELL | $9.9M | 43,800 | +0.04pp | 3q | -1.4%-$136.2K | |
| WEC ENERGY GROUP INC | $9.8M | 7,944,000 | -0.10pp | 2q | DEBT | ||
| UBER TECHNOLOGIES INC | $9.8M | 8,169,000 | -0.11pp | 7q | DEBT | ||
| ETSY INC | $9.5M | 10,430,000 | -0.08pp | 14q | DEBT | ||
| WELLS FARGO & CO | WFCPRL | $9.5M | 8,200 | -1.11pp | 13q | -50.0%-$9.5M | |
| MERITAGE HOMES CORP | $9.4M | 9,102,000 | -0.03pp | 5q | DEBT | ||
| ISHARES TR | IEFA | $8.9M | 91,784 | -1.37pp | 15q | -61.1%-$13.9M | |
| ALPHABET INC | GOOGN | $8.8M | 173,300 | - | new | NEW | |
| SCHWAB STRATEGIC TR | SCYB | $7.9M | 302,994 | -0.07pp | 2q | +0.6%+$49.8K | |
| NETFLIX INC | NFLX | $7.2M | 101,534 | +0.37pp | 31q | +235.6%+$5.1M | |
| DATADOG INC | $7.1M | 5,020,000 | +0.27pp | 3q | DEBT | ||
| GUARDANT HEALTH INC | $6.8M | 5,429,000 | +0.40pp | 2q | DEBT | ||
| CLOUDFLARE INC | $6.4M | 5,023,000 | - | new | DEBT | ||
| ALPHABET INC | GOOGL | $5.9M | 16,374 | +0.04pp | 31q | -3.9%-$235.9K | |
| HALOZYME THERAPEUTICS INC | $5.7M | 5,110,000 | +0.21pp | 3q | DEBT | ||
| DRAFTKINGS INC NEW | $5.4M | 5,780,000 | -0.04pp | 12q | DEBT | ||
| SHIFT4 PMTS INC | $5.3M | 5,576,000 | +0.18pp | 10q | DEBT | ||
| WESTERN DIGITAL CORP | WDC | $5.3M | 8,300 | - | new | NEW | |
| BOEING CO | BAPRA | $5.3M | 78,000 | -0.16pp | 2q | -19.8%-$1.3M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $4.9M | 10,259 | flat | 5q | -21.3%-$1.3M | |
| NVIDIA CORPORATION | NVDA | $4.9M | 24,357 | -0.09pp | 14q | -20.0%-$1.2M | |
| MOOG INC | MOGA | $4.6M | 10,800 | - | new | NEW | |
| APPLE INC | AAPL | $4.5M | 15,510 | -0.12pp | 31q | -24.8%-$1.5M | |
| AMAZON COM INC | AMZN | $4.5M | 18,698 | -0.09pp | 10q | -20.3%-$1.1M | |
| SCHWAB STRATEGIC TR | SCHI | $4.2M | 184,358 | - | new | NEW | |
| ARES MANAGEMENT CORPORATION | ARESPRB | $4.1M | 112,700 | +0.12pp | 6q | +58.1%+$1.5M | |
| ITT INC | ITT | $4.0M | 20,000 | -0.03pp | 4q | -1.5%-$59.3K | |
| VANGUARD SCOTTSDALE FDS | VMBS | $3.9M | 84,165 | -0.03pp | 2q | +2.2%+$83.8K | |
| ELI LILLY & CO | LLY | $3.9M | 3,236 | +0.21pp | 10q | +106.5%+$2.0M | |
| ON SEMICONDUCTOR CORP | $3.3M | 2,712,000 | -0.69pp | 4q | DEBT | ||
| SOUTHERN CO | $3.1M | 2,820,000 | -0.03pp | 2q | DEBT | ||
| WALMART INC | WMT | $3.1M | 27,294 | -0.54pp | 13q | -60.4%-$4.7M | |
| KKR & CO INC | KKRPRD | $2.8M | 69,800 | -0.03pp | 5q | HELD | |
| ATI INC | ATI | $2.8M | 14,100 | +0.15pp | 3q | +104.3%+$1.4M | |
| VISA INC | V | $2.8M | 8,100 | +0.21pp | 7q | +530.8%+$2.3M | |
| HEWLETT PACKARD ENTERPRISE C | HPEPRC | $2.6M | 22,340 | -0.35pp | 4q | -75.1%-$7.8M | |
| UBER TECHNOLOGIES INC | UBER | $2.5M | 35,238 | -0.03pp | 6q | -1.4%-$35.1K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $2.5M | 4,981 | -0.10pp | 10q | -25.0%-$828.6K | |
| MERCADOLIBRE INC | MELI | $2.4M | 1,425 | -0.05pp | 15q | -6.6%-$169.7K | |
| COSTCO WHOLESALE CORPORATION | COST | $2.4M | 2,522 | -0.07pp | 31q | -9.2%-$239.5K | |
| APPLOVIN CORP | APP | $2.3M | 4,423 | +0.07pp | 5q | +29.7%+$521.4K | |
| SIMPLIFY EXCHANGE TRADED FUN | PINK | $2.2M | 56,100 | - | new | NEW | |
| GE AEROSPACE | GE | $2.1M | 5,500 | -0.10pp | 4q | -45.3%-$1.7M | |
| MICROSOFT CORP | MSFT | $1.8M | 4,806 | -0.25pp | 31q | -56.7%-$2.3M | |
| JPMORGAN CHASE & CO | JPM | $1.7M | 5,172 | -0.08pp | 31q | -33.9%-$868.1K | |
| SPDR SERIES TRUST | BIL | $1.6M | 17,970 | - | new | NEW | |
| HEICO CORP NEW | HEI | $1.6M | 4,600 | +0.04pp | 2q | +15.0%+$213.7K | |
| ALPHABET INC | GOOG | $1.6M | 4,473 | -0.09pp | 5q | -43.6%-$1.2M | |
| BROADCOM INC | AVGO | $1.6M | 4,140 | -0.11pp | 14q | -48.4%-$1.5M | |
| ISHARES INC | POWR | $1.5M | 53,132 | -0.01pp | 2q | HELD | |
| APOLLO GLOBAL MGMT INC | APO | $1.5M | 12,515 | -0.01pp | 18q | HELD | |
| EXXON MOBIL CORP | XOMXXXX | $1.5M | 10,802 | -0.07pp | 20q | -9.8%-$160.9K | |
| TWO RDS SHARED TR | WLDR | $1.2M | 26,563 | +0.02pp | 2q | +12.9%+$141.1K | |
| ADVANCED MICRO DEVICES INC | AMD | $1.2M | 2,024 | -0.02pp | 5q | -67.5%-$2.4M | |
| ABBVIE INC | ABBV | $1.2M | 4,574 | -0.03pp | 7q | -22.4%-$332.9K | |
| BLACKSTONE INC | BX | $1.1M | 9,754 | -0.01pp | 21q | HELD | |
| SELECT SECTOR SPDR TR | XLK | $1.1M | 6,000 | - | new | NEW | |
| SPOTIFY TECHNOLOGY S A | SPOT | $1.1M | 2,370 | -0.16pp | 6q | -55.0%-$1.3M | |
| DEERE & CO | DE | $1.1M | 1,694 | -0.02pp | 5q | -21.0%-$284.8K | |
| TRANSDIGM GROUP INC | TDG | $1.1M | 790 | +0.09pp | 6q | +4547.1%+$1.0M | |
| CHENIERE ENERGY INC | LNG | $1.1M | 4,400 | -0.17pp | 2q | -51.6%-$1.1M | |
| ISHARES TR | ITA | $1.0M | 4,172 | -0.03pp | 8q | -21.0%-$269.1K | |
| GOLDMAN SACHS GROUP INC | GS | $990.1K | 979 | +0.03pp | 4q | +43.8%+$301.4K | |
| SELECT SECTOR SPDR TR | XLP | $984.5K | 11,852 | - | new | NEW | |
| CHEVRON CORPORATION | CVX | $982.6K | 5,928 | - | new | NEW | |
| CATERPILLAR INC | CAT | $966.9K | 908 | -0.04pp | 12q | -49.3%-$941.4K | |
| CBRE GROUP INC | CBRE | $956.3K | 7,100 | - | new | NEW | |
| JOBY AVIATION INC | $913.3K | 1,007,000 | - | new | DEBT | ||
| UNITEDHEALTH GROUP INC | UNH | $895.7K | 2,155 | +0.07pp | 5q | +630.5%+$773.1K | |
| VERTIV HOLDINGS CO | VRT | $831.0K | 2,482 | flat | 2q | -17.8%-$180.5K | |
| SPACE EXPLORATION TECHN CORP | SPCX | $826.1K | 4,835 | - | new | NEW | |
| SUPER MICRO COMPUTER INC | SMCI | $799.1K | 27,244 | - | new | NEW | |
| MODINE MFG CO | MOD | $798.7K | 2,991 | - | new | NEW | |
| ARISTA NETWORKS INC | ANET | $789.9K | 4,650 | flat | 2q | -17.9%-$172.3K | |
| GLOBAL X FDS | COPX | $776.5K | 10,089 | +0.01pp | 2q | +32.2%+$189.3K | |
| HSBC HLDGS PLC | HSBC | $764.0K | 8,035 | -0.02pp | 6q | -23.7%-$237.6K | |
| NORFOLK SOUTHN CORP | NSC | $761.6K | 2,421 | - | new | NEW | |
| NOVARTIS AG | NVS | $760.6K | 4,853 | -0.05pp | 4q | -36.1%-$429.6K | |
| SELECT SECTOR SPDR TR | XLV | $754.9K | 4,758 | - | new | NEW | |
| DIAMONDBACK ENERGY INC | FANG | $744.1K | 4,233 | - | new | NEW | |
| DIGITAL RLTY TR INC | DLR | $721.0K | 4,015 | - | new | NEW | |
| TESLA INC | TSLA | $582.1K | 1,384 | -0.09pp | 22q | -64.1%-$1.0M | |
| META PLATFORMS INC | META | $522.2K | 927 | -0.05pp | 18q | -42.8%-$390.4K | |
| VANECK ETF TRUST | SMH | $493.9K | 753 | - | new | NEW | |
| EATON CORP PLC | ETN | $490.9K | 1,152 | - | new | NEW | |
| PALO ALTO NETWORKS INC | PANW | $482.9K | 1,416 | -0.04pp | 9q | -72.0%-$1.2M | |
| CORTEVA INC | CTVA | $479.3K | 5,660 | - | new | NEW | |
| MICRON TECHNOLOGY INC | MU | $476.7K | 413 | -0.05pp | 2q | -85.2%-$2.7M | |
| INTERNATIONAL BUSINESS MACHS | IBM | $476.7K | 1,695 | - | new | NEW | |
| CORNING INC | GLW | $469.2K | 1,837 | -0.06pp | 8q | -76.1%-$1.5M | |
| SANDISK CORP | SNDK | $345.6K | 152 | - | new | NEW | |
| ASML HLDG NV | ASML | $288.5K | 145 | +0.01pp | 5q | +13.3%+$33.8K | |
| WILLIAMS COS INC | WMB | $233.5K | 3,141 | -0.20pp | 4q | -90.3%-$2.2M | |
| APPLIED MATLS INC | AMAT | $216.9K | 300 | +0.01pp | 5q | +15.8%+$29.6K | |
| LAM RESEARCH CORP | LRCX | $203.7K | 470 | +0.01pp | 5q | +14.1%+$25.1K | |
| CISCO SYS INC | CSCO | $170.4K | 1,451 | +0.01pp | 5q | +11.6%+$17.7K | |
| MASTERCARD INCORPORATED | MA | $165.4K | 322 | flat | 5q | +9.2%+$13.9K | |
| ORACLE CORP | ORCL | $154.9K | 1,057 | flat | 5q | +12.3%+$17.0K | |
| KLA CORP | KLAC | $148.4K | 492 | +0.01pp | 5q | +1044.2%+$135.5K | |
| HOME DEPOT INC | HD | $130.1K | 369 | flat | 13q | +13.9%+$15.9K | |
| ISHARES TR | SHY | $120.1K | 1,463 | -0.07pp | 9q | -84.2%-$638.8K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $101.9K | 873 | -0.24pp | 9q | -94.8%-$1.9M | |
| TEXAS INSTRS INC | TXN | $100.2K | 336 | flat | 5q | +5.7%+$5.4K | |
| LINDE PLC | LIN | $88.2K | 170 | flat | 5q | +9.7%+$7.8K | |
| AMERICAN EXPRESS CO | AXP | $83.9K | 248 | flat | 5q | +10.7%+$8.1K | |
| QUALCOMM INC | QCOM | $72.3K | 391 | flat | 9q | +11.4%+$7.4K | |
| AMGEN INC | AMGN | $72.1K | 199 | flat | 5q | +13.7%+$8.7K | |
| T-MOBILE US INC | TMUS | $67.4K | 402 | flat | 5q | +10.1%+$6.2K | |
| ABBOTT LABORATORIES | ABT | $58.4K | 644 | flat | 5q | +13.0%+$6.7K | |
| BLACKROCK INC | BLK | $57.7K | 60 | flat | 5q | +13.2%+$6.7K | |
| INTUITIVE SURGICAL INC | ISRG | $52.1K | 131 | flat | 6q | +12.0%+$5.6K | |
| SALESFORCE INC | CRM | $48.4K | 309 | flat | 5q | +1.0% | |
| VERTEX PHARMACEUTICALS INC | VRTX | $45.7K | 92 | flat | 5q | +9.5%+$4.0K | |
| LOWES COS INC | LOW | $45.6K | 207 | flat | 5q | +13.7%+$5.5K | |
| PARKER-HANNIFIN CORP | PH | $45.0K | 46 | flat | 5q | +12.2%+$4.9K | |
| S&P GLOBAL INC | SPGI | $44.8K | 110 | flat | 5q | +10.0%+$4.1K | |
| STRYKER CORPORATION | SYK | $43.4K | 138 | flat | 5q | +10.4%+$4.1K | |
| LOCKHEED MARTIN CORP | LMT | $42.8K | 84 | flat | 5q | +10.5%+$4.1K | |
| FORTINET INC | FTNT | $41.9K | 273 | flat | 5q | +8.3%+$3.2K | |
| CADENCE DESIGN SYSTEM INC | CDNS | $38.3K | 102 | flat | 5q | +13.3%+$4.5K | |
| EQUINIX INC | EQIX | $37.5K | 36 | flat | 6q | +12.5%+$4.2K | |
| SERVICENOW INC | NOW | $37.2K | 375 | -0.20pp | 5q | -98.0%-$1.9M | |
| AUTOMATIC DATA PROCESSING IN | ADP | $33.6K | 150 | flat | 5q | +13.6%+$4.0K | |
| CSX CORP | CSX | $33.3K | 700 | flat | 5q | +12.0%+$3.6K | |
| HCA HEALTHCARE INC | HCA | $32.4K | 83 | flat | 5q | +10.7%+$3.1K | |
| WASTE MGMT INC DEL | WM | $32.3K | 145 | flat | 5q | -45.5%-$27.0K | |
| SHERWIN WILLIAMS CO | SHW | $31.7K | 92 | flat | 5q | +13.6%+$3.8K | |
| SYNOPSYS INC | SNPS | $31.2K | 70 | flat | 5q | +20.7%+$5.4K | |
| CME GROUP INC | CME | $29.6K | 134 | flat | 5q | +10.7%+$2.9K | |
| ADOBE INC | ADBE | $29.3K | 143 | flat | 5q | +6.7%+$1.8K | |
| MOODYS CORP | MCO | $28.5K | 63 | flat | 5q | +8.6%+$2.3K | |
| INTUIT | INTU | $26.6K | 102 | flat | 5q | +12.1%+$2.9K | |
| AON PLC | AON | $26.5K | 80 | flat | 5q | +11.1%+$2.7K | |
| THE CIGNA GROUP | CI | $26.5K | 96 | flat | 5q | +11.6%+$2.8K | |
| NORTHROP GRUMMAN CORP | NOC | $26.0K | 51 | flat | 5q | +10.9%+$2.5K | |
| CINTAS CORP | CTAS | $25.7K | 151 | flat | 5q | +13.5%+$3.1K | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $24.6K | 200 | flat | 5q | +7.5%+$1.7K | |
| REPUBLIC SVCS INC | RSG | $23.7K | 111 | flat | 5q | +13.3%+$2.8K | |
| BOSTON SCIENTIFIC CORP | BSX | $22.6K | 530 | flat | 5q | +7.1%+$1.5K | |
| ISHARES TR | IEF | $21.8K | 231 | -0.19pp | 8q | -98.8%-$1.9M | |
| CENCORA INC | COR | $20.1K | 71 | flat | 5q | +7.6%+$1.4K | |
| AXON ENTERPRISE INC | AXON | $17.4K | 31 | flat | 5q | +19.2%+$2.8K | |
| D R HORTON INC | DHI | $17.3K | 106 | flat | 5q | +10.4%+$1.6K | |
| OLD DOMINION FREIGHT LINE IN | ODFL | $16.9K | 78 | flat | 5q | +18.2%+$2.6K | |
| NASDAQ INC | NDAQ | $16.1K | 204 | flat | 5q | +6.2% | |
| LIVE NATION ENTERTAINMENT IN | LYV | $15.7K | 86 | flat | 13q | +7.5%+$1.1K | |
| IDEXX LABS INC | IDXX | $15.3K | 29 | flat | 5q | +3.6% | |
| MSCI INC | MSCI | $15.1K | 27 | flat | 5q | HELD | |
| VULCAN MATLS CO | VMC | $14.5K | 49 | flat | 5q | -44.3%-$11.5K | |
| AUTODESK INC | ADSK | $14.4K | 74 | flat | 5q | +7.2% | |
| AGILENT TECHNOLOGIES INC | A | $14.3K | 108 | flat | 5q | +20.0%+$2.4K | |
| ARES MANAGEMENT CORPORATION | ARES | $13.5K | 121 | flat | 5q | +10.0%+$1.2K | |
| IQVIA HLDGS INC | IQV | $12.6K | 65 | flat | 5q | +20.4%+$2.1K | |
| ZOETIS INC | ZTS | $10.6K | 147 | flat | 5q | -51.0%-$11.0K | |
| COPART INC | CPRT | $9.2K | 326 | flat | 5q | +0.9% | |
| VERISIGN INC | VRSN | $9.1K | 36 | flat | 5q | +12.5%+$1.0K | |
| WEST PHARMACEUTICAL SVSC INC | WST | $9.0K | 25 | flat | 5q | -50.0%-$9.0K | |
| CBOE GLOBAL MKTS INC | CBOE | $8.7K | 36 | flat | 5q | +2.9% | |
| LENNAR CORP | LEN | $8.4K | 93 | flat | 5q | +10.7% | |
| FISERV INC | FISV | $7.7K | 156 | flat | 5q | -21.2%-$2.1K | |
| ROLLINS INC | ROL | $7.3K | 176 | flat | 5q | +4.8% | |
| EQUIFAX INC | EFX | $6.3K | 40 | flat | 5q | -2.4% | |
| BROADRIDGE FINL SOLUTIONS IN | BR | $6.3K | 46 | flat | 5q | +17.9% | |
| COSTAR GROUP INC | CSGP | $4.4K | 155 | flat | 5q | +11.5% | |
| POOL CORP | POOL | $3.7K | 17 | flat | 5q | +70.0%+$1.5K | |
| HENRY JACK & ASSOC INC | JKHY | $3.6K | 26 | flat | 5q | +4.0% | |
| LANTHEUS HLDGS INC | LNTH | $3.5K | 32 | flat | 5q | +28.0% | |
| SMITH A O CORP | AOS | $3.5K | 55 | flat | 5q | +48.6%+$1.1K |
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 |
|---|---|---|
| Funds & ETFs | $19.2M | 1.8% |
| Other sectors | $119.6M | 11.0% |
| Not classified | $951.4M | 87.3% |
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 | +7.0% | +14.8% | -7.8% | 91% |
| Q1 2026 | -1.3% | -4.6% | +3.3% | 90% |
| Q4 2025 | +0.0% | +2.4% | -2.3% | 90% |
| Q3 2025 | +3.2% | +7.8% | -4.6% | 90% |
| Q2 2025 | +4.5% | +10.5% | -5.9% | 90% |
| Q1 2025 | -1.2% | -4.6% | +3.4% | 90% |
| Q4 2024 | -1.1% | +2.1% | -3.2% | 94% |
| Q3 2024 | +5.2% | +5.4% | -0.2% | 94% |
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 | $1.1B | 195 | 29 | 94 | 57 | 13 | 47.7% | 24 |
| Q1 2026 | $979.9M | 179 | 21 | 52 | 31 | 26 | 53.3% | 37 |
| Q4 2025 | $976.5M | 184 | 12 | 106 | 55 | 21 | 51.4% | 41 |
| Q3 2025 | $1.0B | 193 | 29 | 77 | 79 | 27 | 53.4% | 43 |
| Q2 2025 | $1.0B | 191 | 86 | 46 | 50 | 10 | 52.8% | 31 |
| Q1 2025 | $990.9M | 115 | 26 | 30 | 49 | 15 | 56.2% | 31 |
| Q4 2024 | $1.0B | 104 | 16 | 37 | 44 | 82 | 58.1% | 31 |
| Q3 2024 | $1.0B | 170 | 17 | 34 | 107 | 36 | 60.8% | 30 |
| Q2 2024 | $1.0B | 189 | 26 | 46 | 105 | 45 | 62.3% | 25 |
| Q1 2024 | $1.1B | 208 | 41 | 18 | 88 | 23 | 62.3% | 23 |
| Q4 2023 | $982.4M | 190 | 24 | 36 | 74 | 109 | 64.5% | 45 |
| Q3 2023 | $1.1B | 275 | 48 | 53 | 102 | 40 | 63.9% | 40 |
| Q2 2023 | $1.2B | 267 | 45 | 50 | 95 | 43 | 64.1% | 39 |
| Q1 2023 | $1.2B | 265 | 66 | 75 | 44 | 44 | 63.4% | 42 |
| Q4 2022 | $1.2B | 243 | 9 | 75 | 69 | 12 | 66.1% | 44 |
| Q3 2022 | $1.3B | 246 | 20 | 129 | 45 | 22 | 66.5% | 39 |
| Q2 2022 | $1.4B | 248 | 13 | 182 | 49 | 20 | 67.2% | 40 |
| Q1 2022 | $1.7B | 255 | 130 | 91 | 31 | 51 | 67.6% | 40 |
| Q4 2021 | $1.6B | 176 | 23 | 124 | 26 | 37 | 65.9% | 41 |
| Q3 2021 | $1.3B | 190 | 84 | 47 | 53 | 26 | 64.3% | 40 |
| Q2 2021 | $847.8M | 132 | 28 | 61 | 38 | 69 | 60.1% | 37 |
| Q1 2021 | $541.2M | 173 | 47 | 71 | 50 | 77 | 49.6% | 40 |
| Q4 2020 | $372.7M | 203 | 38 | 114 | 40 | 421 | 39.5% | 36 |
| Q3 2020 | $233.4M | 586 | 154 | 166 | 255 | 78 | 30.8% | 43 |
| Q2 2020 | $193.2M | 510 | 381 | 46 | 79 | 27 | 26.3% | 41 |
| Q1 2020 | $137.0M | 156 | 31 | 62 | 62 | 407 | 35.4% | 42 |
| Q4 2019 | $213.1M | 532 | 52 | 218 | 256 | 78 | 22.2% | 37 |
| Q3 2019 | $258.2M | 558 | 59 | 255 | 220 | 55 | 18.6% | 37 |
| Q2 2019 | $281.9M | 554 | 75 | 260 | 199 | 47 | 19.3% | 39 |
| Q1 2019 | $369.7M | 526 | 71 | 229 | 208 | 59 | 22.7% | 38 |
| Q4 2018 | $320.2M | 514 | 0 | 0 | 0 | 0 | 31.3% | 38 |
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.