# SHEPHERD KAPLAN KROCHUK, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1218583. Source: https://holderbook.com/funds/1218583-shepherd-kaplan-krochuk-llc/

- Reported value: $125.9M
- Positions: 62
- Weight of the ten largest: 50.7%
- Filed: 2026-08-14

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 INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $12.5M | 33,836 | 9.9% | 14 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $8.8M | 30,419 | 7.0% | 25 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $8.1M | 83,929 | 6.4% | 10 |
| VANECK ETF TRUST | [ANGL](https://holderbook.com/stocks/ANGL/) | $8.1M | 275,949 | 6.4% | 25 |
| SCHWAB STRATEGIC TR | [SCHV](https://holderbook.com/stocks/SCHV/) | $5.5M | 156,870 | 4.3% | 25 |
| J P MORGAN EXCHANGE TRADED F | [JQUA](https://holderbook.com/stocks/JQUA/) | $5.1M | 71,025 | 4.1% | 25 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $4.1M | 11,907 | 3.2% | 25 |
| FIRST TR EXCHANGE-TRADED FD | [FDL](https://holderbook.com/stocks/FDL/) | $4.0M | 82,654 | 3.2% | 3 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $3.9M | 203,522 | 3.1% | 26 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $3.7M | 24,905 | 2.9% | 17 |
| JANUS DETROIT STR TR | [JMBS](https://holderbook.com/stocks/JMBS/) | $3.2M | 71,141 | 2.5% | 18 |
| PIMCO ETF TR | [CORP](https://holderbook.com/stocks/CORP/) | $3.1M | 32,386 | 2.5% | 15 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $3.0M | 37,820 | 2.4% | 29 |
| J P MORGAN EXCHANGE TRADED F | [JEPI](https://holderbook.com/stocks/JEPI/) | $3.0M | 53,530 | 2.4% | 12 |
| ISHARES TR | [ACWI](https://holderbook.com/stocks/ACWI/) | $2.8M | 18,122 | 2.3% | 11 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.7M | 5,446 | 2.2% | 31 |
| ISHARES TR | [SHV](https://holderbook.com/stocks/SHV/) | $2.5M | 22,811 | 2.0% | 31 |
| PIMCO ETF TR | [ZROZ](https://holderbook.com/stocks/ZROZ/) | $2.5M | 38,300 | 2.0% | 6 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $2.4M | 24,511 | 1.9% | 25 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $2.2M | 7,704 | 1.7% | 10 |
| INVESCO EXCH TRADED FD TR II | [PGX](https://holderbook.com/stocks/PGX/) | $2.1M | 196,205 | 1.7% | 25 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $2.1M | 20,910 | 1.7% | 15 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $2.0M | 9,557 | 1.6% | 3 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $2.0M | 62,488 | 1.6% | 26 |
| VANGUARD ADMIRAL FDS INC | [VIOO](https://holderbook.com/stocks/VIOO/) | $1.8M | 13,294 | 1.5% | 23 |
| DIREXION SHARES ETF TRUST | [SPDN](https://holderbook.com/stocks/SPDN/) | $1.7M | 193,457 | 1.3% | 9 |
| DBX ETF TR | [HDEF](https://holderbook.com/stocks/HDEF/) | $1.7M | 51,877 | 1.3% | 22 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $1.1M | 14,777 | 0.9% | 8 |
| EXCHANGE LISTED FDS TR | [SSPY](https://holderbook.com/stocks/SSPY/) | $1.1M | 11,509 | 0.9% | 8 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $1.1M | 7,939 | 0.9% | 31 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $1.0M | 10,921 | 0.8% | 25 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $1.0M | 15,434 | 0.8% | 6 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $969.3K | 1,294 | 0.8% | 24 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $828.5K | 22,538 | 0.7% | 26 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $828.3K | 1,206 | 0.7% | 31 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $804.8K | 6,358 | 0.6% | 13 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $792.0K | 6,269 | 0.6% | 6 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $761.5K | 3,026 | 0.6% | 3 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $740.8K | 30,764 | 0.6% | 6 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $703.7K | 6,520 | 0.6% | 3 |
| FRANKLIN RESOURCES INC | [BEN](https://holderbook.com/stocks/BEN/) | $693.6K | 20,848 | 0.6% | 6 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $688.7K | 935 | 0.5% | 5 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $545.8K | 1,463 | 0.4% | 1 |
| NUVEEN MUN VALUE FD INC | [NUV](https://holderbook.com/stocks/NUV/) | $537.4K | 58,291 | 0.4% | 21 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $537.1K | 19,631 | 0.4% | 6 |
| ALPS ETF TR | [AMLP](https://holderbook.com/stocks/AMLP/) | $507.3K | 9,785 | 0.4% | 15 |
| ULTIMUS MANAGERS TR | [MDST](https://holderbook.com/stocks/MDST/) | $503.6K | 17,468 | 0.4% | 4 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $497.1K | 9,827 | 0.4% | 11 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $469.8K | 5,453 | 0.4% | 13 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $447.3K | 599 | 0.4% | 8 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $444.4K | 13,349 | 0.4% | 9 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $428.5K | 10,120 | 0.3% | 6 |
| J P MORGAN EXCHANGE TRADED F | [JPEM](https://holderbook.com/stocks/JPEM/) | $381.6K | 6,078 | 0.3% | 15 |
| GOLDMAN SACHS ETF TR | [GSIE](https://holderbook.com/stocks/GSIE/) | $371.4K | 8,127 | 0.3% | 25 |
| HARBOR ETF TRUST | [OSEA](https://holderbook.com/stocks/OSEA/) | $359.7K | 11,778 | 0.3% | 8 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $328.7K | 930 | 0.3% | 4 |
| ENERGY VAULT HOLDINGS INC | [NRGV](https://holderbook.com/stocks/NRGV/) | $320.1K | 67,971 | 0.3% | 7 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $309.8K | 841 | 0.2% | 10 |
| PROSHARES TR | [TBF](https://holderbook.com/stocks/TBF/) | $299.5K | 12,361 | 0.2% | 4 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $252.5K | 706 | 0.2% | 3 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $227.4K | 938 | 0.2% | 1 |
| INVESCO EXCHANGE TRADED FD T | [SPGP](https://holderbook.com/stocks/SPGP/) | $219.8K | 1,797 | 0.2% | 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 |
|---|---|---|---|---|
| Q2 2026 | +7.4% | +14.8% | -7.4% | 100% |
| Q1 2026 | -0.3% | -4.6% | +4.3% | 100% |
| Q4 2025 | +0.2% | +2.4% | -2.2% | 100% |
| Q3 2025 | +4.5% | +7.8% | -3.3% | 100% |
| Q2 2025 | +0.8% | +10.5% | -9.6% | 99% |
| Q1 2025 | +0.2% | -4.6% | +4.8% | 99% |
| Q4 2024 | -1.7% | +2.1% | -3.8% | 99% |
| Q3 2024 | +6.8% | +5.4% | +1.3% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $125.9M | 62 |
| Q1 2026 | $119.0M | 61 |
| Q4 2025 | $121.1M | 64 |
| Q3 2025 | $121.8M | 61 |
| Q2 2025 | $115.1M | 57 |
| Q1 2025 | $116.8M | 58 |
| Q4 2024 | $119.6M | 51 |
| Q3 2024 | $132.6M | 55 |
| Q2 2024 | $126.6M | 57 |
| Q1 2024 | $125.3M | 55 |
| Q4 2023 | $123.0M | 54 |
| Q3 2023 | $115.1M | 52 |