# TWIN FOCUS CAPITAL PARTNERS, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1387761. Source: https://holderbook.com/funds/1387761-twin-focus-capital-partners-llc/

- Reported value: $982.7M
- Positions: 170
- Weight of the ten largest: 50.4%
- Filed: 2026-07-28

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 |
|---|---|---|---|---|---|
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $101.0M | 1,045,647 | 10.3% | 31 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $90.3M | 1,195,340 | 9.2% | 21 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $81.7M | 220,854 | 8.3% | 31 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $55.6M | 128,815 | 5.7% | 15 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $37.0M | 49,527 | 3.8% | 31 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $29.8M | 181,344 | 3.0% | 17 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $27.5M | 231,019 | 2.8% | 19 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $25.0M | 67,991 | 2.5% | 31 |
| VANGUARD INDEX FDS | [VXF](https://holderbook.com/stocks/VXF/) | $24.9M | 101,011 | 2.5% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $22.5M | 32,752 | 2.3% | 31 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $18.3M | 364,472 | 1.9% | 29 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $18.3M | 132,990 | 1.9% | 31 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $17.9M | 180,684 | 1.8% | 31 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $16.9M | 41,161 | 1.7% | 27 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $14.7M | 245,938 | 1.5% | 31 |
| MODERNA INC | [MRNA](https://holderbook.com/stocks/MRNA/) | $13.0M | 185,601 | 1.3% | 3 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $12.5M | 114,397 | 1.3% | 31 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $12.4M | 52,476 | 1.3% | 31 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $12.4M | 149,413 | 1.3% | 31 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $12.2M | 170,727 | 1.2% | 31 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $12.1M | 16,495 | 1.2% | 6 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $12.1M | 16,116 | 1.2% | 31 |
| BNY MELLON ETF TRUST | [BKGI](https://holderbook.com/stocks/BKGI/) | $11.4M | 252,819 | 1.2% | 6 |
| ISHARES TR | [IWS](https://holderbook.com/stocks/IWS/) | $11.1M | 67,423 | 1.1% | 31 |
| CULLINAN THERAPEUTICS INC | [CGEM](https://holderbook.com/stocks/CGEM/) | $10.8M | 595,489 | 1.1% | 9 |
| VANGUARD WORLD FD | [ESGV](https://holderbook.com/stocks/ESGV/) | $10.2M | 77,100 | 1.0% | 26 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $10.0M | 221,437 | 1.0% | 22 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $9.7M | 112,180 | 1.0% | 29 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $8.9M | 106,634 | 0.9% | 31 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $8.8M | 44,344 | 0.9% | 23 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $8.5M | 54,226 | 0.9% | 31 |
| HARBOR ETF TRUST | [HGER](https://holderbook.com/stocks/HGER/) | $8.4M | 284,610 | 0.8% | 5 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $7.8M | 101,213 | 0.8% | 31 |
| VANGUARD WORLD FD | [VSGX](https://holderbook.com/stocks/VSGX/) | $7.3M | 88,137 | 0.7% | 26 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $6.6M | 59,452 | 0.7% | 31 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $6.5M | 34,226 | 0.7% | 25 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $6.4M | 21,209 | 0.6% | 31 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $5.7M | 26,059 | 0.6% | 31 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $5.6M | 65,166 | 0.6% | 7 |
| KLAVIYO INC | [KVYO](https://holderbook.com/stocks/KVYO/) | $5.5M | 364,666 | 0.6% | 5 |
| ISHARES INC | [EWJ](https://holderbook.com/stocks/EWJ/) | $5.4M | 58,176 | 0.6% | 6 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $5.4M | 79,087 | 0.6% | 16 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $5.1M | 32,269 | 0.5% | 31 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $5.1M | 14,776 | 0.5% | 25 |
| VANGUARD WORLD FD | [VDE](https://holderbook.com/stocks/VDE/) | $4.9M | 32,961 | 0.5% | 31 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $4.9M | 7,576 | 0.5% | 15 |
| ISHARES TR | [IWV](https://holderbook.com/stocks/IWV/) | $4.8M | 11,226 | 0.5% | 31 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $4.7M | 20,722 | 0.5% | 5 |
| VANGUARD INTL EQUITY INDEX F | [VSS](https://holderbook.com/stocks/VSS/) | $4.4M | 28,289 | 0.4% | 31 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $4.2M | 8,022 | 0.4% | 6 |
| ISHARES TR | [ILCG](https://holderbook.com/stocks/ILCG/) | $4.2M | 35,571 | 0.4% | 31 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $3.9M | 16,206 | 0.4% | 21 |
| ISHARES TR | [IEI](https://holderbook.com/stocks/IEI/) | $3.9M | 33,080 | 0.4% | 8 |
| ISHARES TR | [IEV](https://holderbook.com/stocks/IEV/) | $3.7M | 50,763 | 0.4% | 31 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $3.2M | 21,205 | 0.3% | 31 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $3.1M | 51,542 | 0.3% | 15 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $3.0M | 20,090 | 0.3% | 31 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $2.6M | 32,533 | 0.3% | 31 |
| VOX ROYALTY CORP | [VOXR](https://holderbook.com/stocks/VOXR/) | $2.4M | 499,538 | 0.2% | 15 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $2.3M | 24,839 | 0.2% | 5 |
| SPROTT ASSET MANAGEMENT LP | [CEF](https://holderbook.com/stocks/CEF/) | $2.1M | 52,845 | 0.2% | 29 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $2.1M | 25,029 | 0.2% | 19 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $2.0M | 12,900 | 0.2% | 31 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $2.0M | 12,366 | 0.2% | 31 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $1.9M | 23,544 | 0.2% | 5 |
| VANGUARD SCOTTSDALE FDS | [VONE](https://holderbook.com/stocks/VONE/) | $1.9M | 5,565 | 0.2% | 2 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $1.9M | 8,800 | 0.2% | 4 |
| GLOBAL X FDS | [AIQ](https://holderbook.com/stocks/AIQ/) | $1.8M | 27,865 | 0.2% | 8 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $1.8M | 22,958 | 0.2% | 29 |
| ISHARES INC | [ESGE](https://holderbook.com/stocks/ESGE/) | $1.8M | 32,786 | 0.2% | 25 |
| ISHARES INC | [EZU](https://holderbook.com/stocks/EZU/) | $1.7M | 25,056 | 0.2% | 5 |
| ISHARES TR | [DMXF](https://holderbook.com/stocks/DMXF/) | $1.6M | 19,083 | 0.2% | 1 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $1.5M | 4,894 | 0.2% | 31 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $1.5M | 10,083 | 0.2% | 5 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $1.5M | 1,930 | 0.1% | 6 |
| VOYA FINANCIAL INC | [VOYA](https://holderbook.com/stocks/VOYA/) | $1.4M | 15,540 | 0.1% | 4 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $1.3M | 13,000 | 0.1% | 4 |
| AMERICAN BEACON SELECT FUNDS | [MGNR](https://holderbook.com/stocks/MGNR/) | $1.3M | 27,000 | 0.1% | 2 |
| BNY MELLON ETF TRUST II | [BKMI](https://holderbook.com/stocks/BKMI/) | $1.3M | 49,504 | 0.1% | 2 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $1.3M | 6,279 | 0.1% | 6 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.3M | 9,227 | 0.1% | 18 |
| J P MORGAN EXCHANGE TRADED F | [JEPI](https://holderbook.com/stocks/JEPI/) | $1.3M | 22,160 | 0.1% | 2 |
| ISHARES TR | [OEF](https://holderbook.com/stocks/OEF/) | $1.2M | 3,230 | 0.1% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.2M | 4,078 | 0.1% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.1M | 3,200 | 0.1% | 28 |
| DBX ETF TR | [ASHR](https://holderbook.com/stocks/ASHR/) | $1.1M | 29,643 | 0.1% | 4 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $1.0M | 5,635 | 0.1% | 4 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $1.0M | 11,650 | 0.1% | 4 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $1.0M | 9,000 | 0.1% | 31 |
| ISHARES TR | [IUSG](https://holderbook.com/stocks/IUSG/) | $1.0M | 5,331 | 0.1% | 5 |
| ISHARES TR | [IWO](https://holderbook.com/stocks/IWO/) | $925.8K | 2,350 | 0.1% | 3 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $915.6K | 4,826 | 0.1% | 21 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $910.4K | 7,332 | 0.1% | 3 |
| ROYCE MICRO-CAP TR INC | [RMT](https://holderbook.com/stocks/RMT/) | $910.0K | 62,161 | 0.1% | 29 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $831.9K | 6,960 | 0.1% | 3 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $824.2K | 12,200 | 0.1% | 30 |
| WAYFAIR INC | [W](https://holderbook.com/stocks/W/) | $821.3K | 8,887 | 0.1% | 2 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $808.8K | 11,208 | 0.1% | 27 |
| CALLAWAY GOLF CO | [CALY](https://holderbook.com/stocks/CALY/) | $808.0K | 43,000 | 0.1% | 2 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $807.7K | 8,800 | 0.1% | 2 |

## 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 | +14.1% | +14.8% | -0.8% | 100% |
| Q1 2026 | +1.0% | -4.6% | +5.6% | 100% |
| Q4 2025 | +3.3% | +2.4% | +0.9% | 100% |
| Q3 2025 | +7.4% | +7.8% | -0.4% | 100% |
| Q2 2025 | +9.5% | +10.5% | -1.0% | 100% |
| Q1 2025 | -0.7% | -4.6% | +3.9% | 100% |
| Q4 2024 | -2.1% | +2.1% | -4.2% | 100% |
| Q3 2024 | +4.6% | +5.4% | -0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $982.7M | 170 |
| Q1 2026 | $870.1M | 172 |
| Q4 2025 | $867.7M | 180 |
| Q3 2025 | $786.9M | 188 |
| Q2 2025 | $714.2M | 167 |
| Q1 2025 | $643.8M | 154 |
| Q4 2024 | $676.6M | 141 |
| Q3 2024 | $634.0M | 150 |
| Q2 2024 | $626.1M | 134 |
| Q1 2024 | $525.3M | 143 |
| Q4 2023 | $491.6M | 160 |
| Q3 2023 | $445.1M | 163 |