GFS Advisors, LLC

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.

CIK

1427263

Reported value

$1.9B

Positions

370

Top 10 weight

24.7%

Filed

2026-08-04

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
BYLINE BANCORP INC?	BY	$76.8M	55?	4.05%	-	new
CARDINAL HEALTH INC?	CAH	$76.8M	55?	4.05%	+2.35pp	2q
ISHARES INC	EWJ	$49.6M	531,366	2.61%	+1.15pp	29q	+92.4%+$23.8M
ALPHABET INC	GOOGL	$42.8M	119,996	2.26%	-1.68pp	5q	-38.2%-$26.5M
HEICO CORP NEW?	HEI	$42.8M	250?	2.26%	-	new
ISHARES TR	IJR	$39.0M	165,233	2.06%	+0.88pp	31q	+10.9%+$3.8M
STATE STR SPDR S&P 500 ETF T	SPY	$36.2M	48,402	1.91%	-0.04pp	5q	+2.9%+$1.0M
ALIBABA GROUP HLDG LTD	BABA	$36.1M	376,132	1.90%	-0.84pp	7q	+9.7%+$3.2M
SPDR SERIES TRUST?	SPYD	$36.0M	150?	1.90%	-	new
MICRON TECHNOLOGY INC	MU	$32.1M	3,261	1.69%	+1.54pp	3q	-85.2%-$185.3M
TESLA INC	TSLA	$31.1M	73,551	1.64%	-0.32pp	10q	-11.2%-$3.9M
ISHARES TR?	EFA	$30.9M	16,438?	1.63%	+1.46pp	31q
UNITED PARCEL SVCS INC?	UPS	$30.7M	511?	1.62%	-	new
ISHARES TR	ACWI	$30.0M	200,180	1.58%	-0.10pp	18q	+4.7%+$1.4M
MICROSOFT CORP	MSFT	$28.4M	79,212	1.49%	-0.21pp	5q	+9.6%+$2.5M
VANGUARD INTL EQUITY INDEX F	VWO	$28.1M	469,347	1.48%	-0.12pp	31q	+1.3%+$369.2K
ECOPETROL S A?	EC	$27.9M	2,200?	1.47%	-	new
DISNEY WALT CO	DIS	$26.8M	277,774	1.41%	-1.00pp	30q	-13.7%-$4.3M
DYNATRACE INC?	DT	$26.7M	79?	1.41%	-	new
ISHARES TR?	IJS	$24.4M	10,339?	1.29%	+1.16pp	31q
ISHARES TR	AAXJ	$24.1M	202,160	1.27%	+0.57pp	31q	+60.3%+$9.1M
VANGUARD INDEX FDS	VTV	$23.5M	96,569	1.24%	+0.98pp	7q	+373.3%+$18.5M
FEDEX CORP	FDX	$21.3M	67,815	1.12%	-0.86pp	5q	-22.2%-$6.1M
FERGUSON ENTERPRISES INC?	FERG	$21.2M	18?	1.12%	-	new
UNITEDHEALTH GROUP INC	UNH	$20.9M	50,341	1.10%	+0.10pp	5q	-13.3%-$3.2M
VARONIS SYS INC?	VRNS	$20.9M	125?	1.10%	-	new
VANGUARD INDEX FDS	VTI	$20.1M	71,888	1.06%	+0.07pp	7q	+32.3%+$4.9M
ISHARES TR	IWD	$18.5M	9,601	0.97%	-1.10pp	31q	-83.0%-$90.2M
INVESCO EXCHANGE TRADED FD T	RSP	$17.0M	79,738	0.90%	-0.19pp	5q	-30.0%-$7.3M
ISHARES TR?	SIZE	$17.0M	20?	0.89%	-	new
ITRON INC	ITRI	$16.9M	24,461	0.89%	-	new	NEW
INTEL CORP	INTC	$16.9M	121,077	0.89%	+0.34pp	31q	-37.7%-$10.2M
ISHARES TR	IVV	$16.4M	30,988	0.87%	-0.04pp	26q	+43.2%+$5.0M
ISHARES TR	IJH	$15.9M	362,015	0.84%	-0.94pp	31q	+35.7%+$4.2M
ENTERPRISE PRODS PARTNERS L	EPD	$14.0M	69,633	0.74%	+0.61pp	12q	+32.6%+$3.4M
VANGUARD STAR FDS	VXUS	$13.9M	112,919	0.73%	+0.23pp	7q	+2.4%+$327.1K
NU HLDGS LTD	NU	$13.8M	955,675	0.73%	+0.16pp	16q	+50.1%+$4.6M
DOW HLDGS INC	DOW	$13.8M	501,975	0.73%	-0.60pp	3q	HELD
DT MIDSTREAM INC?	DTM	$13.7M	1,275?	0.72%	-	new
VANGUARD INTL EQUITY INDEX F	VGK	$13.1M	148,412	0.69%	-0.82pp	31q	-48.8%-$12.5M
WISDOMTREE TR?	WDEF	$13.0M	1,497?	0.69%	-	new
ISHARES TR?	SHY	$12.8M	13,316?	0.68%	+0.63pp	3q
SERVICENOW INC?	NOW	$12.8M	2,228?	0.68%	-	new
PETROLEO BRASILEIRO S A?	PBR	$12.7M	1,500?	0.67%	-	new
NETFLIX INC	NFLX	$12.6M	178,893	0.67%	-0.35pp	11q	+7.7%+$902.6K
ALPHABET INC	GOOG	$12.5M	35,430	0.66%	+0.02pp	5q	+0.6%+$72.5K
HOME DEPOT INC?	HD	$12.4M	200?	0.66%	+0.54pp	2q
WALMART INC	WMT	$12.4M	170,753	0.66%	-0.15pp	22q	+68.7%+$5.1M
NVIDIA CORPORATION	NVDA	$12.3M	62,761	0.65%	-1.03pp	7q	-47.1%-$11.0M
ORGANON & CO?	OGN	$12.3M	1,267?	0.65%	-	new
ISHARES TR	SHV	$12.1M	119,112	0.64%	-1.71pp	20q	-79.0%-$45.8M
JOHNSON & JOHNSON	JNJ	$11.9M	46,972	0.63%	-0.73pp	31q	-57.6%-$16.1M
KKR & CO INC?	KKR	$11.7M	790?	0.62%	-	new
VANGUARD INDEX FDS	VOO	$11.5M	53,022	0.61%	+0.56pp	7q	+3798.7%+$11.2M
SPDR INDEX SHS FDS	FEZ	$11.2M	143,660	0.59%	-0.03pp	5q	-8.1%-$982.6K
PEPSICO INC	PEP	$11.1M	64,952	0.59%	-0.05pp	31q	HELD
VANGUARD INDEX FDS	VUG	$11.0M	83,585	0.58%	+0.19pp	7q	-9.9%-$1.2M
STATE STR SPDR S&P MIDCAP 40	MDY	$10.7M	15,324	0.57%	-1.01pp	23q	-75.7%-$33.4M
ISHARES TR?	MTUM	$10.7M	123?	0.56%	-	new
VANGUARD INDEX FDS	VO	$10.6M	132,516	0.56%	-0.04pp	7q	+304.3%+$8.0M
VANGUARD INTL EQUITY INDEX F	VSS	$10.3M	138,870	0.54%	+0.29pp	31q	+299.9%+$7.7M
MERCK & CO INC	MRK	$10.2M	79,451	0.54%	-0.07pp	31q	+0.6%+$55.9K
MORGAN STANLEY?	MS	$10.2M	440?	0.54%	-	new
ISHARES TR?	IEV	$9.7M	2,383?	0.51%	+0.49pp	6q
CHEVRON CORPORATION	CVX	$9.5M	57,492	0.50%	-0.25pp	5q	+0.6%+$53.9K
CLEARWAY ENERGY INC?	CWEN	$9.5M	50?	0.50%	-	new
ISHARES GOLD TR	IAU	$9.5M	156,459	0.50%	-0.04pp	17q	+58.8%+$3.5M
ARES CAPITAL CORP	ARCC	$9.4M	124,065	0.50%	-	new	NEW
ISHARES BITCOIN TRUST ETF	IBIT	$9.2M	70,502	0.49%	+0.11pp	7q	-38.2%-$5.7M
PROGRESSIVE CORP?	PGR	$8.8M	100?	0.46%	-	new
BANCO BILBAO VIZCAYA ARGENTA	BBVA	$8.6M	320,260	0.45%	+0.02pp	14q	+0.9%+$74.3K
VANGUARD INDEX FDS	VXF	$8.4M	7,308	0.44%	+0.34pp	7q	-0.6%-$53.8K
ANHEUSER BUSCH INBEV SA/NV?	BUD	$8.2M	2,775?	0.43%	+0.35pp	31q
JPMORGAN CHASE & CO	JPM	$7.9M	24,142	0.42%	-0.57pp	5q	-92.5%-$98.2M
KIMBERLY-CLARK CORP?	KMB	$7.9M	77?	0.42%	-	new
NUVEEN QUALITY MUNCP INCOME	NAD	$7.5M	526,790	0.40%	-0.44pp	7q	-9.3%-$772.6K
UNILEVER PLC	UL	$7.5M	128,246	0.40%	-0.24pp	3q	-14.3%-$1.3M
WALLBOX NV?	WBX	$7.5M	17,602?	0.40%	+0.04pp	2q
VANGUARD INDEX FDS	VBR	$7.4M	5,528	0.39%	+0.30pp	7q	-85.0%-$41.6M
INVESCO DB US DLR INDEX TR	UDN	$7.3M	242,230	0.39%	+0.11pp	3q	HELD
BLACKSTONE MORTGAGE TRUST IN	BXMT	$7.2M	422,575	0.38%	-0.12pp	20q	+4.6%+$315.0K
SIMPLIFY EXCHANGE TRADED FUN?	CTA	$7.1M	815?	0.38%	-	new
CANOPY GROWTH CORPORATION?	CGC	$6.7M	27?	0.35%	-	new
PALANTIR TECHNOLOGIES INC OPT	PLTR	$6.7M	27	0.35%	-	new	NEW
VANGUARD INDEX FDS	VB	$6.6M	25,053	0.35%	-0.01pp	7q	+17.5%+$985.7K
META PLATFORMS INC	META	$6.5M	11,455	0.34%	-0.08pp	16q	-0.6%-$38.1K
MUELLER INDS INC?	MLI	$6.4M	44?	0.34%	-	new
SIMPLIFY EXCHANGE TRADED FUN	NMB	$6.4M	192,218	0.34%	-	new	NEW
VANGUARD INTL EQUITY INDEX F	VEU	$6.4M	98,597	0.34%	+0.03pp	31q	+55.1%+$2.3M
KRAFT HEINZ CO	KHC	$6.3M	270,475	0.33%	+0.03pp	5q	+715.3%+$5.6M
KINDER MORGAN INC DEL?	KMI	$6.3M	2,775?	0.33%	-	new
NIKE INC	NKE	$5.8M	141,790	0.31%	-0.15pp	18q	+3.4%+$190.9K
INTELLIA THERAPEUTICS INC	NTLA	$5.8M	61,624	0.31%	-	new	NEW
PFIZER INC	PFE	$5.3M	221,460	0.28%	-0.26pp	7q	-26.1%-$1.9M
PARKER-HANNIFIN CORP?	PH	$5.3M	24?	0.28%	-0.52pp	2q
SELECT SECTOR SPDR TR	XLF	$5.1M	28,967	0.27%	+0.16pp	7q	-14.4%-$849.3K
SPACE EXPLORATION TECHN CORP	SPCX	$5.0M	28,995	0.26%	-	new	NEW
SYNAPTICS INC?	SYNA	$4.9M	30?	0.26%	-	new
PHINIA INC	PHIN	$4.9M	11,532	0.26%	-	new	NEW
PROCTER & GAMBLE CO	PG	$4.9M	33,800	0.26%	-0.20pp	25q	-22.2%-$1.4M
ISHARES TR	IGV	$4.8M	52,445	0.25%	-	new	NEW
ISHARES TR?	IHE	$4.7M	270?	0.25%	+0.15pp	2q
ROUNDHILL ETF TRUST		$4.5M	1,311	0.24%	-	new	NEW
STATE STR SPDR DOW JONES IND	DIA	$4.5M	1,311	0.24%	-0.02pp	31q	-86.9%-$30.2M
IREN LIMITED?	IREN	$4.3M	30?	0.23%	-	new
FAIR ISAAC CORP	FICO	$4.1M	1,200	0.22%	-0.22pp	3q	-89.8%-$35.8M
SPDR GOLD TR	GLD	$4.1M	100,838	0.21%	-0.11pp	5q	+49.6%+$1.3M
FEDEX FGHT HLDG CO INC		$3.9M	25,666	0.20%	-	new	NEW
NEXTERA ENERGY INC	NEE	$3.7M	141,690	0.20%	-	new	NEW
J P MORGAN EXCHANGE TRADED F	JEPI	$3.5M	46,420	0.19%	+0.02pp	3q	+1.6%+$56.2K
SELECT SECTOR SPDR TR	XLE	$3.5M	94,822	0.18%	-0.07pp	7q	+43.9%+$1.1M
STARWOOD PPTY TR INC	STWD	$3.4M	206,315	0.18%	-0.15pp	17q	+2.2%+$72.2K
VANGUARD INDEX FDS?	VNQ	$3.4M	1,235?	0.18%	+0.15pp	7q
BLACKSTONE SECD LENDING FD	BXSL	$3.2M	74,450	0.17%	+0.06pp	12q	+4.1%+$125.8K
CITIGROUP INC	C	$3.2M	23,550	0.17%	flat	7q	+3.1%+$96.2K
CALLAWAY GOLF CO?	CALY	$3.2M	760?	0.17%	-	new
COUPANG INC	CPNG	$3.2M	182,550	0.17%	-0.03pp	21q	+13.3%+$373.1K
ISHARES SILVER TR	SLV	$3.0M	298,189	0.16%	-0.35pp	31q	+1.0%+$30.0K
CISCO SYS INC	CSCO	$3.0M	23,763	0.16%	+0.01pp	7q	-2.8%-$86.3K
WARNER BROS DISCOVERY INC	WBD	$2.9M	138,051	0.15%	-	new	NEW
CAVCO INDS INC DEL?	CVCO	$2.8M	57,452?	0.15%	-	new
TOYOTA MOTOR CORP	TM	$2.8M	16,370	0.15%	-0.01pp	31q	+22.3%+$502.7K
TESLA INC OPT	TSLA	$2.7M	500	0.14%	-	new	NEW
ISHARES INC	EPP	$2.7M	50,000	0.14%	+0.06pp	3q	+100.0%+$1.3M
BWX TECHNOLOGIES INC	BWXT	$2.6M	22,915	0.14%	-	new	NEW
BOSTON SCIENTIFIC CORP	BSX	$2.6M	61,075	0.14%	+0.08pp	2q	+1010.5%+$2.4M
J P MORGAN EXCHANGE TRADED F?	JEPQ	$2.6M	740?	0.14%	-	new
OPENDOOR TECHNOLOGIES INC?	OPENZ	$2.6M	83?	0.13%	-	new
ISHARES TR	IGE	$2.5M	8,788	0.13%	+0.01pp	31q	-82.5%-$12.0M
DANAHER CORP DEL?	DHR	$2.5M	501,220?	0.13%	-	new
ISHARES TR	EEM	$2.4M	19,711	0.13%	+0.08pp	12q	+41.8%+$720.1K
SPDR SERIES TRUST	XBI	$2.4M	15,297	0.13%	-0.02pp	24q	-0.6%-$13.4K
SPDR SERIES TRUST?	XHS	$2.4M	75?	0.13%	-	new
INVESCO EXCHANGE TRADED FD T	PPA	$2.4M	11,055	0.13%	-0.08pp	3q	-51.7%-$2.6M
FIRST TR EXCHANGE TRADED FD	CIBR	$2.4M	6,657	0.13%	+0.10pp	3q	-1.7%-$40.0K
DELL TECHNOLOGIES INC?	DELL	$2.4M	520?	0.13%	-0.48pp	3q
ZOOM COMMUNICATIONS INC	ZM	$2.4M	21,726	0.12%	-	new	NEW
PALO ALTO NETWORKS INC	PANW	$2.4M	64,852	0.12%	+0.05pp	9q	+777.4%+$2.1M
WASTE MGMT INC DEL	WM	$2.3M	10,946	0.12%	-0.03pp	24q	+6.8%+$147.7K
ISHARES TR	ESGU	$2.3M	15,181	0.12%	flat	12q	+12.5%+$253.5K
ISHARES TR?	IWM	$2.3M	253?	0.12%	-	new
J P MORGAN EXCHANGE TRADED F	JPIE	$2.3M	7,250	0.12%	-	new	NEW
ADOBE INC	ADBE	$2.2M	12,273	0.12%	-0.02pp	7q	+37.2%+$610.0K
ISHARES INC?	EZU	$2.2M	1,681?	0.12%	-	new
TAIWAN SEMICONDUCTOR MANUFAC	TSM	$2.2M	4,520	0.11%	+0.07pp	10q	+112.6%+$1.1M
FIRST MAJESTIC SILVER CORP?	AG	$2.1M	2,010?	0.11%	-	new
J P MORGAN EXCHANGE TRADED F	JMUB	$2.1M	45,080	0.11%	-0.02pp	3q	+11.0%+$204.9K
BLUE OWL CAPITAL INC	OWL	$1.9M	133,300	0.10%	-	new	NEW
VANGUARD INTL EQUITY INDEX F	VPL	$1.9M	16,548	0.10%	+0.05pp	31q	+96.9%+$942.1K
VISA INC	V	$1.9M	36,848	0.10%	-0.01pp	5q	+578.7%+$1.6M
ISHARES TR?	QUAL	$1.9M	575?	0.10%	-	new
VANECK ETF TRUST	GDX	$1.8M	29,288	0.10%	-0.53pp	29q	-73.4%-$5.1M
WISDOMTREE TR	DXJ	$1.8M	10,400	0.10%	-1.39pp	31q	-96.2%-$45.2M
WISDOMTREE TR	WTAI	$1.8M	15,232	0.09%	-	new	NEW
GLOBAL X FDS	BOTZ	$1.8M	53,606	0.09%	-0.12pp	24q	+5.4%+$92.1K
MORGAN STANLEY DIRECT LENDIN?	MSDL	$1.7M	2,900?	0.09%	-	new
SONOS INC	SONO	$1.6M	100,150	0.09%	flat	12q	HELD
VANECK ETF TRUST	BIZD	$1.6M	192,550	0.08%	-0.02pp	12q	+47.0%+$507.8K
BRISTOL-MYERS SQUIBB CO	BMY	$1.6M	26,720	0.08%	-0.02pp	3q	-0.9%-$14.9K
SELECT SECTOR SPDR TR?	XLI	$1.5M	55?	0.08%	-	new
BRUKER CORP	BRKR	$1.5M	60,960	0.08%	-	new	NEW
ISHARES INC	EWP	$1.5M	166,277	0.08%	-0.01pp	3q	+565.1%+$1.3M
ISHARES TR	EFV	$1.5M	7,536	0.08%	+0.05pp	5q	+6.5%+$91.9K
ISHARES TR	ITA	$1.5M	22,510	0.08%	-	new	NEW
WISDOMTREE TR	DEM	$1.5M	41,634	0.08%	-0.08pp	7q	-79.1%-$5.7M
QUALCOMM INC?	QCOM	$1.4M	18?	0.08%	+0.01pp	22q
REGENERON PHARMACEUTICALS?	REGN	$1.4M	18?	0.08%	-	new
TARGA RES CORP	TRGP	$1.4M	1,370	0.07%	-	new	NEW
UNITED MICROELECTRONICS CORP?	UMC	$1.4M	1,370?	0.07%	-	new
SYMBOTIC INC?	SYM	$1.4M	150?	0.07%	-	new
PALANTIR TECHNOLOGIES INC	PLTR	$1.3M	11,076	0.07%	-0.53pp	22q	-80.8%-$5.6M
PTC INC?	PTC	$1.3M	18?	0.07%	-	new
LOCKHEED MARTIN CORP?	LMT	$1.2M	140?	0.06%	-0.01pp	4q
LULULEMON ATHLETICA INC?	LULU	$1.2M	140?	0.06%	-	new
ISHARES TR?	MUB	$1.2M	536,470?	0.06%	-0.38pp	6q
VANGUARD WORLD FD	VDE	$1.2M	2,608	0.06%	+0.04pp	7q	+44.9%+$364.4K
ISHARES TR	IWP	$1.2M	2,800	0.06%	flat	12q	-65.0%-$2.2M
ISHARES TR	IYH	$1.2M	2,800	0.06%	-0.29pp	2q	-86.9%-$7.7M
PURECYCLE TECHNOLOGIES INC	PCT	$1.2M	35,326	0.06%	+0.04pp	7q	+751.2%+$1.0M
ISHARES TR?	ILF	$1.1M	472,958?	0.06%	-0.15pp	2q
VANGUARD TAX-MANAGED FDS	VEA	$1.1M	77,490	0.06%	+0.03pp	5q	+879.8%+$1.0M
KKR REAL ESTATE FIN TR INC	KREF	$1.1M	160,205	0.06%	-0.25pp	20q	-10.7%-$132.8K
SIMPLIFY EXCHANGE TRADED FUN		$1.1M	20	0.06%	-	new	NEW
VANECK ETF TRUST	SMH	$1.1M	2,724	0.06%	-	new	NEW
COSTCO WHOLESALE CORPORATION	COST	$1.1M	1,424	0.06%	flat	16q	+55.0%+$387.8K
MERCADOLIBRE INC?	MELI	$1.1M	954,175?	0.06%	+0.03pp	7q
ISHARES INC	EWO	$1.1M	25,887	0.06%	-	new	NEW
ISHARES INC	EWG	$1.1M	25,887	0.06%	-0.03pp	3q	-19.8%-$265.2K
ISHARES TR	INDA	$1.1M	21,596	0.06%	+0.03pp	7q	+111.6%+$562.6K
ISHARES TR?	IYW	$943.3K	45,680?	0.05%	+0.01pp	12q
ISHARES TR	SCZ	$904.2K	14,890	0.05%	-0.04pp	31q	-56.0%-$1.1M
ISHARES TR	SLQD	$898.0K	2,380	0.05%	-0.48pp	2q	-99.6%-$216.2M
SPDR SERIES TRUST?	SLYV	$891.1K	309?	0.05%	flat	30q
COPART INC?	CPRT	$874.1K	490?	0.05%	-	new
WISDOMTREE TR	USFR	$858.2K	17,240	0.05%	flat	12q	+13.1%+$99.6K
CHENIERE ENERGY INC	LNG	$805.5K	550	0.04%	-	new	NEW
LUMEN TECHNOLOGIES INC?	LUMN	$805.5K	550?	0.04%	-	new
WILLIAMS COS INC	WMB	$786.0K	10,164	0.04%	-	new	NEW
CRACKER BARREL OLD CTRY STOR	CBRL	$779.7K	13,450	0.04%	+0.01pp	3q	-32.8%-$379.7K
VANGUARD MALVERN FDS	VTIP	$774.5K	16,728	0.04%	-	new	NEW
ORACLE CORP?	ORCL	$772.3K	131,300?	0.04%	-0.01pp	5q
VANGUARD SCOTTSDALE FDS	VCSH	$767.3K	2,000	0.04%	-	new	NEW
CEMEX SA EURO MTN BE 144A	CX	$763.1K	61,516	0.04%	flat	5q	HELD
ZSCALER INC?	ZS	$752.7K	39?	0.04%	-	new
NOVO-NORDISK A S	NVO	$748.6K	5,875	0.04%	+0.02pp	3q	-25.1%-$250.4K
FOMENTO ECONOMICO MEXICANO S?	FMX	$737.1K	89?	0.04%	-	new
VANECK ETF TRUST	ANGL	$734.6K	26,582	0.04%	-0.77pp	3q	-80.1%-$3.0M
ISHARES TR	PFF	$731.1K	3,400	0.04%	-	new	NEW
PALANTIR TECHNOLOGIES INC OPT	PLTR	$731.1K	3,400	0.04%	-	new	NEW
ORMAT TECHNOLOGIES INC	ORA	$720.5K	11,380	0.04%	-	new	NEW
ONEOK INC NEW?	OKE	$717.3K	30?	0.04%	-	new
SPDR SERIES TRUST	BIL	$714.4K	2,150	0.04%	+0.01pp	2q	-54.4%-$852.0K
CADENCE DESIGN SYSTEM INC?	CDNS	$711.6K	100?	0.04%	-	new
VANGUARD BD INDEX FDS	VUSB	$678.5K	3,220	0.04%	-	new	NEW
PIMCO ETF TR	PYLD	$672.1K	115,551	0.04%	-	new	NEW
ASML HLDG NV?	ASML	$670.4K	317,500?	0.04%	+0.01pp	3q
SIMPLIFY EXCHANGE TRADED FUN	PINK	$670.3K	24,440	0.04%	+0.01pp	7q	+78.3%+$294.3K
BANCO SANTANDER S.A.	SAN	$656.6K	26,710	0.03%	+0.02pp	7q	+2.7%+$17.5K
WISDOMTREE TR?	DGRW	$596.7K	16?	0.03%	-	new
ARRAY TECHNOLOGIES INC	ARRY	$596.4K	81,300	0.03%	-0.06pp	12q	HELD
AST SPACEMOBILE INC	ASTS	$592.8K	1,300	0.03%	-	new	NEW
ISHARES TR	EUFN	$587.3K	25,951	0.03%	-	new	NEW
BOOKING HOLDINGS INC	BKNG	$568.1K	650	0.03%	-	new	NEW
BROADCOM INC	AVGO	$568.1K	650	0.03%	flat	5q	-56.9%-$750.8K
FIRST TR EXCHANGE TRADED FD?	GRID	$566.9K	130?	0.03%	-	new
BRAZIL POTASH CORP	GRO	$564.1K	224,107	0.03%	-	new	NEW
ISHARES TR	EPOL	$563.2K	15,203	0.03%	-0.08pp	7q	-50.8%-$580.3K
SIMPLIFY EXCHANGE TRADED FUN	CDX	$556.4K	17,225	0.03%	+0.01pp	3q	+42.1%+$164.7K
NANO NUCLEAR ENERGY INC?	NNE	$538.8K	15?	0.03%	-	new
NEWMONT CORP?	NEM	$538.8K	15?	0.03%	-0.01pp	8q
GOLDMAN SACHS GROUP INC	GS	$520.9K	295	0.03%	flat	7q	-45.7%-$437.9K
HARTFORD INSURANCE GROUP INC?	HIG	$520.9K	295?	0.03%	-	new
SELECT SECTOR SPDR TR	XLP	$512.4K	2,640	0.03%	+0.01pp	3q	-27.9%-$198.0K
SELECT SECTOR SPDR TR	XLU	$512.4K	2,640	0.03%	-	new	NEW
COINBASE GLOBAL INC	COIN	$508.1K	2,434	0.03%	flat	6q	+43.2%+$153.2K
MAGNUM ICE CREAM CO NV	MICC	$505.8K	32,773	0.03%	flat	3q	+21.7%+$90.1K
DOLLAR GEN CORP?	DG	$483.7K	277,995?	0.03%	-	new
GLOBAL X FDS?	MLPX	$482.5K	200?	0.03%	-	new
HUDBAY MINERALS INC?	HBM	$481.4K	200?	0.03%	-	new
SIMPLIFY EXCHANGE TRADED FUN	MTBA	$476.5K	7,375	0.03%	-0.05pp	7q	-67.9%-$1.0M
UBER TECHNOLOGIES INC?	UBER	$469.0K	501?	0.02%	-0.01pp	7q
VENTURE GLOBAL INC?	VG	$469.0K	501?	0.02%	-	new
ALTRIA GROUP INC?	MO	$458.0K	4?	0.02%	flat	14q
MONOLITHIC PWR SYS INC?	MPWR	$458.0K	4?	0.02%	-	new
DILLARDS INC	DDS	$449.2K	300	0.02%	-0.02pp	2q	-75.0%-$1.3M
SIMPLIFY EXCHANGE TRADED FUN	AGGH	$435.9K	25,432	0.02%	-	new	NEW
INVESCO EXCHANGE TRADED FD T	SPHQ	$420.3K	3,175	0.02%	-	new	NEW
ISHARES TR	AGG	$415.7K	1,000	0.02%	-0.04pp	20q	-93.0%-$5.5M
AMERICAN AIRLINES GROUP INC	AAL	$410.6K	21,881	0.02%	flat	2q	-31.2%-$186.1K
AT&T INC	T	$404.5K	16,759	0.02%	-0.01pp	5q	+1.1%+$4.3K
AECOM?	ACM	$393.9K	81?	0.02%	-	new
ELI LILLY & CO	LLY	$386.2K	300	0.02%	flat	14q	-28.6%-$154.5K
LOWES COS INC	LOW	$386.2K	300	0.02%	-	new	NEW
SHELL PLC	SHEL	$358.8K	710	0.02%	-0.07pp	5q	-97.2%-$12.3M
PETCO HEALTH & WELLNESS CO I	WOOF	$357.1K	174,000	0.02%	-	new	NEW
XYLEM INC	XYL	$349.9K	19,384	0.02%	-	new	NEW
WESTERN DIGITAL CORP	WDC	$348.1K	3,300	0.02%	-	new	NEW
T-MOBILE US INC?	TMUS	$343.2K	180?	0.02%	-	new
WELLS FARGO & CO?	WFC	$343.0K	59?	0.02%	flat	31q
CONSTELLATION BRANDS INC?	STZ	$341.9K	8?	0.02%	flat	4q
TERADYNE INC?	TER	$341.9K	8?	0.02%	-	new
INVESCO EXCH TRADED FD TR II?	SPMO	$340.4K	49,012?	0.02%	-	new
GSK PLC?	GSK	$332.9K	372?	0.02%	-	new
HSBC HLDGS PLC	HSBC	$332.9K	372	0.02%	-	new	NEW
TARGET CORP?	TGT	$331.7K	73,040?	0.02%	-	new
ISHARES TR	IXJ	$329.9K	6,981	0.02%	flat	3q	+140.6%+$192.7K
OSCAR HEALTH INC	OSCR	$327.0K	11,380	0.02%	+0.01pp	3q	HELD
UIPATH INC	PATH	$324.0K	221,466	0.02%	-	new	NEW
MASTERCARD INCORPORATED	MA	$318.4K	134	0.02%	flat	3q	-75.6%-$988.6K
MONDELEZ INTL INC?	MDLZ	$318.4K	134?	0.02%	-	new
QORVO INC?	QRVO	$313.2K	130?	0.02%	-	new
QUANTA SVCS INC	PWR	$313.2K	130	0.02%	flat	2q	-70.5%-$749.3K
ISHARES TR	IEFA	$312.9K	1,150	0.02%	-0.02pp	2q	-77.9%-$1.1M
SPDR INDEX SHS FDS	GWX	$312.9K	1,150	0.02%	flat	5q	-84.2%-$1.7M
SUPER MICRO COMPUTER INC?	SMCI	$308.0K	110,000?	0.02%	-	new
ALLY FINL INC?	ALLY	$303.3K	450?	0.02%	-0.02pp	7q
AMERICAN TOWER CORP	AMT	$303.3K	450	0.02%	-	new	NEW
RIO TINTO PLC	RIO	$297.8K	26,000	0.02%	-0.01pp	2q	+10096.1%+$294.9K
PENTAIR PLC	PNR	$295.2K	543	0.02%	-	new	NEW
ON HLDG AG?	ONON	$295.2K	543?	0.02%	-0.45pp	2q
CARETRUST REIT INC?	CTRE	$293.8K	161?	0.02%	-	new
CROWDSTRIKE HLDGS INC	CRWD	$293.8K	161	0.02%	-2.22pp	2q	-99.9%-$222.5M
SIMPLIFY EXCHANGE TRADED FUN	BUCK	$292.3K	25,095	0.02%	flat	2q	+179.8%+$187.8K
CUMMINS INC	CMI	$288.9K	1,500	0.02%	flat	3q	+270.4%+$210.9K
ISHARES TR	FLOT	$287.8K	3,600	0.02%	-0.03pp	2q	-76.4%-$930.4K
SANOFI SA?	SNY	$285.8K	21?	0.02%	-0.62pp	31q
SPOTIFY TECHNOLOGY S A?	SPOT	$285.8K	21?	0.02%	-	new
SYSCO CORP?	SYY	$280.0K	114?	0.01%	-	new
THERMO FISHER SCIENTIFIC INC	TMO	$280.0K	114	0.01%	-	new	NEW
NVENT ELEC PLC?	NVT	$280.0K	35?	0.01%	-	new
CBRE GBL REAL ESTATE INC FD?	IGR	$279.7K	570?	0.01%	-0.01pp	2q
ISHARES TR	IGF	$279.7K	570	0.01%	flat	10q	-86.4%-$1.8M
ISHARES TR?	VLUE	$274.6K	131,125?	0.01%	-	new
VANGUARD WORLD FD	VGT	$270.2K	808	0.01%	-	new	NEW
VANGUARD WORLD FD?	VIS	$269.6K	25?	0.01%	flat	2q
SHOPIFY INC	SHOP	$264.1K	1,000	0.01%	flat	7q	-56.8%-$346.8K
SKEENA RES LTD NEW	SKE	$264.1K	1,000	0.01%	-	new	NEW
T1 ENERGY INC	TE	$250.9K	6,000	0.01%	-	new	NEW
SEAGATE TECHNOLOGY HLDNGS PL?	STX	$250.9K	6,000?	0.01%	-	new
CASELLA WASTE SYS INC	CWST	$247.8K	630	0.01%	-	new	NEW
CURTISS WRIGHT CORP	CW	$247.8K	630	0.01%	flat	2q	+92.7%+$119.2K
PAYPAL HLDGS INC	PYPL	$246.8K	660	0.01%	-0.11pp	2q	-98.7%-$19.4M
ROBLOX CORP	RBLX	$246.8K	660	0.01%	-	new	NEW
J P MORGAN EXCHANGE TRADED F	JQUA	$242.8K	1,360	0.01%	flat	2q	+112.2%+$128.4K
J P MORGAN EXCHANGE TRADED F	JTEK	$242.8K	1,360	0.01%	-0.59pp	2q	-95.9%-$5.6M
FERMI INC?	FRMI	$239.0K	1,000?	0.01%	-	new
CRISPR THERAPEUTICS AG?	CRSP	$227.4K	15?	0.01%	-0.02pp	2q
ISHARES INC	EWW	$210.6K	2,100	0.01%	-	new	NEW
BETTERWARE DE MEXC S A P I D	BWMX	$210.6K	2,100	0.01%	-0.15pp	2q	-90.8%-$2.1M
PIMCO ETF TR	LTPZ	$206.3K	2,770	0.01%	-0.08pp	2q	-90.2%-$1.9M
ISHARES TR	TLT	$205.3K	1,010	0.01%	-	new	NEW
ISHARES TR	STIP	$205.3K	1,010	0.01%	-	new	NEW
NOVOCURE LTD?	NVCR	$203.8K	175?	0.01%	-0.02pp	2q
SALESFORCE INC?	CRM	$161.0K	23,753?	0.01%	-0.64pp	7q
VANGUARD WORLD FD?	VAW	$160.2K	21,325?	0.01%	-	new
INTUITIVE SURGICAL INC?	ISRG	$144.0K	46,182?	0.01%	-0.07pp	3q
ABBVIE INC?	ABBV	$143.9K	10,263?	0.01%	-	new
ISHARES INC?	PICK	$125.1K	146,915?	0.01%	-0.04pp	2q
GLOBAL X FDS	PAVE	$123.7K	13,960	0.01%	-0.09pp	2q	+89.8%+$58.5K
ISHARES ETHEREUM TR	ETHA	$104.5K	22,995	0.01%	-0.01pp	3q	+107.4%+$54.1K
VANGUARD SCOTTSDALE FDS	VGSH	$96.0K	13,508	0.01%	-0.49pp	2q	-96.7%-$2.8M
SIMPLIFY EXCHANGE TRADED FUN	TUA	$90.9K	15,240	0.00%	-	new	NEW
GE VERNOVA INC?	GEV	$88.1K	35,230?	0.00%	-	new
ENBRIDGE INC?	ENB	$82.7K	223,907?	0.00%	-	new
ALPS ETF TR	ENFR	$80.0K	13,500	0.00%	-	new	NEW
MCKESSON CORP?	MCK	$77.8K	11,411?	0.00%	-	new
DIAMONDBACK ENERGY INC?	FANG	$71.6K	67,797?	0.00%	-	new
CATERPILLAR INC?	CAT	$68.2K	13,350?	0.00%	-1.33pp	2q
SPX TECHNOLOGIES INC?	SPXC	$61.3K	16,579?	0.00%	-	new
SPROTT FDS TR?	SETM	$53.0K	55,989?	0.00%	-	new
INVESCO EXCH TRADED FD TR II	BAB	$51.0K	10,750	0.00%	-0.30pp	2q	-83.1%-$250.5K
WESTERN MIDSTREAM PARTNERS L?	WES	$45.4K	21,200?	0.00%	-	new
ING GROEP N.V.?	ING	$37.2K	26,933?	0.00%	-	new
ISHARES TR?	IBB	$35.9K	52,175?	0.00%	-	new
VISTRA CORP?	VST	$33.3K	10,125?	0.00%	-	new
GRACO INC?	GGG	$30.2K	119,746?	0.00%	-	new
EXCHANGE TRADED CONCEPTS TRU?	ROBO	$29.1K	79,718?	0.00%	-	new
SPDR SERIES TRUST?	KRE	$26.2K	15,201?	0.00%	-	new
AMERICA MOVIL SAB DE CV?	AMX	$26.0K	61,427?	0.00%	-	new
SABA CAPITAL INCOME & OPRNT	BRW	$23.7K	11,470	0.00%	-	new	NEW
NUSCALE PWR CORP?	SMR	$20.1K	28,965?	0.00%	-	new
BITMINE IMMERSION TECHS INC?	BMNR	$18.6K	26,710?	0.00%	-	new
SIMPLIFY EXCHANGE TRADED FUN?	SBAR	$16.6K	21,800?	0.00%	-	new
BBB FOODS INC?	TBBB	$15.4K	124,896?	0.00%	-	new
RECURSION PHARMACEUTICALS IN	RXRX	$14.7K	10,000	0.00%	-	new	NEW
GRAYSCALE BITCOIN MINI TR ET?	BTC	$13.0K	421,760?	0.00%	-	new
FREEPORT-MCMORAN INC?	FCX	$12.6K	25,466?	0.00%	-	new
NEOS ETF TRUST?	IYRI	$12.3K	160,185?	0.00%	-	new
MODERNA INC?	MRNA	$11.3K	75,981?	0.00%	-0.08pp	2q
PROLOGIS INC.?	PLD	$10.6K	205,080?	0.00%	-	new
HUNT J B TRANS SVCS INC?	JBHT	$10.1K	267,700?	0.00%	-	new
ENERGY TRANSFER L P?	ET	$9.0K	170,700?	0.00%	-0.14pp	12q
ISHARES TR?	IHI	$8.9K	206,251?	0.00%	-	new
INTERCONTINENTAL EXCHANGE IN?	ICE	$8.6K	120,681?	0.00%	-	new
ROUNDHILL ETF TRUST?	YETH	$7.9K	27,734?	0.00%	-	new
VANECK ETF TRUST?	BBH	$7.1K	46,965?	0.00%	-0.90pp	2q
MPLX LP?	MPLX	$7.0K	19,325?	0.00%	-	new
PLAINS GP HLDGS L P?	PAGP	$5.8K	26,425?	0.00%	-	new
ZEBRA TECHNOLOGIES CORPORATI?	ZBRA	$5.8K	26,425?	0.00%	-	new
TRIPADVISOR INC?	TRIP	$5.2K	50,216?	0.00%	-	new
NEOS ETF TRUST?	IAUI	$4.8K	40,600?	0.00%	-	new
PLAINS ALL AMERN PIPELINE L?	PAA	$3.8K	16,025?	0.00%	-	new
BLOCK INC?	XYZ	$3.8K	16,025?	0.00%	-	new
APPLOVIN CORP?	APP	$3.6K	80,000?	0.00%	-0.01pp	2q
MP MATERIALS CORP?	MP	$3.4K	79,011?	0.00%	-	new
IMPINJ INC?	PI	$1.4K	25,000?	0.00%	-	new
PLUG PWR INC?	PLUG	$1.4K	25,000?	0.00%	-	new
NASDAQ INC?	NDAQ	$788	176,840?	0.00%	-1.96pp	2q
VERSANT MEDIA GROUP INC?	VSNT	$432	10,420?	0.00%	-	new
SELECT SECTOR SPDR TR?	XLB	$254	65,910?	0.00%	-	new

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
Software & IT Services	$104.7M	8.9%
Funds & ETFs	$71.6M	6.1%
Semiconductors & Electronics	$66.5M	5.7%
Telecom & Media	$43.2M	3.7%
Business Services	$42.6M	3.6%
Autos & Aerospace	$41.5M	3.5%
Biotech & Pharma	$37.4M	3.2%
Capital Markets	$35.6M	3.0%
Banks & Lending	$35.1M	3.0%
Chemicals	$33.2M	2.8%
Energy	$26.9M	2.3%
Transport & Logistics	$22.3M	1.9%
Other sectors	$108.5M	9.2%
Not classified	$506.2M	43.1%

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	+10.6%	+14.8%	-4.2%	125%
Q1 2026	-1.7%	-4.6%	+2.9%	103%
Q4 2025	+3.2%	+2.4%	+0.8%	100%
Q3 2025	+10.0%	+7.8%	+2.2%	100%
Q2 2025	+8.5%	+10.5%	-1.9%	100%
Q1 2025	-1.3%	-4.6%	+3.3%	100%
Q4 2024	+0.3%	+2.1%	-1.8%	100%
Q3 2024	+10.7%	+5.4%	+5.2%	82%

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	370	175	87	101	62	24.7%	35
Q1 2026	$1.6B	257	96	77	54	12	23.6%	30
Q4 2025	$842.0M	173	33	33	45	7	36.2%	42
Q3 2025	$783.7M	147	4	28	50	3	36.7%	37
Q2 2025	$730.8M	146	28	21	49	4	35.1%	25
Q1 2025	$498.1M	122	5	34	27	35	38.4%	21
Q4 2024	$657.6M	152	48	30	24	7	34.6%	23
Q3 2024	$470.4M	111	2	84	21	92	39.7%	29
Q2 2024	$620.5M	201	57	29	108	2	34.4%	26
Q1 2024	$603.6M	146	10	38	36	16	34.9%	25
Q4 2023	$684.0M	152	9	35	57	8	38.9%	24
Q3 2023	$643.5M	151	21	77	19	5	39.1%	19
Q2 2023	$449.8M	135	4	21	52	6	38.0%	39
Q1 2023	$434.9M	137	14	12	62	11	36.1%	27
Q4 2022	$444.8M	134	5	38	35	10	31.4%	26
Q3 2022	$416.8M	139	11	22	41	8	32.0%	13
Q2 2022	$446.7M	136	8	49	52	24	32.5%	19
Q1 2022	$475.2M	152	11	32	78	31	31.6%	21
Q4 2021	$606.2M	172	10	83	40	8	35.4%	21
Q3 2021	$460.0M	170	29	40	40	10	32.0%	34
Q2 2021	$444.1M	151	20	39	34	6	34.8%	26
Q1 2021	$428.1M	137	16	29	60	5	36.2%	33
Q4 2020	$380.5M	126	13	31	27	7	39.3%	33
Q3 2020	$328.5M	120	11	36	45	9	40.9%	43
Q2 2020	$324.3M	118	9	25	49	11	41.1%	29
Q1 2020	$320.3M	120	8	47	49	12	46.9%	43
Q4 2019	$382.8M	124	8	23	49	2	41.1%	17
Q3 2019	$358.2M	118	6	55	29	7	42.6%	43
Q2 2019	$351.5M	119	13	34	45	3	43.4%	32
Q1 2019	$337.5M	109	11	15	57	20	44.5%	43
Q4 2018	$373.7M	118	0	0	0	0	46.2%	43

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.