# Pinnacle Advisory Group, Inc.

> Institutional holdings reported to the SEC as of Q1 2021 on Form 13F. CIK 1504404. Source: https://holderbook.com/funds/1504404-pinnacle-advisory-group-inc/

- Reported value: $2.2B
- Positions: 247
- Weight of the ten largest: 39.5%
- Filed: 2021-05-12

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 |
|---|---|---|---|---|---|
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $165.9M | 1,249,383 | 7.6% | 10 |
| JANUS DETROIT STR TR | [JMBS](https://holderbook.com/stocks/JMBS/) | $99.2M | 1,869,846 | 4.6% | 7 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $99.1M | 589,909 | 4.6% | 10 |
| ISHARES TR | [USIG](https://holderbook.com/stocks/USIG/) | $91.0M | 1,541,372 | 4.2% | 4 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $79.2M | 701,461 | 3.6% | 10 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $70.2M | 2,062,603 | 3.2% | 10 |
| GRANITESHARES ETF TR | [COMB](https://holderbook.com/stocks/COMB/) | $70.2M | 2,813,411 | 3.2% | 2 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $66.9M | 679,473 | 3.1% | 10 |
| SSGA ACTIVE ETF TR | [SRLN](https://holderbook.com/stocks/SRLN/) | $62.6M | 1,368,431 | 2.9% | 3 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $54.9M | 853,270 | 2.5% | 10 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $54.0M | 736,067 | 2.5% | 8 |
| GLOBAL X FDS | [PAVE](https://holderbook.com/stocks/PAVE/) | $52.8M | 2,108,888 | 2.4% | 10 |
| ISHARES INC | [EWJ](https://holderbook.com/stocks/EWJ/) | $51.0M | 744,612 | 2.3% | 10 |
| SPDR SERIES TRUST | [KBE](https://holderbook.com/stocks/KBE/) | $45.3M | 874,004 | 2.1% | 2 |
| ISHARES INC | [EWG](https://holderbook.com/stocks/EWG/) | $43.0M | 1,286,632 | 2.0% | 4 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $42.3M | 99,659 | 1.9% | 4 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $42.2M | 311,345 | 1.9% | 10 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $41.8M | 476,733 | 1.9% | 10 |
| JANUS DETROIT STR TR | [VNLA](https://holderbook.com/stocks/VNLA/) | $41.2M | 821,285 | 1.9% | 7 |
| ISHARES INC | [EZU](https://holderbook.com/stocks/EZU/) | $41.2M | 887,619 | 1.9% | 10 |
| FRANKLIN TEMPLETON ETF TR | [FLGB](https://holderbook.com/stocks/FLGB/) | $40.6M | 1,700,943 | 1.9% | 2 |
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $38.1M | 751,189 | 1.8% | 4 |
| WORLD GOLD TR | [GLDMXXXX](https://holderbook.com/stocks/GLDMXXXX/) | $37.8M | 2,223,651 | 1.7% | 1 |
| FIRST TR EXCH TRADED FD III | [FMB](https://holderbook.com/stocks/FMB/) | $36.3M | 643,975 | 1.7% | 5 |
| SPDR SERIES TRUST | [SPSM](https://holderbook.com/stocks/SPSM/) | $34.6M | 819,060 | 1.6% | 10 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $33.0M | 419,179 | 1.5% | 9 |
| INVESCO EXCHANGE TRADED FD T | [PEJ](https://holderbook.com/stocks/PEJ/) | $31.2M | 679,465 | 1.4% | 1 |
| ISHARES INC | [EPP](https://holderbook.com/stocks/EPP/) | $31.2M | 620,330 | 1.4% | 10 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $30.9M | 630,530 | 1.4% | 1 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $30.4M | 316,817 | 1.4% | 10 |
| ISHARES TR | [IHI](https://holderbook.com/stocks/IHI/) | $29.6M | 89,665 | 1.4% | 4 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $29.1M | 426,368 | 1.3% | 10 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $27.0M | 67,790 | 1.2% | 10 |
| ISHARES TR | [ITB](https://holderbook.com/stocks/ITB/) | $26.1M | 384,803 | 1.2% | 10 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $25.4M | 217,709 | 1.2% | 10 |
| VANGUARD WORLD FD | [VHT](https://holderbook.com/stocks/VHT/) | $24.2M | 105,941 | 1.1% | 10 |
| FIDELITY COVINGTON TRUST | [FNCL](https://holderbook.com/stocks/FNCL/) | $23.4M | 478,539 | 1.1% | 4 |
| SCHWAB STRATEGIC TR | [SCHZ](https://holderbook.com/stocks/SCHZ/) | $14.2M | 263,404 | 0.7% | 10 |
| FRANKLIN TEMPLETON ETF TR | [FLJP](https://holderbook.com/stocks/FLJP/) | $13.3M | 437,258 | 0.6% | 10 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $12.8M | 274,323 | 0.6% | 10 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $11.9M | 102,193 | 0.5% | 10 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $10.1M | 88,523 | 0.5% | 10 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $9.6M | 78,240 | 0.4% | 10 |
| BARCLAYS BANK PLC | [DJP](https://holderbook.com/stocks/DJP/) | $9.4M | 395,732 | 0.4% | 7 |
| UGI CORP NEW | [UGI](https://holderbook.com/stocks/UGI/) | $8.5M | 207,684 | 0.4% | 1 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $8.5M | 85,016 | 0.4% | 10 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $8.1M | 215,462 | 0.4% | 10 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $7.0M | 93,812 | 0.3% | 10 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $6.9M | 195,485 | 0.3% | 10 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $6.0M | 16,335 | 0.3% | 6 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $5.7M | 52,904 | 0.3% | 10 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $5.4M | 110,541 | 0.2% | 1 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $4.6M | 174,770 | 0.2% | 10 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $4.6M | 17,521 | 0.2% | 10 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $4.5M | 41,813 | 0.2% | 10 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.3M | 2,102 | 0.2% | 10 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.2M | 17,623 | 0.2% | 10 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $4.0M | 1,933 | 0.2% | 10 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $3.5M | 26,542 | 0.2% | 10 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $3.4M | 73,268 | 0.2% | 10 |
| PIMCO ETF TR | [MINT](https://holderbook.com/stocks/MINT/) | $3.3M | 32,124 | 0.2% | 10 |
| ABRDN PRECIOUS METALS BASKET | [GLTR](https://holderbook.com/stocks/GLTR/) | $3.2M | 34,896 | 0.1% | 9 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $3.2M | 52,478 | 0.1% | 10 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $3.1M | 35,189 | 0.1% | 1 |
| SCHWAB STRATEGIC TR | [SCHH](https://holderbook.com/stocks/SCHH/) | $3.0M | 74,053 | 0.1% | 10 |
| ISHARES INC | [FM](https://holderbook.com/stocks/FM/) | $2.8M | 96,339 | 0.1% | 10 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $2.7M | 84,130 | 0.1% | 10 |
| UBS AG LONDON BRANCH | [DJCB](https://holderbook.com/stocks/DJCB/) | $2.7M | 170,890 | 0.1% | 4 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $2.6M | 35,871 | 0.1% | 10 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $2.5M | 30,731 | 0.1% | 1 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $2.5M | 48,528 | 0.1% | 10 |
| SCHWAB STRATEGIC TR | [SCHR](https://holderbook.com/stocks/SCHR/) | $2.5M | 44,032 | 0.1% | 10 |
| ABRDN ETFS | [BCI](https://holderbook.com/stocks/BCI/) | $2.4M | 101,146 | 0.1% | 9 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $2.3M | 18,515 | 0.1% | 10 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $2.1M | 23,290 | 0.1% | 10 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $2.1M | 17,541 | 0.1% | 1 |
| VANGUARD WHITEHALL FDS | [VWOB](https://holderbook.com/stocks/VWOB/) | $2.1M | 26,512 | 0.1% | 10 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $1.9M | 44,105 | 0.1% | 9 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.9M | 601 | 0.1% | 10 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $1.8M | 35,514 | 0.1% | 1 |
| SPDR SERIES TRUST | [SPBO](https://holderbook.com/stocks/SPBO/) | $1.8M | 52,399 | 0.1% | 6 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $1.8M | 12,672 | 0.1% | 1 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.7M | 4,374 | 0.1% | 10 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $1.7M | 25,835 | 0.1% | 10 |
| SPDR SERIES TRUST | [SPMB](https://holderbook.com/stocks/SPMB/) | $1.7M | 65,166 | 0.1% | 10 |
| SCHWAB STRATEGIC TR | [SCHE](https://holderbook.com/stocks/SCHE/) | $1.7M | 53,037 | 0.1% | 10 |
| INVESCO ACTIVELY MANAGED EXC | [GSY](https://holderbook.com/stocks/GSY/) | $1.7M | 33,338 | 0.1% | 10 |
| HIGHLAND FDS I | [SNLN](https://holderbook.com/stocks/SNLN/) | $1.7M | 103,762 | 0.1% | 10 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $1.7M | 18,132 | 0.1% | 10 |
| VANGUARD WORLD FD | [VFH](https://holderbook.com/stocks/VFH/) | $1.6M | 19,108 | 0.1% | 9 |
| SCHWAB STRATEGIC TR | [SCHO](https://holderbook.com/stocks/SCHO/) | $1.6M | 31,284 | 0.1% | 10 |
| INVESCO EXCH TRADED FD TR II | [PCY](https://holderbook.com/stocks/PCY/) | $1.6M | 58,540 | 0.1% | 10 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.5M | 11,301 | 0.1% | 10 |
| DBX ETF TR | [HYLB](https://holderbook.com/stocks/HYLB/) | $1.5M | 29,938 | 0.1% | 3 |
| SPDR SERIES TRUST | [BWX](https://holderbook.com/stocks/BWX/) | $1.5M | 50,923 | 0.1% | 10 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $1.5M | 7,046 | 0.1% | 10 |
| ISHARES TR | [IAGG](https://holderbook.com/stocks/IAGG/) | $1.5M | 26,525 | 0.1% | 5 |
| VANGUARD WORLD FD | [VOX](https://holderbook.com/stocks/VOX/) | $1.4M | 11,137 | 0.1% | 9 |
| ISHARES TR | [IGOV](https://holderbook.com/stocks/IGOV/) | $1.4M | 27,852 | 0.1% | 10 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.4M | 8,498 | 0.1% | 10 |

## 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 |
|---|---|---|---|---|
| Q1 2021 | +3.8% | +6.0% | -2.2% | 97% |
| Q4 2020 | +8.7% | +11.6% | -2.9% | 96% |
| Q3 2020 | +5.7% | +8.6% | -2.9% | 96% |
| Q2 2020 | +13.1% | +19.6% | -6.5% | 100% |
| Q1 2020 | -14.3% | -19.9% | +5.7% | 100% |
| Q4 2019 | +4.7% | +8.5% | -3.7% | 100% |
| Q3 2019 | +1.2% | +1.3% | -0.1% | 100% |
| Q2 2019 | +2.5% | +3.7% | -1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2021 | $2.2B | 247 |
| Q4 2020 | $1.7B | 181 |
| Q3 2020 | $1.5B | 168 |
| Q2 2020 | $1.4B | 163 |
| Q1 2020 | $1.0B | 150 |
| Q4 2019 | $1.5B | 162 |
| Q3 2019 | $1.4B | 153 |
| Q2 2019 | $1.4B | 166 |
| Q1 2019 | $1.4B | 167 |
| Q4 2018 | $1.3B | 151 |