# Newfound Research LLC

> Institutional holdings reported to the SEC as of Q3 2022 on Form 13F. CIK 1630806. Source: https://holderbook.com/funds/1630806-newfound-research-llc/

- Reported value: $40.8M
- Positions: 131
- Weight of the ten largest: 61.1%
- Filed: 2022-10-13

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 | [SHY](https://holderbook.com/stocks/SHY/) | $6.1M | 75,249 | 15.0% | 3 |
| VANGUARD WELLINGTON FD | [VFMO](https://holderbook.com/stocks/VFMO/) | $2.7M | 25,961 | 6.7% | 9 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $2.7M | 20,468 | 6.6% | 16 |
| J P MORGAN EXCHANGE TRADED F | [JMOM](https://holderbook.com/stocks/JMOM/) | $2.7M | 76,222 | 6.6% | 8 |
| FIDELITY COVINGTON TRUST | [FDMO](https://holderbook.com/stocks/FDMO/) | $2.7M | 64,783 | 6.5% | 9 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $2.6M | 7,847 | 6.3% | 1 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.7M | 4,672 | 4.1% | 9 |
| J P MORGAN EXCHANGE TRADED F | [JQUA](https://holderbook.com/stocks/JQUA/) | $1.3M | 36,446 | 3.1% | 7 |
| FIDELITY COVINGTON TRUST | [FQAL](https://holderbook.com/stocks/FQAL/) | $1.3M | 30,579 | 3.1% | 7 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $1.3M | 12,213 | 3.1% | 8 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $1.3M | 19,190 | 3.1% | 7 |
| SPDR SERIES TRUST | [LGLV](https://holderbook.com/stocks/LGLV/) | $1.3M | 10,261 | 3.1% | 7 |
| FIDELITY COVINGTON TRUST | [FDLO](https://holderbook.com/stocks/FDLO/) | $1.3M | 30,123 | 3.1% | 7 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $1.3M | 10,554 | 3.1% | 3 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $861.0K | 6,045 | 2.1% | 3 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $648.0K | 7,817 | 1.6% | 3 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $585.0K | 19,264 | 1.4% | 3 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $394.0K | 6,010 | 1.0% | 3 |
| SELECT SECTOR SPDR TR | [XLRE](https://holderbook.com/stocks/XLRE/) | $386.0K | 10,728 | 0.9% | 3 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $282.0K | 5,887 | 0.7% | 3 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $111.0K | 1,626 | 0.3% | 3 |
| CHIPOTLE MEXICAN GRILL INC | [CMG](https://holderbook.com/stocks/CMG/) | $90.0K | 60 | 0.2% | 8 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $90.0K | 410 | 0.2% | 3 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $88.0K | 1,429 | 0.2% | 3 |
| AGILENT TECHNOLOGIES INC | [A](https://holderbook.com/stocks/A/) | $87.0K | 718 | 0.2% | 3 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $87.0K | 528 | 0.2% | 7 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $86.0K | 368 | 0.2% | 5 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $86.0K | 1,278 | 0.2% | 8 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $86.0K | 333 | 0.2% | 3 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $85.0K | 746 | 0.2% | 8 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $85.0K | 2,198 | 0.2% | 5 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $85.0K | 489 | 0.2% | 9 |
| ACTIVISION BLIZZARD INC | [ATVI](https://holderbook.com/stocks/ATVI/) | $84.0K | 1,136 | 0.2% | 2 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $84.0K | 544 | 0.2% | 9 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $83.0K | 299 | 0.2% | 2 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $83.0K | 411 | 0.2% | 6 |
| LINDE PLC | [LINXXXX](https://holderbook.com/stocks/LINXXXX/) | $83.0K | 307 | 0.2% | 6 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $82.0K | 775 | 0.2% | 9 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $82.0K | 162 | 0.2% | 2 |
| VERISK ANALYTICS INC | [VRSK](https://holderbook.com/stocks/VRSK/) | $82.0K | 483 | 0.2% | 9 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $81.0K | 703 | 0.2% | 9 |
| HOLOGIC INC | [HOLX](https://holderbook.com/stocks/HOLX/) | $81.0K | 1,257 | 0.2% | 2 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $81.0K | 449 | 0.2% | 8 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $81.0K | 117 | 0.2% | 7 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $80.0K | 1,143 | 0.2% | 9 |
| OLD DOMINION FREIGHT LINE IN | [ODFL](https://holderbook.com/stocks/ODFL/) | $80.0K | 321 | 0.2% | 2 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $79.0K | 353 | 0.2% | 5 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $79.0K | 1,712 | 0.2% | 9 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $79.0K | 476 | 0.2% | 4 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $79.0K | 1,187 | 0.2% | 2 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $79.0K | 504 | 0.2% | 2 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $79.0K | 745 | 0.2% | 4 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $79.0K | 307 | 0.2% | 2 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $78.0K | 804 | 0.2% | 8 |
| ANSYS INC | [ANSS](https://holderbook.com/stocks/ANSS/) | $78.0K | 351 | 0.2% | 7 |
| ARISTA NETWORKS INC | [ANETXXXX](https://holderbook.com/stocks/ANETXXXX/) | $78.0K | 693 | 0.2% | 1 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $78.0K | 238 | 0.2% | 6 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $78.0K | 417 | 0.2% | 3 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $78.0K | 72 | 0.2% | 9 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $78.0K | 337 | 0.2% | 9 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $78.0K | 256 | 0.2% | 8 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $78.0K | 437 | 0.2% | 9 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $78.0K | 527 | 0.2% | 3 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $78.0K | 961 | 0.2% | 6 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $77.0K | 1,096 | 0.2% | 9 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $77.0K | 936 | 0.2% | 3 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $77.0K | 1,402 | 0.2% | 5 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $77.0K | 316 | 0.2% | 8 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $77.0K | 214 | 0.2% | 5 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $77.0K | 570 | 0.2% | 9 |
| AKAMAI TECHNOLOGIES INC | [AKAM](https://holderbook.com/stocks/AKAM/) | $76.0K | 940 | 0.2% | 9 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $76.0K | 797 | 0.2% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $76.0K | 266 | 0.2% | 9 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $76.0K | 601 | 0.2% | 9 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $75.0K | 2,834 | 0.2% | 3 |
| ICAHN ENTERPRISES LP | [IEP](https://holderbook.com/stocks/IEP/) | $75.0K | 1,515 | 0.2% | 2 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $75.0K | 670 | 0.2% | 9 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $75.0K | 280 | 0.2% | 3 |
| FACTSET RESH SYS INC | [FDS](https://holderbook.com/stocks/FDS/) | $74.0K | 184 | 0.2% | 2 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $74.0K | 465 | 0.2% | 2 |
| GARMIN LTD | [GRMN](https://holderbook.com/stocks/GRMN/) | $74.0K | 920 | 0.2% | 3 |
| WEST PHARMACEUTICAL SVSC INC | [WST](https://holderbook.com/stocks/WST/) | $73.0K | 295 | 0.2% | 2 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $72.0K | 1,002 | 0.2% | 9 |
| STERIS PLC | [STE](https://holderbook.com/stocks/STE/) | $72.0K | 435 | 0.2% | 9 |
| ROLLINS INC | [ROL](https://holderbook.com/stocks/ROL/) | $71.0K | 2,061 | 0.2% | 2 |
| KEURIG DR PEPPER INC | [KDP](https://holderbook.com/stocks/KDP/) | $70.0K | 1,968 | 0.2% | 2 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $70.0K | 166 | 0.2% | 3 |
| LULULEMON ATHLETICA INC | [LULU](https://holderbook.com/stocks/LULU/) | $69.0K | 248 | 0.2% | 7 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $68.0K | 488 | 0.2% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $68.0K | 418 | 0.2% | 9 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $68.0K | 816 | 0.2% | 6 |
| QUEST DIAGNOSTICS INC | [DGX](https://holderbook.com/stocks/DGX/) | $68.0K | 552 | 0.2% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $67.0K | 484 | 0.2% | 1 |
| DOVER CORP | [DOV](https://holderbook.com/stocks/DOV/) | $67.0K | 571 | 0.2% | 4 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $67.0K | 289 | 0.2% | 8 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $65.0K | 315 | 0.2% | 1 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $65.0K | 336 | 0.2% | 4 |
| COGNIZANT TECHNOLOGY SOLUTIO | [CTSH](https://holderbook.com/stocks/CTSH/) | $64.0K | 1,110 | 0.2% | 6 |
| MCCORMICK & CO INC | [MKC](https://holderbook.com/stocks/MKC/) | $62.0K | 863 | 0.2% | 8 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $62.0K | 751 | 0.2% | 5 |

## 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 |
|---|---|---|---|---|
| Q3 2022 | -4.0% | -5.3% | +1.3% | 100% |
| Q2 2022 | -13.7% | -16.5% | +2.7% | 100% |
| Q1 2022 | -6.1% | -4.9% | -1.2% | 100% |
| Q4 2021 | +9.5% | +10.7% | -1.2% | 100% |
| Q3 2021 | +0.2% | +0.3% | -0.0% | 100% |
| Q2 2021 | +8.1% | +8.0% | +0.1% | 100% |
| Q1 2021 | +2.8% | +6.0% | -3.2% | 100% |
| Q4 2020 | +12.8% | +11.6% | +1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2022 | $40.8M | 131 |
| Q2 2022 | $47.2M | 131 |
| Q1 2022 | $76.9M | 134 |
| Q4 2021 | $82.8M | 122 |
| Q3 2021 | $61.8M | 121 |
| Q2 2021 | $50.5M | 120 |
| Q1 2021 | $43.2M | 127 |
| Q4 2020 | $38.9M | 126 |
| Q3 2020 | $35.0M | 110 |
| Q2 2020 | $80.4M | 51 |
| Q1 2020 | $90.0M | 95 |
| Q4 2019 | $106.6M | 141 |