# USA FINANCIAL FORMULAS

> Institutional holdings reported to the SEC as of Q1 2026 on Form 13F. CIK 1633716. Source: https://holderbook.com/funds/1633716-usa-financial-formulas/

- Reported value: $530.5M
- Positions: 437
- Weight of the ten largest: 82.3%
- Filed: 2026-04-14

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 |
|---|---|---|---|---|---|
| ISHARES TR | [IJS](https://holderbook.com/stocks/IJS/) | $109.9M | 927,820 | 20.7% | 1 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $108.1M | 435,956 | 20.4% | 21 |
| ISHARES TR | [IJK](https://holderbook.com/stocks/IJK/) | $104.8M | 1,041,989 | 19.8% | 1 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $38.1M | 58,368 | 7.2% | 29 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $23.2M | 253,563 | 4.4% | 1 |
| ISHARES S&P GSCI COMMODITY- | [GSG](https://holderbook.com/stocks/GSG/) | $18.6M | 577,692 | 3.5% | 4 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $14.0M | 128,238 | 2.6% | 24 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $12.3M | 129,169 | 2.3% | 1 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $3.8M | 6,655 | 0.7% | 12 |
| AIM ETF PRODUCTS TRUST | [SIXJ](https://holderbook.com/stocks/SIXJ/) | $3.8M | 113,956 | 0.7% | 5 |
| AIM ETF PRODUCTS TRUST | [SIXO](https://holderbook.com/stocks/SIXO/) | $3.7M | 110,556 | 0.7% | 5 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $3.4M | 59,962 | 0.6% | 4 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $3.3M | 29,041 | 0.6% | 10 |
| AIM ETF PRODUCTS TRUST | [JANU](https://holderbook.com/stocks/JANU/) | $1.9M | 69,589 | 0.4% | 5 |
| AIM ETF PRODUCTS TRUST | [OCTU](https://holderbook.com/stocks/OCTU/) | $1.9M | 68,733 | 0.4% | 5 |
| AIM ETF PRODUCTS TRUST | [JULU](https://holderbook.com/stocks/JULU/) | $1.9M | 65,966 | 0.4% | 5 |
| AIM ETF PRODUCTS TRUST | [ARLU](https://holderbook.com/stocks/ARLU/) | $1.9M | 64,932 | 0.4% | 5 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.6M | 4,784 | 0.3% | 5 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $1.5M | 5,628 | 0.3% | 3 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $1.5M | 19,229 | 0.3% | 6 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $1.4M | 6,639 | 0.3% | 2 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $1.4M | 4,079 | 0.3% | 2 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $1.4M | 9,804 | 0.3% | 6 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $1.3M | 6,187 | 0.3% | 1 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $1.3M | 3,390 | 0.3% | 1 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $1.2M | 19,564 | 0.2% | 2 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $1.1M | 1,457 | 0.2% | 1 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $1.1M | 3,524 | 0.2% | 2 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $1.0M | 8,565 | 0.2% | 9 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $991.1K | 3,455 | 0.2% | 2 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $984.4K | 7,510 | 0.2% | 4 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $941.3K | 4,627 | 0.2% | 2 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $916.3K | 4,750 | 0.2% | 16 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $912.9K | 3,233 | 0.2% | 2 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $891.3K | 7,410 | 0.2% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $871.5K | 3,434 | 0.2% | 2 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $851.3K | 60,416 | 0.2% | 2 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $823.2K | 6,286 | 0.2% | 5 |
| HASBRO INC | [HAS](https://holderbook.com/stocks/HAS/) | $804.7K | 8,597 | 0.2% | 2 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $802.2K | 1,491 | 0.2% | 2 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $799.6K | 20,508 | 0.2% | 1 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $776.7K | 1,805 | 0.1% | 2 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $774.8K | 4,037 | 0.1% | 1 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $760.6K | 4,483 | 0.1% | 2 |
| NORDSON CORP | [NDSN](https://holderbook.com/stocks/NDSN/) | $731.7K | 2,750 | 0.1% | 4 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $730.6K | 9,197 | 0.1% | 3 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $714.7K | 6,302 | 0.1% | 3 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $707.4K | 2,894 | 0.1% | 23 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $702.2K | 2,442 | 0.1% | 2 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $702.2K | 17,106 | 0.1% | 3 |
| MONSTER BEVERAGE CORP NEW | [MNST](https://holderbook.com/stocks/MNST/) | $690.2K | 9,525 | 0.1% | 4 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $689.3K | 973 | 0.1% | 21 |
| MICROCHIP TECHNOLOGY INC. | [MCHP](https://holderbook.com/stocks/MCHP/) | $688.3K | 10,653 | 0.1% | 1 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $676.1K | 4,354 | 0.1% | 1 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $674.8K | 1,966 | 0.1% | 4 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $673.1K | 3,140 | 0.1% | 11 |
| TERADYNE INC | [TER](https://holderbook.com/stocks/TER/) | $672.4K | 2,268 | 0.1% | 2 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $667.8K | 3,710 | 0.1% | 1 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $658.6K | 3,966 | 0.1% | 3 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $655.1K | 1,862 | 0.1% | 1 |
| HUNT J B TRANS SVCS INC | [JBHT](https://holderbook.com/stocks/JBHT/) | $645.4K | 3,046 | 0.1% | 1 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $644.7K | 5,956 | 0.1% | 3 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $644.5K | 5,101 | 0.1% | 3 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $638.2K | 4,828 | 0.1% | 1 |
| STATE STR CORP | [STT](https://holderbook.com/stocks/STT/) | $633.7K | 5,007 | 0.1% | 1 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $631.9K | 1,774 | 0.1% | 1 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $629.5K | 4,630 | 0.1% | 3 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $619.5K | 1,931 | 0.1% | 22 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $619.3K | 1,337 | 0.1% | 29 |
| ISHARES TR | [IWV](https://holderbook.com/stocks/IWV/) | $615.0K | 1,659 | 0.1% | 29 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $614.4K | 1,723 | 0.1% | 29 |
| ISHARES TR | [OEF](https://holderbook.com/stocks/OEF/) | $606.2K | 1,906 | 0.1% | 12 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $565.3K | 2,288 | 0.1% | 2 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $565.3K | 3,103 | 0.1% | 1 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $555.5K | 3,285 | 0.1% | 17 |
| HUNTINGTON INGALLS INDS INC | [HII](https://holderbook.com/stocks/HII/) | $542.5K | 1,428 | 0.1% | 1 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $537.5K | 2,598 | 0.1% | 1 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $511.5K | 9,953 | 0.1% | 1 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $489.8K | 5,204 | 0.1% | 2 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $485.9K | 5,367 | 0.1% | 2 |
| RALPH LAUREN CORP | [RL](https://holderbook.com/stocks/RL/) | $481.2K | 1,399 | 0.1% | 5 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $478.1K | 5,846 | 0.1% | 1 |
| TAPESTRY INC | [TPR](https://holderbook.com/stocks/TPR/) | $469.9K | 3,330 | 0.1% | 2 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $440.1K | 1,275 | 0.1% | 3 |
| CIENA CORP | [CIEN](https://holderbook.com/stocks/CIEN/) | $428.6K | 1,104 | 0.1% | 3 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $422.7K | 718 | 0.1% | 1 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $405.3K | 594 | 0.1% | 3 |
| ISHARES INC | [EWJ](https://holderbook.com/stocks/EWJ/) | $388.6K | 4,602 | 0.1% | 4 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $387.2K | 648 | 0.1% | 2 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $351.5K | 5,040 | 0.1% | 2 |
| ISHARES TR | [IUSV](https://holderbook.com/stocks/IUSV/) | $344.7K | 3,371 | 0.1% | 2 |
| ISHARES INC | [EWC](https://holderbook.com/stocks/EWC/) | $323.0K | 5,896 | 0.1% | 4 |
| LEAR CORP | [LEA](https://holderbook.com/stocks/LEA/) | $297.4K | 2,456 | 0.1% | 2 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $280.4K | 4,770 | 0.1% | 1 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $276.7K | 3,193 | 0.1% | 2 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $242.8K | 3,964 | 0.0% | 3 |
| ISHARES INC | [EWQ](https://holderbook.com/stocks/EWQ/) | $239.2K | 5,513 | 0.0% | 2 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $232.7K | 5,070 | 0.0% | 8 |
| FIVE BELOW INC | [FIVE](https://holderbook.com/stocks/FIVE/) | $229.4K | 1,004 | 0.0% | 3 |
| MILLICOM INTL CELLULAR S A | [TIGO](https://holderbook.com/stocks/TIGO/) | $228.6K | 3,051 | 0.0% | 4 |

## 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 2026 | -1.6% | -4.6% | +3.1% | 100% |
| Q4 2025 | +2.7% | +2.4% | +0.3% | 100% |
| Q3 2025 | +6.1% | +7.8% | -1.7% | 100% |
| Q2 2025 | +9.2% | +10.5% | -1.2% | 100% |
| Q1 2025 | -1.9% | -4.6% | +2.6% | 100% |
| Q4 2024 | +0.3% | +2.1% | -1.9% | 100% |
| Q3 2024 | +4.2% | +5.4% | -1.2% | 100% |
| Q2 2024 | +2.4% | +4.0% | -1.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2026 | $530.5M | 437 |
| Q4 2025 | $549.6M | 414 |
| Q3 2025 | $567.6M | 257 |
| Q2 2025 | $585.9M | 240 |
| Q1 2025 | $605.7M | 274 |
| Q4 2024 | $636.4M | 286 |
| Q3 2024 | $643.1M | 256 |
| Q2 2024 | $616.7M | 297 |
| Q1 2024 | $616.8M | 300 |
| Q4 2023 | $571.6M | 333 |
| Q3 2023 | $66.9M | 494 |
| Q2 2023 | $65.1M | 490 |