# LFA - Lugano Financial Advisors SA

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1737871. Source: https://holderbook.com/funds/1737871-lfa-lugano-financial-advisors-sa/

- Reported value: $166.2M
- Positions: 274
- Weight of the ten largest: 53.8%
- 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 |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $37.5M | 51,717 | 22.6% | 30 |
| SCHWAB STRATEGIC TR | [FNDE](https://holderbook.com/stocks/FNDE/) | $13.0M | 328,425 | 7.8% | 4 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $8.1M | 22,496 | 4.9% | 30 |
| ISHARES TR | [IGIB](https://holderbook.com/stocks/IGIB/) | $5.7M | 108,384 | 3.4% | 11 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $5.1M | 66,137 | 3.1% | 30 |
| VANGUARD WHITEHALL FDS | [VWOB](https://holderbook.com/stocks/VWOB/) | $4.7M | 71,871 | 2.9% | 11 |
| VANGUARD WORLD FD | [VSGX](https://holderbook.com/stocks/VSGX/) | $4.3M | 52,553 | 2.6% | 3 |
| NEW YORK LIFE INVESTMENTS ET | [QAI](https://holderbook.com/stocks/QAI/) | $3.7M | 104,915 | 2.2% | 30 |
| FIRST TR EXCH TRADED FD III | [FTLS](https://holderbook.com/stocks/FTLS/) | $3.7M | 51,811 | 2.2% | 19 |
| ISHARES TR | [TLH](https://holderbook.com/stocks/TLH/) | $3.4M | 34,483 | 2.0% | 14 |
| SPDR SERIES TRUST | [SJNK](https://holderbook.com/stocks/SJNK/) | $3.4M | 135,506 | 2.0% | 30 |
| ISHARES TR | [IBDU](https://holderbook.com/stocks/IBDU/) | $3.3M | 144,509 | 2.0% | 11 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $3.3M | 4,415 | 2.0% | 4 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $3.2M | 55,931 | 1.9% | 11 |
| FIRST TR EXCHANGE TRADED FD | [CIBR](https://holderbook.com/stocks/CIBR/) | $3.2M | 37,074 | 1.9% | 22 |
| SPDR INDEX SHS FDS | [FEZ](https://holderbook.com/stocks/FEZ/) | $2.8M | 40,634 | 1.7% | 30 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.7M | 11,410 | 1.6% | 30 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $2.4M | 6,604 | 1.5% | 30 |
| ISHARES TR | [IBDT](https://holderbook.com/stocks/IBDT/) | $2.4M | 94,311 | 1.4% | 11 |
| ISHARES TR | [IBDV](https://holderbook.com/stocks/IBDV/) | $2.1M | 96,993 | 1.3% | 8 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $2.1M | 25,214 | 1.2% | 20 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $2.0M | 19,699 | 1.2% | 30 |
| ISHARES INC | [EWL](https://holderbook.com/stocks/EWL/) | $1.8M | 29,262 | 1.1% | 30 |
| ISHARES TR | [QLTA](https://holderbook.com/stocks/QLTA/) | $1.6M | 34,674 | 1.0% | 26 |
| SPDR SERIES TRUST | [CWB](https://holderbook.com/stocks/CWB/) | $1.6M | 14,651 | 1.0% | 30 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $1.5M | 20,112 | 0.9% | 13 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $1.4M | 1,284 | 0.8% | 13 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $1.3M | 13,185 | 0.8% | 4 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $1.3M | 10,800 | 0.8% | 10 |
| ISHARES INC | [ESGE](https://holderbook.com/stocks/ESGE/) | $1.2M | 22,721 | 0.7% | 3 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.2M | 4,059 | 0.7% | 15 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $990.7K | 2,804 | 0.6% | 13 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $862.3K | 2,413 | 0.5% | 22 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $861.6K | 31,104 | 0.5% | 5 |
| INVESCO EXCHANGE TRADED FD T | [PSP](https://holderbook.com/stocks/PSP/) | $811.3K | 15,304 | 0.5% | 12 |
| VANGUARD WORLD FD | [VHT](https://holderbook.com/stocks/VHT/) | $762.5K | 2,550 | 0.5% | 10 |
| ISHARES TR | [EWU](https://holderbook.com/stocks/EWU/) | $740.6K | 16,051 | 0.4% | 29 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $707.3K | 3,535 | 0.4% | 11 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $664.8K | 8,044 | 0.4% | 3 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $648.3K | 3,500 | 0.4% | 13 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $605.6K | 1,850 | 0.4% | 13 |
| FIRST TR EXCH TRADED FD III | [FPEI](https://holderbook.com/stocks/FPEI/) | $547.8K | 28,400 | 0.3% | 19 |
| SPROTT ASSET MANAGEMENT LP | [PHYS](https://holderbook.com/stocks/PHYS/) | $543.2K | 18,000 | 0.3% | 1 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $487.1K | 5,233 | 0.3% | 30 |
| VANGUARD SCOTTSDALE FDS | [VCLT](https://holderbook.com/stocks/VCLT/) | $453.4K | 6,025 | 0.3% | 29 |
| ISHARES TR | [HEWJ](https://holderbook.com/stocks/HEWJ/) | $443.1K | 6,868 | 0.3% | 30 |
| ISHARES INC | [EMXC](https://holderbook.com/stocks/EMXC/) | $408.2K | 3,990 | 0.2% | 11 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $399.6K | 1,878 | 0.2% | 8 |
| ISHARES TR | [GARP](https://holderbook.com/stocks/GARP/) | $392.9K | 4,760 | 0.2% | 1 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $391.4K | 7,300 | 0.2% | 11 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $374.3K | 1,091 | 0.2% | 13 |
| VANGUARD WORLD FD | [MGC](https://holderbook.com/stocks/MGC/) | $366.1K | 1,338 | 0.2% | 1 |
| ISHARES TR | [ITA](https://holderbook.com/stocks/ITA/) | $348.4K | 1,437 | 0.2% | 9 |
| ISHARES TR | [ICLN](https://holderbook.com/stocks/ICLN/) | $345.6K | 16,868 | 0.2% | 3 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $335.5K | 5,621 | 0.2% | 5 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $332.3K | 4,000 | 0.2% | 13 |
| INVESCO EXCH TRADED FD TR II | [CGW](https://holderbook.com/stocks/CGW/) | $328.3K | 4,994 | 0.2% | 3 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $325.9K | 1,295 | 0.2% | 15 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $317.9K | 1,400 | 0.2% | 10 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $313.1K | 1,042 | 0.2% | 7 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $309.8K | 1,626 | 0.2% | 12 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $304.9K | 2,600 | 0.2% | 13 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $294.0K | 3,893 | 0.2% | 5 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $294.0K | 3,617 | 0.2% | 13 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $285.2K | 3,540 | 0.2% | 13 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $283.2K | 4,971 | 0.2% | 11 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $263.6K | 468 | 0.2% | 19 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $261.6K | 2,850 | 0.2% | 13 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $261.2K | 500 | 0.2% | 10 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $250.7K | 3,518 | 0.2% | 4 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $245.6K | 2,707 | 0.1% | 13 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $236.2K | 1,325 | 0.1% | 10 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $235.3K | 2,000 | 0.1% | 13 |
| ISHARES TR | [IBB](https://holderbook.com/stocks/IBB/) | $228.2K | 1,200 | 0.1% | 10 |
| ISHARES TR | [SDG](https://holderbook.com/stocks/SDG/) | $225.5K | 2,522 | 0.1% | 30 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $224.4K | 2,680 | 0.1% | 5 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $220.8K | 430 | 0.1% | 11 |
| ISHARES TR | [SHV](https://holderbook.com/stocks/SHV/) | $220.7K | 2,000 | 0.1% | 3 |
| KRANESHARES TRUST | [KGRN](https://holderbook.com/stocks/KGRN/) | $220.5K | 9,313 | 0.1% | 3 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $216.2K | 514 | 0.1% | 18 |
| ISHARES TR | [SUSA](https://holderbook.com/stocks/SUSA/) | $207.2K | 1,343 | 0.1% | 30 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $202.5K | 536 | 0.1% | 11 |
| ISHARES INC | [URTH](https://holderbook.com/stocks/URTH/) | $199.0K | 982 | 0.1% | 5 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $198.4K | 1,018 | 0.1% | 9 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $195.9K | 1,400 | 0.1% | 10 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $193.2K | 1,412 | 0.1% | 11 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $192.5K | 257 | 0.1% | 12 |
| ISHARES INC | [EWC](https://holderbook.com/stocks/EWC/) | $190.2K | 3,300 | 0.1% | 1 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $189.4K | 3,910 | 0.1% | 30 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $189.0K | 2,575 | 0.1% | 30 |
| SPDR SERIES TRUST | [BWZ](https://holderbook.com/stocks/BWZ/) | $183.6K | 7,271 | 0.1% | 18 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $182.9K | 1,310 | 0.1% | 6 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $160.7K | 134 | 0.1% | 12 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $157.2K | 1,628 | 0.1% | 11 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $155.1K | 970 | 0.1% | 13 |
| ISHARES INC | [GHYG](https://holderbook.com/stocks/GHYG/) | $152.8K | 3,373 | 0.1% | 29 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $151.1K | 2,100 | 0.1% | 9 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $150.6K | 815 | 0.1% | 13 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $150.5K | 1,101 | 0.1% | 11 |
| SPDR SERIES TRUST | [EBND](https://holderbook.com/stocks/EBND/) | $150.3K | 7,185 | 0.1% | 11 |

## 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 | +5.5% | +14.8% | -9.4% | 101% |
| Q1 2026 | -1.1% | -4.6% | +3.6% | 100% |
| Q4 2025 | +1.8% | +2.4% | -0.6% | 100% |
| Q3 2025 | +5.1% | +7.8% | -2.8% | 100% |
| Q2 2025 | +6.2% | +10.5% | -4.3% | 100% |
| Q1 2025 | -0.3% | -4.6% | +4.2% | 100% |
| Q4 2024 | -1.0% | +2.1% | -3.2% | 100% |
| Q3 2024 | +4.7% | +5.4% | -0.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $166.2M | 274 |
| Q1 2026 | $196.6M | 223 |
| Q4 2025 | $193.7M | 235 |
| Q3 2025 | $189.7M | 229 |
| Q2 2025 | $168.8M | 245 |
| Q1 2025 | $147.1M | 191 |
| Q4 2024 | $153.0M | 193 |
| Q3 2024 | $147.1M | 183 |
| Q2 2024 | $131.3M | 172 |
| Q1 2024 | $137.4M | 160 |
| Q4 2023 | $127.3M | 170 |
| Q3 2023 | $116.8M | 179 |