# Karn, Couzens & Associates, Inc.

> Institutional holdings reported to the SEC as of Q1 2022 on Form 13F. CIK 1842433. Source: https://holderbook.com/funds/1842433-karn-couzens-associates-inc/

- Reported value: $157.5M
- Positions: 89
- Weight of the ten largest: 63.9%
- Filed: 2022-04-19

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 | [IVV](https://holderbook.com/stocks/IVV/) | $34.7M | 76,404 | 22.0% | 6 |
| VANGUARD INDEX FDS | [VXF](https://holderbook.com/stocks/VXF/) | $10.5M | 63,257 | 6.7% | 6 |
| PIMCO ETF TR | [MINT](https://holderbook.com/stocks/MINT/) | $9.7M | 96,342 | 6.1% | 1 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $9.5M | 58,677 | 6.0% | 6 |
| ISHARES TR | [IWV](https://holderbook.com/stocks/IWV/) | $8.2M | 31,361 | 5.2% | 6 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $7.7M | 43,822 | 4.9% | 6 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $7.3M | 87,832 | 4.6% | 6 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $4.8M | 61,962 | 3.1% | 6 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $4.6M | 4,242 | 2.9% | 6 |
| ISHARES U S ETF TR | [MEAR](https://holderbook.com/stocks/MEAR/) | $3.7M | 75,055 | 2.4% | 6 |
| ISHARES TR | [SHV](https://holderbook.com/stocks/SHV/) | $3.1M | 28,515 | 2.0% | 6 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.8M | 7,797 | 1.7% | 6 |
| ISHARES TR | [ESGU](https://holderbook.com/stocks/ESGU/) | $2.5M | 24,696 | 1.6% | 6 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $2.1M | 20,530 | 1.3% | 6 |
| PIMCO ETF TR | [MUNI](https://holderbook.com/stocks/MUNI/) | $2.1M | 38,905 | 1.3% | 2 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $2.0M | 7,233 | 1.3% | 6 |
| VANECK ETF TRUST | [ITM](https://holderbook.com/stocks/ITM/) | $1.9M | 41,165 | 1.2% | 1 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $1.8M | 25,917 | 1.1% | 6 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $1.5M | 13,497 | 0.9% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.4M | 4,594 | 0.9% | 6 |
| ISHARES TR | [IYE](https://holderbook.com/stocks/IYE/) | $1.4M | 33,959 | 0.9% | 6 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $1.4M | 13,167 | 0.9% | 6 |
| ISHARES TR | [IBDN](https://holderbook.com/stocks/IBDN/) | $1.3M | 53,799 | 0.9% | 6 |
| ISHARES TR | [EFAV](https://holderbook.com/stocks/EFAV/) | $1.2M | 17,215 | 0.8% | 6 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $1.2M | 9,717 | 0.8% | 4 |
| ISHARES TR | [IYG](https://holderbook.com/stocks/IYG/) | $1.2M | 6,468 | 0.7% | 6 |
| ISHARES TR | [IYH](https://holderbook.com/stocks/IYH/) | $1.2M | 4,018 | 0.7% | 6 |
| ISHARES U S ETF TR | [NEAR](https://holderbook.com/stocks/NEAR/) | $1.1M | 23,099 | 0.7% | 6 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $963.0K | 2,133 | 0.6% | 6 |
| ISHARES TR | [EFG](https://holderbook.com/stocks/EFG/) | $885.0K | 9,192 | 0.6% | 6 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $865.0K | 5,484 | 0.5% | 4 |
| ISHARES TR | [IBDO](https://holderbook.com/stocks/IBDO/) | $791.0K | 31,290 | 0.5% | 4 |
| ISHARES TR | [EFV](https://holderbook.com/stocks/EFV/) | $752.0K | 14,962 | 0.5% | 4 |
| ISHARES TR | [HDV](https://holderbook.com/stocks/HDV/) | $692.0K | 6,473 | 0.4% | 6 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $685.0K | 18,820 | 0.4% | 6 |
| ISHARES TR | [IUSB](https://holderbook.com/stocks/IUSB/) | $662.0K | 13,329 | 0.4% | 4 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $633.0K | 3,816 | 0.4% | 6 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $620.0K | 4,522 | 0.4% | 6 |
| ISHARES U S ETF TR | [COMT](https://holderbook.com/stocks/COMT/) | $597.0K | 14,902 | 0.4% | 4 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $554.0K | 5,133 | 0.4% | 6 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $540.0K | 22,868 | 0.3% | 6 |
| BLACKROCK ETF TRUST II | [INMU](https://holderbook.com/stocks/INMU/) | $534.0K | 22,053 | 0.3% | 1 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $527.0K | 21,146 | 0.3% | 6 |
| ISHARES TR | [IXN](https://holderbook.com/stocks/IXN/) | $509.0K | 8,777 | 0.3% | 6 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $505.0K | 2,106 | 0.3% | 6 |
| ISHARES TR | [FLOT](https://holderbook.com/stocks/FLOT/) | $496.0K | 9,822 | 0.3% | 4 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $484.0K | 5,857 | 0.3% | 5 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $479.0K | 3,076 | 0.3% | 6 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $470.0K | 4,745 | 0.3% | 6 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $463.0K | 142 | 0.3% | 6 |
| ISHARES TR | [VLUE](https://holderbook.com/stocks/VLUE/) | $454.0K | 4,346 | 0.3% | 6 |
| ISHARES TR | [STLV](https://holderbook.com/stocks/STLV/) | $454.0K | 15,590 | 0.3% | 2 |
| ISHARES INC | [ESGE](https://holderbook.com/stocks/ESGE/) | $443.0K | 12,054 | 0.3% | 6 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $435.0K | 4,156 | 0.3% | 1 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $412.0K | 1,666 | 0.3% | 6 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $408.0K | 8,008 | 0.3% | 6 |
| ISHARES TR | [IWX](https://holderbook.com/stocks/IWX/) | $404.0K | 5,800 | 0.3% | 1 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $398.0K | 10,617 | 0.3% | 3 |
| ISHARES TR | [ILCB](https://holderbook.com/stocks/ILCB/) | $373.0K | 5,932 | 0.2% | 6 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $362.0K | 4,641 | 0.2% | 6 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $355.0K | 2,003 | 0.2% | 6 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $353.0K | 2,586 | 0.2% | 6 |
| ISHARES TR | [IBMK](https://holderbook.com/stocks/IBMK/) | $338.0K | 13,059 | 0.2% | 1 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $334.0K | 1,116 | 0.2% | 6 |
| ISHARES TR | [DVY](https://holderbook.com/stocks/DVY/) | $313.0K | 2,445 | 0.2% | 3 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $313.0K | 2,590 | 0.2% | 6 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $301.0K | 5,415 | 0.2% | 6 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $298.0K | 1,234 | 0.2% | 2 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $294.0K | 1,534 | 0.2% | 6 |
| ISHARES TR | [DGRO](https://holderbook.com/stocks/DGRO/) | $293.0K | 5,479 | 0.2% | 1 |
| SSGA ACTIVE ETF TR | [TOTL](https://holderbook.com/stocks/TOTL/) | $293.0K | 6,555 | 0.2% | 6 |
| ISHARES TR | [FALN](https://holderbook.com/stocks/FALN/) | $289.0K | 10,422 | 0.2% | 2 |
| ISHARES TR | [DSI](https://holderbook.com/stocks/DSI/) | $285.0K | 3,285 | 0.2% | 5 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $273.0K | 98 | 0.2% | 5 |
| ISHARES TR | [SMMD](https://holderbook.com/stocks/SMMD/) | $272.0K | 4,362 | 0.2% | 2 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $255.0K | 1,118 | 0.2% | 1 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $245.0K | 538 | 0.2% | 6 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $243.0K | 5,188 | 0.2% | 6 |
| ISHARES TR | [IBMN](https://holderbook.com/stocks/IBMN/) | $239.0K | 8,973 | 0.2% | 1 |
| ISHARES TR | [ESGD](https://holderbook.com/stocks/ESGD/) | $231.0K | 3,130 | 0.1% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $229.0K | 82 | 0.1% | 4 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $227.0K | 6,162 | 0.1% | 2 |
| ISHARES TR | [IXG](https://holderbook.com/stocks/IXG/) | $225.0K | 2,837 | 0.1% | 2 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $223.0K | 2,001 | 0.1% | 4 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $223.0K | 3,032 | 0.1% | 2 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $222.0K | 1,036 | 0.1% | 2 |
| ISHARES TR | [USXF](https://holderbook.com/stocks/USXF/) | $211.0K | 5,926 | 0.1% | 4 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $207.0K | 4,000 | 0.1% | 2 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $200.0K | 1,197 | 0.1% | 2 |

## 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 2022 | -3.9% | -4.9% | +1.0% | 98% |
| Q4 2021 | +8.2% | +10.7% | -2.5% | 98% |
| Q3 2021 | -0.0% | +0.3% | -0.3% | 98% |
| Q2 2021 | +6.0% | +8.0% | -2.0% | 98% |
| Q1 2021 | +3.1% | +6.0% | -2.9% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2022 | $157.5M | 89 |
| Q4 2021 | $145.8M | 83 |
| Q3 2021 | $131.3M | 74 |
| Q2 2021 | $128.9M | 73 |
| Q1 2021 | $111.4M | 65 |
| Q4 2020 | $105.6M | 62 |