# SYNTAX ADVISORS, LLC

> Institutional holdings reported to the SEC as of Q3 2023 on Form 13F. CIK 1858294. Source: https://holderbook.com/funds/1858294-syntax-advisors-llc/

- Reported value: $113.5M
- Positions: 195
- Weight of the ten largest: 52.7%
- Filed: 2023-11-13

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 |
|---|---|---|---|---|---|
| SYNTAX ETF TR | [SSPY](https://holderbook.com/stocks/SSPY/) | $46.5M | 710,727 | 40.9% | 8 |
| SYNTAX ETF TR | [SMDY](https://holderbook.com/stocks/SMDY/) | $5.5M | 149,660 | 4.9% | 8 |
| SYNTAX ETF TR | [SSLY](https://holderbook.com/stocks/SSLY/) | $2.8M | 68,762 | 2.4% | 8 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $759.9K | 1,345 | 0.7% | 8 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $751.7K | 6,393 | 0.7% | 8 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $744.5K | 4,415 | 0.7% | 8 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $722.1K | 4,515 | 0.6% | 8 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $704.8K | 15,749 | 0.6% | 8 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $697.0K | 10,553 | 0.6% | 8 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $696.0K | 9,969 | 0.6% | 8 |
| WALGREENS BOOTS ALLIANCE INC | [WBA](https://holderbook.com/stocks/WBA/) | $664.5K | 29,877 | 0.6% | 8 |
| CHARTER COMMUNICATIONS INC | [CHTR](https://holderbook.com/stocks/CHTR/) | $510.6K | 1,161 | 0.4% | 8 |
| GARMIN LTD | [GRMN](https://holderbook.com/stocks/GRMN/) | $504.2K | 4,793 | 0.4% | 8 |
| LOEWS CORP | [L](https://holderbook.com/stocks/L/) | $500.0K | 7,898 | 0.4% | 8 |
| ZIONS BANCORPORATION NATL AS | [ZION](https://holderbook.com/stocks/ZION/) | $492.4K | 14,114 | 0.4% | 4 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $491.7K | 3,470 | 0.4% | 8 |
| RALPH LAUREN CORP | [RL](https://holderbook.com/stocks/RL/) | $488.6K | 4,209 | 0.4% | 8 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $486.6K | 3,895 | 0.4% | 8 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $485.3K | 10,945 | 0.4% | 8 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $484.9K | 4,036 | 0.4% | 8 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $480.2K | 3,173 | 0.4% | 8 |
| DOMINOS PIZZA INC | [DPZ](https://holderbook.com/stocks/DPZ/) | $479.9K | 1,267 | 0.4% | 8 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $479.1K | 5,390 | 0.4% | 8 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $474.7K | 1,355 | 0.4% | 8 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $473.9K | 2,768 | 0.4% | 8 |
| MOTOROLA SOLUTIONS INC | [MSI](https://holderbook.com/stocks/MSI/) | $473.4K | 1,739 | 0.4% | 8 |
| DARDEN RESTAURANTS INC | [DRI](https://holderbook.com/stocks/DRI/) | $472.6K | 3,300 | 0.4% | 8 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $472.0K | 5,172 | 0.4% | 8 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $466.6K | 4,131 | 0.4% | 8 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $465.5K | 1,767 | 0.4% | 8 |
| CHIPOTLE MEXICAN GRILL INC | [CMG](https://holderbook.com/stocks/CMG/) | $459.8K | 251 | 0.4% | 8 |
| BATH & BODY WORKS INC | [BBWI](https://holderbook.com/stocks/BBWI/) | $455.5K | 13,477 | 0.4% | 8 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $442.2K | 1,473 | 0.4% | 8 |
| COMERICA INC | [CMA](https://holderbook.com/stocks/CMA/) | $438.1K | 10,544 | 0.4% | 4 |
| HP INC | [HPQ](https://holderbook.com/stocks/HPQ/) | $429.8K | 16,725 | 0.4% | 8 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $410.2K | 5,768 | 0.4% | 8 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $404.6K | 4,416 | 0.4% | 8 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $402.9K | 2,762 | 0.4% | 8 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $400.6K | 3,315 | 0.4% | 8 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $398.1K | 19,827 | 0.4% | 1 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $395.9K | 2,739 | 0.3% | 8 |
| MATCH GROUP INC NEW | [MTCH](https://holderbook.com/stocks/MTCH/) | $389.6K | 9,944 | 0.3% | 8 |
| JACOBS SOLUTIONS INC | [J](https://holderbook.com/stocks/J/) | $386.0K | 2,828 | 0.3% | 5 |
| HORMEL FOODS CORP | [HRL](https://holderbook.com/stocks/HRL/) | $378.5K | 9,952 | 0.3% | 8 |
| BORGWARNER INC | [BWA](https://holderbook.com/stocks/BWA/) | $372.5K | 9,227 | 0.3% | 8 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $371.1K | 3,402 | 0.3% | 7 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $364.9K | 3,941 | 0.3% | 8 |
| APTIV PLC | [APTVXXXX](https://holderbook.com/stocks/APTVXXXX/) | $361.8K | 3,670 | 0.3% | 8 |
| NRG ENERGY INC | [NRG](https://holderbook.com/stocks/NRG/) | $360.1K | 9,349 | 0.3% | 8 |
| TYSON FOODS INC | [TSN](https://holderbook.com/stocks/TSN/) | $358.3K | 7,097 | 0.3% | 8 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $357.7K | 2,729 | 0.3% | 8 |
| BUNGE LIMITED | [BGXXXX](https://holderbook.com/stocks/BGXXXX/) | $355.3K | 3,282 | 0.3% | 3 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $353.4K | 4,686 | 0.3% | 8 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $352.5K | 8,382 | 0.3% | 8 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $343.9K | 9,099 | 0.3% | 8 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $342.5K | 22,806 | 0.3% | 8 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $335.2K | 1,792 | 0.3% | 8 |
| AKAMAI TECHNOLOGIES INC | [AKAM](https://holderbook.com/stocks/AKAM/) | $334.6K | 3,141 | 0.3% | 8 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $334.6K | 2,389 | 0.3% | 8 |
| ACTIVISION BLIZZARD INC | [ATVI](https://holderbook.com/stocks/ATVI/) | $333.6K | 3,563 | 0.3% | 8 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $326.8K | 712 | 0.3% | 8 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $325.0K | 21,380 | 0.3% | 8 |
| TYLER TECHNOLOGIES INC | [TYL](https://holderbook.com/stocks/TYL/) | $324.4K | 840 | 0.3% | 8 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $324.1K | 2,692 | 0.3% | 8 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $323.6K | 1,381 | 0.3% | 8 |
| TAKE-TWO INTERACTIVE SOFTWAR | [TTWO](https://holderbook.com/stocks/TTWO/) | $322.9K | 2,300 | 0.3% | 8 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $322.0K | 7,950 | 0.3% | 8 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $321.4K | 1,587 | 0.3% | 8 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $321.1K | 3,358 | 0.3% | 8 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $321.0K | 10,502 | 0.3% | 8 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $318.4K | 3,281 | 0.3% | 8 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $318.3K | 5,460 | 0.3% | 8 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $318.1K | 9,816 | 0.3% | 8 |
| DISCOVER FINL SVCS | [DFS](https://holderbook.com/stocks/DFS/) | $317.5K | 3,665 | 0.3% | 8 |
| UNIVERSAL HLTH SVCS INC | [UHS](https://holderbook.com/stocks/UHS/) | $314.1K | 2,498 | 0.3% | 8 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $313.7K | 8,881 | 0.3% | 8 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $311.6K | 2,221 | 0.3% | 4 |
| V F CORP | [VFC](https://holderbook.com/stocks/VFC/) | $308.9K | 17,481 | 0.3% | 8 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $308.8K | 978 | 0.3% | 8 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $307.9K | 424 | 0.3% | 8 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $305.2K | 2,522 | 0.3% | 8 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $305.2K | 546 | 0.3% | 4 |
| ATMOS ENERGY CORP | [ATO](https://holderbook.com/stocks/ATO/) | $304.7K | 2,876 | 0.3% | 8 |
| NISOURCE INC | [NI](https://holderbook.com/stocks/NI/) | $300.3K | 12,168 | 0.3% | 8 |
| TAPESTRY INC | [TPR](https://holderbook.com/stocks/TPR/) | $296.2K | 10,303 | 0.3% | 8 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $295.9K | 1,203 | 0.3% | 8 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $295.9K | 1,459 | 0.3% | 8 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $294.7K | 2,380 | 0.3% | 8 |
| CENTENE CORP DEL | [CNC](https://holderbook.com/stocks/CNC/) | $276.3K | 4,011 | 0.2% | 8 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $275.6K | 2,602 | 0.2% | 8 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $275.3K | 546 | 0.2% | 8 |
| HUMANA INC | [HUM](https://holderbook.com/stocks/HUM/) | $274.9K | 565 | 0.2% | 8 |
| MOLINA HEALTHCARE INC | [MOH](https://holderbook.com/stocks/MOH/) | $270.5K | 825 | 0.2% | 7 |
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $262.4K | 44 | 0.2% | 8 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $259.0K | 5,676 | 0.2% | 8 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $256.9K | 2,396 | 0.2% | 3 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $256.5K | 589 | 0.2% | 8 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $250.3K | 4,131 | 0.2% | 8 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $248.8K | 20,032 | 0.2% | 8 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $248.3K | 3,765 | 0.2% | 8 |

## 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 2023 | -3.9% | -3.6% | -0.4% | 100% |
| Q2 2023 | +3.4% | +8.3% | -4.9% | 95% |
| Q1 2023 | +2.4% | +7.0% | -4.7% | 95% |
| Q4 2022 | +11.2% | +7.1% | +4.2% | 100% |
| Q3 2022 | -5.0% | -5.3% | +0.3% | 95% |
| Q2 2022 | -12.6% | -16.5% | +3.9% | 96% |
| Q1 2022 | -1.8% | -4.9% | +3.2% | 96% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2023 | $113.5M | 195 |
| Q2 2023 | $124.1M | 213 |
| Q1 2023 | $132.0M | 232 |
| Q4 2022 | $120.1M | 213 |
| Q3 2022 | $117.0M | 214 |
| Q2 2022 | $119.0M | 216 |
| Q1 2022 | $119.1M | 220 |
| Q4 2021 | $135.5M | 237 |