# FELL CAPITAL MANAGEMENT /ADV

> Institutional holdings reported to the SEC as of Q3 2026 on Form 13F. CIK 850601. Source: https://holderbook.com/funds/850601-fell-capital-management-adv/

- Reported value: $116.3M
- Positions: 94
- Weight of the ten largest: 38.6%
- Filed: 2026-10-09

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 |
|---|---|---|---|---|---|
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $6.4M | 19,317 | 5.5% | 4 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $5.9M | 7,748 | 5.1% | 4 |
| ISHARES TR | [IWN](https://holderbook.com/stocks/IWN/) | $5.7M | 27,420 | 4.9% | 4 |
| ISHARES TR | [IWO](https://holderbook.com/stocks/IWO/) | $5.3M | 14,917 | 4.6% | 4 |
| FIDELITY MERRIMACK STR TR | [FBND](https://holderbook.com/stocks/FBND/) | $4.5M | 103,942 | 3.9% | 4 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $4.4M | 30,218 | 3.8% | 4 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.4M | 12,953 | 3.8% | 4 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $2.8M | 45,967 | 2.4% | 4 |
| SPDR SERIES TRUST | [SLYV](https://holderbook.com/stocks/SLYV/) | $2.7M | 26,212 | 2.3% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $2.7M | 5,188 | 2.3% | 4 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $2.5M | 32,136 | 2.2% | 4 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.5M | 9,834 | 2.1% | 4 |
| VANGUARD WORLD FD | [VAW](https://holderbook.com/stocks/VAW/) | $2.4M | 11,170 | 2.1% | 4 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $2.3M | 38,806 | 2.0% | 4 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $2.1M | 17,445 | 1.8% | 4 |
| SPDR SERIES TRUST | [SLYG](https://holderbook.com/stocks/SLYG/) | $2.0M | 18,373 | 1.7% | 4 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $1.9M | 5,015 | 1.6% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.9M | 8,261 | 1.6% | 4 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $1.8M | 60,384 | 1.5% | 4 |
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $1.8M | 10,830 | 1.5% | 1 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.7M | 5,245 | 1.5% | 4 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $1.7M | 4,040 | 1.5% | 4 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.7M | 4,930 | 1.5% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.6M | 7,734 | 1.4% | 4 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $1.5M | 19,932 | 1.3% | 4 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $1.5M | 1,702 | 1.3% | 4 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $1.4M | 19,205 | 1.2% | 4 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $1.4M | 8,185 | 1.2% | 4 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $1.4M | 1,859 | 1.2% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.3M | 2,622 | 1.1% | 4 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $1.2M | 19,065 | 1.0% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.2M | 4,367 | 1.0% | 4 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $978.2K | 13,975 | 0.8% | 4 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $960.5K | 1,125 | 0.8% | 4 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $928.0K | 8,920 | 0.8% | 4 |
| BITWISE BITCOIN ETF TR | [BITB](https://holderbook.com/stocks/BITB/) | $914.9K | 20,170 | 0.8% | 4 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $910.6K | 5,775 | 0.8% | 4 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $901.5K | 29,900 | 0.8% | 4 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $884.6K | 19,285 | 0.8% | 4 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $867.3K | 8,058 | 0.7% | 4 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $853.6K | 35,042 | 0.7% | 4 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $829.9K | 2,917 | 0.7% | 4 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $822.5K | 2,289 | 0.7% | 4 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $813.9K | 2,855 | 0.7% | 4 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $790.6K | 2,845 | 0.7% | 4 |
| GLOBAL X FDS | [AIQ](https://holderbook.com/stocks/AIQ/) | $769.3K | 11,807 | 0.7% | 4 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $744.6K | 7,925 | 0.6% | 4 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $741.7K | 2,375 | 0.6% | 4 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $729.4K | 7,245 | 0.6% | 4 |
| BLACKROCK CR ALLOCATION | [BTZ](https://holderbook.com/stocks/BTZ/) | $728.0K | 78,200 | 0.6% | 4 |
| RBB FD INC | [TBIL](https://holderbook.com/stocks/TBIL/) | $727.8K | 14,600 | 0.6% | 4 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $686.8K | 13,679 | 0.6% | 4 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $666.0K | 2,190 | 0.6% | 4 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $661.2K | 4,816 | 0.6% | 4 |
| PIMCO CORPORATE & INCOME OPP | [PTY](https://holderbook.com/stocks/PTY/) | $612.7K | 55,650 | 0.5% | 4 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $612.5K | 4,215 | 0.5% | 4 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $580.8K | 5,537 | 0.5% | 4 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $580.2K | 3,125 | 0.5% | 4 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $554.4K | 2,155 | 0.5% | 4 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $550.6K | 1,207 | 0.5% | 4 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $542.1K | 8,050 | 0.5% | 4 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $535.2K | 1,458 | 0.5% | 4 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $528.4K | 7,483 | 0.5% | 4 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $502.2K | 2,670 | 0.4% | 4 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $500.5K | 2,690 | 0.4% | 4 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $419.2K | 6,025 | 0.4% | 4 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $415.0K | 1,525 | 0.4% | 4 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $398.9K | 780 | 0.3% | 4 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $397.3K | 418 | 0.3% | 4 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $391.4K | 1,700 | 0.3% | 4 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $367.7K | 507 | 0.3% | 4 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $359.4K | 1,704 | 0.3% | 2 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $350.3K | 2,411 | 0.3% | 4 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $340.6K | 1,475 | 0.3% | 4 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $336.6K | 6,503 | 0.3% | 4 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $335.3K | 896 | 0.3% | 4 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $334.2K | 3,900 | 0.3% | 4 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $292.0K | 1,264 | 0.3% | 4 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $288.7K | 822 | 0.2% | 4 |
| VANECK ETF TRUST | [REMX](https://holderbook.com/stocks/REMX/) | $280.2K | 4,360 | 0.2% | 4 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $268.3K | 5,025 | 0.2% | 4 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $262.5K | 1,675 | 0.2% | 3 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $258.3K | 1,667 | 0.2% | 2 |
| JACOBS SOLUTIONS INC | [J](https://holderbook.com/stocks/J/) | $257.7K | 1,905 | 0.2% | 4 |
| RBB FD INC | [UTWO](https://holderbook.com/stocks/UTWO/) | $245.0K | 5,175 | 0.2% | 4 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $244.9K | 570 | 0.2% | 4 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $235.1K | 888 | 0.2% | 1 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $235.0K | 1,625 | 0.2% | 4 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $228.9K | 4,200 | 0.2% | 4 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $227.9K | 10,472 | 0.2% | 4 |
| SCHWAB STRATEGIC TR | [SCHE](https://holderbook.com/stocks/SCHE/) | $226.0K | 6,200 | 0.2% | 4 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $219.9K | 2,250 | 0.2% | 4 |
| GRAYSCALE BITCOIN TRUST ETF | [GBTC](https://holderbook.com/stocks/GBTC/) | $219.0K | 3,390 | 0.2% | 1 |
| FIRST TR EXCHANGE TRADED FD | [CIBR](https://holderbook.com/stocks/CIBR/) | $215.5K | 2,090 | 0.2% | 1 |

## 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 | +9.7% | +14.8% | -5.1% | 100% |
| Q1 2026 | -0.8% | -4.6% | +3.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2026 | $116.3M | 94 |
| Q2 2026 | $118.7M | 96 |
| Q1 2026 | $104.8M | 91 |
| Q4 2025 | $102.6M | 90 |