Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (26 quarters reported)
$5.73B in Q1 2020 → $1.27B now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| IT Ishares Tr | 60.5% | Trimmed 24% | 1,001,950 | $767M |
| IQ Invesco Qqq Tr | 22.6% | Added 38% | 386,727 | $286M |
| IG Ishares Gold Trust Micro | 13.8% | Added 14% | 4,237,300 | $176M |
| IT Ishares Tr | 1.6% | Unchanged | 576,619 | $20.6M |
| SS SPDR Series Trust | 0.7% | Trimmed 87% | 64,520 | $8.96M |
| SS SPDR Series Trust | 0.4% | Unchanged | 35,053 | $5.18M |
| SS SPDR Series Trust | 0.4% | Trimmed 92% | 37,531 | $4.61M |
| IT Ishares Tr | 0.0% | Unchanged | 4,264 | $329K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 21, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −319,715 | −$245M | 60.5% |
| IQ Invesco Qqq Tr | Added | +105,531 | +$78.1M | 22.6% |
| SS SPDR Series Trust | Trimmed | −436,860 | −$60.7M | 0.7% |
| SS SPDR Series Trust | Trimmed | −449,066 | −$55.2M | 0.4% |
| IG Ishares Gold Trust Micro | Added | +528,300 | +$21.9M | 13.8% |
| PR Pardee Resources | Exited | −8,780 | −$2.5M | — |
| BJ Boswell J G | Exited | −603 | −$331K | — |
| EH Eagle Hospitality Trust Units | Exited | −376,300 | −$51K | — |
| Element Fleet Management Corp | Exited | −374 | −$4K | — |
| VI Vanguard Index Fund;etf | Exited | −1 | — | — |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2026 · filed August 24, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IQ Invesco Qqq Trust, Series Trust | New | +281,196 | +$207M | 13.7% |
| SS State Street SPDR Russell Low Vol | Trimmed | −1,023,663 | −$146M | 4.8% |
| SS State Street SPDR Russell Yield F | Trimmed | −1,133,892 | −$145M | 4.1% |
| PR Pardee Resources | New | +8,780 | +$2.5M | 0.2% |
| IC Ishares Core S&P ETF Trust | Trimmed | −1,335 | −$1M | 65.6% |
| BJ Boswell J G | New | +603 | +$331K | — |
| EH Eagle Hospitality Trust Units | New | +376,300 | +$51K | — |
| Element Fleet Management Corp | New | +374 | +$4K | — |
| VI Vanguard Index Fund;etf | New | +1 | — | — |
| IP Intu Properties REIT PLC | New | +621,218 | — | — |
quarter ended March 31, 2026 · filed May 19, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Series Trust | Trimmed | −344,733 | −$48.1M | 13.5% |
| SS SPDR Series Trust | Trimmed | −369,788 | −$46.9M | 13.1% |
| IG Ishares Gold Tr | Added | +751,000 | +$34.5M | 10.9% |
| IT Ishares Tr | New | +576,619 | +$21.5M | 1.4% |
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Series Trust | Trimmed | −530,232 | −$71.4M | 0.3% |
| SS SPDR Series Trust | Trimmed | −430,642 | −$51.5M | 15.2% |
| SS SPDR Series Trust | Trimmed | −368,272 | −$50.6M | 16.4% |
| WG World Gold Tr | Exited | −171,000 | −$13.5M | — |
| IT Ishares Tr | Added | +5,000 | +$3.48M | 58.8% |
| IG Ishares Gold Tr | Added | +42,000 | +$2.04M | 9.2% |
quarter ended September 30, 2025 · filed November 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −2,286,619 | −$85.5M | — |
| IT Ishares Tr | Exited | −550,000 | −$25.7M | — |
| IE Invesco Exch Traded Fd Tr Ii | Exited | −250,000 | −$5.23M | — |
| IG Ishares Gold Tr | Added | +2,000 | +$79.8K | 7.0% |
| VG Vodafone Group PLC New | Exited | +0 | — | — |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Exited | −1,448,563 | −$738M | — |
| IT Ishares Tr | Exited | −7,583,471 | −$597M | — |
| IQ Invesco Qqq Tr | Exited | −799,266 | −$380M | — |
| IT Ishares Tr | Exited | −2,402,269 | −$348M | — |
| IT Ishares Tr | Exited | −1,875,445 | −$342M | — |
| IT Ishares Tr | Exited | −2,918,749 | −$270M | — |
| IT Ishares Tr | Added | +394,000 | +$250M | 49.6% |
| IT Ishares Tr | Exited | −1,197,502 | −$233M | — |
| VI Vanguard Intl Equity Index F | Exited | −5,118,100 | −$232M | — |
| DE Dimensional ETF Trust | Exited | −7,620,911 | −$202M | — |
Showing the 10 largest of 467 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −1,071,000 | −$598M | 7.2% |
| VI Vanguard Index Fds | Added | +913,528 | +$466M | 10.4% |
| IT Ishares Tr | Added | +5,040,373 | +$397M | 8.4% |
| IQ Invesco Qqq Tr | Added | +793,884 | +$377M | 5.3% |
| IT Ishares Tr | Added | +887,984 | +$173M | 3.3% |
| IT Ishares Tr | Added | +1,169,735 | +$169M | 4.9% |
| IT Ishares Tr | Trimmed | −1,784,013 | −$165M | 3.8% |
| VE Vaneck ETF Trust | Trimmed | −2,542,838 | −$156M | 2.4% |
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −1,901,730 | −$139M | 2.7% |
| IG Ishares Gold Tr | Trimmed | −3,012,000 | −$99M | 1.6% |
Showing the 10 largest of 32 changes.
quarter ended December 31, 2024 · filed January 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Added | +577,916 | +$340M | 17.4% |
| VI Vanguard Index Fds | Added | +533,896 | +$288M | 4.3% |
| VI Vanguard Intl Equity Index F | Trimmed | −2,497,099 | −$110M | 2.1% |
| SS SPDR Ser Tr | Trimmed | −774,197 | −$97.1M | 4.2% |
| SS SPDR Ser Tr | Trimmed | −891,845 | −$97.1M | 3.9% |
| IT Ishares Tr | Added | +772,537 | +$54.3M | 2.7% |
| VE Vaneck ETF Trust | Trimmed | −1,241,893 | −$53.1M | 3.4% |
| KT Kraneshares Trust | Trimmed | −1,708,738 | −$50M | 1.8% |
| SS SPDR Ser Tr | Trimmed | −343,112 | −$45.4M | — |
| SS Select Sector SPDR Tr | Added | +287,460 | +$39.5M | 1.0% |
Showing the 10 largest of 36 changes.
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