Bakala Capital LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (14 quarters reported)

$22.8M —

Q1 23 Q4 23 Q3 24 Q2 25 Q1 26 Q2 26

— in Q1 2023 → $22.8M now. Hover for any quarter.

Holdings

As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
VT Vanguard Tax-managed Fds	29.0%	Added 0.5%	92,853	$6.62M
VI Vanguard Index Fds	17.8%	Added 0.3%	5,910	$4.06M
VI Vanguard Intl Equity Index F	9.2%	Added 0.1%	35,009	$2.09M
IT Ishares Tr	8.2%	Unchanged	4,405	$1.88M
IT Ishares Tr	7.4%	Added 2.3%	17,184	$1.7M
VS Vanguard Scottsdale Fds	7.4%	Added 2.4%	21,409	$1.69M
IT Ishares Tr	6.1%	Added 3.3%	32,864	$1.39M
SS Schwab Strategic Tr	4.6%	Added 3.3%	39,247	$1.04M
VC Vanguard Charlotte Fds	4.3%	Added 3.0%	20,139	$975K
VI Vanguard Index Fds	3.6%	Added 301%	10,264	$827K
VI Vanguard Index Fds	2.4%	Added 0.3%	1,844	$559K

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended June 30, 2026 · filed August 14, 2026

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Index Fds	Added	+7,706	+$621K	3.6%
IT Ishares Tr	Added	+1,065	+$45.2K	6.1%
VS Vanguard Scottsdale Fds	Added	+506	+$40K	7.4%
IT Ishares Tr	Added	+389	+$38.5K	7.4%
VT Vanguard Tax-managed Fds	Added	+493	+$35.1K	29.0%
SS Schwab Strategic Tr	Added	+1,263	+$33.5K	4.6%
VC Vanguard Charlotte Fds	Added	+589	+$28.5K	4.3%
VI Vanguard Index Fds	Added	+17	+$11.7K	17.8%
VI Vanguard Intl Equity Index F	Added	+42	+$2.51K	9.2%
VI Vanguard Index Fds	Added	+5	+$1.52K	2.4%

quarter ended March 31, 2026 · filed May 14, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−760	−$282K	7.9%
IT Ishares Tr	Added	+364	+$15.4K	6.5%
VS Vanguard Scottsdale Fds	Added	+149	+$11.8K	8.0%
VI Vanguard Index Fds	Added	+19	+$11.4K	16.9%
IT Ishares Tr	Added	+107	+$10.6K	8.0%
VT Vanguard Tax-managed Fds	Added	+159	+$10.2K	28.5%
VC Vanguard Charlotte Fds	Added	+85	+$4.08K	4.5%
VI Vanguard Index Fds	Added	+10	+$2.87K	3.5%
VI Vanguard Index Fds	Added	+7	+$1.83K	2.3%

quarter ended December 31, 2025 · filed February 13, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	New	+5,165	+$2M	9.4%
VT Vanguard Tax-managed Fds	Added	+2,080	+$130K	27.2%
VI Vanguard Intl Equity Index F	Added	+876	+$47.1K	8.9%
VI Vanguard Index Fds	Added	+68	+$42.6K	17.4%
IT Ishares Tr	Added	+907	+$38.9K	6.4%
VS Vanguard Scottsdale Fds	Added	+433	+$34.5K	7.8%
IT Ishares Tr	Added	+316	+$31.6K	7.9%
VC Vanguard Charlotte Fds	Added	+625	+$30.2K	4.4%
SS Schwab Strategic Tr	Added	+855	+$22.6K	4.8%
VI Vanguard Index Fds	Added	+33	+$9.58K	3.5%

Showing the 10 largest of 11 changes.

quarter ended September 30, 2025 · filed November 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Added	+1,666	+$72.1K	7.1%
VS Vanguard Scottsdale Fds	Added	+846	+$67.6K	8.8%
IT Ishares Tr	Added	+663	+$66.5K	8.9%
SS Schwab Strategic Tr	Added	+2,268	+$61.1K	5.4%
VT Vanguard Tax-managed Fds	Added	+428	+$25.6K	29.2%
VI Vanguard Index Fds	Added	+17	+$10.4K	19.2%
VI Vanguard Intl Equity Index F	Added	+175	+$9.48K	10.0%
VC Vanguard Charlotte Fds	Added	+122	+$6.03K	5.0%
VI Vanguard Index Fds	Added	+10	+$2.94K	4.0%
VI Vanguard Index Fds	Added	+6	+$1.53K	2.5%

quarter ended June 30, 2025 · filed August 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
VT Vanguard Tax-managed Fds	Trimmed	−11,645	−$664K	29.4%
VI Vanguard Intl Equity Index F	Trimmed	−3,744	−$185K	9.6%
VI Vanguard Index Fds	Trimmed	−175	−$99.4K	18.9%
VS Vanguard Scottsdale Fds	Trimmed	−1,054	−$83.8K	8.9%
IT Ishares Tr	Trimmed	−752	−$74.6K	8.9%
IT Ishares Tr	Trimmed	−1,114	−$48.1K	7.1%
SS Schwab Strategic Tr	Trimmed	−1,705	−$45.5K	5.3%
VC Vanguard Charlotte Fds	Trimmed	−786	−$38.9K	5.3%
VI Vanguard Index Fds	Trimmed	−77	−$21.5K	4.0%

quarter ended March 31, 2025 · filed May 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Exited	−6,012	−$2.01M	—
VT Vanguard Tax-managed Fds	Added	+19,285	+$980K	29.5%
IT Ishares Tr	Added	+2,967	+$293K	9.3%
VS Vanguard Scottsdale Fds	Added	+3,510	+$277K	9.3%
VI Vanguard Index Fds	Added	+492	+$253K	17.6%
VI Vanguard Intl Equity Index F	Added	+5,186	+$235K	9.8%
IT Ishares Tr	Added	+4,533	+$193K	7.3%
SS Schwab Strategic Tr	Added	+6,331	+$170K	5.6%
VC Vanguard Charlotte Fds	Added	+3,207	+$157K	5.5%
VI Vanguard Index Fds	Added	+216	+$55.9K	3.8%

Showing the 10 largest of 11 changes.

quarter ended December 31, 2024 · filed February 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	New	+6,012	+$2.01M	12.1%
SS Schwab Strategic Tr	Added	+15,242	+$394K	4.7%
VT Vanguard Tax-managed Fds	Added	+1,200	+$57.4K	23.6%
VI Vanguard Intl Equity Index F	Added	+756	+$33.3K	8.6%
IT Ishares Tr	Added	+593	+$25.3K	6.5%
VC Vanguard Charlotte Fds	Added	+423	+$20.7K	4.8%
VI Vanguard Index Fds	Added	+34	+$18.3K	17.7%
VS Vanguard Scottsdale Fds	Added	+234	+$18.3K	8.0%
IT Ishares Tr	Added	+169	+$16.4K	7.9%
VI Vanguard Index Fds	Added	+11	+$2.64K	2.4%

Showing the 10 largest of 11 changes.

quarter ended September 30, 2024 · filed November 13, 2024

Company	Action	Shares changed	Value of change	% of portfolio
VT Vanguard Tax-managed Fds	Added	+1,732	+$91.5K	28.4%
VI Vanguard Index Fds	Added	+119	+$62.8K	19.1%
IT Ishares Tr	Added	+884	+$38.4K	7.2%
VS Vanguard Scottsdale Fds	Added	+475	+$37.7K	8.9%
IT Ishares Tr	Added	+366	+$37.1K	9.0%
VI Vanguard Intl Equity Index F	Added	+681	+$32.6K	10.1%
SS Schwab Strategic Tr	Added	+430	+$23.1K	5.4%
VC Vanguard Charlotte Fds	Added	+388	+$19.5K	5.3%
VI Vanguard Index Fds	Added	+62	+$16.4K	4.1%
VI Vanguard Index Fds	Added	+36	+$8.54K	2.6%

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