Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (37 quarters reported)
$360M in Q2 2017 → $1.31B now. Hover for any quarter.
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 |
|---|---|---|---|---|
| VU Vanguard Ultra Short Bond ETF | 11.9% | Added 0.4% | 3,112,942 | $155M |
| SS State Street SPDR Bloomberg Sh | 11.6% | New | 6,067,585 | $152M |
| IS Ishares Short Duration Bond Ac | 10.1% | Added 8.7% | 2,605,312 | $132M |
| IP Invesco Preferred ETF | 9.5% | Added 12% | 11,489,931 | $125M |
| PE Pimco Enhanced Short Maturity | 7.8% | Added 10% | 1,005,246 | $101M |
| IU Invesco Ultra Short Duration E | 7.6% | Added 0.4% | 1,988,756 | $99.7M |
| I0 Ishares 0-5 Year High Yield Co | 6.8% | Added 0.8% | 2,108,580 | $89.4M |
| JU Jpmorgan Ultra-short Income Et | 5.0% | Added 0.2% | 1,282,964 | $64.9M |
| Pimco Municipal Income Fund Ii | 4.5% | Added 2.5% | 7,767,525 | $59.1M |
| I0 Ishares 0-5 Year Investment Gr | 3.9% | Added 1.1% | 1,008,271 | $50.8M |
| FT First Trust Enhanced Short Mat | 3.0% | Added 0.6% | 659,483 | $39.4M |
| Invesco Senior Income Trust | 1.9% | Added 25% | 8,391,783 | $25.2M |
| VL Vanguard Long-term Corporate B | 1.7% | Trimmed 3.3% | 303,536 | $22.8M |
| VL Vaneck Long Muni ETF | 1.7% | Trimmed 3.6% | 1,244,176 | $22.1M |
| SS State Street Blackstone Senior | 1.5% | Trimmed 9.7% | 473,743 | $19.1M |
| IP Ishares Preferred And Income S | 0.8% | Added 582% | 344,817 | $10.5M |
| ES Equable Shares Hedged Equity E | 0.5% | Added 8.8% | 227,986 | $6.84M |
| SG SPDR Gold Shares | 0.4% | Added 946% | 12,842 | $4.73M |
| VS Vaneck Semiconductor ETF | 0.2% | Trimmed 40% | 4,500 | $2.95M |
| IQ Invesco Qqq Trust Series 1 | 0.2% | Trimmed 1.5% | 3,935 | $2.9M |
| Annaly Capital Management Inc | 0.2% | Added 1.2% | 107,085 | $2.39M |
| Agnc Investment Corp | 0.2% | Added 1.2% | 196,596 | $2.14M |
| DQ Defiance Quantum ETF | 0.2% | Unchanged | 12,500 | $2.07M |
| Cheniere Energy Partners LP | 0.1% | Added 1.1% | 31,069 | $1.89M |
| ET Energy Transfer LP | 0.1% | Added 32% | 97,266 | $1.86M |
| Mplx LP | 0.1% | Added 27% | 32,578 | $1.84M |
| JU Jpmorgan Ultra-short Municipal | 0.1% | Unchanged | 34,847 | $1.78M |
| SS State Street SPDR S&P Biotech | 0.1% | Trimmed 8.3% | 11,000 | $1.74M |
| Simon Property Group Inc | 0.1% | Added 23% | 7,631 | $1.71M |
| Invesco Mortgage Capital Inc | 0.1% | Added 1.2% | 211,265 | $1.67M |
| Anglogold Ashanti PLC | 0.1% | Added 1.2% | 20,249 | $1.64M |
| Cvr Partners LP | 0.1% | Added 1.3% | 14,505 | $1.62M |
| SS State Street Health Care Selec | 0.1% | Added 22% | 10,169 | $1.61M |
| IS Invesco S&P 500 Equal Weight T | 0.1% | Trimmed 29% | 25,000 | $1.61M |
| Dynex Capital Inc | 0.1% | Added 1.2% | 120,880 | $1.58M |
| Delek Logistics Partners LP | 0.1% | Added 1.5% | 29,668 | $1.53M |
| VR Vanguard Real Estate ETF | 0.1% | Added 72% | 15,500 | $1.49M |
| Rio Tinto PLC | 0.1% | Added 1.2% | 15,741 | $1.49M |
| BS Blackstone Secured Lending Fun | 0.1% | Added 1.2% | 61,710 | $1.46M |
| Ares Capital Corp | 0.1% | Added 1.2% | 77,871 | $1.44M |
| Kinetik Holdings Inc | 0.1% | Added 0.9% | 29,411 | $1.42M |
| Hess Midstream LP | 0.1% | Added 1.2% | 36,836 | $1.39M |
| Berkshire Hathaway Inc | 0.1% | Trimmed 5.8% | 2,710 | $1.36M |
| IM Ishares Msci Emerging Markets | 0.1% | Added 20% | 19,757 | $1.35M |
| SS State Street Communication Ser | 0.1% | Added 4.2% | 12,500 | $1.34M |
| PA Plains All American Pipeline L | 0.1% | Added 1.1% | 56,532 | $1.26M |
| SP Starwood Property Trust Inc | 0.1% | Added 1.2% | 76,682 | $1.26M |
| UC Usa Compression Partners LP | 0.1% | Added 1.1% | 47,573 | $1.26M |
| Viper Energy Inc | 0.1% | Added 0.7% | 29,480 | $1.25M |
| Nvidia Corp | 0.1% | Added 100% | 6,000 | $1.2M |
| Apple Inc | 0.1% | Trimmed 11% | 4,000 | $1.16M |
| SS State Street Utilities Select | 0.1% | Added 2.0% | 25,000 | $1.13M |
| IC Invesco China Technology ETF | 0.1% | New | 19,833 | $1.13M |
| SS State Street SPDR S&P Regional | 0.1% | Unchanged | 15,000 | $1.12M |
| Pepsico Inc | 0.1% | New | 8,216 | $1.11M |
| Realty Income Corp | 0.1% | Added 1.2% | 17,952 | $1.11M |
| Txo Partners LP | 0.1% | Added 46% | 88,123 | $1.1M |
| Mach Natural Resources LP | 0.1% | Added 74% | 87,085 | $1.1M |
| Alphabet Inc | 0.1% | Trimmed 33% | 3,064 | $1.09M |
| Extra Space Storage Inc | 0.1% | New | 7,529 | $1.09M |
Showing top 60 of 157 positions.
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 |
|---|---|---|---|---|
| SS State Street SPDR Bloomberg Sh | New | +6,067,585 | +$152M | 11.6% |
| SS State Street SPDR Portfolio Lo | Exited | −1,781,208 | −$39.6M | — |
| I0 Ishares 0-3 Month Treasury Bon | Exited | −210,000 | −$21.1M | — |
| IP Invesco Preferred ETF | Added | +1,211,727 | +$13.1M | 9.5% |
| IS Ishares Short Duration Bond Ac | Added | +208,509 | +$10.6M | 10.1% |
| PE Pimco Enhanced Short Maturity | Added | +93,994 | +$9.48M | 7.8% |
| IP Ishares Preferred And Income S | Added | +294,247 | +$8.97M | 0.8% |
| Invesco Senior Income Trust | Added | +1,670,325 | +$5.01M | 1.9% |
| SG SPDR Gold Shares | Added | +11,614 | +$4.28M | 0.4% |
| NQ Nuveen Quality Municipal Incom | Exited | −296,999 | −$3.42M | — |
Showing the 10 largest of 180 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I0 Ishares 0-5 Year High Yield Co | Trimmed | −9,890,082 | −$418M | 7.6% |
| I2 Ishares 20 Year Treasury Bond | Trimmed | −1,645,402 | −$143M | 0.1% |
| IP Ishares Preferred And Income S | Trimmed | −2,066,289 | −$62.6M | 0.1% |
| FT First Trust Enhanced Short Mat | New | +655,802 | +$39.2M | 3.4% |
| NA Nuveen Amt-free Quality Munici | Exited | −2,801,020 | −$32.6M | — |
| IP Invesco Preferred ETF | Added | +2,957,015 | +$32.2M | 9.6% |
| SS State Street SPDR Portfolio Lo | Added | +1,281,208 | +$28.5M | 3.4% |
| NQ Nuveen Quality Municipal Incom | Trimmed | −2,254,168 | −$25.9M | 0.3% |
| JU Jpmorgan Ultra-short Income Et | Added | +500,000 | +$25.3M | 5.6% |
| II Ishares Iboxx $ Investment Gra | Exited | −200,000 | −$22M | — |
Showing the 10 largest of 184 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IP Ishares Preferred And Income S | Trimmed | −4,121,803 | −$216M | 6.3% |
| I0 Ishares 0-5 Year High Yield Co | Added | +3,289,152 | +$141M | 29.0% |
| IP Invesco Preferred ETF | New | +7,321,189 | +$82.3M | 4.7% |
| IU Invesco Ultra Short Duration E | Added | +1,195,330 | +$60.1M | 5.7% |
| VU Vanguard Ultra Short Bond ETF | Added | +656,947 | +$32.7M | 8.9% |
| Pimco Municipal Income Fund Ii | Added | +3,738,016 | +$28.2M | 2.7% |
| II Ishares Iboxx $ Investment Gra | New | +200,000 | +$22M | 1.2% |
| Invesco Senior Income Trust | New | +4,445,801 | +$14.5M | 0.8% |
| SS State Street SPDR Portfolio Lo | New | +500,000 | +$11.3M | 0.6% |
| VL Vaneck Long Muni ETF | Added | +503,765 | +$8.83M | 1.2% |
Showing the 10 largest of 174 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I0 Ishares 0-5 Year High Yield Co | Added | +6,930,833 | +$300M | 25.7% |
| IP Ishares Preferred And Income S | New | +6,238,662 | +$197M | 13.5% |
| FT First Trust Enhanced Short Mat | Exited | −1,379,695 | −$82.6M | — |
| IU Invesco Ultra Short Duration E | New | +826,495 | +$41.5M | 2.8% |
| Pimco Municipal Income Fund Ii | New | +2,608,260 | +$20.6M | 1.4% |
| VL Vaneck Long Muni ETF | New | +679,998 | +$11.9M | 0.8% |
| IS Invesco Senior Loan ETF | Added | +345,000 | +$7.22M | 0.6% |
| NA Nuveen Amt-free Quality Munici | Trimmed | −320,492 | −$3.65M | 2.3% |
| IQ Invesco Qqq Trust Series 1 | Trimmed | −5,710 | −$3.43M | 0.1% |
| SB SPDR Blackstone Senior Loan Et | Added | +82,000 | +$3.41M | 0.3% |
Showing the 10 largest of 160 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IS Ishares Short Duration Bond Ac | Trimmed | −1,011,348 | −$51.7M | 13.2% |
| I0 Ishares 0-5 Year High Yield Co | Added | +783,821 | +$33.8M | 7.9% |
| FT First Trust Enhanced Short Mat | Trimmed | −418,952 | −$25.1M | 8.6% |
| VU Vanguard Ultra Short Bond ETF | Added | +453,534 | +$22.6M | 12.8% |
| PE Pimco Enhanced Short Maturity | Added | +221,757 | +$22.3M | 9.7% |
| NQ Nuveen Quality Municipal Incom | Trimmed | −822,459 | −$9.29M | 3.8% |
| NA Nuveen Amt-free Quality Munici | Trimmed | −821,683 | −$8.97M | 3.8% |
| IS Invesco Senior Loan ETF | Trimmed | −170,000 | −$3.56M | 0.2% |
| FT First Trust Smith Opportunisti | Trimmed | −70,500 | −$3.09M | 0.2% |
| SB SPDR Blackstone Senior Loan Et | Trimmed | −72,000 | −$2.99M | 0.2% |
Showing the 10 largest of 154 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I2 Ishares 20plus Year Treasury Bond | Added | +1,564,988 | +$142M | 15.0% |
| VU Vanguard Ultra Short Bond ETF | New | +2,002,873 | +$99.9M | 10.2% |
| VL Vanguard Long-term Treasury Et | Exited | −1,075,644 | −$59.5M | — |
| PE Pimco Enhanced Short Maturity | Added | +427,763 | +$43M | 7.2% |
| I0 Ishares 0-5 Year High Yield Co | New | +977,660 | +$41.6M | 4.2% |
| I0 Ishares 0-5 Year Investment Gr | Added | +566,918 | +$28.5M | 4.8% |
| IS Ishares Short Duration Bond Ac | Added | +259,730 | +$13.2M | 18.1% |
| JU Jpmorgan Ultra-short Income Et | Added | +200,000 | +$10.1M | 4.0% |
| FT First Trust Enhanced Short Mat | Added | +164,416 | +$9.84M | 11.0% |
| IS Invesco Senior Loan ETF | New | +270,000 | +$5.59M | 0.6% |
Showing the 10 largest of 149 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I0 Ishares 0-5 Year High Yield Co | Exited | −6,682,194 | −$290M | — |
| I2 Ishares 20 Year Treasury Bond | Trimmed | −1,014,580 | −$88.6M | 0.7% |
| VL Vanguard Long-term Treasury Et | New | +1,075,644 | +$59.5M | 9.4% |
| VL Vanguard Long-term Corporate B | Added | +223,921 | +$16.7M | 3.3% |
| IS Ishares Short Duration Bond Ac | Added | +258,816 | +$13.1M | 25.6% |
| NA Nuveen Amt-free Quality Munici | Added | +939,948 | +$10.6M | 7.7% |
| FT First Trust Enhanced Short Mat | Added | +155,249 | +$9.28M | 15.3% |
| NQ Nuveen Quality Municipal Incom | Added | +588,021 | +$6.86M | 7.8% |
| BM Blackrock Muniyield Quality Fu | Exited | −354,851 | −$4.26M | — |
| PE Pimco Enhanced Short Maturity | Added | +27,015 | +$2.71M | 4.3% |
Showing the 10 largest of 159 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I0 Ishares 0-5 Year High Yield Co | Trimmed | −2,840,942 | −$123M | 31.8% |
| I2 Ishares 20 Year Treasury Bond | Added | +500,265 | +$49.1M | 11.4% |
| BM Blackrock Muniyield Quality Fu | Trimmed | −1,565,306 | −$18.8M | 0.5% |
| NA Nuveen Amt-free Quality Munici | Added | +1,460,933 | +$17.5M | 4.5% |
| NQ Nuveen Quality Municipal Incom | Added | +1,285,382 | +$15.9M | 4.9% |
| IS Ishares Short Duration Bond Ac | Added | +271,798 | +$13.9M | 16.6% |
| FT First Trust Enhanced Short Mat | Added | +189,268 | +$11.3M | 9.7% |
| IR Ishares Russell 2000 ETF | Exited | −28,000 | −$5.68M | — |
| WA Western Asset High Yield Defin | Exited | −410,194 | −$4.76M | — |
| TS Technology Select Sector SPDR | New | +20,548 | +$4.64M | 0.5% |
Showing the 10 largest of 182 changes.
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