Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (48 quarters reported)
$487M in Q2 2013 → $1.98B 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 |
|---|---|---|---|---|
| VE Vaneck ETF Trust | 19.2% | New | 577,281 | $379M |
| JP J P Morgan Exchange Traded F | 8.9% | New | 2,335,864 | $176M |
| IT Ishares Tr | 8.7% | Trimmed 3.8% | 1,817,337 | $172M |
| SS SPDR Series Trust | 8.6% | Added 10% | 7,812,961 | $169M |
| VI Vanguard Index Fds | 7.9% | Trimmed 50% | 228,001 | $157M |
| SS Schwab Strategic Tr | 7.5% | Trimmed 0.5% | 5,620,759 | $149M |
| I Ishares Inc | 7.2% | Trimmed 1.0% | 1,717,584 | $142M |
| VI Vanguard Intl Equity Index F | 7.0% | Added 4.3% | 876,239 | $138M |
| SG SPDR Gold Tr | 5.0% | Trimmed 1.3% | 268,796 | $99M |
| IT Ishares Tr | 4.5% | New | 118,343 | $88.6M |
| FT First Tr Exchange-traded Fd | 3.7% | Trimmed 1.5% | 2,333,859 | $73M |
| FT First Tr Exchange-traded Fd | 3.6% | Trimmed 11% | 1,632,808 | $71M |
| IT Ishares Tr | 2.6% | Trimmed 9.2% | 504,136 | $50.6M |
| IT Ishares Tr | 1.6% | Added 61% | 393,387 | $32.3M |
| IT Ishares Tr | 0.6% | Trimmed 22% | 143,247 | $12.8M |
| NE Nushares ETF Tr | 0.6% | Added 22% | 292,166 | $12.4M |
| IT Ishares Tr | 0.6% | Trimmed 6.7% | 113,244 | $11.2M |
| IT Ishares Tr | 0.5% | Trimmed 11% | 466,476 | $10.6M |
| SS Select Sector SPDR Tr | 0.5% | Unchanged | 186,996 | $9.93M |
| IT Ishares Tr | 0.3% | Trimmed 39% | 83,041 | $6.33M |
| NE Nushares ETF Tr | 0.2% | Trimmed 34% | 102,152 | $4.09M |
| IT Ishares Tr | 0.2% | Trimmed 20% | 75,814 | $3.11M |
| VT Vanguard Tax-managed Fds | 0.1% | Trimmed 69% | 41,302 | $2.94M |
| VI Vanguard Intl Equity Index F | 0.1% | Trimmed 55% | 47,575 | $2.84M |
| SS SPDR Series Trust | 0.1% | Trimmed 17% | 51,839 | $1.62M |
| IT Ishares Tr | 0.1% | New | 11,610 | $1.17M |
| SS SPDR Series Trust | 0.0% | Trimmed 19% | 26,371 | $705K |
| Black Stone Minerals L P | 0.0% | Unchanged | 24,112 | $337K |
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 |
|---|---|---|---|---|
| VE Vaneck ETF Trust | New | +577,281 | +$379M | 19.2% |
| SS Select Sector SPDR Tr | Exited | −1,691,744 | −$225M | — |
| JP J P Morgan Exchange Traded F | New | +2,335,864 | +$176M | 8.9% |
| VI Vanguard Index Fds | Trimmed | −229,872 | −$158M | 7.9% |
| IT Ishares Tr | New | +118,343 | +$88.6M | 4.5% |
| SS SPDR Series Trust | Added | +724,945 | +$15.7M | 8.6% |
| IT Ishares Tr | Added | +148,992 | +$12.2M | 1.6% |
| FT First Tr Exchange-traded Fd | Trimmed | −202,489 | −$8.81M | 3.6% |
| IT Ishares Tr | Trimmed | −71,877 | −$6.8M | 8.7% |
| VT Vanguard Tax-managed Fds | Trimmed | −92,638 | −$6.6M | 0.1% |
Showing the 10 largest of 27 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Trimmed | −194,357 | −$116M | 16.4% |
| VI Vanguard Intl Equity Index F | Trimmed | −757,003 | −$105M | 7.0% |
| FT First Tr Exchange-traded Fd | Added | +1,275,110 | +$55.7M | 4.8% |
| SS Schwab Strategic Tr | Added | +1,220,120 | +$32.5M | 9.0% |
| I Ishares Inc | Added | +270,576 | +$18.9M | 7.3% |
| IT Ishares Tr | Trimmed | −171,565 | −$16.4M | 10.8% |
| IT Ishares Tr | Trimmed | −161,783 | −$16.3M | 3.4% |
| IT Ishares Tr | New | +182,623 | +$15.3M | 0.9% |
| IT Ishares Tr | Added | +168,890 | +$13.9M | 1.2% |
| SG SPDR Gold Tr | Added | +30,382 | +$13.1M | 7.0% |
Showing the 10 largest of 24 changes.
quarter ended December 31, 2025 · filed February 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | New | +1,663,939 | +$240M | 13.3% |
| VI Vanguard Index Fds | Trimmed | −323,558 | −$203M | 22.6% |
| I Ishares Inc | New | +1,464,323 | +$98.4M | 5.4% |
| VI Vanguard Intl Equity Index F | Trimmed | −1,807,565 | −$97.2M | 0.3% |
| IT Ishares Tr | Trimmed | −714,960 | −$68.8M | 11.0% |
| FT First Tr Exchange-traded Fd | Trimmed | −1,294,818 | −$49M | 1.2% |
| IT Ishares Tr | Exited | −375,228 | −$35.7M | — |
| SS Schwab Strategic Tr | Trimmed | −1,071,338 | −$28.4M | 6.5% |
| IT Ishares Tr | Exited | −250,173 | −$22.4M | — |
| SG SPDR Gold Tr | Trimmed | −53,018 | −$21M | 5.3% |
Showing the 10 largest of 27 changes.
quarter ended September 30, 2025 · filed October 22, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Intl Equity Index F | Added | +431,279 | +$59.4M | 10.7% |
| IT Ishares Tr | Added | +197,970 | +$19.1M | 13.7% |
| IT Ishares Tr | Trimmed | −113,834 | −$11.7M | 3.4% |
| VT Vanguard Tax-managed Fds | Added | +128,217 | +$7.68M | 0.8% |
| SS SPDR Series Trust | Trimmed | −297,424 | −$6.84M | 9.0% |
| IT Ishares Tr | Added | +53,661 | +$5.11M | 1.8% |
| VI Vanguard Index Fds | Exited | −16,250 | −$4.94M | — |
| NE Nushares ETF Tr | Trimmed | −90,137 | −$3.22M | 0.1% |
| IT Ishares Tr | Added | +33,570 | +$3M | 1.1% |
| SG SPDR Gold Tr | Trimmed | −6,814 | −$2.42M | 5.3% |
Showing the 10 largest of 22 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Trimmed | −180,779 | −$103M | 30.6% |
| IT Ishares Tr | New | +764,694 | +$77.7M | 4.3% |
| SS SPDR Series Trust | Added | +2,949,774 | +$69.3M | 10.4% |
| IT Ishares Tr | Trimmed | −444,911 | −$29.7M | 0.7% |
| IT Ishares Tr | Trimmed | −295,711 | −$28.3M | 13.7% |
| VI Vanguard Intl Equity Index F | Trimmed | −158,162 | −$20.3M | 7.8% |
| IT Ishares Tr | Trimmed | −142,870 | −$11.8M | 0.3% |
| SG SPDR Gold Tr | Trimmed | −29,165 | −$8.89M | 5.1% |
| SS Schwab Strategic Tr | Trimmed | −212,024 | −$5.66M | 8.1% |
| NE Nushares ETF Tr | Trimmed | −168,301 | −$5.59M | 0.3% |
Showing the 10 largest of 20 changes.
quarter ended March 31, 2025 · filed April 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Added | +196,741 | +$101M | 33.5% |
| VI Vanguard Intl Equity Index F | Added | +660,678 | +$76.6M | 8.2% |
| VI Vanguard Intl Equity Index F | Added | +1,425,498 | +$64.5M | 5.1% |
| AE Abrdn Etfs | Exited | −3,053,424 | −$60.3M | — |
| VS Vanguard Specialized Funds | Exited | −203,026 | −$39.8M | — |
| IT Ishares Tr | Added | +402,205 | +$38.4M | 15.5% |
| IT Ishares Tr | New | +321,567 | +$30.2M | 1.7% |
| FT First Tr Exchange-traded Fd | Added | +611,628 | +$22.9M | 4.0% |
| SS Schwab Strategic Tr | Added | +694,844 | +$18.7M | 8.7% |
| IT Ishares Tr | Trimmed | −248,929 | −$14.9M | 2.1% |
Showing the 10 largest of 22 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | New | +955,879 | +$515M | 34.1% |
| JP J P Morgan Exchange Traded F | Exited | −2,496,205 | −$148M | — |
| SS SPDR S&P 500 ETF Tr | Exited | −226,259 | −$130M | — |
| SS Schwab Strategic Tr | Added | +2,508,540 | +$64.8M | 8.6% |
| VS Vanguard Specialized Funds | New | +203,026 | +$39.8M | 2.6% |
| VI Vanguard Intl Equity Index F | Added | +459,484 | +$20.2M | 1.7% |
| SS SPDR Ser Tr | Added | +496,435 | +$10.6M | 6.5% |
| VE Vaneck ETF Trust | Trimmed | −107,311 | −$6.92M | 0.7% |
| IT Ishares Tr | Trimmed | −76,384 | −$6.67M | 1.3% |
| IT Ishares Tr | Added | +86,953 | +$5.66M | 3.8% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −1,304,083 | −$108M | 1.9% |
| IT Ishares Tr | Trimmed | −554,052 | −$35.1M | 4.1% |
| IT Ishares Tr | New | +305,789 | +$30M | 2.4% |
| JP J P Morgan Exchange Traded F | Trimmed | −108,749 | −$6.45M | 11.9% |
| SS SPDR S&P 500 ETF Tr | Added | +10,371 | +$5.95M | 10.4% |
| IT Ishares Tr | Exited | −53,272 | −$5.89M | — |
| IT Ishares Tr | Exited | −92,803 | −$4.76M | — |
| IT Ishares Tr | Trimmed | −46,688 | −$4.73M | 0.4% |
| SS SPDR Ser Tr | Added | +188,901 | +$4.41M | 7.7% |
| IT Ishares Tr | Added | +38,537 | +$3.78M | 19.3% |
Showing the 10 largest of 21 changes.
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