Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (38 quarters reported)
$229M in Q4 2014 → $175M 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 |
|---|---|---|---|---|
| IE Invesco Exch Traded Fd Tr Ii | 20.3% | Unchanged | 1,743,750 | $35.5M |
| SA Ssga Active ETF Tr | 19.9% | Unchanged | 862,000 | $34.7M |
| SS SPDR Series Trust | 17.2% | Unchanged | 1,279,000 | $30M |
| SS SPDR Series Trust | 14.3% | Unchanged | 259,200 | $25M |
| SS SPDR Series Trust | 12.2% | Unchanged | 700,000 | $21.4M |
| IT Ishares Tr | 6.8% | Unchanged | 320,000 | $11.8M |
| FT First Tr Exchange-traded Fd | 6.5% | Unchanged | 252,000 | $11.3M |
| IT Ishares Tr | 2.8% | Unchanged | 62,000 | $4.96M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
No position changes this quarter.
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Series Trust | Added | +51,000 | +$4.88M | 14.2% |
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −143,000 | −$2.92M | 20.4% |
| Selectquote Inc | Exited | −50,500 | −$71.2K | — |
| Gohealth Inc | Exited | −666 | −$1.43K | — |
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +320,000 | +$12M | 6.8% |
| IT Ishares Tr | New | +62,000 | +$5M | 2.8% |
| SS SPDR Series Trust | Added | +51,000 | +$4.96M | 11.5% |
| FT First Tr Exchange-traded Fd | Added | +100,000 | +$4.59M | 6.6% |
| IE Invesco Exch Traded Fd Tr Ii | Added | +47,750 | +$1M | 22.4% |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −125,000 | −$13.7M | — |
| IT Ishares Tr | Exited | −150,000 | −$7.72M | — |
| SS SPDR Series Trust | Added | +51,700 | +$5.07M | 10.2% |
| SS SPDR Series Trust | Added | +211,000 | +$5.05M | 20.3% |
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −48,000 | −$1M | 25.6% |
quarter ended June 30, 2025 · filed August 08, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SA Ssga Active ETF Tr | Added | +505,000 | +$21M | 22.2% |
| SS SPDR Series Trust | Added | +648,000 | +$15.4M | 15.7% |
| SS SPDR Series Trust | New | +105,500 | +$10.3M | 6.3% |
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −240,000 | −$5.02M | 24.4% |
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exch Traded Fd Tr Ii | New | +2,127,000 | +$44M | 36.8% |
| SA Ssga Active ETF Tr | New | +357,000 | +$14.7M | 12.3% |
| IT Ishares Tr | New | +125,000 | +$13.6M | 11.4% |
| SS SPDR Ser Tr | New | +420,000 | +$9.84M | 8.2% |
| IT Ishares Tr | New | +150,000 | +$7.66M | 6.4% |
| FT First Tr Exchange-traded Fd | New | +152,000 | +$6.94M | 5.8% |
| V Vmware Inc | Exited | −349 | −$58.1K | — |
quarter ended September 30, 2023 · filed November 08, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RT Redwood Tr Inc | Exited | −5,000,000 | −$4.94M | — |
quarter ended June 30, 2023 · filed August 03, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −142,066 | −$7.16M | — |
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