Constellation Investments, Inc.

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

Reported portfolio value by quarter (20 quarters reported)

$3.24B $288M

Q2 13 Q2 14 Q2 15 Q4 24 Q4 25 Q3 26

$288M in Q2 2013 → $2.61B now. Hover for any quarter.

Holdings

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	21.4%	Added 5.1%	5,909,841	$559M
VI Vanguard Index Fds	18.3%	Trimmed 27%	683,472	$479M
IT Ishares Tr	18.3%	Trimmed 50%	625,086	$479M
IT Ishares Tr	7.7%	Added 180%	2,080,323	$202M
VI Vanguard Index Fds	7.0%	Trimmed 16%	490,961	$184M
IT Ishares Tr	5.6%	Trimmed 20%	886,056	$147M
IT Ishares Tr	4.2%	New	2,245,663	$109M
I Ishares Inc	4.1%	Added 265%	1,323,458	$107M
VS Vanguard Scottsdale Fds	3.3%	Trimmed 13%	1,107,763	$86.7M
VB Vanguard Bd Index Fds	2.9%	Trimmed 2.6%	1,071,003	$75.1M
IT Ishares Tr	1.7%	Unchanged	495,924	$44.4M
IQ Invesco Qqq Tr	1.5%	Trimmed 70%	53,181	$39.3M
IT Ishares Tr	1.1%	Trimmed 11%	406,966	$29.3M
SS SPDR Series Trust	0.9%	Trimmed 43%	403,094	$24.6M
IT Ishares Tr	0.9%	Trimmed 46%	54,987	$22.9M
IT Ishares Tr	0.7%	Unchanged	179,699	$18.7M
VS Vanguard Scottsdale Fds	0.2%	Trimmed 33%	77,854	$4.41M
VA Vanguard Admiral Fds Inc	0.1%	Trimmed 50%	7,000	$1.54M

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

quarter ended September 30, 2026 · filed October 28, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−635,123	−$486M	18.3%
VI Vanguard Index Fds	Trimmed	−252,701	−$177M	18.3%
IT Ishares Tr	Added	+1,338,217	+$130M	7.7%
IT Ishares Tr	New	+2,245,663	+$109M	4.2%
IQ Invesco Qqq Tr	Trimmed	−122,727	−$90.8M	1.5%
I Ishares Inc	Added	+961,042	+$78M	4.1%
IT Ishares Tr	Trimmed	−221,944	−$36.9M	5.6%
VI Vanguard Index Fds	Trimmed	−96,962	−$36.3M	7.0%
IT Ishares Tr	Exited	−249,317	−$27.2M	—
IT Ishares Tr	Added	+285,293	+$27M	21.4%

Showing the 10 largest of 18 changes.

quarter ended June 30, 2026 · filed July 17, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−98,181	−$73.5M	29.6%
IT Ishares Tr	Trimmed	−296,358	−$29.3M	17.5%
VS Vanguard Scottsdale Fds	Trimmed	−256,790	−$21.2M	3.3%
VI Vanguard Index Fds	Trimmed	−20,627	−$14.2M	20.2%
IT Ishares Tr	Trimmed	−37,392	−$3.61M	2.3%
IQ Invesco Qqq Tr	Trimmed	−3,118	−$2.3M	4.1%
VS Vanguard Scottsdale Fds	Trimmed	−23,491	−$1.39M	0.2%
IT Ishares Tr	Trimmed	−8,732	−$907K	0.6%
I Ishares Inc	Trimmed	−3,066	−$254K	0.9%

quarter ended March 31, 2026 · filed April 22, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−1,142,013	−$113M	19.5%
IT Ishares Tr	Trimmed	−146,657	−$95.8M	29.5%
VB Vanguard Bd Index Fds	New	+1,100,000	+$81M	2.7%
IT Ishares Tr	Added	+500,000	+$71.2M	5.2%
IT Ishares Tr	Trimmed	−965,000	−$65.2M	1.0%
VI Vanguard Index Fds	Added	+61,800	+$36.9M	19.0%
IT Ishares Tr	Exited	−200,000	−$24M	—
VS Vanguard Scottsdale Fds	Trimmed	−214,200	−$17.7M	4.2%
BE Blackrock ETF Trust Ii	Trimmed	−51,130	−$2.65M	—
VS Vanguard Scottsdale Fds	Trimmed	−5,000	−$298K	0.3%

quarter ended December 31, 2025 · filed January 21, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Added	+494,675	+$339M	31.8%
IT Ishares Tr	Added	+2,914,000	+$291M	21.8%
VI Vanguard Index Fds	Added	+366,000	+$230M	17.3%
VI Vanguard Index Fds	Added	+376,923	+$126M	6.1%
VS Vanguard Scottsdale Fds	Added	+633,750	+$53.1M	4.5%
IT Ishares Tr	Added	+337,500	+$50.2M	2.8%
IQ Invesco Qqq Tr	Trimmed	−15,974	−$9.81M	3.4%
IT Ishares Tr	Trimmed	−85,000	−$5.61M	2.9%
BE Blackrock ETF Trust Ii	Trimmed	−96,000	−$4.97M	0.1%
VA Vanguard Admiral Fds Inc	Trimmed	−5,000	−$1.02M	0.1%

quarter ended September 30, 2025 · filed October 21, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−144,647	−$96.8M	31.6%
IT Ishares Tr	Trimmed	−635,000	−$41.4M	4.6%
VS Vanguard Scottsdale Fds	New	+144,000	+$8.64M	0.4%
VS Vanguard Scottsdale Fds	Trimmed	−102,425	−$8.61M	4.4%
IT Ishares Tr	Exited	−120,000	−$6.09M	—
IT Ishares Tr	Trimmed	−52,076	−$4.96M	2.2%
BE Blackrock ETF Trust Ii	Added	+66,260	+$3.44M	0.4%
IT Ishares Tr	Trimmed	−10	−$1K	19.4%

quarter ended June 30, 2025 · filed July 23, 2025

Company	Action	Shares changed	Value of change	% of portfolio
VS Vanguard Scottsdale Fds	Exited	−865,000	−$51.4M	—
VS Vanguard Scottsdale Fds	Added	+590,000	+$48.9M	4.7%
IT Ishares Tr	Trimmed	−642,000	−$39.8M	6.1%
IT Ishares Tr	Trimmed	−726,691	−$36.9M	0.3%
IT Ishares Tr	Trimmed	−19,770	−$12.3M	33.2%
BE Blackrock ETF Trust Ii	Trimmed	−43,130	−$2.24M	0.3%
IT Ishares Tr	Trimmed	−2,000	−$219K	1.0%

quarter ended March 31, 2025 · filed April 22, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−464,000	−$142M	1.5%
IT Ishares Tr	Trimmed	−1,066,000	−$80.6M	2.8%
IT Ishares Tr	Added	+1,233,000	+$71.9M	7.7%
VI Vanguard Index Fds	Added	+163,000	+$44.8M	2.8%
VI Vanguard Index Fds	Added	+85,000	+$43.7M	12.9%
I Ishares Inc	Trimmed	−713,000	−$38.5M	0.9%
SS SPDR Ser Tr	New	+712,000	+$36.4M	1.7%
IT Ishares Tr	Trimmed	−299,990	−$29.7M	19.5%
IT Ishares Tr	Added	+38,000	+$21.4M	31.4%
IT Ishares Tr	Trimmed	−302,779	−$15.3M	2.0%

Showing the 10 largest of 16 changes.

quarter ended December 31, 2024 · filed January 29, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	New	+1,136,789	+$669M	30.5%
IT Ishares Tr	New	+4,448,919	+$431M	19.6%
VI Vanguard Index Fds	New	+444,000	+$239M	10.9%
IT Ishares Tr	New	+565,441	+$182M	8.3%
IT Ishares Tr	New	+1,845,498	+$130M	5.9%
IT Ishares Tr	New	+1,549,000	+$96.5M	4.4%
IQ Invesco Qqq Tr	New	+167,000	+$85.4M	3.9%
IT Ishares Tr	New	+1,149,470	+$58M	2.6%
I Ishares Inc	New	+1,078,482	+$56.3M	2.6%
IT Ishares Tr	New	+548,000	+$50.2M	2.3%

Showing the 10 largest of 461 changes.

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