Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (39 quarters reported)
$502M in Q4 2016 → $735M 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 |
|---|---|---|---|---|
| SS State Str SPDR S&P 500 ETF T | 55.3% | Unchanged | 544,324 | $406M |
| IT Ishares Tr | 30.5% | Trimmed 11% | 299,416 | $224M |
| SS Select Sector SPDR Tr | 4.4% | Unchanged | 170,556 | $32.5M |
| IE Invesco Exch Trd Slf Idx Fd | 3.8% | Unchanged | 403,056 | $27.6M |
| SS Select Sector SPDR Tr | 3.6% | New | 225,195 | $26.4M |
| IT Ishares Tr | 2.4% | Trimmed 55% | 43,602 | $17.9M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 05, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −36,021 | −$27M | 30.5% |
| SS Select Sector SPDR Tr | New | +225,195 | +$26.4M | 3.6% |
| SS SPDR Series Trust | Exited | −300,182 | −$23M | — |
| IT Ishares Tr | Trimmed | −54,379 | −$22.3M | 2.4% |
quarter ended March 31, 2026 · filed May 08, 2026
No position changes this quarter.
quarter ended December 31, 2025 · filed February 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −34,465 | −$23.6M | 32.3% |
| SS Select Sector SPDR Tr | Added | +125,716 | +$18.1M | 3.5% |
| SS SPDR Series Trust | Added | +145,397 | +$11.7M | 3.4% |
quarter ended September 30, 2025 · filed November 05, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Ser Tr | Trimmed | −285,998 | −$22.4M | 1.7% |
| IT Ishares Tr | Trimmed | −48,166 | −$17.6M | 5.2% |
| SS Select Sector SPDR Tr | New | +44,840 | +$12.6M | 1.8% |
| IT Ishares Tr | Added | +18,106 | +$12.1M | 35.6% |
| VI Vanguard Index Fds | Exited | −15,313 | −$8.7M | — |
quarter ended June 30, 2025 · filed July 31, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −217,749 | −$73.9M | 7.4% |
| VI Vanguard Index Fds | Trimmed | −127,489 | −$72.4M | 1.3% |
quarter ended March 31, 2025 · filed May 08, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −173,227 | −$53.1M | 15.1% |
| VI Vanguard Index Fds | Added | +24,694 | +$12.7M | 9.9% |
quarter ended December 31, 2024 · filed February 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | New | +118,108 | +$63.6M | 7.8% |
| SS SPDR Ser Tr | Trimmed | −228,658 | −$15.8M | 3.7% |
quarter ended September 30, 2024 · filed November 07, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VS Vanguard Scottsdale Fds | Exited | −372,383 | −$91.6M | — |
| IT Ishares Tr | Trimmed | −234,315 | −$73.7M | 22.5% |
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