Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$320M in Q2 2013 → $1.88B now. Hover for any quarter.
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 |
|---|---|---|---|---|
| VS Vanguard Scottsdale Fds | 9.0% | Added 0.3% | 2,155,101 | $169M |
| FI First Intst Bancsystem Inc | 8.7% | Trimmed 0.5% | 4,591,104 | $164M |
| IT Ishares Tr | 8.5% | Trimmed 2.1% | 209,065 | $160M |
| IE Invesco Exchange Traded Fd T | 8.0% | Trimmed 1.8% | 717,930 | $149M |
| IT Ishares Tr | 5.9% | Trimmed 1.4% | 1,541,825 | $111M |
| VS Vanguard Scottsdale Fds | 5.8% | Trimmed 0.1% | 1,925,152 | $109M |
| IT Ishares Tr | 4.9% | Added 1.4% | 3,096,662 | $91.4M |
| IT Ishares Tr | 4.7% | Trimmed 1.8% | 645,437 | $87.8M |
| VM Vanguard Malvern Fds | 4.1% | Trimmed 0.8% | 1,556,685 | $76.6M |
| VS Vanguard Scottsdale Fds | 3.5% | Added 1.1% | 1,483,366 | $65.9M |
| FT Flexshares Tr | 3.5% | Trimmed 3.2% | 1,231,513 | $64.9M |
| SS Select Sector SPDR Tr | 2.6% | Added 0.8% | 250,871 | $49.1M |
| GX Global X Fds | 2.1% | Trimmed 2.2% | 739,373 | $38.8M |
| Apple Inc | 1.5% | Added 11% | 84,894 | $28.3M |
| SS Select Sector SPDR Tr | 1.3% | Added 32% | 141,825 | $23.7M |
| Microsoft Corp | 1.1% | Added 1.1% | 42,025 | $21.6M |
| Alphabet Inc | 1.0% | Trimmed 3.6% | 56,896 | $19.6M |
| SS Select Sector SPDR Tr | 1.0% | Trimmed 3.9% | 108,377 | $18.3M |
| SS Select Sector SPDR Tr | 0.9% | Added 6.4% | 157,125 | $17.4M |
| Palo Alto Networks Inc | 0.9% | Trimmed 6.0% | 42,962 | $17.1M |
| Amazon Com Inc | 0.9% | Trimmed 2.8% | 66,744 | $16.6M |
| IT Ishares Tr | 0.7% | Added 6613% | 127,211 | $13.3M |
| CS Cisco Sys Inc | 0.7% | Trimmed 2.8% | 122,973 | $13.2M |
| SS SPDR Series Trust | 0.7% | Trimmed 2.2% | 24,586 | $13M |
| SS Select Sector SPDR Tr | 0.7% | Trimmed 2.7% | 239,941 | $12.8M |
| SS Select Sector SPDR Tr | 0.7% | Trimmed 3.1% | 199,783 | $12.3M |
| BH Berkshire Hathaway Inc Del | 0.6% | Trimmed 2.3% | 21,191 | $10.6M |
| Jpmorgan Chase & Co | 0.5% | Trimmed 3.5% | 28,923 | $9.57M |
| Meta Platforms Inc | 0.5% | Added 62% | 12,373 | $8.97M |
| IT Ishares Tr | 0.4% | Trimmed 4.1% | 38,873 | $8.18M |
| CG Capital Grp Fixed Incm ETF T | 0.4% | Added 10% | 321,153 | $7.73M |
| Nvidia Corporation | 0.4% | Trimmed 5.3% | 30,222 | $6.9M |
| GX Global X Fds | 0.4% | Trimmed 3.7% | 144,687 | $6.68M |
| SS Select Sector SPDR Tr | 0.3% | Trimmed 3.0% | 164,835 | $6.5M |
| SS Select Sector SPDR Tr | 0.3% | Trimmed 3.3% | 129,423 | $6.3M |
| SS Select Sector SPDR Tr | 0.3% | Trimmed 4.1% | 152,896 | $6.25M |
| SS Select Sector SPDR Tr | 0.3% | Trimmed 1.0% | 56,575 | $6.16M |
| American Express Co | 0.3% | Trimmed 3.2% | 20,060 | $6.1M |
| SS Select Sector SPDR Tr | 0.3% | Trimmed 3.0% | 74,928 | $6.04M |
| Costco Wholesale Corporation | 0.3% | Trimmed 1.6% | 6,296 | $5.73M |
| Walmart Inc | 0.3% | Trimmed 0.2% | 54,813 | $5.7M |
| IE Invesco Exchange Traded Fd T | 0.3% | Trimmed 4.0% | 99,961 | $5.63M |
| IT Ishares Tr | 0.3% | Added 7.6% | 62,092 | $5.55M |
| Salesforce Inc | 0.3% | Trimmed 4.7% | 23,273 | $5.34M |
| IT Ishares Tr | 0.3% | Trimmed 12% | 114,145 | $5.3M |
| DW Disney Walt Co | 0.3% | Trimmed 3.5% | 50,463 | $5.29M |
| Citigroup Inc | 0.3% | Trimmed 5.2% | 40,373 | $5.23M |
| GS Goldman Sachs ETF Tr | 0.3% | Trimmed 1.9% | 53,963 | $5.02M |
| M Mcdonalds Corp | 0.3% | Trimmed 3.4% | 21,341 | $4.93M |
| GX Global X Fds | 0.3% | Trimmed 16% | 271,170 | $4.77M |
| SS SPDR Series Trust | 0.3% | Trimmed 4.4% | 67,650 | $4.7M |
| UP Union Pac Corp | 0.2% | Trimmed 5.1% | 16,678 | $4.54M |
| Broadcom Inc | 0.2% | Added 22% | 12,507 | $4.39M |
| SS State Str SPDR S&P 500 ETF T | 0.2% | Trimmed 19% | 5,651 | $4.31M |
| IT Ishares Tr | 0.2% | Trimmed 2.0% | 39,197 | $4.07M |
| VI Vanguard Index Fds | 0.2% | Trimmed 1.7% | 5,591 | $3.92M |
| LC Lowes Cos Inc | 0.2% | Trimmed 2.6% | 20,337 | $3.75M |
| Abbott Laboratories | 0.2% | Trimmed 5.0% | 37,863 | $3.74M |
| CE Columbia ETF Tr I | 0.2% | Unchanged | 109,803 | $3.6M |
| Pfizer Inc | 0.2% | Trimmed 5.2% | 120,616 | $3.44M |
Showing top 60 of 197 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 23, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Added | +125,316 | +$13.1M | 0.7% |
| SS Select Sector SPDR Tr | Added | +34,750 | +$5.8M | 1.3% |
| Meta Platforms Inc | Added | +4,718 | +$3.42M | 0.5% |
| IT Ishares Tr | Trimmed | −4,383 | −$3.36M | 8.5% |
| Apple Inc | Added | +8,495 | +$2.83M | 1.5% |
| IE Invesco Exchange Traded Fd T | Trimmed | −12,806 | −$2.66M | 8.0% |
| FT Flexshares Tr | Trimmed | −41,089 | −$2.17M | 3.5% |
| Exxon Mobil Corp | Exited | −15,130 | −$2.07M | — |
| IT Ishares Tr | Trimmed | −76,049 | −$1.86M | 0.1% |
| IT Ishares Tr | Trimmed | −22,084 | −$1.59M | 5.9% |
Showing the 10 largest of 141 changes.
quarter ended June 30, 2026 · filed July 24, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −1,820,664 | −$46.9M | 0.2% |
| VS Vanguard Scottsdale Fds | Added | +204,912 | +$16.9M | 9.3% |
| VS Vanguard Scottsdale Fds | Added | +127,831 | +$7.54M | 5.9% |
| IE Invesco Exchange Traded Fd T | Trimmed | −30,494 | −$6.49M | 8.1% |
| IE Invesco Exchange Traded Fd T | New | +104,099 | +$5.8M | 0.3% |
| HI Honeywell Intl Inc | Exited | −24,570 | −$5.55M | — |
| IT Ishares Tr | Added | +7,277 | +$5.45M | 8.3% |
| IT Ishares Tr | Added | +153,677 | +$4.69M | 4.9% |
| VS Vanguard Scottsdale Fds | Added | +88,265 | +$4.13M | 3.6% |
| Blackstone Inc | Trimmed | −32,123 | −$3.78M | — |
Showing the 10 largest of 160 changes.
quarter ended March 31, 2026 · filed April 29, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −1,288,461 | −$54.8M | 0.3% |
| GX Global X Fds | Trimmed | −449,547 | −$22.8M | 2.2% |
| VS Vanguard Scottsdale Fds | Added | +125,741 | +$10.4M | 9.0% |
| FT Flexshares Tr | Trimmed | −171,697 | −$9.47M | 4.1% |
| IT Ishares Tr | Trimmed | −23,367 | −$7.68M | — |
| VM Vanguard Malvern Fds | Added | +144,907 | +$7.24M | 4.3% |
| SS Select Sector SPDR Tr | Trimmed | −77,905 | −$4.77M | 0.7% |
| VS Vanguard Scottsdale Fds | Added | +69,857 | +$4.16M | 6.0% |
| GX Global X Fds | New | +152,851 | +$3.84M | 0.2% |
| Walmart Inc | Trimmed | −30,472 | −$3.79M | 0.4% |
Showing the 10 largest of 178 changes.
quarter ended December 31, 2025 · filed January 29, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VM Vanguard Malvern Fds | New | +1,376,014 | +$68.1M | 3.7% |
| IT Ishares Tr | Trimmed | −1,933,495 | −$49.4M | 0.1% |
| SS Select Sector SPDR Tr | Added | +125,927 | +$18.1M | 2.0% |
| SS Select Sector SPDR Tr | Added | +142,282 | +$6.36M | 0.7% |
| CG Capital Grp Fixed Incm ETF T | New | +160,990 | +$4.1M | 0.2% |
| SS Select Sector SPDR Tr | Added | +87,911 | +$3.75M | 0.4% |
| SS Select Sector SPDR Tr | Added | +27,869 | +$3.33M | 0.4% |
| VS Vanguard Scottsdale Fds | Added | +38,498 | +$3.22M | 8.2% |
| VS Vanguard Scottsdale Fds | Added | +66,568 | +$3.13M | 3.4% |
| SS Select Sector SPDR Tr | Added | +68,847 | +$3.12M | 0.3% |
Showing the 10 largest of 153 changes.
quarter ended September 30, 2025 · filed October 29, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI First Intst Bancsystem Inc | Trimmed | −229,773 | −$7.32M | 8.3% |
| MP Marathon Pete Corp | New | +26,200 | +$5.05M | 0.3% |
| LC Lowes Cos Inc | Trimmed | −13,023 | −$3.27M | 0.3% |
| VS Vanguard Scottsdale Fds | Added | +34,649 | +$2.91M | 8.3% |
| AL Abbott Labs | Added | +21,101 | +$2.83M | 0.3% |
| IQ Invesco Qqq Tr | Trimmed | −4,244 | −$2.55M | — |
| Masco Corp | Exited | −36,647 | −$2.36M | — |
| Pepsico Inc | Trimmed | −15,165 | −$2.13M | 0.1% |
| VS Vanguard Scottsdale Fds | Added | +35,300 | +$2.12M | 5.6% |
| BH Berkshire Hathaway Inc Del | Added | +3,817 | +$1.92M | 0.6% |
Showing the 10 largest of 152 changes.
quarter ended June 30, 2025 · filed July 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −1,036,391 | −$39.3M | 3.2% |
| FT Flexshares Tr | Added | +643,232 | +$25.8M | 3.3% |
| VS Vanguard Scottsdale Fds | Trimmed | −274,294 | −$22.7M | 8.5% |
| IE Invesco Exchange Traded Fd T | Trimmed | −69,038 | −$12.5M | 8.0% |
| GS Goldman Sachs ETF Tr | New | +66,446 | +$5.42M | 0.3% |
| IT Ishares Tr | New | +55,004 | +$5.27M | 0.3% |
| IT Ishares Tr | Trimmed | −143,869 | −$4.41M | 5.2% |
| FI First Intst Bancsystem Inc | Trimmed | −129,351 | −$3.73M | 8.3% |
| Kkr & Co Inc | New | +23,417 | +$3.12M | 0.2% |
| IT Ishares Tr | Trimmed | −3,906 | −$2.43M | 7.4% |
Showing the 10 largest of 148 changes.
quarter ended March 31, 2025 · filed April 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exchange Traded Fd T | Added | +426,811 | +$73.9M | 8.5% |
| IT Ishares Tr | Trimmed | −115,918 | −$65.1M | 6.9% |
| IT Ishares Tr | Added | +1,334,829 | +$41M | 5.5% |
| VS Vanguard Scottsdale Fds | Added | +328,240 | +$19.5M | 5.8% |
| FI First Intst Bancsystem Inc | Added | +624,268 | +$17.9M | 8.6% |
| VS Vanguard Scottsdale Fds | Added | +139,294 | +$11.4M | 9.9% |
| IT Ishares Tr | Trimmed | −65,214 | −$6.45M | 0.2% |
| VS Vanguard Scottsdale Fds | Added | +109,856 | +$5.09M | 3.4% |
| IT Ishares Tr | Trimmed | −165,298 | −$4.13M | 3.0% |
| IT Ishares Tr | Trimmed | −149,220 | −$3.81M | 2.9% |
Showing the 10 largest of 157 changes.
quarter ended December 31, 2024 · filed February 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NT Northern Trust Investments Inc | New | +706,525 | +$25.7M | 1.6% |
| FI First Interstate Bancsystem In | Trimmed | −450,207 | −$14.6M | 8.7% |
| BF Blackrock Fund Advisors | Added | +66,197 | +$6.41M | 0.6% |
| I Ishares | Trimmed | −10,492 | −$6.18M | 11.5% |
| Amazon.com Inc | Trimmed | −27,792 | −$6.1M | 1.0% |
| GS Goldman Sachs Grp | Trimmed | −9,752 | −$5.58M | 0.1% |
| SS SPDR Series Trust | New | +83,658 | +$5.05M | 0.3% |
| CS Charles Schwab Corp/the | Trimmed | −57,079 | −$4.22M | — |
| Palo Alto Networks Inc | Added | +21,508 | +$3.91M | 0.5% |
| VE Vanguard Etf/usa | Trimmed | −65,661 | −$3.81M | 4.6% |
Showing the 10 largest of 170 changes.
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