Gallagher Fiduciary Advisors, LLC

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

Portfolio value: $3.04B
Positions: 356
Quarter ended: June 30, 2026
Filed: August 14, 2026

Reported portfolio value by quarter (51 quarters reported)

$3.09B $203M

Q4 13 Q3 16 Q2 19 Q1 22 Q4 24 Q2 26

$225M in Q4 2013 → $3.04B now. Hover for any quarter.

Holdings

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
M Mcdonalds Corp	37.8%	Trimmed 1.7%	4,252,478	$1.15B
Delta Air Lines Inc	11.2%	Trimmed 5.3%	3,637,451	$341M
PG&E Corp	9.9%	Added 109%	38,625,717	$301M
VI Vanguard Index Fds	5.9%	Trimmed 100%	481,191	$178M
Cbre Group Inc	3.9%	Trimmed 0.4%	880,234	$119M
SS Schwab Strategic Tr	2.6%	Trimmed 96%	2,708,469	$78.4M
FR Franklin Resources Inc	1.5%	Trimmed 2.0%	1,379,739	$45.9M
VS Vanguard Scottsdale Fds	1.4%	Trimmed 99%	561,226	$42.2M
IT Ishares Tr	1.4%	Trimmed 99%	833,026	$41.7M
AC American Centy ETF Tr	1.2%	Added 15%	804,960	$37.7M
IT Ishares Tr	1.2%	Trimmed 99%	338,060	$36.9M
IT Ishares Tr	0.8%	Added 17%	257,232	$24.8M
I Ishares Inc	0.8%	Added 4.5%	276,297	$22.9M
AC American Centy ETF Tr	0.7%	Added 0.4%	172,874	$21.6M
VI Vanguard Index Fds	0.7%	Trimmed 4.5%	57,740	$21.1M
AC American Centy ETF Tr	0.7%	New	303,556	$21.1M
IT Ishares Tr	0.7%	Trimmed 2.5%	317,469	$20.8M
SS State Str SPDR S&P 500 ETF T	0.7%	Trimmed 100%	27,774	$20.7M
VI Vanguard Index Fds	0.6%	Added 4.2%	79,492	$19.3M
AC American Centy ETF Tr	0.6%	Trimmed 1.6%	191,479	$17.5M
VA Vanguard Admiral Fds Inc	0.6%	Added 2.7%	148,533	$17.4M
VI Vanguard Index Fds	0.5%	Added 1.3%	68,352	$14.9M
PE Pimco ETF Tr	0.5%	Trimmed 99%	151,820	$14.7M
IT Ishares Tr	0.5%	Added 22%	77,899	$14.7M
VT Vanguard Tax-managed Fds	0.5%	Trimmed 98%	198,842	$14.2M
IT Ishares Tr	0.4%	Added 3.6%	163,676	$12.4M
IT Ishares Tr	0.3%	Added 33%	94,711	$10.4M
VW Vanguard Whitehall Fds	0.3%	Trimmed 99%	59,954	$9.47M
FT First Tr Exchange Traded Fd	0.3%	Trimmed 1.7%	115,506	$9.36M
VI Vanguard Index Fds	0.3%	Added 508%	106,379	$9.16M
IT Ishares Tr	0.3%	Trimmed 98%	213,736	$8.86M
FT First Tr Exchange Traded Fd	0.3%	Trimmed 1.2%	199,688	$8.61M
IT Ishares Tr	0.3%	Added 553%	313,524	$8.59M
IT Ishares Tr	0.2%	Trimmed 99%	77,355	$7.38M
IT Ishares Tr	0.2%	Added 3.4%	20,845	$7.15M
VS Vanguard Scottsdale Fds	0.2%	Trimmed 98%	113,746	$6.71M
VI Vanguard Index Fds	0.2%	Trimmed 99%	69,532	$6.7M
IT Ishares Tr	0.2%	Added 24%	8,525	$6.38M
PF Pacer Fds Tr	0.2%	Added 24%	103,651	$6.19M
IE Innovator Etfs Trust	0.2%	Trimmed 0.4%	180,326	$6.11M
IT Ishares Tr	0.2%	Added 2.1%	129,960	$5.51M
CN Cleveland-cliffs Inc New	0.2%	Trimmed 3.6%	585,516	$5.5M
IT Ishares Tr	0.2%	Trimmed 8.8%	8,513	$5.45M
FT First Tr Exchng Traded Fd Vi	0.2%	Trimmed 1.4%	147,346	$5.38M
Apple Inc	0.2%	Trimmed 0.6%	17,403	$5.04M
FT First Tr Exchng Traded Fd Vi	0.2%	New	133,557	$4.88M
FT First Tr Exchng Traded Fd Vi	0.2%	Trimmed 1.4%	123,612	$4.85M
IT Ishares Tr	0.2%	Trimmed 97%	100,158	$4.62M
IT Ishares Tr	0.1%	Added 7.1%	43,620	$4.39M
FT First Tr Exch Traded Fd Iii	0.1%	Trimmed 94%	229,813	$4.11M
Nvidia Corporation	0.1%	Trimmed 0.2%	19,303	$3.86M
FC Fidelity Covington Trust	0.1%	Added 24%	78,985	$3.81M
Micron Technology Inc	0.1%	Trimmed 0.2%	3,290	$3.8M
IE Invesco Exchange Traded Fd T	0.1%	Trimmed 0.9%	59,854	$3.66M
VI Vanguard Intl Equity Index F	0.1%	Trimmed 98%	59,807	$3.57M
FM Fidelity Merrimack Str Tr	0.1%	Trimmed 96%	76,650	$3.49M
VB Vanguard Bd Index Fds	0.1%	Added 1087%	46,672	$3.43M
IT Ishares Tr	0.1%	Added 0.2%	40,232	$3.3M
SS SPDR Series Trust	0.1%	Trimmed 99%	32,417	$3.12M
IT Ishares Tr	0.1%	Trimmed 99%	32,368	$3.12M

Showing top 60 of 356 positions.

Timeline of changes

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

Q2 2026

quarter ended June 30, 2026 · filed August 14, 2026

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Index Fds	Trimmed	−152,575,350	−$56.5B	5.9%
SS State Str SPDR S&P 500 ETF T	Trimmed	−15,554,239	−$11.6B	0.7%
VS Vanguard Scottsdale Fds	Trimmed	−60,961,802	−$4.59B	1.4%
IT Ishares Tr	Trimmed	−32,236,365	−$3.52B	1.2%
IT Ishares Tr	Trimmed	−62,372,318	−$3.12B	1.4%
SS Schwab Strategic Tr	Trimmed	−66,497,980	−$1.93B	2.6%
VW Vanguard Whitehall Fds	Trimmed	−8,751,927	−$1.38B	0.3%
PE Pimco ETF Tr	Trimmed	−13,886,213	−$1.35B	0.5%
VT Vanguard Tax-managed Fds	Trimmed	−11,938,021	−$851M	0.5%
IT Ishares Tr	Trimmed	−7,164,450	−$684M	0.2%

Showing the 10 largest of 353 changes.

Q1 2026

quarter ended March 31, 2026 · filed May 15, 2026

Company	Action	Shares changed	Value of change	% of portfolio
M Mcdonalds Corp	Trimmed	−100,248	−$31.2M	52.2%
PG&E Corp	Trimmed	−919,821	−$16.2M	12.6%
IT Ishares Tr	Added	+32,286,043	+$14.3M	0.6%
Delta Air Lines Inc	Trimmed	−202,243	−$13.4M	9.9%
AC American Centy ETF Tr	Added	+66,344	+$3.09M	1.3%
VB Vanguard Bd Index Fds	Trimmed	−40,724	−$3M	—
VA Vanguard Admiral Fds Inc	Trimmed	−26,731	−$2.72M	0.6%
SS Schwab Strategic Tr	Added	+66,580,096	+$2.65M	0.1%
AC American Centy ETF Tr	Trimmed	−20,720	−$2.29M	0.7%
VI Vanguard Index Fds	Added	+152,574,878	+$1.92M	0.1%

Showing the 10 largest of 337 changes.

Q4 2025

quarter ended December 31, 2025 · filed February 17, 2026

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Index Fds	Added	+471,279	+$158M	5.2%
M Mcdonalds Corp	Trimmed	−149,947	−$45.8M	43.8%
SS Schwab Strategic Tr	Added	+1,590,221	+$41.7M	2.2%
IT Ishares Tr	Added	+795,340	+$40.1M	2.1%
VS Vanguard Scottsdale Fds	Added	+525,553	+$39.9M	2.1%
DA Delta Air Lines Inc Del	Trimmed	−256,357	−$17.8M	9.1%
SS SPDR S&P 500 ETF Tr	Added	+20,285	+$13.8M	0.5%
VT Vanguard Tax-managed Fds	Added	+200,042	+$12.5M	0.4%
PG&E Corp	Trimmed	−626,298	−$10.1M	10.1%
VB Vanguard Bd Index Fds	Trimmed	−127,350	−$9.43M	0.1%

Showing the 10 largest of 313 changes.

Q3 2025

quarter ended September 30, 2025 · filed November 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Index Fds	Trimmed	−150,320,330	−$49.3B	0.1%
SS SPDR S&P 500 ETF Tr	Trimmed	−9,857,240	−$6.57B	—
VS Vanguard Scottsdale Fds	Trimmed	−58,976,946	−$4.58B	0.9%
IT Ishares Tr	Trimmed	−58,251,947	−$3B	0.9%
SS Schwab Strategic Tr	Trimmed	−63,728,192	−$1.64B	1.0%
PE Pimco ETF Tr	Trimmed	−12,800,498	−$1.26B	0.4%
VW Vanguard Whitehall Fds	Trimmed	−7,957,494	−$1.12B	0.1%
VT Vanguard Tax-managed Fds	Trimmed	−11,892,527	−$713M	—
IT Ishares Tr	Trimmed	−2,476,354	−$482M	—
IT Ishares Tr	Trimmed	−4,076,807	−$454M	1.4%

Showing the 10 largest of 341 changes.

Q2 2025

quarter ended June 30, 2025 · filed August 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
AC American Centy ETF Tr	New	+962,573	+$45.3M	1.8%
M Mcdonalds Corp	Trimmed	−136,988	−$40M	53.2%
IT Ishares Tr	Trimmed	−705,458	−$30.4M	0.1%
IT Ishares Tr	Added	+4,001,616	+$17.8M	0.8%
FT First Tr Exchng Traded Fd Vi	Trimmed	−453,973	−$11.3M	0.1%
FC Fidelity Covington Trust	Trimmed	−110,148	−$5.73M	—
DA Delta Air Lines Inc Del	Trimmed	−115,798	−$5.69M	8.4%
FC Fidelity Covington Trust	New	+176,577	+$5.65M	0.2%
FT First Tr Exchange Traded Fd	Added	+78,264	+$4.91M	0.3%
IE Invesco Exchange Traded Fd T	Added	+54,868	+$2.86M	0.1%

Showing the 10 largest of 331 changes.

Q1 2025

quarter ended March 31, 2025 · filed May 15, 2025

Company	Action	Shares changed	Value of change	% of portfolio
M Mcdonalds Corp	Added	+4,834,873	+$1.51B	49.7%
PG&E Corp	New	+20,739,894	+$356M	11.7%
DA Delta Air Lines Inc Del	New	+4,540,123	+$198M	6.5%
VI Vanguard Index Fds	Added	+485,781	+$134M	4.4%
Cbre Group Inc	New	+937,085	+$123M	4.0%
SS Schwab Strategic Tr	New	+2,703,208	+$58.2M	1.9%
FR Franklin Resources Inc	New	+1,499,805	+$28.9M	0.9%
VS Vanguard Scottsdale Fds	New	+301,926	+$22.9M	0.8%
IT Ishares Tr	New	+443,997	+$22.3M	0.7%
PE Pimco ETF Tr	New	+130,154	+$12.6M	0.4%

Showing the 10 largest of 327 changes.

Q4 2024

quarter ended December 31, 2024 · filed February 14, 2025

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Index Fds	Added	+14,997	+$6.16M	1.5%
IT Ishares Tr	Trimmed	−94,069	−$4.86M	—
IT Ishares Tr	Added	+41,212	+$2.9M	4.4%
AC American Centy ETF Tr	Trimmed	−27,979	−$2.7M	3.0%
VA Vanguard Admiral Fds Inc	Trimmed	−28,092	−$2.62M	3.0%
VI Vanguard Index Fds	Trimmed	−12,462	−$2.47M	3.5%
IT Ishares Tr	Trimmed	−56,723	−$2.42M	6.6%
VI Vanguard Index Fds	Trimmed	−8,242	−$2.31M	2.8%
IT Ishares Tr	Trimmed	−37,520	−$1.86M	2.7%
IT Ishares Tr	Added	+17,281	+$1.85M	8.4%

Showing the 10 largest of 293 changes.

Q3 2024

quarter ended September 30, 2024 · filed November 14, 2024

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	New	+383,225	+$43.3M	8.8%
IT Ishares Tr	Trimmed	−253,711	−$24.2M	2.2%
IT Ishares Tr	Trimmed	−380,312	−$20M	1.0%
AC American Centy ETF Tr	New	+186,796	+$17.9M	3.6%
AC American Centy ETF Tr	New	+186,993	+$12.3M	2.5%
VI Vanguard Index Fds	Trimmed	−59,759	−$12M	4.1%
VA Vanguard Admiral Fds Inc	Trimmed	−129,706	−$12M	3.6%
FT First Tr Exchng Traded Fd Vi	Added	+471,266	+$11.1M	2.3%
FT First Tr Exchng Traded Fd Vi	Added	+199,745	+$5.97M	1.3%
VI Vanguard Index Fds	Trimmed	−12,039	−$4.62M	0.2%

Showing the 10 largest of 285 changes.

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