Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (55 quarters reported)
$173K in Q4 2012 → $1.6B 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 |
|---|---|---|---|---|
| VI Vanguard Index Fds | 26.5% | Trimmed 60% | 617,166 | $424M |
| JP J P Morgan Exchange Traded F | 15.5% | Unchanged | 3,287,302 | $248M |
| VI Vanguard Index Fds | 13.9% | Trimmed 6.7% | 602,613 | $223M |
| I Ishares Inc | 11.9% | Trimmed 11% | 2,296,326 | $190M |
| IT Ishares Tr | 11.8% | Trimmed 21% | 1,956,850 | $189M |
| SS SPDR Series Trust | 4.1% | Unchanged | 412,250 | $65.2M |
| EP Essex Ppty Tr Inc | 1.8% | Unchanged | 100,821 | $29.4M |
| Invitation Homes Inc | 1.8% | Unchanged | 949,206 | $28.7M |
| ER Equity Residential | 1.8% | Unchanged | 419,069 | $28.5M |
| Udr Inc | 1.7% | Unchanged | 682,339 | $27.2M |
| CP Camden Ppty Tr | 1.7% | Unchanged | 237,748 | $27.2M |
| AC Avalonbay Cmntys Inc | 1.7% | Unchanged | 141,930 | $26.8M |
| American Homes 4 Rent | 1.7% | Unchanged | 798,210 | $26.8M |
| IT Ishares Tr | 1.7% | Added 0.7% | 104,863 | $26.5M |
| MA Mid-amer Apt Cmntys Inc | 1.6% | Unchanged | 185,368 | $25.8M |
| VS Vanguard Scottsdale Fds | 0.8% | Unchanged | 222,200 | $12.9M |
| IT Ishares Tr | 0.1% | Added 8.4% | 16,975 | $1.68M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Trimmed | −929,692 | −$639M | 26.5% |
| IT Ishares Tr | Trimmed | −507,361 | −$49M | 11.8% |
| I Ishares Inc | Trimmed | −291,571 | −$24.2M | 11.9% |
| VI Vanguard Index Fds | Trimmed | −43,038 | −$15.9M | 13.9% |
| IT Ishares Tr | Added | +712 | +$180K | 1.7% |
| IT Ishares Tr | Added | +1,309 | +$130K | 0.1% |
quarter ended March 31, 2026 · filed May 08, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| JP J P Morgan Exchange Traded F | New | +3,287,302 | +$227M | 11.1% |
| VI Vanguard Index Fds | Trimmed | −258,019 | −$154M | 45.3% |
| I Ishares Inc | Added | +1,951,252 | +$136M | 8.9% |
| IT Ishares Tr | Added | +396,092 | +$35.9M | 10.9% |
| American Homes 4 Rent | New | +798,210 | +$22.3M | 1.1% |
| ER Equity Residential | Added | +128,370 | +$7.59M | 1.2% |
| Invitation Homes Inc | Added | +299,290 | +$7.44M | 1.2% |
| AC Avalonbay Cmntys Inc | Added | +45,030 | +$7.36M | 1.1% |
| EP Essex Ppty Tr Inc | Added | +27,790 | +$6.73M | 1.2% |
| Udr Inc | Added | +188,430 | +$6.37M | 1.1% |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2025 · filed February 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Added | +234,448 | +$147M | 63.3% |
| VI Vanguard Index Fds | Trimmed | −62,664 | −$21M | 11.7% |
| IT Ishares Tr | Added | +67,474 | +$6.04M | 10.3% |
| I Ishares Inc | Added | +33,390 | +$2.24M | 2.4% |
| Offerpad Solutions Inc | Exited | −521,603 | −$2.18M | — |
| IT Ishares Tr | Added | +1,490 | +$343K | 1.3% |
| IT Ishares Tr | Added | +235 | +$23.5K | — |
quarter ended September 30, 2025 · filed November 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Added | +386,037 | +$236M | 59.5% |
| SS SPDR Series Trust | Trimmed | −149,350 | −$15M | 2.6% |
| VI Vanguard Index Fds | Trimmed | −37,137 | −$12.2M | 14.0% |
| IT Ishares Tr | Added | +86,200 | +$7.53M | 10.8% |
| I Ishares Inc | Added | +51,200 | +$3.38M | 2.5% |
| Offerpad Solutions Inc | New | +521,603 | +$2.18M | 0.1% |
| IT Ishares Tr | Added | +363 | +$36.4K | — |
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Trimmed | −513,384 | −$292M | 51.3% |
| VI Vanguard Index Fds | Trimmed | −63,992 | −$19.4M | 16.8% |
| IT Ishares Tr | Trimmed | −108,078 | −$9.02M | 12.2% |
| I Ishares Inc | Trimmed | −64,806 | −$3.89M | 2.5% |
| NH Nu Hldgs Ltd | Exited | −264,145 | −$2.7M | — |
| IT Ishares Tr | Added | +840 | +$178K | 1.7% |
| IT Ishares Tr | Added | +510 | +$50.6K | 0.1% |
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Trimmed | −441,254 | −$227M | 57.7% |
| IT Ishares Tr | Added | +1,333,408 | +$101M | 10.1% |
| VI Vanguard Index Fds | Added | +11,105 | +$3.05M | 14.4% |
| NH Nu Hldgs Ltd | New | +264,145 | +$2.7M | 0.2% |
| I Ishares Inc | Added | +33,200 | +$1.79M | 2.2% |
| IT Ishares Tr | Trimmed | −328 | −$32.4K | — |
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Added | +361,925 | +$195M | 68.2% |
| IT Ishares Tr | Added | +300,048 | +$21.1M | 2.9% |
| VI Vanguard Index Fds | Trimmed | −65,291 | −$18.9M | 13.4% |
| I Ishares Inc | Added | +358,735 | +$18.7M | 1.8% |
| Invitation Homes Inc | Added | +125,016 | +$4M | 1.2% |
| Udr Inc | Added | +81,999 | +$3.56M | 1.3% |
| CP Camden Ppty Tr | Added | +24,478 | +$2.84M | 1.3% |
| MA Mid-amer Apt Cmntys Inc | Added | +17,618 | +$2.72M | 1.3% |
| EP Essex Ppty Tr Inc | Added | +7,031 | +$2.01M | 1.2% |
| ER Equity Residential | Added | +26,899 | +$1.93M | 1.2% |
Showing the 10 largest of 12 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VI Vanguard Index Fds | Added | +1,061,291 | +$560M | 64.9% |
| IT Ishares Tr | Added | +131,638 | +$10.3M | 2.1% |
| I Ishares Inc | Added | +73,607 | +$4.23M | 0.9% |
| VI Vanguard Index Fds | Added | +2,550 | +$722K | 16.5% |
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