Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (22 quarters reported)
$114M in Q1 2021 → $1.41B 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 Street SPDR Portfolio S&P 500 ETF Usd Class | 36.8% | New | 5,915,320 | $520M |
| IC Ishares Core S&P 500 ETF Usd Class | 13.2% | Trimmed 69% | 250,100 | $187M |
| IN Invesco Nasdaq 100 ETF Usd Class | 10.9% | Trimmed 52% | 508,600 | $154M |
| SS State Street Energy Select Sector SPDR ETF Usd Class | 10.5% | Added 283% | 2,802,700 | $149M |
| SS State Street Utilities Select Sector SPDR ETF Usd Class | 9.4% | New | 2,928,700 | $133M |
| SS State Street Financial Select Sector SPDR ETF Usd Class | 9.3% | New | 2,456,200 | $132M |
| SS State Street Health Care Select Sector SPDR ETF Usd Class | 8.5% | New | 761,100 | $121M |
| I0 Ishares 0-5 Year Tips Bond ETF | 1.3% | Trimmed 93% | 184,051 | $18.8M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Street SPDR Portfolio S&P 500 ETF Usd Class | New | +5,915,320 | +$520M | 36.8% |
| IC Ishares Core S&P 500 ETF Usd Class | Trimmed | −558,211 | −$418M | 13.2% |
| I0 Ishares 0-5 Year Tips Bond ETF | Trimmed | −2,296,549 | −$235M | 1.3% |
| IN Invesco Nasdaq 100 ETF Usd Class | Trimmed | −550,500 | −$167M | 10.9% |
| SS State Street Utilities Select Sector SPDR ETF Usd Class | New | +2,928,700 | +$133M | 9.4% |
| SS State Street Financial Select Sector SPDR ETF Usd Class | New | +2,456,200 | +$132M | 9.3% |
| SS State Street Health Care Select Sector SPDR ETF Usd Class | New | +761,100 | +$121M | 8.5% |
| SS State Street Energy Select Sector SPDR ETF Usd Class | Added | +2,071,600 | +$110M | 10.5% |
| BM Bny Mellon Us Large Cap Core Equity ETF Usd Class | Exited | −1,592,635 | −$252K | — |
| SS State Street Financial Select Sector SPDR ETF Usd Class | Exited | −2,181,200 | −$108K | — |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Street Financial Select Sector SPDR ETF Usd Class | Exited | −1,998,400 | −$109M | — |
| SS State Street Health Care Select Sector SPDR ETF Usd Class | Exited | −671,500 | −$104M | — |
| SS State Street Health Care Select Sector SPDR ETF Usd Class | Trimmed | −1,689,700 | −$248K | 9.0% |
| SS State Street Energy Select Sector SPDR ETF Usd Class | New | +2,480,600 | +$152K | 12.8% |
| IC Ishares Core S&P 500 ETF Usd Class | Added | +190,811 | +$107K | 38.2% |
| BM Bny Mellon Us Large Cap Core Equity ETF Usd Class | Added | +563,735 | +$89.1K | 21.1% |
| SS State Street Communication Services Select Sector SPDR ETF | Added | +629,900 | +$69.8K | 9.9% |
| SS State Street Financial Select Sector SPDR ETF Usd Class | Added | +1,254,700 | +$61.9K | 9.0% |
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Street Financial Select Sector SPDR ETF Usd Class | New | +1,998,400 | +$109M | 10.0% |
| SS State Street Energy Select Sector SPDR ETF Usd Class | New | +2,420,800 | +$108M | 9.9% |
| VS Vaneck Semiconductor ETF Usd Class | Exited | −280,900 | −$91.7M | — |
| US Utilities Select Sector SPDR Fund Usd Class | Exited | −1,028,300 | −$89.7M | — |
| CD Consumer Discretionary Select Sector SPDR Fund | Exited | −372,600 | −$89.3M | — |
| IC Ishares Core S&P 500 ETF Usd Class | Added | +54,100 | +$37.1M | 38.6% |
| SS State Street Health Care Select Sector SPDR ETF Usd Class | Added | +151,500 | +$23.5M | 9.5% |
| IN Invesco Nasdaq 100 ETF Usd Class | Added | +86,400 | +$21.9M | 9.9% |
| SS State Street Communication Services Select Sector SPDR ETF | Added | +91,000 | +$10.7M | 9.9% |
| BM Bny Mellon Us Large Cap Core Equity ETF Usd Class | Added | +30,990 | +$4.05M | 12.3% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BM Bny Mellon Us Large Cap Core Equity ETF Usd Class | New | +997,910 | +$128M | 12.4% |
| HC Health Care Select Sector SPDR Fund Usd Class | New | +520,000 | +$72.4M | 7.0% |
| IC Ishares Core S&P 500 ETF Usd Class | Trimmed | −94,500 | −$63.2M | 36.5% |
| VS Vaneck Semiconductor ETF Usd Class | Trimmed | −122,100 | −$39.8M | 8.9% |
| IN Invesco Nasdaq 100 ETF Usd Class | Trimmed | −68,000 | −$16.8M | 8.2% |
| CD Consumer Discretionary Select Sector SPDR Fund | Added | +57,100 | +$13.7M | 8.7% |
| CS Communication Services Select Sector SPDR Fund Usd Class | Added | +96,300 | +$11.4M | 9.6% |
| US Utilities Select Sector SPDR Fund Usd Class | Added | +101,600 | +$8.86M | 8.7% |
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IC Ishares Core S&P 500 ETF Usd Class | Added | +53,500 | +$33.2M | 48.7% |
| VS Vaneck Semiconductor ETF Usd Class | Added | +32,500 | +$9.06M | 13.4% |
| IN Invesco Nasdaq 100 ETF Usd Class | Added | +30,700 | +$6.97M | 11.1% |
| CS Communication Services Select Sector SPDR Fund Usd Class | Added | +57,200 | +$6.21M | 9.6% |
| US Utilities Select Sector SPDR Fund Usd Class | Added | +71,500 | +$5.84M | 9.0% |
| CD Consumer Discretionary Select Sector SPDR Fund | Added | +23,000 | +$5M | 8.2% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IC Ishares Core S&P 500 ETF Usd Class | New | +604,400 | +$340M | 49.8% |
| SS SPDR S&P 500 ETF Trust Usd Class | Exited | −551,600 | −$323M | — |
| US Utilities Select Sector SPDR Fund Usd Class | Added | +93,800 | +$7.4M | 9.9% |
| VS Vaneck Semiconductor ETF Usd Class | Added | +31,800 | +$6.72M | 11.5% |
| IN Invesco Nasdaq 100 ETF Usd Class | Added | +33,600 | +$6.49M | 10.8% |
| CS Communication Services Select Sector SPDR Fund Usd Class | Added | +64,400 | +$6.21M | 9.6% |
| CD Consumer Discretionary Select Sector SPDR Fund | Added | +27,800 | +$5.49M | 8.5% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CD Consumer Discretionary Select Sector SPDR Fund | New | +264,700 | +$59.4M | 9.1% |
| CS Communication Services Select Sector SPDR Fund Usd Class | Trimmed | −115,800 | −$11.2M | 9.1% |
| SS SPDR S&P 500 ETF Trust Usd Class | Added | +13,000 | +$7.62M | 49.4% |
| VS Vaneck Semiconductor ETF Usd Class | Added | +26,500 | +$6.42M | 12.5% |
| IN Invesco Nasdaq 100 ETF Usd Class | Added | +19,900 | +$4.19M | 11.1% |
| US Utilities Select Sector SPDR Fund Usd Class | Trimmed | −51,600 | −$3.91M | 8.8% |
quarter ended September 30, 2024 · filed November 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IN Invesco Nasdaq 100 ETF Usd Class | New | +326,600 | +$65.6M | 11.2% |
| SS SPDR S&P Biotech ETF Usd Class | Exited | −598,200 | −$55.5M | — |
| I2 Ishares 20 Year Treasury Bond ETF Usd Class | Exited | −503,900 | −$46.2M | — |
| SS SPDR S&P 500 ETF Trust Usd Class | Added | +42,800 | +$24.6M | 53.0% |
| VS Vaneck Semiconductor ETF Usd Class | Added | +26,200 | +$6.43M | 13.1% |
| CS Communication Services Select Sector SPDR Fund Usd Class | Added | +57,100 | +$5.16M | 11.4% |
| US Utilities Select Sector SPDR Fund Usd Class | Added | +63,200 | +$5.11M | 11.3% |
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