Bristlecone Value Partners, LLC

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CIK 1313998

13F portfolio (2026-Q1)

$114M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

41.1%

Top 10

57.7%

Effective N

20.3

HHI

0.049

This quarter

32 new · 0 exit →

By sector

Unclassified79.0%

Financials5.4%

Industrials3.7%

Consumer Discretionary3.6%

Materials2.0%

Consumer Staples1.8%

Health Care1.4%

Information Technology1.0%

Other2.2%

By market cap

Unknown81.2%

Large ($10–200B)7.6%

Mega (>$200B)5.5%

Mid ($2–10B)2.3%

Small ($300M–2B)2.3%

Micro (<$300M)1.1%

By region

Other79.0%

North America20.0%

Europe1.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	80.17%	30
Machinery	2.68%	3
Banks	2.62%	3
Specialty Retail	2.12%	4
Beverages	1.76%	2
Insurance	1.65%	2
Chemicals	1.24%	3
Pharmaceuticals & Biotechnology	0.86%	2
Diversified Consumer Services	0.63%	1
Semiconductors & Semiconductor Equipment	0.57%	1
Utilities	0.50%	1
Textiles, Apparel & Luxury Goods	0.47%	2
Software & IT Services	0.42%	1
Oil, Gas & Consumable Fuels	0.40%	1
Construction Materials	0.40%	1
Technology Hardware & Equipment	0.38%	1
Paper & Forest Products	0.36%	1
Transportation Infrastructure	0.36%	1
Hotels, Restaurants & Leisure	0.35%	1
Real Estate Management & Development	0.34%	1
Entertainment	0.34%	1
Health Care Equipment & Supplies	0.31%	1
Aerospace & Defense	0.31%	1
Construction & Engineering	0.30%	1
Health Care Providers & Services	0.26%	1
Media & Publishing	0.17%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VEA	VANGUARD TAX-MANAGED FDS	Unclassified	13.22%
2	FNDX	SCHWAB STRATEGIC TR	Unclassified	9.19%
3	VIG	VANGUARD SPECIALIZED FUNDS	Unclassified	8.33%
4	DGS	WISDOMTREE TR	Unclassified	6.35%
5	VIGI	Vanguard Whitehall Int'l Div. Apprec. ETF	Unclassified	4.01%
6	AVDV	AMERICAN CENTY ETF TR	Unclassified	3.65%
7	VOO	VANGUARD INDEX FDS	Unclassified	3.41%
8	IJR	ISHARES TR	Unclassified	3.25%
9	GNR	SPDR INDEX SHS FDS	Unclassified	3.22%
10	BND	VANGUARD BD INDEX FDS	Unclassified	3.06%

39/68 names classified · sector 21.0% of weight · industry 19.8% · mkt cap 18.8%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 2 quarters

FinancialsBAC, HGTY, BRK.B, MKL, AXP · other

IndustrialsJCI, VMI, RLGT, MCFT, AGCO · other

Consumer DiscretionaryLOW, GHC, YUM, KMX, GIL · other

MaterialsCX, CMT, KOP, NTR, NKE

Consumer StaplesBUD, PEP

Information TechnologyINTC, AAPL

Health CareAMGN, MDT, LH, NVS

Communication ServicesMETA, DIS, QUAD

Real Estate

Utilities

Energy

UnclassifiedVEA, FNDX, VIG, DGS, VIGI · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 21.0% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 17% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (30 classified)Bristlecone Value Partners, LLC centroid (Mid Core)

FinancialsIndustrialsConsumer DiscretionaryHealth CareMaterialsConsumer StaplesInformation TechnologyCommunication ServicesUtilitiesEnergyReal Estate

Style box summary for Bristlecone Value Partners, LLC: centroid Mid Core. Heaviest cells: Large Value 4.4%, Large Core 3.5%, Mid Value 2.2%.

Classified: 16.7% of book weight (30/68 names) · unclassified 83.3%: VEA, FNDX, VIG, DGS, VIGI, AVDV, VOO, IJR, GNR, BND +28 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 68 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VEAVANGUARD TAX-MANAGED FDS	234,483	$15M	13.2%	HOLD
2	FNDXSCHWAB STRATEGIC TR	375,200	$10M	9.2%	ADD 4%
3	VIGVANGUARD SPECIALIZED FUNDS	44,024	$9M	8.3%	ADD 10%
4	DGSWISDOMTREE TR	119,987	$7M	6.3%	HOLD
5	VIGIVanguard Whitehall Int'l Div. Apprec. ETF	51,553	$5M	4.0%	ADD 4%
6	AVDVAMERICAN CENTY ETF TR	41,509	$4M	3.6%	ADD 4%
7	VOOVANGUARD INDEX FDS	6,487	$4M	3.4%	NEW
8	IJRISHARES TR	29,672	$4M	3.2%	ADD 3%
9	GNRSPDR INDEX SHS FDS	49,046	$4M	3.2%	TRIM −3%
10	BNDVANGUARD BD INDEX FDS	47,276	$3M	3.1%	HOLD
11	REETISHARES TR	120,655	$3M	2.7%	ADD 6%
12	VUSBVANGUARD BD INDEX FDS	58,580	$3M	2.6%	ADD 13%
13	CGCPCAPITAL GRP FIXED INCM ETF T	108,967	$2M	2.1%	ADD 23%
14	VTIPVANGUARD MALVERN FDS	43,513	$2M	1.9%	ADD 9%
15	PICBINVESCO EXCH TRADED FD TR II	92,532	$2M	1.9%	ADD 10%
16	FNDFSCHWAB STRATEGIC TR	42,288	$2M	1.8%	ADD 3%
17	BACBANK AMERICA CORP	34,235	$2M	1.5%	HOLD
18	JCIJOHNSON CONTROLS INTERNATION	11,817	$2M	1.4%	HOLD
19	VOEVANGUARD INDEX FDS	8,019	$1M	1.3%	NEW
20	LOWLOWES COS INC	6,085	$1M	1.3%	NEW
21	BRK.BBERKSHIRE HATHAWAY INC DEL	2,671	$1M	1.1%	NEW
22	FDMFIRST TR EXCHANGE-TRADED FD	15,458	$1M	1.1%	TRIM −4%
23	MKLMARKEL GROUP INC	649	$1M	1.1%	NEW
24	PEPPEPSICO INC	7,608	$1M	1.0%	NEW
25	JMSTJ P MORGAN EXCHANGE TRADED F	22,875	$1M	1.0%	TRIM −3%
26	AXPAMERICAN EXPRESS CO	3,484	$1M	0.9%	NEW
27	VTEBVANGUARD MUN BD FDS	19,108	$953,298	0.8%	HOLD
28	VMIVALMONT INDS INC	2,291	$915,415	0.8%	NEW
29	VRPINVESCO EXCH TRADED FD TR II	36,710	$880,313	0.8%	HOLD
30	BUDANHEUSER BUSCH INBEV SA/NV	11,859	$822,659	0.7%	TRIM −4%
31	FNDCSCHWAB STRATEGIC TR	17,319	$802,909	0.7%	TRIM −2%
32	GHCGRAHAM HLDGS CO	677	$715,765	0.6%	NEW
33	AMGNAMGEN INC	2,008	$706,515	0.6%	NEW
34	FNDASCHWAB STRATEGIC TR	20,190	$654,763	0.6%	HOLD
35	INTCINTEL CORP	14,793	$652,815	0.6%	HOLD
36	HGTYHAGERTY INC	60,093	$632,779	0.6%	ADD 4%
37	AGCOAGCO CORP	5,031	$582,942	0.5%	NEW
38	NRGNRG ENERGY INC	3,890	$568,485	0.5%	NEW
39	NTRNUTRIEN LTD	6,687	$504,601	0.4%	NEW
40	WIPSPDR SERIES TRUST	12,042	$476,863	0.4%	ADD 6%
41	METAMETA PLATFORMS INC	826	$472,360	0.4%	NEW
42	UHAL.BU HAUL HOLDING COMPANY	10,561	$471,760	0.4%	TRIM −4%
43	OXYOCCIDENTAL PETE CORP	7,037	$457,405	0.4%	NEW
44	NKENIKE INC	8,596	$454,041	0.4%	NEW
45	CXCEMEX SAB DE CV	39,680	$453,939	0.4%	HOLD
46	CMTCORE MOLDING TECHNOLOGIES IN	20,000	$448,000	0.4%	HOLD
47	AAPLAPPLE INC	1,701	$431,645	0.4%	NEW
48	KOPKOPPERS HOLDINGS INC	10,650	$411,942	0.4%	HOLD
49	RLGTRADIANT LOGISTICS INC	58,430	$411,932	0.4%	HOLD
50	YUMYUM BRANDS INC	2,594	$403,315	0.4%	NEW
51	KMXCARMAX INC	9,631	$400,457	0.4%	NEW
52	CALIBLACKROCK ETF TRUST II	7,807	$393,707	0.3%	NEW
53	CHCICOMSTOCK HLDG COS INC	20,680	$391,679	0.3%	HOLD
54	DISDISNEY WALT CO	4,049	$390,213	0.3%	NEW
55	MDTMEDTRONIC PLC	4,060	$351,799	0.3%	NEW
56	VUGVANGUARD INDEX FDS	802	$350,306	0.3%	NEW
57	MCFTMASTERCRAFT BOAT HLDGS INC	17,000	$348,670	0.3%	ADD 20%
58	NVRNVR INC	52	$342,671	0.3%	NEW
59	USFRWISDOMTREE TR	6,778	$341,205	0.3%	NEW
60	GILGILDAN ACTIVEWEAR INC	6,109	$339,966	0.3%	NEW
61	LHLABCORP HOLDINGS INC	1,093	$291,623	0.3%	NEW
62	TITNTITAN MACHY INC	17,000	$284,240	0.3%	HOLD
63	HZOMARINEMAX INC	10,500	$284,130	0.3%	HOLD
64	NVSNOVARTIS AG	1,794	$274,034	0.2%	NEW
65	CFFIC & F FINL CORP	3,556	$259,375	0.2%	NEW
66	VBILVANGUARD INSTL INDEX FD	3,428	$259,298	0.2%	NEW
67	SGCSUPERIOR GROUP OF CO INC	19,542	$198,547	0.2%	NEW
68	QUADQUAD / GRAPHICS INC	30,000	$198,300	0.2%	NEW

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

VEAVANGUARD TAX-MANAGED FDS

—

237K

234K

$15M

FNDXSCHWAB STRATEGIC TR

—

360K

375K

$10M

VIGVANGUARD SPECIALIZED FUNDS

—

40K

44K

$9M

DGSWISDOMTREE TR

—

120K

$7M

VIGIVanguard Whitehall Int'l Div. Apprec. ETF

—

49K

52K

$5M

AVDVAMERICAN CENTY ETF TR

—

40K

42K

$4M

VOOVANGUARD INDEX FDS

—

$4M

IJRISHARES TR

—

29K

30K

$4M

GNRSPDR INDEX SHS FDS

—

50K

49K

$4M

BNDVANGUARD BD INDEX FDS

—

47K

$3M

REETISHARES TR

—

114K

121K

$3M

VUSBVANGUARD BD INDEX FDS

—

52K

59K

$3M

CGCPCAPITAL GRP FIXED INCM ETF T

—

89K

109K

$2M

VTIPVANGUARD MALVERN FDS

—

40K

44K

$2M

PICBINVESCO EXCH TRADED FD TR II

—

84K

93K

$2M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Bristlecone Value Partners, LLC