Sonen Capital LLC

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CIK 1557787

13F portfolio (2023-Q4)

$53M

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 2023-Q3. 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 (2023-Q4)

Holdings

Top 5

31.8%

Top 10

42.1%

Effective N

25.6

HHI

0.039

This quarter

6 new · 0 exit →

By sector

Information Technology33.6%

Health Care22.3%

Industrials15.9%

Consumer Discretionary9.5%

Utilities4.1%

Materials4.0%

Financials3.5%

Real Estate3.1%

Other4.1%

By market cap

Large ($10–200B)46.2%

Mega (>$200B)42.4%

Mid ($2–10B)7.8%

Unknown3.6%

By region

North America97.5%

Other1.5%

Asia-Pacific1.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Pharmaceuticals & Biotechnology	16.09%	4
Software	13.75%	7
Technology Hardware & Equipment	11.06%	8
Commercial Services & Supplies	8.86%	6
Semiconductors & Semiconductor Equipment	8.74%	6
Specialty Retail	5.50%	3
Professional Services	4.54%	4
Machinery	4.37%	3
Health Care Equipment & Supplies	4.26%	6
Utilities	4.15%	4
Chemicals	3.14%	4
Real Estate Management & Development	3.12%	2
Distributors	2.67%	2
Software & IT Services	2.56%	2
Life Sciences Tools & Services	1.92%	2
Unclassified	1.53%	2
Capital Markets	1.13%	1
Household Durables	0.83%	1
Paper & Forest Products	0.82%	1
Hotels, Restaurants & Leisure	0.50%	1
Road & Rail	0.45%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	MRK	Merck & Co., Inc.	Health Care	14.70%
2	MSFT	MICROSOFT CORP	Information Technology	7.16%
3	AMZN	AMAZON COM INC	Consumer Discretionary	4.38%
4	AMAT	APPLIED MATERIALS INC /DE	Information Technology	2.78%
5	XYL	Xylem Inc.	Industrials	2.75%
6	ABNB	Airbnb, Inc.	Industrials	2.35%
7	AAPL	Apple Inc.	Information Technology	2.11%
8	TMO	THERMO FISHER SCIENTIFIC INC.	Information Technology	1.98%
9	EFX	EQUIFAX INC	Industrials	1.97%
10	IT	GARTNER INC	Industrials	1.90%

68/70 names classified · sector 98.5% of weight · industry 98.5% · mkt cap 96.4%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 9 quarters

Information TechnologyMSFT, AMAT, DHR, FTNT, TSM · other

Health CareMRK, BDX, BAX, A, ILMN · other

IndustrialsEFX, XYL, ABNB, IT, MELI · other

FinancialsSCHW, MA, HBNC, EFSC, V · other

Consumer DiscretionaryAMZN, HSIC, AOS, CNM, WSO · other

Consumer StaplesMDLZ, MO, PEP, MKC

MaterialsCSL, ECL, NKE, AVY, WMS · other

Real EstateJLL, CBRE

UtilitiesWTRG, AWK, SBS, HTO, CWT · other

Communication ServicesGOOGL, GOOG, META, DIS

UnclassifiedEVANS BANCORP INC, OLD PT FINANCIAL CORPORATION, HARBORONE BANCORP INC NEW, ABIOMED INC, ANSYS INC · 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: 98.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2023-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (63 classified)Sonen Capital LLC centroid (Mid Core)

Information TechnologyHealth CareIndustrialsConsumer DiscretionaryMaterialsUtilitiesFinancialsReal EstateCommunication Services

Style box summary for Sonen Capital LLC: centroid Mid Core. Heaviest cells: Large Growth 27.1%, Large Value 17.4%, Mid Growth 12.1%.

Classified: 92.7% of book weight (63/70 names) · unclassified 7.3%: ABNB, RBLX, TSM, IWR, IWM, STN, SBS. 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· 70 positions (2023-Q4) · largest first · Δ vs 2023-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	MRKMERCK & CO INC	70,607	$8M	14.7%	HOLD
2	MSFTMICROSOFT CORP	10,047	$4M	7.2%	HOLD
3	AMZNAMAZON COM INC	15,211	$2M	4.4%	HOLD
4	AMATAPPLIED MATLS INC	9,049	$1M	2.8%	TRIM −10%
5	XYLXYLEM INC	12,663	$1M	2.7%	HOLD
6	ABNBAIRBNB INC	9,085	$1M	2.3%	HOLD
7	AAPLAPPLE INC	5,767	$1M	2.1%	HOLD
8	TMOTHERMO FISHER SCIENTIFIC INC	1,963	$1M	2.0%	ADD 9%
9	EFXEQUIFAX INC	4,201	$1M	2.0%	ADD 10%
10	ITGARTNER INC	2,227	$1M	1.9%	HOLD
11	HSICHENRY SCHEIN INC	13,031	$986,577	1.9%	HOLD
12	AWKAMERICAN WTR WKS CO INC NEW	7,261	$958,379	1.8%	ADD 3%
13	DHRDANAHER CORP DEL	4,085	$945,024	1.8%	TRIM −7%
14	ADIANALOG DEVICES INC	4,730	$939,189	1.8%	HOLD
15	GOOGLALPHABET INC	6,643	$927,961	1.8%	HOLD
16	PEVERPURE INC	25,650	$914,679	1.7%	HOLD
17	NTNXNUTANIX INC	18,663	$890,038	1.7%	ADD 3%
18	JLLJONES LANG LASALLE INC	4,569	$862,947	1.6%	HOLD
19	WTRGESSENTIAL UTILS INC	21,589	$806,349	1.5%	HOLD
20	CBRECBRE GROUP INC	8,381	$780,187	1.5%	HOLD
21	MELIMERCADOLIBRE INC	467	$733,909	1.4%	TRIM −9%
22	TRMBTRIMBLE INC	13,365	$711,018	1.3%	ADD 93%
23	RBLXROBLOX CORP	15,446	$706,191	1.3%	HOLD
24	TWLOTWILIO INC	9,288	$704,681	1.3%	HOLD
25	TXNTEXAS INSTRS INC	4,090	$697,181	1.3%	TRIM −27%
26	CRMSALESFORCE INC	2,636	$693,637	1.3%	ADD 14%
27	MAMASTERCARD INCORPORATED	1,524	$650,001	1.2%	HOLD
28	ACMAECOM	6,882	$636,103	1.2%	TRIM −7%
29	ROPROPER TECHNOLOGIES INC	1,115	$607,865	1.2%	TRIM −5%
30	IEXIDEX CORP	2,776	$602,697	1.1%	ADD 13%
31	SCHWSCHWAB CHARLES CORP	8,690	$597,872	1.1%	TRIM −13%
32	WATWATERS CORP	1,786	$588,005	1.1%	HOLD
33	VVISA INC	2,230	$580,580	1.1%	HOLD
34	BDXBECTON DICKINSON & CO	2,373	$578,609	1.1%	HOLD
35	NVDANVIDIA CORPORATION	1,094	$541,770	1.0%	HOLD
36	TSMTAIWAN SEMICONDUCTOR MFG LTD	5,124	$533,359	1.0%	HOLD
37	ECLECOLAB INC	2,599	$515,533	1.0%	HOLD
38	CSLCARLISLE COS INC	1,493	$466,458	0.9%	TRIM −15%
39	COOCOOPER COMPANIES INC	1,215	$459,805	0.9%	HOLD
40	AOSSMITH A O CORP	5,334	$439,735	0.8%	TRIM −42%
41	WMWASTE MGMT INC DEL	2,419	$433,243	0.8%	HOLD
42	AVYAVERY DENNISON CORP	2,134	$431,409	0.8%	HOLD
43	MRVLMARVELL TECHNOLOGY INC	7,145	$430,915	0.8%	HOLD
44	AAGILENT TECHNOLOGIES INC	3,050	$424,042	0.8%	HOLD
45	CNMCORE & MAIN INC	10,474	$423,254	0.8%	TRIM −12%
46	NKENIKE INC	3,895	$422,917	0.8%	HOLD
47	METAMETA PLATFORMS INC	1,191	$421,566	0.8%	HOLD
48	IWRISHARES TR	5,320	$413,524	0.8%	HOLD
49	IWMISHARES TR	1,956	$392,589	0.7%	HOLD
50	STNSTANTEC INC	4,838	$390,148	0.7%	TRIM −7%
51	TTEKTETRA TECH INC NEW	2,186	$364,909	0.7%	TRIM −17%
52	BAXBAXTER INTL INC	9,346	$361,397	0.7%	ADD 32%
53	SYKSTRYKER CORPORATION	1,097	$329,385	0.6%	HOLD
54	COSTCOSTCO WHSL CORP NEW	446	$301,086	0.6%	HOLD
55	HDHOME DEPOT INC	839	$290,755	0.6%	HOLD
56	JNJJOHNSON & JOHNSON	1,777	$278,527	0.5%	TRIM −23%
57	ITRIITRON INC	3,632	$274,252	0.5%	TRIM −24%
58	OKTAOKTA INC	3,000	$271,590	0.5%	HOLD
59	SBUXSTARBUCKS CORP	2,719	$261,051	0.5%	ADD 3%
60	EWEDWARDS LIFESCIENCES CORP	3,417	$260,546	0.5%	TRIM −59%
61	XRAYDENTSPLY SIRONA INC	7,282	$259,178	0.5%	NEW
62	TTCTORO CO	2,664	$255,717	0.5%	NEW
63	WMSADVANCED DRAIN SYS INC DEL	1,772	$249,214	0.5%	TRIM −55%
64	ALKSALKERMES PLC	8,740	$242,448	0.5%	HOLD
65	UNPUNION PAC CORP	962	$236,286	0.4%	NEW
66	CWTCALIFORNIA WTR SVC GROUP	4,451	$230,873	0.4%	NEW
67	VLTOVERALTO CORP	2,769	$227,778	0.4%	NEW
68	ABBVABBVIE INC	1,381	$214,014	0.4%	TRIM −3%
69	ADBEADOBE INC	351	$209,407	0.4%	NEW
70	SBSCOMPANHIA DE SANEAMENTO BASI	12,500	$190,375	0.4%	TRIM −9%

☆Sonen Capital LLC