D. SCOTT NEAL, INC.

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CIK 1596920

13F portfolio (2025-Q3)

$216M

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-Q2. 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 (2025-Q3)

Holdings

Top 5

58.5%

Top 10

78.9%

Effective N

11.6

HHI

0.086

This quarter

4 new · 0 exit →

By sector

Unclassified52.1%

Financials20.6%

Information Technology18.1%

Real Estate3.7%

Industrials1.9%

Consumer Discretionary1.3%

Communication Services0.9%

Health Care0.6%

Other0.8%

By market cap

Unknown52.2%

Large ($10–200B)31.8%

Mega (>$200B)10.4%

Mid ($2–10B)3.6%

Micro (<$300M)1.2%

Small ($300M–2B)0.8%

By region

Other52.1%

North America47.9%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	53.41%	19
Insurance	17.38%	2
Semiconductors & Semiconductor Equipment	8.23%	4
Technology Hardware & Equipment	6.52%	3
Equity Real Estate Investment Trusts (REITs)	3.68%	2
Software	2.12%	3
Machinery	1.67%	1
Communications Equipment	1.24%	1
Specialty Retail	1.07%	4
Banks	1.06%	3
Commercial Services & Supplies	0.87%	3
Pharmaceuticals & Biotechnology	0.57%	3
Software & IT Services	0.47%	2
Diversified Telecommunication Services	0.47%	1
Chemicals	0.41%	2
Automobiles & Components	0.26%	1
Tobacco	0.22%	1
Oil, Gas & Consumable Fuels	0.13%	1
Aerospace & Defense	0.13%	1
Capital Markets	0.11%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	GLD	SPDR GOLD TR	Unclassified	16.72%
2	QQQ	INVESCO QQQ TR	Unclassified	14.29%
3	XLC	SELECT SECTOR SPDR TR	Unclassified	10.14%
4	UNM	Unum Group	Financials	9.26%
5	AJG	Arthur J. Gallagher & Co.	Financials	8.12%
6	FLEX	FLEX LTD.	Information Technology	7.18%
7	KLAC	KLA CORP	Information Technology	5.43%
8	NSA	National Storage Affiliates Trust	Real Estate	3.58%
9	IAU	ISHARES GOLD TR	Unclassified	2.26%
10	MSFT	MICROSOFT CORP	Information Technology	1.96%

40/58 names classified · sector 47.9% of weight · industry 46.6% · mkt cap 47.8%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 48 quarters

Information TechnologyKLAC, FLEX, MSFT, REKR, ENPH · other

FinancialsAJG, UNM, BRK.B, RBCAA, V · other

Health CareABBV, JNJ, CRL, PFE, MRK · other

EnergyAMR, XOM, CVX, DK, OXY · other

IndustrialsCAT, LRCX, HON, WM, MMS · other

Consumer DiscretionaryBJ, HD, LOW, AMZN, TSLA · other

Real EstateNSA, ESBA, WPC, AMT, VNO · other

Communication ServicesT, GOOG, GOOGL, META, TMUS · other

MaterialsPG, NKE, CL, CSL, KMB · other

Consumer StaplesMO, PM, KO, PEP, KHC · other

UtilitiesNEE, ED, UGI, DUK, PPL · other

UnclassifiedQQQ, IGIB, SHY, PROSHARES TR, VTIP · 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: 47.9% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2025-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 45% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (36 classified)D. SCOTT NEAL, INC. centroid (Mid Core)

FinancialsInformation TechnologyReal EstateIndustrialsConsumer DiscretionaryCommunication ServicesHealth CareMaterialsConsumer StaplesEnergy

Style box summary for D. SCOTT NEAL, INC.: centroid Mid Core. Heaviest cells: Small Value 12.8%, Mid Growth 8.1%, Mid Core 7.2%.

Classified: 45.2% of book weight (36/58 names) · unclassified 54.8%: GLD, QQQ, XLC, IAU, SPY, QLD, XLU, BRK.B, REKR, SSO +12 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· 58 positions (2025-Q3) · largest first · Δ vs 2025-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	GLDSPDR GOLD TR	101,674	$36M	16.7%	HOLD
2	QQQINVESCO QQQ TR	51,460	$31M	14.3%	HOLD
3	XLCSELECT SECTOR SPDR TR	185,200	$22M	10.1%	HOLD
4	UNMUNUM GROUP	257,423	$20M	9.3%	TRIM −3%
5	AJGGALLAGHER ARTHUR J & CO	56,663	$18M	8.1%	HOLD
6	FLEXFlextronics Internat'l. Ltd.	267,835	$16M	7.2%	HOLD
7	KLACKLA CORP	10,886	$12M	5.4%	HOLD
8	NSANATIONAL STORAGE AFFILIATES	255,877	$8M	3.6%	HOLD
9	IAUISHARES GOLD TR	67,117	$5M	2.3%	TRIM −8%
10	MSFTMICROSOFT CORP	8,172	$4M	2.0%	HOLD
11	SPYSTATE STR SPDR S&P 500 ETF T	6,211	$4M	1.9%	TRIM −10%
12	CATCATERPILLAR INC	7,549	$4M	1.7%	HOLD
13	QLDPROSHARES TR	24,928	$3M	1.6%	HOLD
14	XLUSELECT SECTOR SPDR TR	33,558	$3M	1.4%	ADD 10%
15	BRK.BBERKSHIRE HATHAWAY INC DEL	5,719	$3M	1.3%	HOLD
16	REKRREKOR SYSTEMS INC	1,700,650	$3M	1.2%	HOLD
17	SSOPROSHARES TR	22,688	$3M	1.2%	HOLD
18	AAPLAPPLE INC	6,882	$2M	0.8%	HOLD
19	NVDANVIDIA CORPORATION	9,122	$2M	0.8%	TRIM −10%
20	RBCAAREPUBLIC BANCORP INC KY	21,000	$2M	0.7%	HOLD
21	IVVISHARES TR	2,129	$1M	0.7%	HOLD
22	HEFAISHARES CURRENCY HEDGED MSCI EAFE ETF	31,360	$1M	0.6%	HOLD
23	TAT&T INC	36,040	$1M	0.5%	HOLD
24	HDHOME DEPOT INC	2,336	$946,524	0.4%	HOLD
25	VVISA INC	2,550	$870,519	0.4%	HOLD
26	MAMASTERCARD INCORPORATED	1,363	$775,324	0.4%	HOLD
27	LOWLOWES COS INC	2,600	$653,406	0.3%	HOLD
28	IBMINTERNATIONAL BUSINESS MACHS	2,150	$606,644	0.3%	TRIM −13%
29	VOOVANGUARD INDEX FDS	989	$605,644	0.3%	TRIM −4%
30	JNJJOHNSON & JOHNSON	3,100	$574,802	0.3%	HOLD
31	RFREGIONS FINANCIAL CORP NEW	21,434	$565,215	0.3%	HOLD
32	TSLATESLA INC	1,254	$557,679	0.3%	HOLD
33	PGPROCTER AND GAMBLE CO	3,617	$555,753	0.3%	HOLD
34	GOOGLALPHABET INC	2,220	$539,682	0.2%	HOLD
35	AMZNAMAZON COM INC	2,339	$513,575	0.2%	HOLD
36	GOOGALPHABET INC	2,000	$487,100	0.2%	HOLD
37	MOALTRIA GROUP INC	7,102	$469,159	0.2%	HOLD
38	MDYSPDR S&P MIDCAP 400 ETF TR	780	$464,904	0.2%	HOLD
39	IWMISHARES TR	1,860	$450,046	0.2%	HOLD
40	ESGUISHARES TR	2,889	$420,639	0.2%	TRIM −4%
41	IWRISHARES TR	3,560	$343,718	0.2%	HOLD
42	GSKGSK PLC	7,928	$342,173	0.2%	HOLD
43	AVGOBROADCOM INC	1,034	$341,291	0.2%	HOLD
44	ORCLORACLE CORP	1,200	$337,488	0.2%	HOLD
45	NKENIKE INC	4,600	$320,758	0.1%	HOLD
46	ABTABBOTT LABS	2,300	$308,062	0.1%	TRIM −18%
47	ESGDISHARES TR	3,288	$305,719	0.1%	HOLD
48	XOMEXXON MOBIL CORP	2,534	$285,709	0.1%	TRIM −4%
49	HONHONEYWELL INTL INC	1,285	$270,493	0.1%	HOLD
50	ESGVVanguard ESG US Stock - ETF	2,132	$252,515	0.1%	HOLD
51	GSGOLDMAN SACHS GROUP INC	300	$238,905	0.1%	HOLD
52	MUMICRON TECHNOLOGY INC	1,358	$227,221	0.1%	NEW
53	WMWASTE MGMT INC DEL	1,017	$224,585	0.1%	HOLD
54	ESBAEMPIRE ST RLTY OP L P	29,000	$215,760	0.1%	HOLD
55	ITBISHARES TR	2,000	$214,500	0.1%	NEW
56	BACBANK AMERICA CORP	3,992	$205,948	0.1%	NEW
57	WMTWALMART INC	1,949	$200,864	0.1%	NEW
58	LPSNLIVEPERSON INC	25,107	$14,645	0.0%	HOLD

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Firm lineageForm ADV + cited

Where this firm's principals came from and which firms its alumni went on to found.

family tree & personnel →

joins filed 13F data only — no style, strategy or performance similarity is claimed · 13F 2026-Q1

Similar managers — filers whose largest reported GICS sector is the same as this book's (Financials), ranked by closeness of reported 13F portfolio value (|log AUM ratio|), self excluded. Two things it is NOT: a style/strategy match, and a performance ranking. Sector weights come from the filed long book only, so a filer whose real business is elsewhere (shorts, private, non-13F assets) can still surface.
Also hold GLD — other Section 13(f) filers reporting a long position in this book's largest tickered holding for 2026-Q1. Lagged quarterly filings (up to 45 days after quarter-end); “% of shares out” is omitted where the reported share count can't carry it. % of shares outstanding is not shown for GLD: this is a fund line, and we hold no cover-page share count for it at any quarter — a fund's shares outstanding move with creations and redemptions rather than with issuance and buybacks, and it is not the SEC cover-page count this percentage is defined against. The figure is withheld rather than computed against a count that does not exist. Holder share counts are shown as filed.
Filers outside the free plan's window are shown locked rather than hidden, so the list is never silently short.

☆D. SCOTT NEAL, INC.