Enlightenment Research, LLC

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CIK 1676924

13F portfolio (2022-Q3)

$45M

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 2022-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 (2022-Q3)

Holdings

Top 5

21.7%

Top 10

32.0%

Effective N

50.6

HHI

0.020

This quarter

73 new · 0 exit →

By sector

Information Technology28.9%

Communication Services16.3%

Industrials10.4%

Financials8.1%

Consumer Discretionary7.6%

Health Care6.1%

Utilities5.8%

Consumer Staples4.7%

Other12.1%

By market cap

Large ($10–200B)54.2%

Mega (>$200B)36.3%

Unknown7.2%

Mid ($2–10B)2.4%

By region

North America93.3%

Asia-Pacific4.9%

Other1.8%

By industry group GICS — finer than sector

Industry group	Weight	Names
Software	12.50%	8
Semiconductors & Semiconductor Equipment	7.56%	6
Commercial Services & Supplies	7.46%	7
Pharmaceuticals & Biotechnology	6.06%	5
Software & IT Services	5.94%	4
Utilities	5.84%	6
Media & Entertainment	5.37%	3
Communications Equipment	4.53%	1
Entertainment	4.15%	2
Oil, Gas & Consumable Fuels	4.13%	5
Banks	3.19%	4
Food Products	2.77%	3
Specialty Retail	2.72%	3
Chemicals	2.35%	2
Hotels, Restaurants & Leisure	2.03%	2
Diversified Telecommunication Services	1.91%	1
Road & Rail	1.86%	2
Insurance	1.86%	2
Unclassified	1.83%	3
Distributors	1.76%	2
Electrical Equipment & Components	1.74%	1
Aerospace & Defense	1.58%	2
Technology Hardware & Equipment	1.49%	2
Metals & Mining	1.34%	2
Equity Real Estate Investment Trusts (REITs)	1.14%	2
Automobiles & Components	1.12%	2
Beverages	1.03%	2
Food & Staples Retailing	0.92%	1
Paper & Forest Products	0.85%	1
Capital Markets	0.72%	1
Professional Services	0.65%	1
Airlines	0.64%	1
Transportation Infrastructure	0.51%	1
Real Estate Management & Development	0.48%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	MSFT	MICROSOFT CORP	Information Technology	7.17%
2	QCOM	QUALCOMM INC/DE	Information Technology	4.53%
3	DIS	Walt Disney Co	Communication Services	3.74%
4	MU	MICRON TECHNOLOGY INC	Information Technology	3.68%
5	NFLX	NETFLIX INC	Communication Services	2.56%
6	PFE	PFIZER INC	Health Care	2.34%
7	PG	PROCTER & GAMBLE Co	Materials	2.17%
8	C	CITIGROUP INC	Financials	2.04%
9	VZ	VERIZON COMMUNICATIONS INC	Communication Services	1.91%
10	GOOG	Alphabet Inc.	Communication Services	1.88%

88/91 names classified · sector 98.2% of weight · industry 98.2% · mkt cap 92.8%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 16 quarters

Information TechnologyAAPL, AMD, MSFT, XYZ, MU · other

Consumer DiscretionaryTSLA, AMZN, SBUX, COST, JD · other

IndustrialsBABA, BA, UNP, UBER, FDX · other

FinancialsV, BAC, SCHW, BX, BRK.B · other

Communication ServicesGOOGL, META, DIS, NFLX, CMCSA · other

Health CarePFE, BMY, JNJ, AMGN, MRNA · other

MaterialsPG, NKE, LIN, NEM, ECL · other

EnergyXOM, CVX, OXY, EOG, VLO · other

Consumer StaplesMDLZ, STZ, GIS, MKC, BYND · other

UtilitiesNEE, AEP, SRE, WMB, SO · other

Real EstateSPG, AMT, PLD, CCI, DLR · other

UnclassifiedTWITTER INC, VIACOMCBS INC, ACTIVISION BLIZZARD INC, CELGENE CORP, PIONEER NAT RES CO · 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: 98.2% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2022-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (76 classified)Enlightenment Research, LLC centroid (Large Core)

Information TechnologyCommunication ServicesIndustrialsFinancialsUtilitiesConsumer DiscretionaryHealth CareMaterialsConsumer StaplesEnergyReal Estate

Style box summary for Enlightenment Research, LLC: centroid Large Core. Heaviest cells: Large Value 29.9%, Large Growth 25.7%, Large Core 10.2%.

Classified: 88.7% of book weight (76/90 names) · unclassified 11.3%: PDD, BABA, , JD, MDB, CNC, CRWD, NIO, MRNA, TEAM +4 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· 91 positions (2022-Q3) · largest first · Δ vs 2022-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	MSFTMICROSOFT CORP	13,900	$3M	7.2%	NEW
2	QCOMQUALCOMM INC	18,100	$2M	4.5%	NEW
3	DISDISNEY WALT CO	17,900	$2M	3.7%	ADD 273%
4	MUMICRON TECHNOLOGY INC	33,200	$2M	3.7%	NEW
5	NFLXNETFLIX INC	4,900	$1M	2.6%	NEW
6	PFEPFIZER INC	24,200	$1M	2.3%	NEW
7	PGPROCTER AND GAMBLE CO	7,759	$980,000	2.2%	NEW
8	CCITIGROUP INC	22,098	$921,000	2.0%	ADD 130%
9	VZVERIZON COMMUNICATIONS INC	22,697	$862,000	1.9%	NEW
10	GOOGALPHABET INC	8,804	$847,000	1.9%	ADD 3422%
11	PYPLPAYPAL HLDGS INC	9,603	$827,000	1.8%	NEW
12	MDLZMONDELEZ INTL INC	15,000	$822,000	1.8%	NEW
13	GEGE AEROSPACE	12,700	$786,000	1.7%	NEW
14	GOOGLALPHABET INC	8,200	$784,000	1.7%	NEW
15	MRKMERCK & CO INC	8,800	$758,000	1.7%	NEW
16	CHTRCHARTER COMMUNICATIONS INC	2,400	$728,000	1.6%	NEW
17	AEPAMERICAN ELEC PWR CO INC	8,300	$718,000	1.6%	NEW
18	ORCLORACLE CORP	11,600	$708,000	1.6%	ADD 36%
19	PDDPDD HOLDINGS INC	11,200	$701,000	1.6%	NEW
20	BABAALIBABA GROUP HLDG LTD	8,500	$680,000	1.5%	NEW
21	XOMEXXON MOBIL CORP	6,900	$602,000	1.3%	TRIM −49%
22	METAMETA PLATFORMS INC	4,200	$570,000	1.3%	TRIM −50%
23	NEENEXTERA ENERGY INC	7,200	$565,000	1.3%	NEW
24	JDJD.COM INC	10,900	$548,000	1.2%	NEW
25	CMCSACOMCAST CORP NEW	18,500	$543,000	1.2%	NEW
26	SBUXSTARBUCKS CORP	6,400	$539,000	1.2%	NEW
27	CVXCHEVRON CORP NEW	3,674	$528,000	1.2%	ADD 38%
28	CSXCSX CORP	19,791	$527,000	1.2%	TRIM −10%
29	PGRPROGRESSIVE CORP	4,200	$488,000	1.1%	ADD 122%
30	BABOEING CO	4,000	$484,000	1.1%	NEW
31	TTDTHE TRADE DESK INC	8,100	$484,000	1.1%	NEW
32	SOSOUTHERN CO	7,100	$483,000	1.1%	NEW
33	HDHOME DEPOT INC	1,698	$469,000	1.0%	NEW
34	CAHCARDINAL HEALTH INC	6,700	$447,000	1.0%	NEW
35	KELLANOVA	6,402	$446,000	1.0%	NEW
36	AVGOBROADCOM INC	1,000	$444,000	1.0%	TRIM −17%
37	INTCINTEL CORP	17,200	$443,000	1.0%	NEW
38	KRKROGER CO	9,506	$416,000	0.9%	NEW
39	ACNACCENTURE PLC IRELAND	1,600	$412,000	0.9%	NEW
40	DUKDUKE ENERGY CORP NEW	4,200	$391,000	0.9%	NEW
41	KMBKIMBERLY-CLARK CORP	3,400	$383,000	0.8%	NEW
42	MDBMONGODB INC	1,900	$377,000	0.8%	NEW
43	PANWPALO ALTO NETWORKS INC	2,300	$377,000	0.8%	NEW
44	CMGCHIPOTLE MEXICAN GRILL INC	250	$376,000	0.8%	NEW
45	AMATAPPLIED MATLS INC	4,500	$369,000	0.8%	ADD 29%
46	CNCCENTENE CORP DEL	4,500	$350,000	0.8%	NEW
47	SYYSYSCO CORP	4,900	$346,000	0.8%	NEW
48	REGNREGENERON PHARMACEUTICALS	500	$344,000	0.8%	NEW
49	NEMNEWMONT CORP	8,000	$336,000	0.7%	TRIM −39%
50	FISFIDELITY NATL INFORMATION SV	4,389	$332,000	0.7%	ADD 7%
51	BXBLACKSTONE INC	3,900	$326,000	0.7%	NEW
52	UNPUNION PAC CORP	1,600	$312,000	0.7%	NEW
53	CRWDCROWDSTRIKE HLDGS INC	1,833	$302,000	0.7%	NEW
54	ANETArista Networks Inc	2,600	$294,000	0.7%	ADD 4%
55	PAYXPAYCHEX INC	2,600	$292,000	0.6%	NEW
56	BIIBBIOGEN INC	1,090	$291,000	0.6%	NEW
57	LUVSOUTHWEST AIRLS CO	9,400	$290,000	0.6%	NEW
58	NIONIO INC	18,200	$287,000	0.6%	NEW
59	MRNAMODERNA INC	2,400	$284,000	0.6%	NEW
60	SNPSSYNOPSYS INC	900	$275,000	0.6%	NEW
61	TEAMATLASSIAN CORP PLC	1,300	$274,000	0.6%	NEW
62	SWKSSKYWORKS SOLUTIONS INC	3,200	$273,000	0.6%	NEW
63	NUENUCOR CORP	2,500	$267,000	0.6%	TRIM −21%
64	CTRACOTERRA ENERGY INC	10,104	$264,000	0.6%	NEW
65	PLDPROLOGIS INC.	2,600	$264,000	0.6%	NEW
66	DDOMINION ENERGY INC	3,700	$256,000	0.6%	NEW
67	HSTHOST HOTELS & RESORTS INC	15,900	$252,000	0.6%	NEW
68	MPCMARATHON PETE CORP	2,500	$248,000	0.5%	NEW
69	VLOVALERO ENERGY CORP	2,300	$246,000	0.5%	NEW
70	PEPPEPSICO INC	1,502	$245,000	0.5%	NEW
71	DOCUDOCUSIGN INC	4,504	$241,000	0.5%	NEW
72	OXYOCCIDENTAL PETE CORP	3,898	$240,000	0.5%	NEW
73	CHRWC H ROBINSON WORLDWIDE INC	2,412	$232,000	0.5%	NEW
74	INTUINTUIT	600	$232,000	0.5%	NEW
75	RTXRTX CORPORATION	2,800	$229,000	0.5%	NEW
76	TSNTYSON FOODS INC	3,400	$224,000	0.5%	NEW
77	WECWEC ENERGY GROUP INC	2,500	$224,000	0.5%	NEW
78	ENPHENPHASE ENERGY INC	800	$222,000	0.5%	NEW
79	STZCONSTELLATION BRANDS INC	955	$219,000	0.5%	NEW
80	GMGENERAL MTRS CO	6,800	$218,000	0.5%	NEW
81	CBRECBRE GROUP INC	3,200	$216,000	0.5%	NEW
82	VVISA INC	1,200	$213,000	0.5%	TRIM −65%
83	ORLYOREILLY AUTOMOTIVE INC	300	$211,000	0.5%	NEW
84	TFCTRUIST FINL CORP	4,800	$209,000	0.5%	NEW
85	FISVFISERV INC	2,200	$206,000	0.5%	TRIM −12%
86	MKCMCCORMICK & CO INC	2,845	$203,000	0.4%	NEW
87	HBANHUNTINGTON BANCSHARES INC	14,500	$191,000	0.4%	NEW
88	DKNGDRAFTKINGS INC NEW	12,300	$186,000	0.4%	NEW
89	SOFISoFi Technologies, Ince	25,100	$122,000	0.3%	ADD 34%
90	SOUTHWESTERN ENERGY CO	18,800	$115,000	0.3%	NEW
91	COTYCOTY INC	13,200	$83,000	0.2%	NEW

☆Enlightenment Research, LLC