Kearns & Associates LLC

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CIK 1908695

13F portfolio (2026-Q1)

$186M

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

79.2%

Top 10

89.0%

Effective N

5.1

HHI

0.194

This quarter

1 new · 0 exit →

By sector

Unclassified87.9%

Information Technology4.1%

Financials3.5%

Health Care1.6%

Communication Services1.5%

Consumer Discretionary0.5%

Energy0.4%

Industrials0.4%

Real Estate0.2%

By market cap

Unknown87.9%

Mega (>$200B)8.6%

Large ($10–200B)3.6%

By region

Other87.9%

North America12.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	87.85%	17
Technology Hardware & Equipment	3.08%	2
Banks	1.72%	5
Pharmaceuticals & Biotechnology	1.50%	1
Software & IT Services	1.48%	2
Capital Markets	1.04%	3
Software	0.86%	1
Specialty Retail	0.52%	1
Commercial Services & Supplies	0.52%	1
Oil, Gas & Consumable Fuels	0.40%	1
Machinery	0.39%	2
Insurance	0.20%	1
Equity Real Estate Investment Trusts (REITs)	0.18%	1
Communications Equipment	0.13%	1
Health Care Equipment & Supplies	0.13%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VTI	VANGUARD INDEX FDS	Unclassified	29.97%
2	VOO	VANGUARD INDEX FDS	Unclassified	29.16%
3	VEA	VANGUARD TAX-MANAGED FDS	Unclassified	11.21%
4	VB	VANGUARD INDEX FDS	Unclassified	5.50%
5	VWO	VANGUARD INTL EQUITY INDEX F	Unclassified	3.36%
6	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	3.27%
7	AAPL	Apple Inc.	Information Technology	2.83%
8	RPRX	Royalty Pharma plc	Health Care	1.50%
9	SCHF	SCHWAB STRATEGIC TR	Unclassified	1.20%
10	VUG	VANGUARD INDEX FDS	Unclassified	1.00%

23/40 names classified · sector 12.1% of weight · industry 12.1% · mkt cap 12.1%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 18 quarters

Information TechnologyAAPL, MSFT, TMO, QCOM, DHR · other

FinancialsV, BAC, SCHW, AXP, MRSH · other

Communication ServicesGOOG, GOOGL, DIS, CMCSA, PSO · other

Health CareRPRX, SYK, JNJ, BMY

Consumer DiscretionaryAMZN, HLF, LOW

EnergyOXY, COP

IndustrialsJCI, BKR, UNP, PRG

Real Estate

UnclassifiedVOO, VTI, VEA, VB, VWO · 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: 12.1% 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 11% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (22 classified)Kearns & Associates LLC centroid (Large Core)

Information TechnologyFinancialsCommunication ServicesConsumer DiscretionaryEnergyIndustrialsReal EstateHealth Care

Style box summary for Kearns & Associates LLC: centroid Large Core. Heaviest cells: Large Growth 7.0%, Large Core 2.1%, Large Value 1.1%.

Classified: 10.6% of book weight (22/40 names) · unclassified 89.4%: VTI, VOO, VEA, VB, VWO, SPY, RPRX, SCHF, VUG, PJUL +8 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· 40 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VTIVANGUARD INDEX FDS	173,616	$56M	30.0%	HOLD
2	VOOVANGUARD INDEX FDS	90,698	$54M	29.2%	HOLD
3	VEAVANGUARD TAX-MANAGED FDS	325,021	$21M	11.2%	ADD 2%
4	VBVANGUARD INDEX FDS	39,066	$10M	5.5%	HOLD
5	VWOVANGUARD INTL EQUITY INDEX F	115,386	$6M	3.4%	ADD 3%
6	SPYSTATE STR SPDR S&P 500 ETF T	9,340	$6M	3.3%	HOLD
7	AAPLAPPLE INC	20,743	$5M	2.8%	HOLD
8	RPRXROYALTY PHARMA PLC	58,240	$3M	1.5%	TRIM −18%
9	SCHFSCHWAB STRATEGIC TR	90,280	$2M	1.2%	ADD 3%
10	VUGVANGUARD INDEX FDS	4,267	$2M	1.0%	HOLD
11	MSFTMICROSOFT CORP	4,305	$2M	0.9%	HOLD
12	GOOGLALPHABET INC	4,800	$1M	0.7%	HOLD
13	GOOGALPHABET INC	4,800	$1M	0.7%	HOLD
14	PJULINNOVATOR ETFS TRUST	25,755	$1M	0.6%	HOLD
15	IGMISHARES TR	8,226	$974,863	0.5%	HOLD
16	AMZNAMAZON COM INC	4,660	$970,538	0.5%	HOLD
17	VVISA INC	3,200	$967,168	0.5%	HOLD
18	BACBANK AMERICA CORP	19,500	$950,625	0.5%	HOLD
19	SCHESCHWAB STRATEGIC TR	26,148	$861,607	0.5%	HOLD
20	AXPAMERICAN EXPRESS CO	2,800	$846,944	0.5%	HOLD
21	GSGOLDMAN SACHS GROUP INC	1,000	$845,990	0.5%	HOLD
22	SCHWSCHWAB CHARLES CORP	9,000	$845,820	0.5%	HOLD
23	FBNDFIDELITY TOTAL BOND ETF	18,235	$831,881	0.4%	HOLD
24	OXYOCCIDENTAL PETE CORP	11,368	$738,920	0.4%	HOLD
25	IJRISHARES TR	5,808	$721,992	0.4%	HOLD
26	JPMJPMORGAN CHASE & CO	1,967	$578,613	0.3%	HOLD
27	JCIJOHNSON CONTROLS INTERNATION	3,725	$487,789	0.3%	TRIM −17%
28	TMOTHERMO FISHER SCIENTIFIC INC	946	$464,987	0.3%	HOLD
29	VNQVANGUARD INDEX FDS	5,212	$462,307	0.2%	HOLD
30	WFCWELLS FARGO CO NEW	5,250	$417,953	0.2%	TRIM −25%
31	COFCAPITAL ONE FINL CORP	2,170	$395,873	0.2%	HOLD
32	IVVISHARES TR	604	$395,135	0.2%	HOLD
33	MRSHMARSH & MCLENNAN COS INC	2,145	$372,050	0.2%	TRIM −25%
34	EQIXEQUINIX INC	338	$331,321	0.2%	TRIM −12%
35	GLDSPDR GOLD TR	685	$294,749	0.2%	HOLD
36	MSMORGAN STANLEY	1,500	$246,855	0.1%	HOLD
37	QCOMQUALCOMM INC	1,905	$245,326	0.1%	HOLD
38	SYKSTRYKER CORPORATION	720	$236,585	0.1%	TRIM −21%
39	BKRBAKER HUGHES COMPANY	3,750	$228,938	0.1%	NEW
40	IWVISHARES TR	549	$203,503	0.1%	HOLD

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

VTIVANGUARD INDEX FDS

155K

164K

174K

175K

174K

$56M

VOOVANGUARD INDEX FDS

93K

91K

$54M

VEAVANGUARD TAX-MANAGED FDS

264K

298K

310K

316K

318K

325K

$21M

VBVANGUARD INDEX FDS

39K

$10M

VWOVANGUARD INTL EQUITY INDEX F

105K

106K

107K

110K

112K

115K

$6M

SPYSTATE STR SPDR S&P 500 ETF T

10K

$6M

AAPLAPPLE INC

21K

$5M

RPRXROYALTY PHARMA PLC

18K

71K

58K

$3M

SCHFSCHWAB STRATEGIC TR

82K

84K

87K

88K

90K

$2M

VUGVANGUARD INDEX FDS

$2M

MSFTMICROSOFT CORP

$2M

GOOGLALPHABET INC

$1M

GOOGALPHABET INC

$1M

PJULINNOVATOR ETFS TRUST

26K

$1M

IGMISHARES TR

$974,863

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.

☆Kearns & Associates LLC