CIK 1948391
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.
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.
| Industry group | Weight | Names |
|---|---|---|
| Unclassified | 100.00% | 12 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | LQD | ISHARES TR | Unclassified | 19.27% |
| 2 | HYG | ISHARES TR | Unclassified | 17.18% |
| 3 | IVV | ISHARES TR | Unclassified | 11.51% |
| 4 | RSP | INVESCO EXCHANGE TRADED FD T | Unclassified | 11.35% |
| 5 | USHY | ISHARES TR | Unclassified | 10.96% |
| 6 | IEMG | ISHARES INC | Unclassified | 6.70% |
| 7 | JNK | SPDR SER TR | Unclassified | 5.77% |
| 8 | EMB | ISHARES TR | Unclassified | 4.88% |
| 9 | SHYG | ISHARES TR | Unclassified | 3.91% |
| 10 | QQQ | INVESCO QQQ TR | Unclassified | 3.83% |
0/12 names classified · sector 0.0% of weight · industry 0.0% · mkt cap 0.0%; unclassified names shown, never dropped.
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: 0.0% of the book is sector-classified (unclassified names shown, never dropped).
Only 0% of book weight classified — the grid is NOT representative of the whole book.
Classified: 0.0% of book weight (0/12 names) · unclassified 100.0%: LQD, HYG, IVV, RSP, USHY, IEMG, JNK, EMB, SHYG, QQQ +2 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | LQDISHARES TR | 8,506,450 | $927M | 19.3% | TRIM −17% |
| 2 | HYGISHARES TR | 10,390,626 | $827M | 17.2% | HOLD |
| 3 | IVVISHARES TR | 847,800 | $554M | 11.5% | TRIM −28% |
| 4 | RSPINVESCO EXCHANGE TRADED FD T | 2,844,812 | $546M | 11.3% | TRIM −25% |
| 5 | USHYISHARES TR | 14,319,906 | $528M | 11.0% | HOLD |
| 6 | IEMGISHARES INC | 4,620,513 | $322M | 6.7% | ADD 51% |
| 7 | JNKSPDR SER TR | 2,900,000 | $278M | 5.8% | HOLD |
| 8 | EMBISHARES TR | 2,500,000 | $235M | 4.9% | HOLD |
| 9 | SHYGISHARES TR | 4,450,000 | $188M | 3.9% | HOLD |
| 10 | QQQINVESCO QQQ TR | 319,081 | $184M | 3.8% | TRIM −21% |
| 11 | VUGVANGUARD INDEX FDS | 350,953 | $153M | 3.2% | HOLD |
| 12 | VTVVANGUARD INDEX FDS | 357,328 | $70M | 1.5% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| LQDISHARES TR | 13.8M | 13.8M | 13.8M | 13.2M | 10.3M | 8.5M | $927M |
| HYGISHARES TR | 10.4M | 10.4M | 10.4M | 10.4M | 10.4M | 10.4M | $827M |
| IVVISHARES TR | — | 1.2M | 1.2M | 1.2M | 1.2M | 848K | $554M |
| RSPINVESCO EXCHANGE TRADED FD T | — | 3.8M | 3.8M | 3.8M | 3.8M | 2.8M | $546M |
| USHYISHARES TR | 8.8M | 8.8M | 8.8M | 12.8M | 14.3M | 14.3M | $528M |
| IEMGISHARES INC | — | — | — | 1.1M | 3.1M | 4.6M | $322M |
| JNKSPDR SER TR | 2.9M | 2.9M | 2.9M | 2.9M | 2.9M | 2.9M | $278M |
| EMBISHARES TR | — | — | — | 2.5M | 2.5M | 2.5M | $235M |
| SHYGISHARES TR | 4.5M | 4.5M | 4.5M | 4.5M | 4.5M | 4.5M | $188M |
| QQQINVESCO QQQ TR | — | — | — | 299K | 403K | 319K | $184M |
| VUGVANGUARD INDEX FDS | — | — | — | 351K | 351K | 351K | $153M |
| VTVVANGUARD INDEX FDS | 357K | 357K | 357K | 357K | 357K | 357K | $70M |
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.
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