SYNTAX RESEARCH, INC.

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CIK 1999827

13F portfolio (2026-Q1)

$157M

Positions

174

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 →

Open in PORT →

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

174

Top 5

27.0%

Top 10

44.0%

Effective N

34.5

HHI

0.029

This quarter

7 new · 1 exit →

By sector

Unclassified50.9%

Information Technology24.0%

Real Estate5.6%

Industrials5.3%

Communication Services3.9%

Financials2.7%

Materials2.1%

Health Care2.1%

Other3.3%

By market cap

Unknown51.2%

Mega (>$200B)25.1%

Large ($10–200B)23.6%

Mid ($2–10B)0.1%

Small ($300M–2B)0.0%

By region

Other50.9%

North America48.8%

Asia-Pacific0.3%

Europe0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	51.16%	42
Technology Hardware & Equipment	9.82%	10
Software	8.10%	8
Equity Real Estate Investment Trusts (REITs)	5.63%	6
Semiconductors & Semiconductor Equipment	4.51%	7
Software & IT Services	3.72%	5
Aerospace & Defense	2.88%	6
Metals & Mining	2.08%	2
Banks	1.75%	5
Commercial Services & Supplies	1.62%	4
Communications Equipment	1.54%	2
Pharmaceuticals & Biotechnology	1.25%	9
Utilities	1.23%	5
Specialty Retail	0.98%	6
Oil, Gas & Consumable Fuels	0.88%	5
Health Care Equipment & Supplies	0.84%	4
Road & Rail	0.65%	3
Capital Markets	0.35%	4
Airlines	0.21%	5
Media & Entertainment	0.14%	3
Machinery	0.12%	3
Professional Services	0.10%	1
Insurance	0.08%	4
Hotels, Restaurants & Leisure	0.08%	6
Automobiles & Components	0.07%	2
Chemicals	0.06%	5
Diversified Telecommunication Services	0.04%	2
Beverages	0.03%	3
Entertainment	0.02%	1
Electrical Equipment & Components	0.02%	1
Textiles, Apparel & Luxury Goods	0.01%	1
Food Products	0.01%	1
Food & Staples Retailing	0.01%	1
Transportation Infrastructure	0.01%	1
Marine	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	IVV	ISHARES TR	Unclassified	7.67%
2	IEF	ISHARES TR	Unclassified	5.37%
3	VLUE	ISHARES TR	Unclassified	5.13%
4	AAPL	Apple Inc.	Information Technology	4.65%
5	SHY	ISHARES TR	Unclassified	4.15%
6	LQD	ISHARES TR	Unclassified	4.02%
7	NOBL	PROSHARES TR	Unclassified	3.76%
8	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	3.25%
9	GOOG	Alphabet Inc.	Communication Services	3.25%
10	IJH	ISHARES TR	Unclassified	2.76%

133/174 names classified · sector 49.1% of weight · industry 48.8% · mkt cap 48.8%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 11 quarters

Information TechnologyAAPL, MSFT, AVGO, QCOM, ANET · other

Real EstatePLD, AMT, BXP, CUBE, COLD · other

MaterialsNTR, NEM, FCX, APD, DOW · other

IndustrialsFDX, RTX, WM, ABNB, ACN · other

FinancialsJPM, BRK.B, CME, WTW, ELV · other

Communication ServicesGOOG, GOOGL, NFLX, META, CMCSA · other

EnergySLB, COP, CVX, PAA, OXY · other

Health CareMRK, MDT, ZTS, ABT, SYK · other

Consumer DiscretionaryAMZN, COST, HD, TSLA, DLTR · other

Consumer StaplesADM, STZ, CVS, KR, MDLZ · other

UtilitiesOKE, CEG, XIFR, ED, NEE · other

UnclassifiedIVV, SHY, VLUE, ACWX, IEF · 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: 49.1% 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 44% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (117 classified)SYNTAX RESEARCH, INC. centroid (Large Core)

Information TechnologyReal EstateIndustrialsCommunication ServicesFinancialsMaterialsHealth CareUtilitiesConsumer DiscretionaryEnergyConsumer Staples

Style box summary for SYNTAX RESEARCH, INC.: centroid Large Core. Heaviest cells: Large Growth 23.1%, Large Core 11.9%, Large Value 5.4%.

Classified: 44.3% of book weight (117/174 names) · unclassified 55.7%: IVV, IEF, VLUE, SHY, LQD, NOBL, SPY, IJH, IJR, USMV +47 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· 174 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	IVVISHARES TR	18,441	$12M	7.7%	TRIM −12%
2	IEFISHARES TR	88,480	$8M	5.4%	HOLD
3	VLUEISHARES TR	56,735	$8M	5.1%	TRIM −8%
4	AAPLAPPLE INC	28,780	$7M	4.6%	HOLD
5	SHYISHARES TR	79,048	$7M	4.2%	HOLD
6	LQDISHARES TR	57,915	$6M	4.0%	HOLD
7	NOBLPROSHARES TR	55,761	$6M	3.8%	TRIM −3%
8	SPYSTATE STR SPDR S&P 500 ETF T	7,859	$5M	3.3%	HOLD
9	GOOGALPHABET INC	17,813	$5M	3.3%	TRIM −5%
10	IJHISHARES TR	64,296	$4M	2.8%	HOLD
11	AVGOBROADCOM INC	13,113	$4M	2.6%	HOLD
12	IJRISHARES TR	32,346	$4M	2.6%	HOLD
13	MSFTMICROSOFT CORP	10,842	$4M	2.6%	ADD 58%
14	PLDPROLOGIS INC.	27,869	$4M	2.3%	HOLD
15	FCXFREEPORT MCMORAN INC	52,173	$3M	2.0%	TRIM −20%
16	USMVISHARES TR	30,354	$3M	1.8%	ADD 87%
17	ACWXISHARES TR	40,104	$3M	1.7%	TRIM −2%
18	ANETARISTA NETWORKS INC	21,265	$3M	1.7%	HOLD
19	TTWOTAKE-TWO INTERACTIVE SOFTWAR	13,090	$3M	1.6%	ADD 361%
20	PANWPALO ALTO NETWORKS INC	16,125	$3M	1.6%	ADD 13%
21	ORCLORACLE CORP	16,911	$2M	1.6%	ADD 19%
22	TMOTHERMO FISHER SCIENTIFIC INC	4,982	$2M	1.6%	ADD 10%
23	QCOMQUALCOMM INC	18,781	$2M	1.5%	HOLD
24	AMTAMERICAN TOWER CORP	13,925	$2M	1.5%	ADD 15%
25	JPMJPMORGAN CHASE & CO	7,752	$2M	1.5%	HOLD
26	BABOEING CO	11,155	$2M	1.4%	ADD 145%
27	ABNBAIRBNB INC	16,999	$2M	1.4%	HOLD
28	IEURISHARES TR	30,435	$2M	1.4%	HOLD
29	IEMGISHARES INC	30,474	$2M	1.4%	NEW
30	DLRDIGITAL RLTY TR INC	11,773	$2M	1.4%	TRIM −17%
31	IGVISHARES TR	24,945	$2M	1.3%	NEW
32	SNOWSNOWFLAKE INC	12,539	$2M	1.2%	ADD 31%
33	AMATAPPLIED MATLS INC	5,492	$2M	1.2%	HOLD
34	XLVSELECT SECTOR SPDR TR	12,673	$2M	1.2%	TRIM −7%
35	CEGCONSTELLATION ENERGY CORP	6,000	$2M	1.1%	NEW
36	DTDYNATRACE INC	45,000	$2M	1.1%	ADD 13%
37	QUALISHARES TR	8,541	$2M	1.0%	TRIM −19%
38	ABTABBOTT LABS	12,000	$1M	0.8%	NEW
39	CVXCHEVRON CORP NEW	5,296	$1M	0.7%	TRIM −10%
40	UPSUNITED PARCEL SERVICE INC	10,001	$983,866	0.6%	TRIM −21%
41	RTXRTX CORPORATION	4,715	$909,489	0.6%	TRIM −7%
42	AMZNAMAZON COM INC	4,215	$877,859	0.6%	HOLD
43	NOCNORTHROP GRUMMAN CORP	1,000	$682,240	0.4%	TRIM −50%
44	INTCINTEL CORP	15,000	$661,950	0.4%	HOLD
45	SYKSTRYKER CORPORATION	2,000	$657,180	0.4%	NEW
46	GOOGLALPHABET INC	2,208	$634,909	0.4%	HOLD
47	LMTLOCKHEED MARTIN CORP	1,047	$632,749	0.4%	TRIM −70%
48	EEMISHARES TR	10,418	$591,619	0.4%	HOLD
49	MDTMEDTRONIC PLC	6,440	$558,041	0.4%	TRIM −8%
50	GOVTISHARES TR	22,975	$526,363	0.3%	HOLD
51	WYWEYERHAEUSER CO	21,536	$526,134	0.3%	TRIM −71%
52	TIPISHARES TR	4,633	$511,264	0.3%	HOLD
53	BLKBLACKROCK INC	524	$504,243	0.3%	TRIM −5%
54	TLTISHARES TR	5,769	$500,081	0.3%	TRIM −14%
55	BRK.BBERKSHIRE HATHAWAY INC DEL	1,012	$484,951	0.3%	HOLD
56	QQQINVESCO QQQ TR	818	$472,326	0.3%	HOLD
57	TSMTAIWAN SEMICONDUCTOR MFG LTD	1,217	$411,171	0.3%	HOLD
58	VTIVANGUARD INDEX FDS	1,249	$400,592	0.3%	HOLD
59	COSTCOSTCO WHSL CORP NEW	392	$390,601	0.2%	HOLD
60	VVISA INC	1,223	$369,628	0.2%	HOLD
61	FDXFEDEX CORP	851	$303,106	0.2%	TRIM −91%
62	BACBANK AMERICA CORP	5,429	$264,682	0.2%	HOLD
63	HDHOME DEPOT INC	688	$226,134	0.1%	TRIM −16%
64	VOTVANGUARD INDEX FDS	837	$215,402	0.1%	HOLD
65	NEMNEWMONT CORP	1,883	$203,788	0.1%	HOLD
66	TERTERADYNE INC	684	$202,882	0.1%	HOLD
67	REGNREGENERON PHARMACEUTICALS	245	$189,297	0.1%	HOLD
68	NFLXNETFLIX INC	1,750	$168,263	0.1%	HOLD
69	MRKMERCK & CO INC	1,381	$166,121	0.1%	TRIM −71%
70	VIGVANGUARD SPECIALIZED FUNDS	770	$165,634	0.1%	HOLD
71	WFCWELLS FARGO CO NEW	2,036	$162,086	0.1%	HOLD
72	PAYXPAYCHEX INC	1,700	$156,604	0.1%	TRIM −7%
73	CSCOCISCO SYS INC	1,972	$153,041	0.1%	TRIM −5%
74	COPCONOCOPHILLIPS	1,046	$138,126	0.1%	TRIM −93%
75	LLYELI LILLY & CO	140	$128,768	0.1%	HOLD
76	EDCONSOLIDATED EDISON INC	1,114	$126,083	0.1%	HOLD
77	SLBSCHLUMBERGER LTD	2,275	$116,901	0.1%	TRIM −13%
78	JNJJOHNSON & JOHNSON	411	$100,465	0.1%	HOLD
79	METAMETA PLATFORMS INC	170	$97,263	0.1%	TRIM −31%
80	CATCATERPILLAR INC	135	$95,643	0.1%	HOLD
81	PECOPHILLIPS EDISON & CO INC	2,527	$94,561	0.1%	HOLD
82	GMEDGLOBUS MED INC	1,000	$86,160	0.1%	HOLD
83	XLFSELECT SECTOR SPDR TR	1,737	$85,756	0.1%	HOLD
84	AMGNAMGEN INC	237	$83,389	0.1%	HOLD
85	ETNEATON CORP PLC	225	$80,476	0.1%	HOLD
86	TSLATESLA INC	205	$76,209	0.0%	HOLD
87	NEENEXTERA ENERGY INC	804	$74,676	0.0%	HOLD
88	WTWWILLIS TOWERS WATSON PLC LTD	250	$72,813	0.0%	TRIM −17%
89	DRIDARDEN RESTAURANTS INC	337	$66,066	0.0%	HOLD
90	SAPSAP SE	356	$60,951	0.0%	TRIM −4%
91	HDVISHARES TR	415	$56,324	0.0%	HOLD
92	CMCSACOMCAST CORP NEW	1,789	$51,356	0.0%	HOLD
93	IYFISHARES TR	404	$47,535	0.0%	HOLD
94	IWOISHARES TR	146	$45,817	0.0%	HOLD
95	NVDANVIDIA CORPORATION	260	$45,357	0.0%	HOLD
96	HPEHEWLETT PACKARD ENTERPRISE C	1,897	$45,168	0.0%	HOLD
97	VZVERIZON COMMUNICATIONS INC	883	$44,327	0.0%	HOLD
98	HONHONEYWELL INTL INC	191	$43,172	0.0%	HOLD
99	KLACKLA CORP	29	$42,700	0.0%	HOLD
100	APDAIR PRODS & CHEMS INC	136	$39,364	0.0%	TRIM −76%
101	SDYSPDR SER TR	250	$36,485	0.0%	HOLD
102	HPQHP INC	1,897	$36,442	0.0%	HOLD
103	ZTSZOETIS INC	304	$35,900	0.0%	HOLD
104	ELVELEVANCE HEALTH INC FORMERLY	122	$35,701	0.0%	HOLD
105	DISDISNEY WALT CO	368	$35,499	0.0%	HOLD
106	GMGENERAL MTRS CO	466	$34,717	0.0%	HOLD
107	GDGENERAL DYNAMICS CORP	100	$34,322	0.0%	HOLD
108	VBVANGUARD INDEX FDS	129	$33,788	0.0%	HOLD
109	EMREMERSON ELEC CO	251	$32,887	0.0%	HOLD
110	SCHFSCHWAB STRATEGIC TR	1,302	$32,215	0.0%	HOLD
111	OKEONEOK INC NEW	354	$32,035	0.0%	TRIM −97%
112	ARMARM HOLDINGS PLC	200	$30,256	0.0%	NEW
113	CBOECBOE GLOBAL MKTS INC	100	$28,107	0.0%	HOLD
114	SBUXSTARBUCKS CORP	300	$26,877	0.0%	HOLD
115	IWDISHARES TR	122	$26,068	0.0%	HOLD
116	XOMEXXON MOBIL CORP	152	$25,789	0.0%	HOLD
117	PEGPUBLIC SVC ENTERPRISE GROUP	315	$25,500	0.0%	HOLD
118	DOWDOW HLDGS INC	592	$24,676	0.0%	TRIM −36%
119	PFEPFIZER INC	871	$24,458	0.0%	HOLD
120	UNPUNION PAC CORP	99	$24,020	0.0%	HOLD
121	LOWLOWES COS INC	100	$23,628	0.0%	HOLD
122	NTRNUTRIEN LTD	300	$22,638	0.0%	HOLD
123	CCITIGROUP INC	179	$20,301	0.0%	HOLD
124	ALCALCON AG	250	$18,838	0.0%	HOLD
125	VTRVENTAS INC	230	$18,810	0.0%	HOLD
126	LEVILEVI STRAUSS & CO NEW	1,006	$18,608	0.0%	HOLD
127	UNHUNITEDHEALTH GROUP INC	67	$18,130	0.0%	HOLD
128	ACNACCENTURE PLC IRELAND	90	$17,847	0.0%	HOLD
129	USBUS BANCORP	326	$16,956	0.0%	HOLD
130	GDXVANECK ETF TRUST GOLD MINERS ETF	182	$16,703	0.0%	HOLD
131	IWPISHARES TR	125	$16,015	0.0%	HOLD
132	TAT&T INC	536	$15,539	0.0%	HOLD
133	PEPPEPSICO INC	100	$15,529	0.0%	HOLD
134	MDLZMONDELEZ INTL INC	269	$15,506	0.0%	HOLD
135	KOCOCA COLA CO	200	$15,210	0.0%	HOLD
136	DEDEERE & CO	27	$15,210	0.0%	HOLD
137	CVSCVS HEALTH CORP	203	$14,580	0.0%	TRIM −45%
138	MNSTMONSTER BEVERAGE CORP NEW	200	$14,492	0.0%	HOLD
139	CSXCSX CORP	324	$13,301	0.0%	HOLD
140	NOWSERVICENOW INC	125	$13,069	0.0%	HOLD
141	ADBEADOBE INC	52	$12,641	0.0%	HOLD
142	SHWSHERWIN WILLIAMS CO	39	$12,502	0.0%	HOLD
143	CWBSPDR SER TR	115	$10,525	0.0%	TRIM −6%
144	GSGOLDMAN SACHS GROUP INC	12	$10,152	0.0%	HOLD
145	UALUNITED AIRLS HLDGS INC	100	$9,207	0.0%	HOLD
146	WYNNWYNN RESORTS LTD	89	$9,038	0.0%	HOLD
147	MELIMERCADOLIBRE INC	5	$8,646	0.0%	HOLD
148	BKNGBOOKING HOLDINGS INC	2	$8,421	0.0%	HOLD
149	ADPAUTOMATIC DATA PROCESSING IN	39	$7,925	0.0%	HOLD
150	MCDMCDONALDS CORP	25	$7,770	0.0%	HOLD
151	PFFISHARES TR	255	$7,732	0.0%	HOLD
152	SHELSHELL PLC	83	$7,719	0.0%	HOLD
153	MGMMGM RESORTS INTERNATIONAL	190	$7,032	0.0%	HOLD
154	LVSLAS VEGAS SANDS CORP	129	$6,951	0.0%	HOLD
155	CCLCARNIVAL CORP	260	$6,729	0.0%	HOLD
156	DALDELTA AIR LINES INC	100	$6,648	0.0%	HOLD
157	WMTWALMART INC	50	$6,214	0.0%	HOLD
158	ALLALLSTATE CORP	28	$5,806	0.0%	HOLD
159	QQNITY ELECTRONICS INC	50	$5,769	0.0%	HOLD
160	BXBLACKSTONE INC	45	$5,224	0.0%	HOLD
161	IGSBISHARES TR	99	$5,204	0.0%	HOLD
162	LUVSOUTHWEST AIRLS CO	138	$5,185	0.0%	HOLD
163	SHYGISHARES TR	122	$5,162	0.0%	HOLD
164	QCLNFIRST TR EXCHANGE-TRADED FD	100	$4,647	0.0%	HOLD
165	DDDUPONT DE NEMOURS INC	100	$4,580	0.0%	HOLD
166	AIAISHARES TR	35	$3,716	0.0%	HOLD
167	MSIMOTOROLA SOLUTIONS INC	6	$2,604	0.0%	HOLD
168	VSNTVERSANT MEDIA GROUP INC	68	$2,518	0.0%	NEW
169	AALAMERICAN AIRLS GROUP INC	200	$2,148	0.0%	HOLD
170	DXCDXC TECHNOLOGY CO	162	$2,037	0.0%	HOLD
171	QSQUANTUMSCAPE CORP	150	$957	0.0%	HOLD
172	SOLSSOLSTICE ADVANCED MATLS INC	7	$534	0.0%	TRIM −85%
173	LXRXLEXICON PHARMACEUTICALS INC	142	$222	0.0%	HOLD
174	ITAIShares U.S. Aerospace & Defense ETF	0	$1	0.0%	EXIT

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

IVVISHARES TR

20K

23K

24K

21K

18K

$12M

IEFISHARES TR

54K

63K

75K

80K

88K

$8M

VLUEISHARES TR

73K

60K

70K

64K

62K

57K

$8M

AAPLAPPLE INC

29K

$7M

SHYISHARES TR

81K

89K

83K

85K

79K

$7M

LQDISHARES TR

25K

30K

34K

38K

58K

$6M

NOBLPROSHARES TR

45K

50K

55K

56K

57K

56K

$6M

SPYSTATE STR SPDR S&P 500 ETF T

$5M

GOOGALPHABET INC

10K

21K

20K

19K

18K

$5M

IJHISHARES TR

60K

65K

64K

65K

64K

$4M

AVGOBROADCOM INC

17K

15K

14K

13K

$4M

IJRISHARES TR

29K

33K

32K

33K

32K

$4M

MSFTMICROSOFT CORP

11K

$4M

PLDPROLOGIS INC.

34K

32K

28K

29K

28K

$4M

FCXFREEPORT MCMORAN INC

81K

84K

63K

65K

52K

$3M

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.

☆SYNTAX RESEARCH, INC.