Thayer Partners, LLC / MA

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CIK 2010185

13F portfolio (2026-Q1)

$210M

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

47.5%

Top 10

60.4%

Effective N

15.8

HHI

0.063

This quarter

5 new · 0 exit →

By sector

Unclassified81.5%

Information Technology6.8%

Health Care3.3%

Consumer Discretionary2.4%

Industrials1.8%

Financials1.5%

Communication Services0.9%

Materials0.6%

Other1.1%

By market cap

Unknown81.5%

Mega (>$200B)15.0%

Large ($10–200B)3.4%

Micro (<$300M)0.0%

By region

Other81.5%

North America18.5%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	81.79%	52
Technology Hardware & Equipment	3.28%	3
Pharmaceuticals & Biotechnology	3.23%	6
Specialty Retail	2.24%	4
Electrical Equipment & Components	1.80%	2
Machinery	1.28%	3
Semiconductors & Semiconductor Equipment	1.25%	1
Capital Markets	0.84%	2
Software & IT Services	0.62%	3
Oil, Gas & Consumable Fuels	0.58%	1
Software	0.47%	1
Paper & Forest Products	0.44%	1
Banks	0.39%	2
Utilities	0.32%	3
Road & Rail	0.28%	2
Aerospace & Defense	0.27%	2
Distributors	0.20%	1
Chemicals	0.17%	1
Beverages	0.17%	1
Entertainment	0.16%	1
Health Care Equipment & Supplies	0.10%	1
Diversified Telecommunication Services	0.10%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VOO	VANGUARD INDEX FDS	Unclassified	17.81%
2	AGG	ISHARES TR	Unclassified	10.06%
3	VEA	VANGUARD TAX-MANAGED FDS	Unclassified	9.65%
4	QQQ	INVESCO QQQ TR	Unclassified	6.55%
5	IEF	ISHARES TR	Unclassified	3.45%
6	AAPL	Apple Inc.	Information Technology	2.83%
7	SHY	ISHARES TR	Unclassified	2.78%
8	JEPI	JPMorgan Equity Premium Income ETF	Unclassified	2.66%
9	VWO	VANGUARD INTL EQUITY INDEX F	Unclassified	2.39%
10	JNJ	JOHNSON & JOHNSON	Health Care	2.25%

43/94 names classified · sector 18.5% of weight · industry 18.2% · mkt cap 18.5%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 2 quarters

Information TechnologyAAPL, NVDA, GE, GEV, MSFT · other

Health CareJNJ, MRK, LLY, ABBV, ALNY · other

Consumer DiscretionaryAMZN, HD, WMT, LOW, MCK

IndustrialsETN, CAT, UPS, BA, ITW · other

FinancialsGS, JPM, BRK.B, SYF, TROW · other

Communication ServicesGOOG, GOOGL, DIS, META, T

MaterialsKMB, PG

Energy

UtilitiesED, SO, NEE

Consumer Staples

UnclassifiedVOO, AGG, VEA, QQQ, 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: 18.5% 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 18% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (41 classified)Thayer Partners, LLC / MA centroid (Large Core)

Information TechnologyHealth CareConsumer DiscretionaryIndustrialsFinancialsCommunication ServicesMaterialsEnergyUtilitiesConsumer Staples

Style box summary for Thayer Partners, LLC / MA: centroid Large Core. Heaviest cells: Large Growth 10.3%, Large Core 3.8%, Large Value 3.0%.

Classified: 18.2% of book weight (41/94 names) · unclassified 81.8%: VOO, AGG, VEA, QQQ, IEF, SHY, JEPI, VWO, PULS, IEFA +43 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· 94 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VOOVANGUARD INDEX FDS	62,595	$37M	17.8%	ADD 5%
2	AGGISHARES TR	212,801	$21M	10.1%	ADD 3%
3	VEAVANGUARD TAX-MANAGED FDS	316,257	$20M	9.6%	ADD 5%
4	QQQINVESCO QQQ TR	23,837	$14M	6.5%	HOLD
5	IEFISHARES TR	75,828	$7M	3.4%	ADD 3%
6	AAPLAPPLE INC	23,460	$6M	2.8%	HOLD
7	SHYISHARES TR	70,640	$6M	2.8%	ADD 3%
8	JEPIJPMorgan Equity Premium Income ETF	98,395	$6M	2.7%	ADD 6%
9	VWOVANGUARD INTL EQUITY INDEX F	92,849	$5M	2.4%	ADD 6%
10	JNJJOHNSON & JOHNSON	19,355	$5M	2.3%	HOLD
11	PULSPGIM ETF TR	75,654	$4M	1.8%	HOLD
12	IEFAISHARES TR	32,107	$3M	1.4%	ADD 7%
13	QQQHNEOS ETF TRUST	56,465	$3M	1.4%	ADD 3%
14	ETVEATON VANCE TX MNG BY WRT OP	205,433	$3M	1.3%	ADD 2%
15	GVIPGOLDMAN SACHS ETF TR	19,094	$3M	1.3%	HOLD
16	NVDANVIDIA CORPORATION	15,019	$3M	1.2%	ADD 10%
17	VCRBVANGUARD MALVERN FDS	33,467	$3M	1.2%	ADD 15%
18	TCHPT ROWE PRICE ETF INC	57,477	$3M	1.2%	HOLD
19	EFTEATON VANCE FLTING RATE INC	233,206	$3M	1.2%	TRIM −3%
20	VHTVANGUARD WORLD FD	8,823	$2M	1.1%	ADD 3%
21	XLFSELECT SECTOR SPDR TR	48,338	$2M	1.1%	HOLD
22	VIGVANGUARD SPECIALIZED FUNDS	10,430	$2M	1.1%	HOLD
23	XLESELECT SECTOR SPDR TR	35,444	$2M	1.0%	HOLD
24	AMZNAMAZON COM INC	10,166	$2M	1.0%	HOLD
25	GEGE AEROSPACE	7,323	$2M	1.0%	HOLD
26	IVVISHARES TR	3,018	$2M	0.9%	ADD 4%
27	ESGVVanguard ESG US Stock - ETF	16,465	$2M	0.9%	HOLD
28	GEVGE VERNOVA INC	1,956	$2M	0.8%	HOLD
29	GSGOLDMAN SACHS GROUP INC	1,815	$2M	0.7%	HOLD
30	XLRESELECT SECTOR SPDR TR	33,125	$1M	0.6%	ADD 5%
31	DVYISHARES TR	8,408	$1M	0.6%	ADD 3%
32	HDHOME DEPOT INC	3,833	$1M	0.6%	HOLD
33	ETNEATON CORP PLC	3,498	$1M	0.6%	HOLD
34	IJKISHARES TR	12,019	$1M	0.6%	HOLD
35	XOMEXXON MOBIL CORP	7,121	$1M	0.6%	HOLD
36	TMSLT ROWE PRICE ETF INC	32,640	$1M	0.6%	ADD 24%
37	VUGVANGUARD INDEX FDS	2,617	$1M	0.5%	HOLD
38	CATCATERPILLAR INC	1,596	$1M	0.5%	TRIM −3%
39	QQQEDIREXION SHS ETF TR	10,605	$1M	0.5%	ADD 3%
40	VSGXVANGUARD WORLD FD	14,170	$1M	0.5%	HOLD
41	MSFTMICROSOFT CORP	2,685	$993,997	0.5%	ADD 16%
42	KMBKIMBERLY-CLARK CORP	9,653	$931,216	0.4%	ADD 4%
43	PUTNAM ETF TRUST	17,240	$870,080	0.4%	HOLD
44	VCEBVANGUARD WORLD FD	13,732	$862,765	0.4%	HOLD
45	MRKMERCK & CO INC	7,124	$856,887	0.4%	HOLD
46	WMTWALMART INC	6,865	$853,195	0.4%	TRIM −3%
47	VTVVANGUARD INDEX FDS	3,703	$726,531	0.3%	HOLD
48	CSCOCISCO SYS INC	8,836	$685,616	0.3%	ADD 2%
49	GOOGALPHABET INC	2,316	$664,446	0.3%	ADD 13%
50	VBVANGUARD INDEX FDS	2,484	$650,526	0.3%	HOLD
51	ITEQAMPLIFY ETF TR	10,897	$627,135	0.3%	HOLD
52	VOTVANGUARD INDEX FDS	2,421	$622,937	0.3%	HOLD
53	VOVANGUARD INDEX FDS	2,101	$603,491	0.3%	HOLD
54	JPMJPMORGAN CHASE & CO	1,994	$586,501	0.3%	ADD 5%
55	IJSISHARES TR	4,846	$573,983	0.3%	HOLD
56	IBBISHARES TR	3,130	$528,536	0.3%	TRIM −2%
57	BRK.BBERKSHIRE HATHAWAY INC DEL	1,068	$511,786	0.2%	ADD 9%
58	VTIPVANGUARD MALVERN FDS	9,897	$494,355	0.2%	TRIM −6%
59	LOWLOWES COS INC	2,043	$482,747	0.2%	ADD 8%
60	LLYELI LILLY & CO	502	$461,727	0.2%	ADD 8%
61	XLYSELECT SECTOR SPDR TR	4,183	$455,827	0.2%	ADD 4%
62	VBKVANGUARD INDEX FDS	1,488	$449,724	0.2%	ADD 3%
63	IWMISHARES TR	1,709	$423,785	0.2%	TRIM −13%
64	SPYSTATE STR SPDR S&P 500 ETF T	650	$423,001	0.2%	TRIM −29%
65	MCKMCKESSON CORP	484	$418,834	0.2%	HOLD
66	TOUST ROWE PRICE ETF INC	11,789	$407,204	0.2%	ADD 20%
67	VBRVANGUARD INDEX FDS	1,837	$399,147	0.2%	HOLD
68	HELOJPMorgan Hedged Equity Laddered Overly ETF	6,236	$398,543	0.2%	NEW
69	GOOGLALPHABET INC	1,299	$373,535	0.2%	ADD 5%
70	ABBVABBVIE INC	1,706	$370,978	0.2%	HOLD
71	PGPROCTER AND GAMBLE CO	2,528	$365,136	0.2%	ADD 11%
72	UPSUNITED PARCEL SERVICE INC	3,702	$364,216	0.2%	ADD 4%
73	PEPPEPSICO INC	2,343	$363,857	0.2%	ADD 6%
74	IJRISHARES TR	2,914	$362,249	0.2%	HOLD
75	SPYVSPDR SERIES TRUST	6,076	$343,786	0.2%	HOLD
76	DISDISNEY WALT CO	3,559	$342,988	0.2%	ADD 4%
77	BABOEING CO	1,668	$331,982	0.2%	HOLD
78	ALNYALNYLAM PHARMACEUTICALS INC	927	$306,716	0.1%	HOLD
79	ITWILLINOIS TOOL WKS INC	1,157	$301,043	0.1%	ADD 4%
80	QQQMINVESCO EXCH TRADED FD TR II	1,246	$295,977	0.1%	HOLD
81	METAMETA PLATFORMS INC	477	$272,869	0.1%	ADD 39%
82	ARKKARK ETF TR	3,900	$263,601	0.1%	HOLD
83	VTIVANGUARD INDEX FDS	817	$262,052	0.1%	ADD 11%
84	EDCONSOLIDATED EDISON INC	2,215	$250,672	0.1%	ADD 4%
85	IBMINTERNATIONAL BUSINESS MACHS	1,031	$249,830	0.1%	HOLD
86	HONHONEYWELL INTL INC	1,082	$244,564	0.1%	TRIM −15%
87	SYFSYNCHRONY FINANCIAL	3,412	$232,072	0.1%	HOLD
88	TROWPRICE T ROWE GROUP INC	2,496	$224,989	0.1%	HOLD
89	CSXCSX CORP	5,417	$222,378	0.1%	NEW
90	SOSOUTHERN CO	2,299	$221,908	0.1%	NEW
91	GEHCGE HEALTHCARE TECHNOLOGIES I	2,984	$212,406	0.1%	HOLD
92	NEENEXTERA ENERGY INC	2,251	$209,055	0.1%	NEW
93	TAT&T INC	7,172	$207,904	0.1%	NEW
94	IMRXIMMUNEERING CORP	11,000	$53,680	0.0%	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

VOOVANGUARD INDEX FDS

—

60K

63K

$37M

AGGISHARES TR

—

206K

213K

$21M

VEAVANGUARD TAX-MANAGED FDS

—

302K

316K

$20M

QQQINVESCO QQQ TR

—

23K

24K

$14M

IEFISHARES TR

—

73K

76K

$7M

AAPLAPPLE INC

—

23K

$6M

SHYISHARES TR

—

69K

71K

$6M

JEPIJPMorgan Equity Premium Income ETF

—

93K

98K

$6M

VWOVANGUARD INTL EQUITY INDEX F

—

87K

93K

$5M

JNJJOHNSON & JOHNSON

—

19K

$5M

PULSPGIM ETF TR

—

75K

76K

$4M

IEFAISHARES TR

—

30K

32K

$3M

QQQHNEOS ETF TRUST

—

55K

56K

$3M

ETVEATON VANCE TX MNG BY WRT OP

—

201K

205K

$3M

GVIPGOLDMAN SACHS ETF TR

—

19K

$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.

☆Thayer Partners, LLC / MA