RAELIPSKIE PARTNERSHIP

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CIK 2023896

13F portfolio (2026-Q1)

$236M

Positions

119

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

119

Top 5

41.8%

Top 10

60.1%

Effective N

21.2

HHI

0.047

This quarter

12 new · 0 exit →

By sector

Unclassified69.4%

Information Technology10.0%

Financials6.4%

Materials3.0%

Communication Services2.6%

Consumer Discretionary2.5%

Health Care2.3%

Consumer Staples1.4%

Other2.4%

By market cap

Unknown75.6%

Mega (>$200B)19.7%

Large ($10–200B)4.6%

Small ($300M–2B)0.0%

Mid ($2–10B)0.0%

By region

Other69.4%

North America25.5%

Europe3.1%

Asia-Pacific2.0%

Latin America0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	70.55%	51
Technology Hardware & Equipment	4.79%	5
Banks	4.71%	7
Software	3.06%	4
Software & IT Services	2.53%	3
Pharmaceuticals & Biotechnology	2.34%	5
Chemicals	1.99%	5
Semiconductors & Semiconductor Equipment	1.66%	4
Beverages	1.38%	2
Specialty Retail	1.05%	2
Metals & Mining	0.98%	3
Automobiles & Components	0.91%	3
Utilities	0.88%	2
Oil, Gas & Consumable Fuels	0.53%	3
Electrical Equipment & Components	0.53%	1
Household Durables	0.52%	1
Insurance	0.52%	4
Equity Real Estate Investment Trusts (REITs)	0.48%	1
Commercial Services & Supplies	0.44%	3
Road & Rail	0.08%	1
Aerospace & Defense	0.03%	3
Diversified Telecommunication Services	0.02%	2
Machinery	0.01%	3
Health Care Equipment & Supplies	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	10.79%
2	VEA	VANGUARD TAX-MANAGED FDS	Unclassified	9.06%
3	RSP	INVESCO EXCHANGE TRADED FD T	Unclassified	8.54%
4	QQQ	INVESCO QQQ TR	Unclassified	7.42%
5	VWO	VANGUARD INTL EQUITY INDEX F	Unclassified	6.02%
6	EMXC	ISHARES INC	Unclassified	4.38%
7	IVOO	Vanguard S&P Mid-Cap 400 Index Fund - ETF	Unclassified	3.97%
8	IWM	ISHARES TR	Unclassified	3.88%
9	MSFT	MICROSOFT CORP	Information Technology	3.05%
10	AAPL	Apple Inc.	Information Technology	2.95%

69/119 names classified · sector 30.6% of weight · industry 29.5% · mkt cap 24.4%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 10 quarters

Information TechnologyMSFT, AAPL, AVGO, CRM, CSCO · other

FinancialsJPM, BRK.B, HSBC, BAC, SAN · other

Consumer DiscretionaryHD, TM, SONY, JMIA, TJX · other

MaterialsPG, BHP, LYB, RIO, UL · other

Communication ServicesGOOGL, META, T, ROKU, SPIR · other

Health CareJNJ, NVO, PFE, AZN, ZTS · other

IndustrialsACN, UBER, UNP, BA, RTX · other

UtilitiesNEE, CEG, AEP

Consumer StaplesDEO, PEP

EnergyBP, CVX, TTE, VLO

Real Estate

UnclassifiedSPY, VEA, QQQ, RSP, 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: 30.6% 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 23% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (49 classified)RAELIPSKIE PARTNERSHIP centroid (Large Core)

Information TechnologyFinancialsCommunication ServicesMaterialsHealth CareConsumer StaplesConsumer DiscretionaryUtilitiesIndustrialsReal EstateEnergy

Style box summary for RAELIPSKIE PARTNERSHIP: centroid Large Core. Heaviest cells: Large Growth 10.9%, Large Core 6.8%, Large Value 4.5%.

Classified: 23.2% of book weight (49/100 names) · unclassified 76.8%: SPY, , VEA, RSP, QQQ, VWO, EMXC, IVOO, IWM, BRK.B +41 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· 119 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SPYSTATE STR SPDR S&P 500 ETF T	39,199	$25M	10.8%	HOLD
2	VEAVANGUARD TAX-MANAGED FDS	334,121	$21M	9.1%	HOLD
3	RSPINVESCO EXCHANGE TRADED FD T	105,086	$20M	8.5%	ADD 5%
4	QQQINVESCO QQQ TR	30,374	$18M	7.4%	HOLD
5	VWOVANGUARD INTL EQUITY INDEX F	262,959	$14M	6.0%	HOLD
6	EMXCISHARES INC	131,432	$10M	4.4%	TRIM −2%
7	IVOOVanguard S&P Mid-Cap 400 Index Fund - ETF	82,080	$9M	4.0%	HOLD
8	IWMISHARES TR	36,943	$9M	3.9%	TRIM −3%
9	MSFTMICROSOFT CORP	19,444	$7M	3.0%	ADD 4%
10	AAPLAPPLE INC	27,485	$7M	3.0%	TRIM −4%
11	JPMJPMORGAN CHASE & CO	15,246	$4M	1.9%	TRIM −5%
12	EXXON MOBIL CORP (USA)	25,807	$4M	1.9%	HOLD
13	GOOGLALPHABET INC	13,671	$4M	1.7%	TRIM −6%
14	NOVARTIS ADR (CHE)	25,441	$4M	1.6%	TRIM −16%
15	CSCOCISCO SYS INC	49,589	$4M	1.6%	TRIM −6%
16	PEPPEPSICO INC	20,554	$3M	1.4%	ADD 9%
17	JNJJOHNSON & JOHNSON	12,753	$3M	1.3%	TRIM −4%
18	AMAZON COM INC (USA)	14,661	$3M	1.3%	ADD 8%
19	WALMART STORES INC (USA)	24,376	$3M	1.3%	TRIM −3%
20	BRK.BBERKSHIRE HATHAWAY INC DEL	5,644	$3M	1.1%	ADD 7%
21	HSBCHSBC HLDGS PLC	31,465	$3M	1.1%	TRIM −7%
22	AVGOBROADCOM INC	8,158	$3M	1.1%	HOLD
23	HDHOME DEPOT INC	7,525	$2M	1.0%	ADD 5%
24	PGPROCTER AND GAMBLE CO	16,952	$2M	1.0%	ADD 15%
25	MCDONALD'S CORP (USA)	7,732	$2M	1.0%	ADD 6%
26	VISA INC CLASS-A (USA)	7,785	$2M	1.0%	HOLD
27	HDVISHARES TR	16,660	$2M	1.0%	ADD 3%
28	TMTOYOTA MOTOR CORP	10,442	$2M	0.9%	TRIM −2%
29	METAMETA PLATFORMS INC	3,590	$2M	0.9%	ADD 2%
30	NEENEXTERA ENERGY INC	21,797	$2M	0.9%	HOLD
31	SANBANCO SANTANDER S.A.	172,236	$2M	0.8%	TRIM −4%
32	SPSMSPDR SERIES TRUST	38,235	$2M	0.8%	ADD 4%
33	NSRGYNESTLE S A SPONSORED ADR	18,257	$2M	0.8%	HOLD
34	BACBANK AMERICA CORP	34,319	$2M	0.7%	TRIM −2%
35	AZNASTRAZENECA PLC	7,412	$1M	0.6%	NEW
36	AMERICAN TOWER CORP (USA)	8,137	$1M	0.6%	ADD 14%
37	BHPBHP BILLITON LIMITED	17,527	$1M	0.5%	HOLD
38	GEGE AEROSPACE	4,403	$1M	0.5%	ADD 3%
39	SONYSONY GROUP CORP	59,738	$1M	0.5%	ADD 3%
40	PRUPRUDENTIAL FINL INC	12,429	$1M	0.5%	ADD 10%
41	MUMICRON TECHNOLOGY INC	3,588	$1M	0.5%	NEW
42	LYBLYONDELLBASELL INDUSTRIES N	14,536	$1M	0.5%	ADD 41%
43	EADSYAIRBUS SE UNSPONSORED ADR	23,919	$1M	0.5%	TRIM −20%
44	IBBISHARES TR	6,675	$1M	0.5%	TRIM −24%
45	PLDPROLOGIS INC.	8,514	$1M	0.5%	ADD 3%
46	UNITED HEALTH GROUP INC (USA)	4,108	$1M	0.5%	ADD 23%
47	ULUNILEVER PLC	19,018	$1M	0.5%	ADD 37%
48	BPBP PLC	22,979	$1M	0.5%	ADD 3%
49	GE VERNOVA INC (USA)	1,175	$1M	0.4%	NEW
50	RIORIO TINTO PLC	10,952	$1M	0.4%	TRIM −4%
51	UBERUBER TECHNOLOGIES INC	14,163	$1M	0.4%	HOLD
52	MERCK CO INC-NEW (USA)	8,022	$964,966	0.4%	TRIM −8%
53	VEOEYVeolia Environment ADR	43,651	$833,298	0.4%	TRIM −6%
54	SPOTIFY TECHNOLOGY S.A. (SWE)	1,484	$719,606	0.3%	HOLD
55	DVYEISHARES INC	20,740	$713,041	0.3%	TRIM −4%
56	LVMH MOET HENNESSY LO-ADR (FRA)	6,020	$657,625	0.3%	TRIM −4%
57	NVONOVO-NORDISK A S	17,848	$655,914	0.3%	ADD 6%
58	SHVISHARES TR	4,200	$463,638	0.2%	HOLD
59	TTTRANE TECHNOLOGIES PLC	1,095	$456,330	0.2%	HOLD
60	WFCWELLS FARGO CO NEW	5,070	$403,623	0.2%	HOLD
61	PFEPFIZER INC	11,117	$312,165	0.1%	TRIM −11%
62	UNPUNION PAC CORP	748	$181,480	0.1%	TRIM −85%
63	INTCINTEL CORP	3,940	$173,872	0.1%	TRIM −10%
64	VSSVANGUARD INTL EQUITY INDEX F	970	$141,416	0.1%	TRIM −34%
65	SGOVISHARES TR	1,350	$135,891	0.1%	HOLD
66	USXFISHARES TR	2,405	$132,756	0.1%	HOLD
67	VGITVANGUARD SCOTTSDALE FDS	1,850	$110,168	0.0%	HOLD
68	CVXCHEVRON CORP NEW	520	$107,588	0.0%	HOLD
69	METLSPROTT FDS TR	4,000	$107,560	0.0%	NEW
70	EMXFISHARES TR	2,159	$103,289	0.0%	HOLD
71	DMXFISHARES TR	1,354	$102,159	0.0%	HOLD
72	TTETotalEnergies SE	800	$72,784	0.0%	HOLD
73	DEODIAGEO PLC	771	$57,401	0.0%	HOLD
74	RTXRTX CORPORATION	250	$48,225	0.0%	HOLD
75	VXUSVANGUARD STAR FDS	615	$47,423	0.0%	NEW
76	CEGCONSTELLATION ENERGY CORP	166	$46,356	0.0%	HOLD
77	AMXAMERICA MOVIL SAB DE CV	1,800	$45,864	0.0%	HOLD
78	TAT&T INC	1,211	$35,107	0.0%	HOLD
79	CRMSALESFORCE INC	175	$32,667	0.0%	TRIM −97%
80	MUXMCEWEN INC.	1,372	$28,016	0.0%	NEW
81	HONEYWELL INTL INC (USA)	117	$26,446	0.0%	TRIM −69%
82	KEYSKEYSIGHT TECHNOLOGIES INC	93	$26,260	0.0%	NEW
83	APGAPI GROUP CORP	630	$25,528	0.0%	HOLD
84	BABOEING CO	115	$22,888	0.0%	TRIM −89%
85	SILVER NCI-RBC TROY OZ	300	$22,548	0.0%	HOLD
86	ABBOTT LABS (USA)	205	$21,047	0.0%	HOLD
87	TFCTRUIST FINL CORP	447	$20,549	0.0%	NEW
88	3M COMPANY (USA)	140	$20,332	0.0%	HOLD
89	MASTERCARD INC (USA)	40	$19,986	0.0%	TRIM −60%
90	VCITVANGUARD SCOTTSDALE FDS	215	$17,791	0.0%	HOLD
91	DHRDANAHER CORP DEL	93	$17,633	0.0%	TRIM −17%
92	NUNU HLDGS LTD	1,000	$14,370	0.0%	HOLD
93	CARRCARRIER GLOBAL CORPORATION	255	$14,359	0.0%	HOLD
94	SPIRSPIRE GLOBAL INC	875	$11,008	0.0%	NEW
95	MAGSLISTED FDS TR	150	$8,691	0.0%	NEW
96	PLTRPALANTIR TECHNOLOGIES INC	50	$7,314	0.0%	HOLD
97	RIVNRIVIAN AUTOMOTIVE INC	410	$6,171	0.0%	HOLD
98	SOLSSOLSTICE ADVANCED MATLS INC	77	$5,864	0.0%	TRIM −8%
99	LHXL3HARRIS TECHNOLOGIES INC	15	$5,177	0.0%	HOLD
100	AFLAFLAC INC	30	$3,291	0.0%	HOLD
101	CBCHUBB LIMITED	10	$3,259	0.0%	HOLD
102	BEEZEA SERIES TRUST	100	$3,222	0.0%	HOLD
103	RGENREPLIGEN CORP	25	$2,946	0.0%	HOLD
104	CMICUMMINS INC	5	$2,690	0.0%	HOLD
105	NKENIKE INC	50	$2,641	0.0%	TRIM −67%
106	BABAALIBABA GROUP HLDG LTD	20	$2,509	0.0%	HOLD
107	NOWSERVICENOW INC	20	$2,091	0.0%	NEW
108	DOVDOVER CORP	10	$2,085	0.0%	HOLD
109	MRVLMARVELL TECHNOLOGY INC	16	$1,585	0.0%	NEW
110	LULULEMON ATHLETICA INC (USA)	10	$1,531	0.0%	HOLD
111	ELVELEVANCE HEALTH INC FORMERLY	5	$1,464	0.0%	HOLD
112	IEFAISHARES TR	15	$1,358	0.0%	HOLD
113	SOLVSOLVENTUM CORP	10	$653	0.0%	HOLD
114	ERTHINVESCO EXCHANGE TRADED FD T	10	$474	0.0%	HOLD
115	AEOAMERICAN EAGLE OUTFITTERS IN	28	$468	0.0%	HOLD
116	KDKYNDRYL HLDGS INC	30	$394	0.0%	HOLD
117	FIVERR INTERNATIONAL LTD (USA)	2	$20	0.0%	HOLD
118	LCIDLUCID GROUP INC	2	$19	0.0%	HOLD
119	ACASTI PHARMA INC (USA)	2	$9	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

SPYSTATE STR SPDR S&P 500 ETF T

40K

39K

$25M

VEAVANGUARD TAX-MANAGED FDS

324K

327K

333K

331K

334K

$21M

RSPINVESCO EXCHANGE TRADED FD T

86K

89K

98K

100K

105K

$20M

QQQINVESCO QQQ TR

30K

31K

30K

$18M

VWOVANGUARD INTL EQUITY INDEX F

265K

263K

267K

266K

264K

263K

$14M

EMXCISHARES INC

132K

133K

135K

136K

134K

131K

$10M

IVOOVanguard S&P Mid-Cap 400 Index Fund - ETF

71K

78K

76K

81K

82K

$9M

IWMISHARES TR

46K

45K

49K

38K

37K

$9M

MSFTMICROSOFT CORP

18K

19K

$7M

AAPLAPPLE INC

23K

25K

26K

29K

27K

$7M

JPMJPMORGAN CHASE & CO

19K

18K

16K

15K

$4M

EXXON MOBIL CORP (USA)

22K

24K

28K

27K

26K

$4M

GOOGLALPHABET INC

14K

15K

14K

$4M

NOVARTIS ADR (CHE)

28K

30K

31K

30K

25K

$4M

CSCOCISCO SYS INC

—

29K

28K

53K

50K

$4M

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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