CIK 2029723
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 | 96.96% | 11 |
| Insurance | 2.77% | 1 |
| Marine | 0.26% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | BHYB | DBX ETF TR | Unclassified | 49.66% |
| 2 | SPIB | SPDR SERIES TRUST | Unclassified | 8.98% |
| 3 | JNK | SPDR SER TR | Unclassified | 8.97% |
| 4 | IWV | ISHARES TR | Unclassified | 8.22% |
| 5 | VCIT | VANGUARD SCOTTSDALE FDS | Unclassified | 6.00% |
| 6 | HYD | VANECK ETF TRUST | Unclassified | 5.12% |
| 7 | VOO | VANGUARD INDEX FDS | Unclassified | 3.25% |
| 8 | BOW | Bowhead Specialty Holdings Inc. | Financials | 2.77% |
| 9 | IGF | ISHARES TR | Unclassified | 2.42% |
| 10 | IWP | ISHARES TR | Unclassified | 2.09% |
2/13 names classified · sector 3.0% of weight · industry 3.0% · mkt cap 3.0%; 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: 3.0% of the book is sector-classified (unclassified names shown, never dropped).
Only 3% of book weight classified — the grid is NOT representative of the whole book.
Classified: 3.0% of book weight (2/13 names) · unclassified 97.0%: BHYB, SPIB, JNK, IWV, VCIT, HYD, VOO, IGF, IWP, XLRE +1 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 | BHYBDBX ETF TR | 35,021,800 | $1.9B | 49.7% | ADD 22% |
| 2 | SPIBSPDR SERIES TRUST | 10,179,000 | $341M | 9.0% | ADD 17% |
| 3 | JNKSPDR SER TR | 3,565,000 | $341M | 9.0% | ADD 71% |
| 4 | IWVISHARES TR | 843,738 | $313M | 8.2% | ADD 210% |
| 5 | VCITVANGUARD SCOTTSDALE FDS | 2,756,420 | $228M | 6.0% | ADD 125% |
| 6 | HYDVANECK ETF TRUST | 3,881,018 | $195M | 5.1% | ADD 34% |
| 7 | VOOVANGUARD INDEX FDS | 206,921 | $124M | 3.3% | ADD 10% |
| 8 | BOWBOWHEAD SPECIALTY HLDGS INC | 4,700,761 | $105M | 2.8% | HOLD |
| 9 | IGFISHARES TR | 1,370,709 | $92M | 2.4% | NEW |
| 10 | IWPISHARES TR | 620,523 | $80M | 2.1% | ADD 10% |
| 11 | XLRESELECT SECTOR SPDR TR | 1,367,087 | $56M | 1.5% | NEW |
| 12 | LQDISHARES TR | 273,400 | $30M | 0.8% | HOLD |
| 13 | TDWTIDEWATER INC NEW | 119,817 | $10M | 0.3% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| BHYBDBX ETF TR | 15.0M | 15.2M | 15.5M | 20.8M | 28.6M | 35.0M | $1.9B |
| SPIBSPDR SERIES TRUST | — | — | 5.3M | 9.6M | 8.7M | 10.2M | $341M |
| JNKSPDR SER TR | — | — | — | — | 2.1M | 3.6M | $341M |
| IWVISHARES TR | — | — | 35K | 35K | 272K | 844K | $313M |
| VCITVANGUARD SCOTTSDALE FDS | 2.7M | 674K | 674K | — | 1.2M | 2.8M | $228M |
| HYDVANECK ETF TRUST | — | — | — | — | 2.9M | 3.9M | $195M |
| VOOVANGUARD INDEX FDS | 120K | 120K | 149K | 171K | 188K | 207K | $124M |
| BOWBOWHEAD SPECIALTY HLDGS INC | 4.7M | 4.7M | 5.0M | 4.7M | 4.7M | 4.7M | $105M |
| IGFISHARES TR | — | — | — | — | — | 1.4M | $92M |
| IWPISHARES TR | 549K | 581K | 523K | 503K | 562K | 621K | $80M |
| XLRESELECT SECTOR SPDR TR | — | — | — | — | — | 1.4M | $56M |
| LQDISHARES TR | — | — | 230K | 273K | 273K | 273K | $30M |
| TDWTIDEWATER INC NEW | 120K | 120K | 120K | 120K | 120K | 120K | $10M |
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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