Sage Investment Counsel LLC

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CIK 2055178

13F portfolio (2026-Q1)

$90M

Positions

127

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

127

Top 5

21.1%

Top 10

31.6%

Effective N

51.9

HHI

0.019

This quarter

9 new · 0 exit →

By sector

Financials26.7%

Unclassified21.5%

Industrials11.5%

Real Estate8.6%

Consumer Discretionary8.2%

Information Technology8.2%

Energy5.2%

Utilities4.2%

Other5.9%

By market cap

Unknown34.3%

Large ($10–200B)29.6%

Mega (>$200B)24.0%

Mid ($2–10B)10.0%

Small ($300M–2B)2.2%

Micro (<$300M)0.0%

By region

North America76.3%

Other21.5%

Europe1.8%

Asia-Pacific0.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	23.79%	32
Banks	18.48%	17
Technology Hardware & Equipment	5.92%	2
Equity Real Estate Investment Trusts (REITs)	5.60%	10
Commercial Services & Supplies	5.59%	5
Specialty Retail	5.54%	7
Oil, Gas & Consumable Fuels	5.24%	6
Utilities	4.22%	3
Airlines	3.64%	4
Real Estate Management & Development	2.97%	3
Insurance	2.42%	2
Beverages	2.26%	4
Machinery	1.87%	2
Distributors	1.69%	1
Construction & Engineering	1.63%	2
Software	1.30%	1
Software & IT Services	1.11%	4
Semiconductors & Semiconductor Equipment	0.92%	3
Health Care Providers & Services	0.89%	2
Capital Markets	0.83%	2
Aerospace & Defense	0.70%	2
Household Durables	0.61%	1
Metals & Mining	0.59%	2
Chemicals	0.53%	2
Road & Rail	0.44%	2
Marine	0.29%	2
Entertainment	0.29%	1
Diversified Telecommunication Services	0.28%	1
Hotels, Restaurants & Leisure	0.23%	1
Automobiles & Components	0.13%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	PNFP	Pinnacle Financial Partners, Inc.	Financials	7.16%
2	AAPL	Apple Inc.	Information Technology	5.41%
3	BRK.A	BERKSHIRE HATHAWAY INC DEL	Unclassified	3.19%
4	ET	Energy Transfer LP	Utilities	2.89%
5	BN	BROOKFIELD Corp /ON/	Real Estate	2.49%
6	V	VISA INC.	Financials	2.36%
7	BRK.B	BERKSHIRE HATHAWAY INC	Financials	2.28%
8	UBER	Uber Technologies, Inc	Industrials	2.02%
9	CB	Chubb Ltd	Financials	1.94%
10	HHH	Howard Hughes Holdings Inc.	Real Estate	1.91%

96/127 names classified · sector 78.5% of weight · industry 76.2% · mkt cap 65.7%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 6 quarters

FinancialsBRK.B, V, BAC, CB, PNFP · other

IndustrialsUBER, RYAAY, CAT, LEN, OMAB · other

Real EstateBN, HHH, O, RITM, ABR · other

Information TechnologyAAPL, MSFT, CSCO, NVDA, AVGO · other

Consumer DiscretionaryDG, SNX, AMZN, AZO, HD · other

UtilitiesET, EPD, SWX, OKE, LNG · other

EnergyENB, XOM, OXY, CNQ, SU · other

Communication ServicesSIRI, META, DIS, GOOGL, CHTR · other

Consumer StaplesSTZ, ABEV, KOF, DEO, MO · other

MaterialsFCX, NKE, NTR, ECL, PG · other

Health CareDVA, HCA, MDT, PFE

UnclassifiedPINNACLE FINL PARTNERS INC, BRK.A, VT, SPHQ, VBR · 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: 78.5% 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

holdings, colored by sector (67 classified)Sage Investment Counsel LLC centroid (Mid Core)

FinancialsConsumer DiscretionaryInformation TechnologyIndustrialsReal EstateEnergyCommunication ServicesHealth CareMaterials

Style box summary for Sage Investment Counsel LLC: centroid Mid Core. Heaviest cells: Large Core 15.0%, Large Growth 7.7%, Large Value 6.7%.

Classified: 50.9% of book weight (67/127 names) · unclassified 49.1%: PNFP, BRK.A, ET, BN, BRK.B, SPHQ, ENB, VT, BIP, RYAAY +50 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· 127 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	PNFPPINNACLE FINL PARTNERS INC	74,933	$6M	7.2%	NEW
2	AAPLAPPLE INC	19,227	$5M	5.4%	HOLD
3	BRK.ABERKSHIRE HATHAWAY INC DEL	4	$3M	3.2%	HOLD
4	ETENERGY TRANSFER L P	134,809	$3M	2.9%	HOLD
5	BNBROOKFIELD CORP	55,408	$2M	2.5%	ADD 3%
6	VVISA INC	7,047	$2M	2.4%	ADD 37%
7	BRK.BBERKSHIRE HATHAWAY INC DEL	4,290	$2M	2.3%	HOLD
8	UBERUBER TECHNOLOGIES INC	25,341	$2M	2.0%	ADD 34%
9	CBCHUBB LIMITED	5,358	$2M	1.9%	HOLD
10	HHHHOWARD HUGHES HOLDINGS INC	27,163	$2M	1.9%	ADD 6%
11	SPHQINVESCO EXCHANGE TRADED FD T	22,285	$2M	1.9%	ADD 5%
12	TFSLTFS FINL CORP	116,921	$2M	1.8%	HOLD
13	BACBANK AMERICA CORP	32,282	$2M	1.7%	ADD 7%
14	JPMJPMORGAN CHASE & CO	5,342	$2M	1.7%	HOLD
15	SNXSYNNEX CORP	9,044	$2M	1.7%	HOLD
16	ENBENBRIDGE INC	26,767	$1M	1.6%	HOLD
17	CATCATERPILLAR INC	2,006	$1M	1.6%	TRIM −3%
18	VTVANGUARD INTL EQUITY INDEX F	10,257	$1M	1.6%	HOLD
19	AMZNAMAZON COM INC	6,678	$1M	1.5%	ADD 17%
20	BIPBROOKFIELD INFRAST PARTNERS	37,803	$1M	1.5%	HOLD
21	DGDOLLAR GEN CORP	11,385	$1M	1.5%	TRIM −17%
22	SLMSLM CORP	58,542	$1M	1.4%	ADD 29%
23	LENLENNAR CORP	14,413	$1M	1.4%	ADD 11%
24	XOMEXXON MOBIL CORP	7,377	$1M	1.4%	TRIM −8%
25	RYAAYRYANAIR HOLDINGS PLC	21,555	$1M	1.4%	TRIM −6%
26	VTIVANGUARD INDEX FDS	3,703	$1M	1.3%	HOLD
27	MSFTMICROSOFT CORP	3,176	$1M	1.3%	HOLD
28	EUSAISHARES INC	10,735	$1M	1.2%	ADD 4%
29	VOOVANGUARD INDEX FDS	1,746	$1M	1.2%	HOLD
30	OREALTY INCOME CORP	16,612	$1M	1.1%	HOLD
31	EPDENTERPRISE PRODS PARTNERS L	26,318	$995,884	1.1%	HOLD
32	STZCONSTELLATION BRANDS INC	6,106	$915,826	1.0%	ADD 6%
33	OMABGRUPO AEROPORTUARIO DEL CENT	7,000	$803,110	0.9%	HOLD
34	VCLTVANGUARD SCOTTSDALE FDS	10,145	$758,034	0.8%	ADD 9%
35	BEPBROOKFIELD RENEWABLE PARTNER	21,925	$715,632	0.8%	HOLD
36	VBRVANGUARD INDEX FDS	3,234	$702,497	0.8%	ADD 16%
37	AZOAUTOZONE INC	205	$692,445	0.8%	HOLD
38	PACGrupo Aeroportuario del Pacifico ADR	2,740	$676,424	0.8%	HOLD
39	CNQCANADIAN NAT RES LTD	13,800	$672,474	0.7%	HOLD
40	OMFONEMAIN HLDGS INC	12,304	$658,141	0.7%	HOLD
41	USBUS BANCORP	12,045	$626,481	0.7%	HOLD
42	HDHOME DEPOT INC	1,839	$604,829	0.7%	HOLD
43	VNQVANGUARD INDEX FDS	6,756	$599,271	0.7%	HOLD
44	VXUSVANGUARD STAR FDS	7,483	$576,994	0.6%	ADD 4%
45	SUSUNCOR ENERGY INC NEW	8,600	$568,546	0.6%	ADD 2%
46	FDXFEDEX CORP	1,550	$552,079	0.6%	HOLD
47	WHRWHIRLPOOL CORP	10,172	$548,474	0.6%	ADD 264%
48	DVADaVita HealthCare Partners, Inc.	3,555	$546,368	0.6%	TRIM −12%
49	FLGFLAGSTAR BANK NATIONAL ASSOC	41,400	$545,238	0.6%	HOLD
50	VCITVANGUARD SCOTTSDALE FDS	5,920	$489,880	0.5%	ADD 10%
51	OXYOCCIDENTAL PETE CORP	7,511	$488,215	0.5%	TRIM −27%
52	FCXFREEPORT MCMORAN INC	8,300	$487,874	0.5%	HOLD
53	ABEVAMBEV SA	165,500	$483,260	0.5%	HOLD
54	TSLXSIXTH STREET SPECIALTY LENDI	25,577	$470,109	0.5%	ADD 3%
55	SCHDSCHWAB STRATEGIC TR	14,948	$458,592	0.5%	ADD 21%
56	CSCOCISCO SYS INC	5,894	$457,317	0.5%	HOLD
57	VWOVANGUARD INTL EQUITY INDEX F	8,389	$453,403	0.5%	HOLD
58	BXSLBLACKSTONE SECD LENDING FD	18,801	$445,395	0.5%	ADD 12%
59	COFCAPITAL ONE FINL CORP	2,440	$445,056	0.5%	TRIM −6%
60	HTZHERTZ GLOBAL HLDGS INC	96,540	$445,049	0.5%	ADD 42%
61	LOWLOWES COS INC	1,881	$444,477	0.5%	HOLD
62	RITMRITHM CAPITAL CORP	46,700	$442,716	0.5%	HOLD
63	WTMWHITE MTNS INS GROUP LTD	200	$439,392	0.5%	HOLD
64	HRHEALTHCARE RLTY TR	25,262	$429,200	0.5%	HOLD
65	METAMETA PLATFORMS INC	742	$424,351	0.5%	HOLD
66	JHGJANUS HENDERSON GROUP PLC	8,015	$411,731	0.5%	TRIM −66%
67	MTBM & T BK CORP	1,838	$379,887	0.4%	HOLD
68	VTVVANGUARD INDEX FDS	1,867	$366,334	0.4%	ADD 15%
69	KOFCOCA-COLA FEMSA SAB DE CV	3,700	$360,935	0.4%	ADD 6%
70	WMTWALMART INC	2,878	$357,678	0.4%	TRIM −4%
71	LMTLOCKHEED MARTIN CORP	575	$347,524	0.4%	HOLD
72	APOAPOLLO GLOBAL MGMT INC	2,990	$333,146	0.4%	HOLD
73	JOEST JOE CO	5,200	$326,560	0.4%	HOLD
74	BABAALIBABA GROUP HLDG LTD	2,595	$325,569	0.4%	TRIM −23%
75	RFREGIONS FINANCIAL CORP NEW	12,446	$325,098	0.4%	HOLD
76	VICIVICI PPTYS INC	11,847	$323,651	0.4%	ADD 9%
77	UNPUNION PAC CORP	1,318	$319,773	0.4%	HOLD
78	GOOGLALPHABET INC	1,106	$317,994	0.4%	TRIM −4%
79	MAMASTERCARD INCORPORATED	635	$317,417	0.4%	HOLD
80	CAAPCORPORACION AMER ARPTS S A	12,400	$313,596	0.3%	HOLD
81	NVDANVIDIA CORPORATION	1,784	$311,172	0.3%	ADD 6%
82	VTELVANGUARD MUN BD FDS	3,000	$307,530	0.3%	HOLD
83	ADCAGREE RLTY CORP	4,068	$306,658	0.3%	TRIM −27%
84	AVGOBROADCOM INC	990	$306,415	0.3%	HOLD
85	TFCTRUIST FINL CORP	6,570	$302,003	0.3%	TRIM −6%
86	CVXCHEVRON CORP NEW	1,404	$290,571	0.3%	HOLD
87	SCHGSCHWAB U.S. LARGE-CAP GROWTH ETF	9,929	$289,223	0.3%	ADD 4%
88	RTXRTX CORPORATION	1,476	$284,695	0.3%	TRIM −60%
89	LADRLADDER CAP CORP	28,948	$282,824	0.3%	ADD 12%
90	DEODIAGEO PLC	3,700	$275,465	0.3%	HOLD
91	NTRNUTRIEN LTD	3,600	$271,656	0.3%	HOLD
92	AVALGRUPO AVAL ACCIONES Y VALORE	60,955	$268,202	0.3%	ADD 79%
93	CWCURTISS WRIGHT CORP	392	$266,999	0.3%	HOLD
94	DISDISNEY WALT CO	2,681	$258,395	0.3%	HOLD
95	CIBGRUPO CIBEST SA	3,500	$254,835	0.3%	HOLD
96	CTOCTO RLTY GROWTH INC NEW	13,700	$253,313	0.3%	HOLD
97	HCAHCA HEALTHCARE INC	532	$251,989	0.3%	HOLD
98	VZVERIZON COMMUNICATIONS INC	5,000	$251,000	0.3%	HOLD
99	GOOGALPHABET INC	831	$238,485	0.3%	TRIM −9%
100	SCHYSCHWAB STRATEGIC TR	7,449	$235,840	0.3%	HOLD
101	FDUSFIDUS INVT CORP	13,070	$227,681	0.3%	ADD 8%
102	ARCCARES CAPITAL CORP	12,420	$223,814	0.2%	ADD 9%
103	AGXARGAN INC	403	$219,404	0.2%	NEW
104	DEAEASTERLY GOVT PPTYS INC	10,000	$214,300	0.2%	NEW
105	CLSCELESTICA INC	758	$213,513	0.2%	HOLD
106	QSRRESTAURANT BRANDS INTL INC	2,865	$211,724	0.2%	NEW
107	XBMEXBLACKROCK HEALTH SCIENCES TR	5,400	$207,954	0.2%	HOLD
108	ECLECOLAB INC	780	$207,496	0.2%	HOLD
109	BEPCBROOKFIELD RENEWABLE CORP	5,180	$206,319	0.2%	NEW
110	IWMISHARES TR	816	$202,290	0.2%	NEW
111	BURBURFORD CAP LTD	44,000	$198,880	0.2%	ADD 5%
112	RIETETF SER SOLUTIONS	17,836	$160,347	0.2%	NEW
113	SBSAFE BULKERS INC	24,900	$157,617	0.2%	HOLD
114	LELANDS END INC NEW	13,610	$152,976	0.2%	TRIM −36%
115	AUNAAUNA S A	27,000	$148,770	0.2%	ADD 69%
116	OBDCBLUE OWL CAPITAL CORPORATION	12,855	$142,178	0.2%	ADD 8%
117	CMBTCMB.TECH NV	10,000	$126,500	0.1%	HOLD
118	FFORD MTR CO	10,000	$115,400	0.1%	HOLD
119	RFICOHEN & STEERS TOTAL RETURN	10,000	$111,400	0.1%	HOLD
120	AHRTARMADA HOFFLER PPTYS INC	19,800	$108,900	0.1%	ADD 11%
121	SFLSFL CORPORATION LTD	10,000	$107,900	0.1%	NEW
122	LYGLLOYDS BANKING GROUP PLC	18,700	$94,061	0.1%	TRIM −25%
123	FIPFTAI INFRASTRUCTURE INC	15,000	$74,100	0.1%	HOLD
124	UWMCUWM HOLDINGS CORPORATION	17,000	$61,540	0.1%	NEW
125	AIVAPARTMENT INVT & MGMT CO	15,000	$61,050	0.1%	HOLD
126	LACLITHIUM AMERS CORP NEW	10,000	$39,500	0.0%	HOLD
127	SMRTSMARTRENT INC	15,000	$22,500	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

PNFPPINNACLE FINL PARTNERS INC

—

75K

$6M

AAPLAPPLE INC

20K

21K

20K

19K

$5M

BRK/ABERKSHIRE HATHAWAY INC DEL

$3M

ETENERGY TRANSFER L P

137K

135K

$3M

BNBROOKFIELD CORP

14K

33K

36K

54K

55K

$2M

VVISA INC

$2M

BRK.BBERKSHIRE HATHAWAY INC DEL

$2M

UBERUBER TECHNOLOGIES INC

—

15K

19K

25K

$2M

CBCHUBB LIMITED

$2M

HHHHOWARD HUGHES HOLDINGS INC

19K

27K

25K

26K

27K

$2M

SPHQINVESCO EXCHANGE TRADED FD T

19K

21K

22K

$2M

TFSLTFS FINL CORP

108K

115K

117K

$2M

BACBANK AMERICA CORP

43K

32K

31K

30K

32K

$2M

JPMJPMORGAN CHASE & CO

$2M

SNXSYNNEX CORP

10K

$2M

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.

☆Sage Investment Counsel LLC