Tannin Capital LLC

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CIK 2110834

13F portfolio (2026-Q1)

$138M

Positions

152

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

152

Top 5

20.0%

Top 10

31.4%

Effective N

60.8

HHI

0.016

This quarter

23 new · 0 exit →

By sector

Unclassified35.0%

Information Technology16.3%

Financials12.3%

Industrials8.2%

Communication Services6.6%

Consumer Discretionary6.6%

Health Care6.2%

Utilities3.2%

Other5.6%

By market cap

Mega (>$200B)38.4%

Unknown35.6%

Large ($10–200B)22.9%

Mid ($2–10B)2.0%

Small ($300M–2B)0.9%

Micro (<$300M)0.2%

By region

North America64.6%

Other35.0%

Europe0.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	36.01%	42
Banks	6.28%	7
Technology Hardware & Equipment	5.84%	5
Semiconductors & Semiconductor Equipment	5.73%	6
Specialty Retail	5.42%	8
Pharmaceuticals & Biotechnology	4.95%	8
Software & IT Services	4.87%	3
Software	3.33%	6
Utilities	3.23%	7
Capital Markets	2.92%	4
Machinery	2.18%	9
Aerospace & Defense	1.83%	4
Oil, Gas & Consumable Fuels	1.82%	3
Commercial Services & Supplies	1.77%	3
Chemicals	1.36%	2
Road & Rail	1.31%	3
Electrical Equipment & Components	1.24%	1
Media & Entertainment	1.12%	2
Construction & Engineering	0.98%	2
Metals & Mining	0.88%	3
Health Care Equipment & Supplies	0.83%	3
Beverages	0.80%	1
Insurance	0.77%	3
Transportation Infrastructure	0.72%	2
Hotels, Restaurants & Leisure	0.58%	2
Airlines	0.49%	1
Equity Real Estate Investment Trusts (REITs)	0.46%	3
Distributors	0.45%	1
Diversified Telecommunication Services	0.37%	1
Paper & Forest Products	0.29%	1
Entertainment	0.25%	1
Health Care Providers & Services	0.21%	1
Life Sciences Tools & Services	0.21%	1
Professional Services	0.18%	1
Communications Equipment	0.17%	1
Leisure Products	0.13%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	CLIP	GLOBAL X FDS	Unclassified	5.86%
2	BRK.A	BERKSHIRE HATHAWAY INC DEL	Unclassified	4.17%
3	JPM	JPMORGAN CHASE & CO	Financials	3.61%
4	AAPL	Apple Inc.	Information Technology	3.60%
5	GOOGL	Alphabet Inc.	Communication Services	2.81%
6	NVDA	NVIDIA CORP	Information Technology	2.74%
7	VOO	VANGUARD INDEX FDS	Unclassified	2.47%
8	GS	GOLDMAN SACHS GROUP INC	Financials	2.14%
9	ABBV	AbbVie Inc.	Health Care	2.05%
10	AVGO	Broadcom Inc.	Information Technology	1.99%

111/152 names classified · sector 65.0% of weight · industry 64.0% · mkt cap 64.4%; unclassified names shown, never dropped.

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

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

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

FinancialsJPM, GS, V, BRK.B, BAC · other

IndustrialsEME, CSX, BKNG, FDX, RTX · other

Communication ServicesGOOGL, META, GOOG, NFLX, SPOT · other

Consumer DiscretionaryHD, WMT, AMZN, TEL, TSCO · other

Health CareABBV, JNJ, ABT, BSX, IQV · other

UtilitiesSO, OKE, DUK, LNG, ETR · other

MaterialsPG, IE, CL, USAR, KMB · other

EnergyCVX, BP, OII

Consumer Staples

Real EstateNLY, RWT, PLD

UnclassifiedCLIP, VOO, VUG, BRK.A, SPY · 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: 65.0% 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 (98 classified)Tannin Capital LLC centroid (Large Core)

Information TechnologyFinancialsIndustrialsConsumer DiscretionaryCommunication ServicesHealth CareUtilitiesMaterialsEnergyConsumer StaplesReal Estate

Style box summary for Tannin Capital LLC: centroid Large Core. Heaviest cells: Large Growth 23.4%, Large Core 15.0%, Large Value 11.6%.

Classified: 61.0% of book weight (98/152 names) · unclassified 39.0%: CLIP, BRK.A, VOO, VUG, SPY, OIH, VT, VTI, IWD, DIVO +44 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· 152 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	CLIPGLOBAL X FDS	80,425	$8M	5.9%	NEW
2	BRK.ABERKSHIRE HATHAWAY INC DEL	8	$6M	4.2%	NEW
3	JPMJPMORGAN CHASE & CO	16,888	$5M	3.6%	ADD 13%
4	AAPLAPPLE INC	19,518	$5M	3.6%	ADD 6%
5	GOOGLALPHABET INC	13,484	$4M	2.8%	ADD 19%
6	NVDANVIDIA CORPORATION	21,642	$4M	2.7%	ADD 13%
7	VOOVANGUARD INDEX FDS	5,697	$3M	2.5%	TRIM −3%
8	GSGOLDMAN SACHS GROUP INC	3,492	$3M	2.1%	ADD 12%
9	ABBVABBVIE INC	13,014	$3M	2.1%	ADD 15%
10	AVGOBROADCOM INC	8,874	$3M	2.0%	ADD 48%
11	VUGVANGUARD INDEX FDS	5,589	$2M	1.8%	HOLD
12	MSFTMICROSOFT CORP	6,192	$2M	1.7%	ADD 14%
13	SPYSTATE STR SPDR S&P 500 ETF T	3,449	$2M	1.6%	HOLD
14	HDHOME DEPOT INC	6,351	$2M	1.5%	ADD 14%
15	JNJJOHNSON & JOHNSON	7,994	$2M	1.4%	ADD 8%
16	OIHVANECK ETF TRUST	4,651	$2M	1.4%	NEW
17	VVISA INC	5,931	$2M	1.3%	ADD 4%
18	EMREMERSON ELEC CO	13,070	$2M	1.2%	ADD 20%
19	VTVANGUARD INTL EQUITY INDEX F	12,002	$2M	1.2%	TRIM −5%
20	VTIVANGUARD INDEX FDS	5,118	$2M	1.2%	TRIM −4%
21	CVXCHEVRON CORP NEW	7,582	$2M	1.1%	ADD 11%
22	WMTWALMART INC	12,525	$2M	1.1%	ADD 14%
23	METAMETA PLATFORMS INC	2,584	$1M	1.1%	ADD 25%
24	IWDISHARES TR	6,806	$1M	1.1%	TRIM −5%
25	DIVOAMPLIFY ETF TR	30,950	$1M	1.0%	NEW
26	CSCOCISCO SYS INC	17,879	$1M	1.0%	ADD 17%
27	BRK.BBERKSHIRE HATHAWAY INC DEL	2,839	$1M	1.0%	HOLD
28	GOOGALPHABET INC	4,711	$1M	1.0%	ADD 2%
29	IJHISHARES TR	19,908	$1M	1.0%	TRIM −17%
30	AMZNAMAZON COM INC	6,427	$1M	1.0%	ADD 6%
31	RTXRTX CORPORATION	6,739	$1M	0.9%	NEW
32	SOSOUTHERN CO	12,656	$1M	0.9%	ADD 21%
33	DIASPDR DOW JONES INDL AVERAGE	2,556	$1M	0.9%	TRIM −7%
34	SPDWSPDR INDEX SHS FDS	25,485	$1M	0.8%	TRIM −5%
35	OKEONEOK INC NEW	12,728	$1M	0.8%	ADD 40%
36	EMEEMCOR GROUP INC	1,541	$1M	0.8%	TRIM −2%
37	IWFISHARES TR	2,618	$1M	0.8%	HOLD
38	BACBANK AMERICA CORP	22,659	$1M	0.8%	ADD 15%
39	PEPPEPSICO INC	7,093	$1M	0.8%	ADD 15%
40	PGPROCTER AND GAMBLE CO	7,495	$1M	0.8%	ADD 26%
41	CSXCSX CORP	26,082	$1M	0.8%	ADD 14%
42	COFCAPITAL ONE FINL CORP	4,964	$905,583	0.7%	ADD 26%
43	IUSGISHARES TR	5,813	$901,718	0.7%	HOLD
44	QQQJINVESCO EXCH TRADED FD TR II	24,660	$892,939	0.6%	TRIM −9%
45	GLDSPDR GOLD TR	2,072	$891,561	0.6%	NEW
46	NFLXNETFLIX INC	9,127	$877,561	0.6%	ADD 29%
47	SHOPSHOPIFY INC	7,384	$875,890	0.6%	ADD 12%
48	VYMVANGUARD WHITEHALL FDS	5,743	$850,538	0.6%	TRIM −11%
49	QQQINVESCO QQQ TR	1,458	$841,528	0.6%	NEW
50	IBMINTERNATIONAL BUSINESS MACHS	3,445	$835,034	0.6%	TRIM −54%
51	CLCOLGATE PALMOLIVE CO	9,335	$795,622	0.6%	ADD 32%
52	DUKDUKE ENERGY CORP NEW	6,034	$790,092	0.6%	ADD 5%
53	SCHBSCHWAB STRATEGIC TR	29,703	$745,551	0.5%	HOLD
54	IJKISHARES TR	7,220	$726,476	0.5%	TRIM −25%
55	IJTISHARES TR	4,827	$698,515	0.5%	TRIM −28%
56	FASTFASTENAL CO	14,562	$675,677	0.5%	HOLD
57	SPOTSPOTIFY TECHNOLOGY S A	1,386	$672,085	0.5%	ADD 5%
58	FDXFEDEX CORP	1,878	$668,906	0.5%	TRIM −8%
59	HONHONEYWELL INTL INC	2,900	$655,487	0.5%	ADD 17%
60	STXSEAGATE TECHNOLOGY HLDNGS PL	1,673	$655,414	0.5%	HOLD
61	IVVISHARES TR	1,001	$653,863	0.5%	HOLD
62	HDVISHARES TR	4,766	$646,842	0.5%	NEW
63	IEIVANHOE ELECTRIC INC	54,288	$641,684	0.5%	ADD 12%
64	TELTE CONNECTIVITY PLC	2,934	$613,265	0.4%	ADD 8%
65	COSTCOSTCO WHSL CORP NEW	601	$598,854	0.4%	ADD 11%
66	ABTABBOTT LABS	5,703	$585,527	0.4%	ADD 31%
67	VIGVANGUARD SPECIALIZED FUNDS	2,709	$582,570	0.4%	ADD 40%
68	VOTVANGUARD INDEX FDS	2,263	$582,383	0.4%	TRIM −39%
69	BPBP PLC	12,030	$565,410	0.4%	HOLD
70	TFCTRUIST FINL CORP	12,299	$565,390	0.4%	HOLD
71	TSCOTRACTOR SUPPLY CO	12,370	$560,361	0.4%	HOLD
72	VGTVANGUARD WORLD FD	792	$552,594	0.4%	TRIM −8%
73	BKNGBOOKING HOLDINGS INC	131	$551,552	0.4%	HOLD
74	CRCLCIRCLE INTERNET GROUP INC	5,729	$546,604	0.4%	TRIM −16%
75	INTCINTEL CORP	12,208	$538,739	0.4%	TRIM −5%
76	LNGCheniere Energy, Inc	1,863	$528,621	0.4%	NEW
77	CBCHUBB LIMITED	1,591	$518,595	0.4%	ADD 3%
78	TAT&T INC	17,747	$514,486	0.4%	ADD 44%
79	RBCRBC BEARINGS INC	920	$499,670	0.4%	HOLD
80	CATCATERPILLAR INC	670	$474,668	0.3%	HOLD
81	MCDMCDONALDS CORP	1,509	$468,982	0.3%	ADD 69%
82	ORCLORACLE CORP	3,035	$446,479	0.3%	ADD 4%
83	EWEDWARDS LIFESCIENCES CORP	5,558	$445,085	0.3%	NEW
84	EXPDEXPEDITORS INTL WASH INC	3,104	$444,586	0.3%	HOLD
85	PFEPFIZER INC	15,795	$443,524	0.3%	ADD 39%
86	CASYCASEYS GEN STORES INC	599	$435,988	0.3%	HOLD
87	UPSUNITED PARCEL SERVICE INC	4,341	$427,068	0.3%	ADD 87%
88	RJFRAYMOND JAMES FINL INC	2,912	$421,628	0.3%	ADD 19%
89	KMBKIMBERLY-CLARK CORP	4,190	$404,209	0.3%	NEW
90	BXBLACKSTONE INC	3,448	$396,486	0.3%	HOLD
91	BWXTBWX TECHNOLOGIES INC	1,914	$391,394	0.3%	HOLD
92	SYKSTRYKER CORPORATION	1,165	$382,807	0.3%	ADD 10%
93	VEUVANGUARD INTL EQUITY INDEX F	5,057	$379,781	0.3%	NEW
94	OIIOCEANEERING INTL INC	10,546	$374,067	0.3%	ADD 6%
95	FIGFIGMA INC	17,503	$370,013	0.3%	ADD 37%
96	XLFSELECT SECTOR SPDR TR	7,423	$366,474	0.3%	TRIM −13%
97	LLYELI LILLY & CO	386	$355,031	0.3%	ADD 14%
98	MELIMERCADOLIBRE INC	204	$352,720	0.3%	ADD 8%
99	WTSWATTS WATER TECHNOLOGIES INC	1,213	$352,122	0.3%	TRIM −2%
100	DISDISNEY WALT CO	3,644	$351,209	0.3%	ADD 12%
101	CRMSALESFORCE INC	1,861	$347,393	0.3%	ADD 26%
102	VFHVANGUARD WORLD FD	2,837	$342,738	0.2%	TRIM −13%
103	USARUSA RARE EARTH INC	22,437	$339,584	0.2%	ADD 10%
104	SBUXSTARBUCKS CORP	3,743	$335,335	0.2%	ADD 41%
105	IDEVISHARES TR	3,999	$334,196	0.2%	NEW
106	BSXBOSTON SCIENTIFIC CORP	5,102	$320,151	0.2%	ADD 14%
107	ETRENTERGY CORP NEW	2,808	$315,507	0.2%	NEW
108	XLPSELECT SECTOR SPDR TR	3,808	$312,180	0.2%	TRIM −28%
109	ODFLOLD DOMINION FREIGHT LINE IN	1,585	$309,709	0.2%	HOLD
110	ADIANALOG DEVICES INC	963	$306,369	0.2%	ADD 4%
111	XLVSELECT SECTOR SPDR TR	2,075	$304,216	0.2%	TRIM −22%
112	RYROYAL BK CDA	1,828	$295,734	0.2%	NEW
113	NTRANATERA INC	1,471	$294,185	0.2%	ADD 7%
114	SCHGSCHWAB U.S. LARGE-CAP GROWTH ETF	10,095	$294,067	0.2%	HOLD
115	UNHUNITEDHEALTH GROUP INC	1,086	$293,861	0.2%	ADD 3%
116	TDYTELEDYNE TECHNOLOGIES INC	484	$292,825	0.2%	TRIM −6%
117	XLISELECT SECTOR SPDR TR	1,809	$292,570	0.2%	TRIM −6%
118	SSDSIMPSON MFG INC	1,688	$289,695	0.2%	HOLD
119	GGGGRACO INC	3,416	$289,164	0.2%	HOLD
120	UBERUBER TECHNOLOGIES INC	4,013	$288,655	0.2%	ADD 10%
121	IQVIQVIA HLDGS INC	1,671	$284,972	0.2%	HOLD
122	GRMNGARMIN LTD	1,204	$279,340	0.2%	ADD 10%
123	VRTXVERTEX PHARMACEUTICALS INC	609	$271,943	0.2%	HOLD
124	HUBBHUBBELL INC	544	$266,963	0.2%	HOLD
125	AXPAMERICAN EXPRESS CO	875	$264,670	0.2%	HOLD
126	SYMSYMBOTIC INC	4,964	$264,085	0.2%	ADD 17%
127	VICRVICOR CORP	1,635	$263,235	0.2%	NEW
128	MANHMANHATTAN ASSOCIATES INC	1,921	$255,724	0.2%	ADD 6%
129	FCNFTI CONSULTING INC	1,440	$254,549	0.2%	ADD 7%
130	NLYANNALY CAPITAL MANAGEMENT IN	11,982	$253,419	0.2%	NEW
131	MSMORGAN STANLEY	1,518	$249,817	0.2%	ADD 14%
132	XLBSELECT SECTOR SPDR TR	4,995	$249,600	0.2%	TRIM −19%
133	PRIPRIMERICA INC	970	$242,966	0.2%	HOLD
134	UIUBIQUITI INC	305	$241,038	0.2%	NEW
135	DCIDONALDSON INC	2,797	$237,381	0.2%	HOLD
136	EFAISHARES TR	2,421	$235,152	0.2%	HOLD
137	NEMNEWMONT CORP	2,095	$226,780	0.2%	NEW
138	PLDPROLOGIS INC.	1,710	$226,028	0.2%	NEW
139	MRKMERCK & CO INC	1,873	$225,329	0.2%	TRIM −3%
140	NEENEXTERA ENERGY INC	2,421	$224,819	0.2%	TRIM −4%
141	AMANTERO MIDSTREAM CORP	9,829	$224,101	0.2%	NEW
142	VONGVANGUARD SCOTTSDALE FDS	2,014	$220,961	0.2%	HOLD
143	FLRFLUOR CORP NEW	4,675	$218,089	0.2%	NEW
144	XLKSELECT SECTOR SPDR TR	1,630	$216,586	0.2%	HOLD
145	LOWLOWES COS INC	901	$212,888	0.2%	TRIM −18%
146	GEOSGEOSPACE TECHNOLOGIES CORP	17,209	$209,950	0.2%	ADD 27%
147	CARRCARRIER GLOBAL CORPORATION	3,678	$207,108	0.2%	TRIM −7%
148	RSPINVESCO EXCHANGE TRADED FD T	1,050	$201,516	0.1%	HOLD
149	IXUSISHARES TR	2,312	$200,312	0.1%	NEW
150	CALYTOPGOLF CALLAWAY BRANDS CORP	12,520	$173,778	0.1%	ADD 2%
151	RWTREDWOOD TRUST INC	27,672	$155,240	0.1%	ADD 122%
152	SPRYARS PHARMACEUTICALS INC	18,593	$149,302	0.1%	ADD 42%

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
CLIPGLOBAL X FDS	—	—	—	—	—	80K	$8M
BRK/ABERKSHIRE HATHAWAY INC DEL	—	—	—	—	—	8	$6M
JPMJPMORGAN CHASE & CO	—	—	—	—	15K	17K	$5M
AAPLAPPLE INC	—	—	—	—	18K	20K	$5M
GOOGLALPHABET INC	—	—	—	—	11K	13K	$4M
NVDANVIDIA CORPORATION	—	—	—	—	19K	22K	$4M
VOOVANGUARD INDEX FDS	—	—	—	—	6K	6K	$3M
GSGOLDMAN SACHS GROUP INC	—	—	—	—	3K	3K	$3M
ABBVABBVIE INC	—	—	—	—	11K	13K	$3M
AVGOBROADCOM INC	—	—	—	—	6K	9K	$3M
VUGVANGUARD INDEX FDS	—	—	—	—	6K	6K	$2M
MSFTMICROSOFT CORP	—	—	—	—	5K	6K	$2M
SPYSTATE STR SPDR S&P 500 ETF T	—	—	—	—	3K	3K	$2M
HDHOME DEPOT INC	—	—	—	—	6K	6K	$2M
JNJJOHNSON & JOHNSON	—	—	—	—	7K	8K	$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.

☆Tannin Capital LLC