FELL CAPITAL MANAGEMENT /ADV

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CIK 850601

13F portfolio (2026-Q1)

$105M

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 →

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

Top 5

23.2%

Top 10

36.3%

Effective N

46.0

HHI

0.022

This quarter

2 new · 0 exit →

By sector

Unclassified53.3%

Information Technology12.4%

Communication Services8.2%

Financials6.9%

Consumer Discretionary5.4%

Industrials4.4%

Energy3.4%

Health Care2.9%

Other3.2%

By market cap

Unknown53.8%

Mega (>$200B)34.9%

Large ($10–200B)11.3%

By region

Other53.3%

North America46.2%

Asia-Pacific0.5%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	54.56%	40
Technology Hardware & Equipment	5.79%	2
Software & IT Services	5.73%	3
Oil, Gas & Consumable Fuels	3.37%	2
Specialty Retail	3.23%	3
Software	3.10%	2
Pharmaceuticals & Biotechnology	2.90%	3
Semiconductors & Semiconductor Equipment	2.46%	4
Banks	2.42%	3
Capital Markets	2.18%	3
Aerospace & Defense	2.10%	4
Hotels, Restaurants & Leisure	1.18%	2
Diversified Telecommunication Services	1.01%	1
Electrical Equipment & Components	1.00%	2
Distributors	0.98%	1
Utilities	0.97%	1
Airlines	0.97%	1
Media & Entertainment	0.90%	2
Metals & Mining	0.80%	1
Machinery	0.75%	2
Commercial Services & Supplies	0.66%	1
Entertainment	0.55%	1
Tobacco	0.51%	1
Insurance	0.38%	1
Road & Rail	0.35%	1
Chemicals	0.33%	1
Equity Real Estate Investment Trusts (REITs)	0.32%	1
Food & Staples Retailing	0.27%	1
Construction & Engineering	0.24%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	AAPL	Apple Inc.	Information Technology	5.17%
2	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	5.07%
3	IWN	ISHARES TR	Unclassified	4.66%
4	IWO	ISHARES TR	Unclassified	4.22%
5	GOOG	Alphabet Inc.	Communication Services	4.06%
6	SDY	SPDR SER TR	Unclassified	3.71%
7	VAW	VANGUARD WORLD FD	Unclassified	2.47%
8	MSFT	MICROSOFT CORP	Information Technology	2.37%
9	SLYV	SPDR SERIES TRUST	Unclassified	2.34%
10	GLD	SPDR GOLD TR	Unclassified	2.21%

52/91 names classified · sector 46.7% of weight · industry 45.4% · mkt cap 46.2%; 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, MSFT, NVDA, ORCL, GE · other

Communication ServicesGOOG, GOOGL, VZ, NFLX, DIS · other

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

Consumer DiscretionaryAMZN, HD, MCK, SBUX, MCD · other

IndustrialsFDX, HON, RTX, BA, ITW · other

EnergyXOM, CVX

Health CareAMGN, JNJ, MRK

MaterialsFCX, PG

Utilities

Consumer StaplesMO, CVS

Real Estate

UnclassifiedSPY, IWO, IWN, SDY, VAW · 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: 46.7% 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 45% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (50 classified)FELL CAPITAL MANAGEMENT /ADV centroid (Large Core)

Information TechnologyCommunication ServicesFinancialsConsumer DiscretionaryIndustrialsEnergyHealth CareMaterialsUtilitiesConsumer StaplesReal Estate

Style box summary for FELL CAPITAL MANAGEMENT /ADV: centroid Large Core. Heaviest cells: Large Growth 23.4%, Large Core 10.5%, Large Value 8.7%.

Classified: 45.0% of book weight (50/91 names) · unclassified 55.0%: SPY, IWN, IWO, SDY, VAW, SLYV, GLD, VO, SPYV, VWO +31 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· 91 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	AAPLAPPLE INC	21,342	$5M	5.2%	HOLD
2	SPYSTATE STR SPDR S&P 500 ETF T	8,165	$5M	5.1%	TRIM −7%
3	IWNISHARES TR	25,728	$5M	4.7%	ADD 25%
4	IWOISHARES TR	14,104	$4M	4.2%	ADD 9%
5	GOOGALPHABET INC	14,832	$4M	4.1%	TRIM −2%
6	SDYSPDR SER TR	26,612	$4M	3.7%	ADD 11%
7	VAWVANGUARD WORLD FD	11,495	$3M	2.5%	HOLD
8	MSFTMICROSOFT CORP	6,712	$2M	2.4%	HOLD
9	SLYVSPDR SERIES TRUST	25,881	$2M	2.3%	ADD 24%
10	GLDSPDR GOLD TR	5,370	$2M	2.2%	TRIM −6%
11	VOVANGUARD INDEX FDS	8,044	$2M	2.2%	HOLD
12	SPYVSPDR SERIES TRUST	40,059	$2M	2.2%	ADD 63%
13	AMZNAMAZON COM INC	10,576	$2M	2.1%	HOLD
14	VWOVANGUARD INTL EQUITY INDEX F	39,021	$2M	2.0%	HOLD
15	PFFISHARES TR	62,784	$2M	1.8%	TRIM −6%
16	XOMEXXON MOBIL CORP	11,105	$2M	1.8%	HOLD
17	SLYGSPDR SERIES TRUST	17,756	$2M	1.6%	ADD 15%
18	JPMJPMORGAN CHASE & CO	5,645	$2M	1.6%	TRIM −3%
19	HYGISHARES TR	20,727	$2M	1.6%	HOLD
20	CVXCHEVRON CORP NEW	7,949	$2M	1.6%	TRIM −3%
21	SPYGSPDR SERIES TRUST STATE STREET SPD	16,699	$2M	1.6%	ADD 31%
22	GSGOLDMAN SACHS GROUP INC	1,927	$2M	1.6%	HOLD
23	NVDANVIDIA CORPORATION	8,572	$1M	1.4%	ADD 2%
24	GOOGLALPHABET INC	4,980	$1M	1.4%	HOLD
25	AMGNAMGEN INC	4,065	$1M	1.4%	TRIM −2%
26	FBNDFIDELITY TOTAL BOND ETF	30,554	$1M	1.3%	ADD 95%
27	BRK.BBERKSHIRE HATHAWAY INC DEL	2,737	$1M	1.3%	TRIM −4%
28	IJHISHARES TR	19,205	$1M	1.2%	TRIM −5%
29	XLVSELECT SECTOR SPDR TR	8,335	$1M	1.2%	HOLD
30	QQQINVESCO QQQ TR	1,990	$1M	1.1%	ADD 4%
31	JNJJOHNSON & JOHNSON	4,442	$1M	1.0%	TRIM −2%
32	SPMDSPDR SERIES TRUST	18,129	$1M	1.0%	ADD 18%
33	VZVERIZON COMMUNICATIONS INC	20,985	$1M	1.0%	TRIM −4%
34	MCKMCKESSON CORP	1,185	$1M	1.0%	HOLD
35	KMIKINDER MORGAN INC DEL	30,400	$1M	1.0%	HOLD
36	FDXFEDEX CORP	2,855	$1M	1.0%	HOLD
37	TIPISHARES TR	8,920	$984,411	0.9%	ADD 5%
38	HDHOME DEPOT INC	2,967	$975,817	0.9%	TRIM −3%
39	FCXFREEPORT MCMORAN INC	14,275	$839,085	0.8%	HOLD
40	HONHONEYWELL INTL INC	3,640	$822,749	0.8%	TRIM −2%
41	BTZBLACKROCK CR ALLOCATION INCO	81,184	$819,958	0.8%	TRIM −4%
42	SBUXSTARBUCKS CORP	8,715	$780,777	0.7%	TRIM −5%
43	XBISPDR SERIES TRUST	6,100	$779,153	0.7%	HOLD
44	ORCLORACLE CORP	5,216	$767,326	0.7%	TRIM −5%
45	BITBBITWISE BITCOIN ETF TR	20,495	$754,421	0.7%	TRIM −3%
46	TBILRBB FD INC	14,850	$740,421	0.7%	HOLD
47	IWMISHARES TR	2,845	$705,560	0.7%	HOLD
48	VVISA INC	2,289	$691,827	0.7%	TRIM −8%
49	GEGE AEROSPACE	2,425	$688,142	0.7%	HOLD
50	PTYPIMCO CORPORATE & INCOME OPP	55,950	$674,757	0.6%	TRIM −7%
51	AXPAMERICAN EXPRESS CO	2,190	$662,431	0.6%	TRIM −4%
52	CSCOCISCO SYS INC	8,358	$648,497	0.6%	TRIM −4%
53	SGOVISHARES TR	6,250	$629,125	0.6%	HOLD
54	NFLXNETFLIX INC	6,430	$618,245	0.6%	TRIM −8%
55	RTXRTX CORPORATION	3,125	$602,813	0.6%	TRIM −12%
56	AIQGLOBAL X FDS	12,521	$584,355	0.6%	ADD 48%
57	ITWILLINOIS TOOL WKS INC	2,205	$573,939	0.5%	HOLD
58	DISDISNEY WALT CO	5,947	$573,172	0.5%	TRIM −2%
59	BABOEING CO	2,815	$560,269	0.5%	HOLD
60	MOALTRIA GROUP INC	8,050	$531,220	0.5%	HOLD
61	SPDWSPDR INDEX SHS FDS	11,600	$529,540	0.5%	ADD 20%
62	MRKMERCK & CO INC	4,315	$519,051	0.5%	TRIM −4%
63	TSMTAIWAN SEMICONDUCTOR MFG LTD	1,429	$482,931	0.5%	ADD 6%
64	VEAVANGUARD TAX-MANAGED FDS	7,438	$476,627	0.5%	HOLD
65	MCDMCDONALDS CORP	1,475	$458,415	0.4%	TRIM −6%
66	MSMORGAN STANLEY	2,710	$445,985	0.4%	TRIM −10%
67	SPABSPDR SERIES TRUST	17,384	$445,378	0.4%	ADD 8%
68	REMXVANECK ETF TRUST	4,510	$396,880	0.4%	HOLD
69	UNHUNITEDHEALTH GROUP INC	1,458	$394,520	0.4%	TRIM −9%
70	UNPUNION PAC CORP	1,525	$369,996	0.4%	TRIM −14%
71	GEVGE VERNOVA INC	418	$364,872	0.3%	HOLD
72	PGPROCTER AND GAMBLE CO	2,411	$348,245	0.3%	HOLD
73	AMATAPPLIED MATLS INC	1,000	$341,790	0.3%	HOLD
74	WELLWELLTOWER INC	1,700	$336,107	0.3%	HOLD
75	CMCSACOMCAST CORP NEW	11,322	$325,055	0.3%	HOLD
76	METAMETA PLATFORMS INC	548	$313,527	0.3%	ADD 8%
77	SLVISHARES SILVER TR	4,200	$286,188	0.3%	HOLD
78	CVSCVS HEALTH CORP	3,900	$280,098	0.3%	TRIM −11%
79	VTIVANGUARD INDEX FDS	862	$276,538	0.3%	ADD 7%
80	VBRVANGUARD INDEX FDS	1,208	$262,438	0.3%	HOLD
81	AVGOBROADCOM INC	822	$254,417	0.2%	TRIM −20%
82	UTWORBB FD INC	5,175	$249,861	0.2%	TRIM −5%
83	XLFSELECT SECTOR SPDR TR	5,025	$248,084	0.2%	HOLD
84	JJACOBS SOLUTIONS INC	1,940	$246,923	0.2%	HOLD
85	SPEMSPDR INDEX SHS FDS	5,139	$241,070	0.2%	ADD 16%
86	ETNEATON CORP PLC	600	$214,602	0.2%	TRIM −11%
87	LMTLOCKHEED MARTIN CORP	355	$214,558	0.2%	NEW
88	BNYBANK NEW YORK MELLON CORP	1,800	$213,534	0.2%	TRIM −27%
89	SCHWSCHWAB CHARLES CORP	2,250	$211,455	0.2%	HOLD
90	SCHESCHWAB STRATEGIC TR	6,200	$204,290	0.2%	HOLD
91	TGTTARGET CORP	1,675	$203,010	0.2%	NEW

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

AAPLAPPLE INC

—

22K

21K

$5M

SPYSTATE STR SPDR S&P 500 ETF T

—

$5M

IWNISHARES TR

—

21K

26K

$5M

IWOISHARES TR

—

13K

14K

$4M

GOOGALPHABET INC

—

15K

$4M

SDYSPDR SER TR

—

24K

27K

$4M

VAWVANGUARD WORLD FD

—

12K

11K

$3M

MSFTMICROSOFT CORP

—

$2M

SLYVSPDR SERIES TRUST

—

21K

26K

$2M

GLDSPDR GOLD TR

—

$2M

VOVANGUARD INDEX FDS

—

$2M

SPYVSPDR SERIES TRUST

—

25K

40K

$2M

AMZNAMAZON COM INC

—

11K

$2M

VWOVANGUARD INTL EQUITY INDEX F

—

39K

$2M

PFFISHARES TR

—

67K

63K

$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.

☆FELL CAPITAL MANAGEMENT /ADV