Bristlecone Value Partners, LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Bristlecone Value Partners, LLC reported 70 stock positions worth $124.3 million. Its top holding was Vanguard Ftse Developed ETF (VEA) at 13.4% of the portfolio, followed by Schwab Fndmntl US LRG Co. ETF (FNDX, 9.3%) and Vanguard Dividend Apprec ETF (VIG, 8.4%). Compared with Q1 2026, it opened 3 new positions, sold out of 1, added to 20 and reduced 19. The biggest buy was iShares Core S&P Small-Cap E (IJR, shares +0%) and the biggest sale Vanguard Short-Term Tips (VTIP, shares −35%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001313998
Portfolio Value
$124.3M (Q2 2026)
SEC Filing
0001313998-26-000009 ↗ filed Aug 14, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q4 2025: $86.7M Q4 2025 Q1 2026: $113.6M Q1 2026 Q2 2026: $124.3M $124.3M Q2 2026

Holdings 70 stocks · $124.3M
VEA Vanguard Ftse Developed ETF 13.45% 234,679 $16.7M Add +0.1%
FNDX Schwab Fndmntl US LRG Co. ETF 9.30% 371,784 $11.6M Reduce -0.9%
VIG Vanguard Dividend Apprec ETF 8.41% 44,193 $10.5M Add +0.4%
DGS Wisdomtree Em Small Cap 6.18% 118,729 $7.7M Reduce -1.1%
VIGI Vanguard Int Div App Indx FD 3.87% 51,562 $4.8M Add +0.0%
VOO Vanguard S&P 500 ETF 3.70% 6,697 $4.6M Add +3.2%
IJR iShares Core S&P Small-Cap E 3.56% 29,802 $4.4M Add +0.4%
AVDV Avantis Intl S/C Value ETF 3.44% 41,546 $4.3M Add +0.1%
REET iShares Global REIT ETF 2.81% 126,409 $3.5M Add +4.8%
BND Vanguard Total Bond Market 2.79% 47,276 $3.5M No change
VUSB Vanguard Ultra Short Bond Et 2.64% 66,007 $3.3M Add +12.7%
GNR State Street SPDR S&P Global 2.62% 48,469 $3.3M Reduce -1.2%
CGCP Cap Group Core Plus Income 2.11% 117,825 $2.6M Add +8.1%
PICB Invesco International Corpor 1.88% 100,865 $2.3M Add +9.0%
FNDF Schwab Fndmn Intl LRG Co. ETF 1.80% 42,398 $2.2M Add +0.3%
INTC Intel Corp. 1.66% 14,743 $2.1M Reduce -0.3%
BAC Bank of America Corp. 1.57% 34,234 $2.0M Reduce 0.0%
JCI Johnson Controls Internation 1.38% 11,757 $1.7M Reduce -0.5%
VOE Vngrd Mrngstr MD-Cap Val ETF 1.29% 8,121 $1.6M Add +1.3%
VTIP Vanguard Short-Term Tips 1.14% 28,328 $1.4M Reduce -34.9%
FDM First Trust Dow J Select Mic 1.09% 14,565 $1.4M Reduce -5.8%
LOW Lowe's Cos Inc. 1.08% 6,075 $1.3M Reduce -0.2%
BRK.B Berkshire Hathaway Inc. Class B 1.07% 2,669 $1.3M Reduce -0.1%
VMI Valmont Industries 1.06% 2,291 $1.3M No change
MKL Markel Group Inc. 1.03% 654 $1.3M Add +0.8%
AXP American Express Co. 0.95% 3,484 $1.2M No change
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.94% 22,795 $1.2M Reduce -0.3%
PEP Pepsico Inc. 0.83% 7,608 $1.0M No change
VTEB Vanguard Tax-Exempt Bond ETF 0.82% 20,188 $1.0M Add +5.7%
BUD Anheuser-Busch Inbev-SPN ADR 0.79% 11,859 $977K No change
VRP Invesco Variable Rate Prefer 0.76% 38,832 $944K Add +5.8%
FNDC Schwab Fndmnt Intl SM Eq ETF 0.67% 17,269 $839K Reduce -0.3%
GHC Graham Holdings Co. Class B 0.62% 677 $773K No change
AMGN Amgen Inc. 0.58% 2,008 $727K No change
HGTY Hagerty Inc. Class A 0.58% 60,093 $716K No change
FNDA Schwab Fndmntl US SM Co. ETF 0.53% 17,232 $656K Reduce -14.7%
UHAL.B U-Haul Holding Co.-Non Voting 0.49% 10,561 $609K No change
AGCO Agco Corp. 0.48% 5,031 $602K No change
WIP State Street SPDR Ftse Inter 0.47% 14,871 $586K Add +23.5%
NRG NRG Energy Inc. 0.46% 3,890 $568K No change
RLGT Radiant Logistics Inc. 0.44% 58,430 $553K No change
KMX Carmax Inc. 0.41% 9,711 $514K Add +0.8%
AAPL Apple Inc. 0.40% 1,700 $492K Reduce -0.1%
KOP Koppers Holdings Inc. 0.38% 10,650 $478K No change
CX Cemex Sab-Spons ADR Part Cer 0.38% 39,680 $476K No change
CMT Core Molding Technologies Inc. 0.38% 20,000 $472K No change
META Meta Platforms Inc. Class A 0.37% 825 $465K Reduce -0.1%
CALI Ishrs SH-TRM Ca Muni Act ETF 0.37% 9,132 $461K Add +17.0%
NKE Nike Inc. Class B 0.37% 11,120 $456K Add +29.4%
MCFT Mastercraft Boat Holdings Inc. 0.35% 17,000 $439K No change
USFR Wisdomtree Floating Rate Tre 0.35% 8,683 $437K Add +28.1%
NTR Nutrien Ltd. 0.34% 6,687 $421K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.33% 4,812 $415K No change
YUM Yum! Brands Inc. 0.33% 2,584 $413K Reduce -0.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.31% 4,048 $390K Reduce -0.0%
HZO Marinemax Inc. 0.31% 10,500 $385K No change
TITN Titan Machinery Inc. 0.29% 17,000 $359K No change
OXY Occidental Petroleum Corp. 0.27% 7,037 $342K No change
NVR NVR Inc. 0.27% 50 $341K Reduce -3.9%
CHCI Comstock Holding Companies 0.27% 20,680 $331K No change
MDT Medtronic PLC 0.26% 4,060 $318K No change
GIL Gildan Activewear Inc. 0.25% 6,109 $315K No change
LH Labcorp Holdings Inc. 0.25% 1,093 $306K No change
CFFI C & F Financial Corp. filed as C & F FINL CORP 0.23% 3,556 $284K No change
SGC Superior Group of Cos Inc. 0.21% 19,542 $256K No change
QUAD Quad Graphics Inc. 0.20% 30,000 $253K No change
EML The Eastern Co. 0.20% 9,000 $251K New
NVS Novartis AG-Sponsored ADR 0.19% 1,505 $236K Reduce -16.1%
FSTR Foster (lb) Co. Class A 0.19% 5,194 $235K New
PII Polaris Inc. 0.17% 3,003 $206K New

Portfolio Sells Q1 2026 → Q2 2026
VTIP Vanguard Short-Term Tips Reduce -34.9% 1.14% −0.77
GNR State Street SPDR S&P Global Reduce -1.2% 2.62% −0.60
VBIL Vanguard 0-3M T-Bill ETF Sold out 0.00% −0.23
LOW Lowe's Cos Inc. Reduce -0.2% 1.08% −0.19
DGS Wisdomtree Em Small Cap Reduce -1.1% 6.18% −0.17
JMST JPM Ultra-Short Muni Income Reduce -0.3% 0.94% −0.09
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.1% 1.07% −0.05
NVS Novartis AG-Sponsored ADR Reduce -16.1% 0.19% −0.05
FNDA Schwab Fndmntl US SM Co. ETF Reduce -14.7% 0.53% −0.05
META Meta Platforms Inc. Class A Reduce -0.1% 0.37% −0.04
FNDC Schwab Fndmnt Intl SM Eq ETF Reduce -0.3% 0.67% −0.03
DIS The Walt Disney Co. Reduce -0.0% 0.31% −0.03
NVR NVR Inc. Reduce -3.9% 0.27% −0.03
FDM First Trust Dow J Select Mic Reduce -5.8% 1.09% −0.03
YUM Yum! Brands Inc. Reduce -0.4% 0.33% −0.02
AAPL Apple Inc. Reduce -0.1% 0.40% +0.02
JCI Johnson Controls Internation Reduce -0.5% 1.38% +0.02
BAC Bank of America Corp. Reduce 0.0% 1.57% +0.10
FNDX Schwab Fndmntl US LRG Co. ETF Reduce -0.9% 9.30% +0.11
INTC Intel Corp. Reduce -0.3% 1.66% +1.08

Portfolio Buys Q1 2026 → Q2 2026
IJR iShares Core S&P Small-Cap E Add +0.4% 3.56% +0.31
VOO Vanguard S&P 500 ETF Add +3.2% 3.70% +0.29
VEA Vanguard Ftse Developed ETF Add +0.1% 13.45% +0.23
EML The Eastern Co. New 0.20% +0.20
FSTR Foster (lb) Co. Class A New 0.19% +0.19
PII Polaris Inc. New 0.17% +0.17
REET iShares Global REIT ETF Add +4.8% 2.81% +0.14
VIG Vanguard Dividend Apprec ETF Add +0.4% 8.41% +0.08
VUSB Vanguard Ultra Short Bond Et Add +12.7% 2.64% +0.08
KMX Carmax Inc. Add +0.8% 0.41% +0.06
WIP State Street SPDR Ftse Inter Add +23.5% 0.47% +0.05
USFR Wisdomtree Floating Rate Tre Add +28.1% 0.35% +0.05
CALI Ishrs SH-TRM Ca Muni Act ETF Add +17.0% 0.37% +0.02
PICB Invesco International Corpor Add +9.0% 1.88% −0.00
VOE Vngrd Mrngstr MD-Cap Val ETF Add +1.3% 1.29% −0.01
VRP Invesco Variable Rate Prefer Add +5.8% 0.76% −0.02
VTEB Vanguard Tax-Exempt Bond ETF Add +5.7% 0.82% −0.02
FNDF Schwab Fndmn Intl LRG Co. ETF Add +0.3% 1.80% −0.02
CGCP Cap Group Core Plus Income Add +8.1% 2.11% −0.03
NKE Nike Inc. Class B Add +29.4% 0.37% −0.03
MKL Markel Group Inc. Add +0.8% 1.03% −0.07
VIGI Vanguard Int Div App Indx FD Add +0.0% 3.87% −0.14
AVDV Avantis Intl S/C Value ETF Add +0.1% 3.44% −0.20

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 70$124.3MVEA, FNDX, VIG, DGS, VIGI
Q1 2026 68$113.6MVEA, FNDX, VIG, DGS, VIGI
Q4 2025 36$86.7MVEA, FNDX, VIG, DGS, VIGI