Bristlecone Value Partners, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 8, 2026), Bristlecone Value Partners, LLC reported 68 stock positions worth $113.6 million. Its top holding was Vanguard Ftse Developed ETF (VEA) at 13.2% of the portfolio, followed by Schwab Fndmntl US LRG Co. ETF (FNDX, 9.2%) and Vanguard Dividend Apprec ETF (VIG, 8.3%). Compared with Q4 2025, it opened 32 new positions, added to 15 and reduced 14. The biggest buy was a new position in Vanguard S&P 500 ETF (VOO) and the biggest sale Vanguard Ftse Developed ETF (VEA, shares −1%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001313998
Portfolio Value
$113.6M (Q1 2026)
SEC Filing
0001313998-26-000007 ↗ filed May 8, 2026

Holdings Value

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

Holdings 68 stocks · $113.6M
VEA Vanguard Ftse Developed ETF 13.22% 234,483 $15.0M Reduce -1.2%
FNDX Schwab Fndmntl US LRG Co. ETF 9.19% 375,200 $10.4M Add +4.1%
VIG Vanguard Dividend Apprec ETF 8.33% 44,024 $9.5M Add +10.3%
DGS Wisdomtree Em Small Cap 6.35% 119,987 $7.2M Reduce -0.0%
VIGI Vanguard Int Div App Indx FD 4.01% 51,553 $4.6M Add +4.2%
AVDV Avantis Intl S/C Value ETF 3.65% 41,509 $4.1M Add +4.3%
VOO Vanguard S&P 500 ETF 3.41% 6,487 $3.9M New
IJR iShares Core S&P Small-Cap E 3.25% 29,672 $3.7M Add +2.5%
GNR State Street SPDR S&P Global 3.22% 49,046 $3.7M Reduce -2.6%
BND Vanguard Total Bond Market 3.06% 47,276 $3.5M No change
REET iShares Global REIT ETF 2.67% 120,655 $3.0M Add +5.7%
VUSB Vanguard Ultra Short Bond Et 2.57% 58,580 $2.9M Add +12.7%
CGCP Cap Group Core Plus Income 2.14% 108,967 $2.4M Add +22.8%
VTIP Vanguard Short-Term Tips 1.91% 43,513 $2.2M Add +9.2%
PICB Invesco International Corpor 1.88% 92,532 $2.1M Add +9.8%
FNDF Schwab Fndmn Intl LRG Co. ETF 1.82% 42,288 $2.1M Add +3.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.47% 34,235 $1.7M Reduce -0.6%
JCI Johnson Controls Internation 1.36% 11,817 $1.5M Reduce -0.5%
VOE Vngrd Mrngstr MD-Cap Val ETF 1.30% 8,019 $1.5M New
LOW Lowe's Cos Inc. 1.27% 6,085 $1.4M New
BRK.B Berkshire Hathaway Inc. Class B 1.13% 2,671 $1.3M New
FDM First Trust Dow J Select Mic 1.12% 15,458 $1.3M Reduce -3.7%
MKL Markel Group Inc. 1.09% 649 $1.2M New
PEP Pepsico Inc. 1.04% 7,608 $1.2M New
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 1.03% 22,875 $1.2M Reduce -2.9%
AXP American Express Co. 0.93% 3,484 $1.1M New
VTEB Vanguard Tax-Exempt Bond ETF 0.84% 19,108 $953K Reduce -1.7%
VMI Valmont Industries 0.81% 2,291 $915K New
VRP Invesco Variable Rate Prefer 0.77% 36,710 $880K Reduce -1.7%
BUD Anheuser-Busch Inbev-SPN ADR 0.72% 11,859 $823K Reduce -4.1%
FNDC Schwab Fndmnt Intl SM Eq ETF 0.71% 17,319 $803K Reduce -2.1%
GHC Graham Holdings Co. Class B 0.63% 677 $716K New
AMGN Amgen Inc. 0.62% 2,008 $707K New
FNDA Schwab Fndmntl US SM Co. ETF 0.58% 20,190 $655K No change
INTC Intel Corp. 0.57% 14,793 $653K Reduce -0.8%
HGTY Hagerty Inc. Class A 0.56% 60,093 $633K Add +3.7%
AGCO Agco Corp. 0.51% 5,031 $583K New
NRG NRG Energy Inc. 0.50% 3,890 $568K New
NTR Nutrien Ltd. 0.44% 6,687 $505K New
WIP State Street SPDR Ftse Inter 0.42% 12,042 $477K Add +5.8%
META Meta Platforms Inc. Class A 0.42% 826 $472K New
UHAL.B U-Haul Holding Co.-Non Voting 0.42% 10,561 $472K Reduce -3.7%
OXY Occidental Petroleum Corp. 0.40% 7,037 $457K New
NKE Nike Inc. Class B 0.40% 8,596 $454K New
CX Cemex Sab-Spons ADR Part Cer 0.40% 39,680 $454K Reduce -1.2%
CMT Core Molding Technologies Inc. 0.39% 20,000 $448K No change
AAPL Apple Inc. 0.38% 1,701 $432K New
KOP Koppers Holdings Inc. 0.36% 10,650 $412K No change
RLGT Radiant Logistics Inc. 0.36% 58,430 $412K No change
YUM Yum! Brands Inc. 0.35% 2,594 $403K New
KMX Carmax Inc. 0.35% 9,631 $400K New
CALI Ishrs SH-TRM Ca Muni Act ETF 0.35% 7,807 $394K New
CHCI Comstock Holding Companies 0.34% 20,680 $392K Add +0.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.34% 4,049 $390K New
MDT Medtronic PLC 0.31% 4,060 $352K New
VUG Vanguard Mrngstar GR ETF-Sui 0.31% 802 $350K New
MCFT Mastercraft Boat Holdings Inc. 0.31% 17,000 $349K Add +19.7%
NVR NVR Inc. 0.30% 52 $343K New
USFR Wisdomtree Floating Rate Tre 0.30% 6,778 $341K New
GIL Gildan Activewear Inc. 0.30% 6,109 $340K New
LH Labcorp Holdings Inc. 0.26% 1,093 $292K New
TITN Titan Machinery Inc. 0.25% 17,000 $284K No change
HZO Marinemax Inc. 0.25% 10,500 $284K No change
NVS Novartis AG-Sponsored ADR 0.24% 1,794 $274K New
CFFI C & F Financial Corp. filed as C & F FINL CORP 0.23% 3,556 $259K New
VBIL Vanguard 0-3M T-Bill ETF 0.23% 3,428 $259K New
SGC Superior Group of Cos Inc. 0.17% 19,542 $199K New
QUAD Quad Graphics Inc. 0.17% 30,000 $198K New

Portfolio Sells Q4 2025 → Q1 2026
VEA Vanguard Ftse Developed ETF Reduce -1.2% 13.22% −3.88
DGS Wisdomtree Em Small Cap Reduce -0.0% 6.35% −1.58
BAC Bank of America Corp. Reduce -0.6% 1.47% −0.72
GNR State Street SPDR S&P Global Reduce -2.6% 3.22% −0.39
JMST JPM Ultra-Short Muni Income Reduce -2.9% 1.03% −0.36
FDM First Trust Dow J Select Mic Reduce -3.7% 1.12% −0.36
VTEB Vanguard Tax-Exempt Bond ETF Reduce -1.7% 0.84% −0.29
JCI Johnson Controls Internation Reduce -0.5% 1.36% −0.28
VRP Invesco Variable Rate Prefer Reduce -1.7% 0.77% −0.27
FNDC Schwab Fndmnt Intl SM Eq ETF Reduce -2.1% 0.71% −0.20
BUD Anheuser-Busch Inbev-SPN ADR Reduce -4.1% 0.72% −0.19
UHAL.B U-Haul Holding Co.-Non Voting Reduce -3.7% 0.42% −0.18
CX Cemex Sab-Spons ADR Part Cer Reduce -1.2% 0.40% −0.13
INTC Intel Corp. Reduce -0.8% 0.57% −0.06

Portfolio Buys Q4 2025 → Q1 2026
VOO Vanguard S&P 500 ETF New 3.41% +3.41
VOE Vngrd Mrngstr MD-Cap Val ETF New 1.30% +1.30
LOW Lowe's Cos Inc. New 1.27% +1.27
BRK.B Berkshire Hathaway Inc. Class B New 1.13% +1.13
MKL Markel Group Inc. New 1.09% +1.09
PEP Pepsico Inc. New 1.04% +1.04
AXP American Express Co. New 0.93% +0.93
VMI Valmont Industries New 0.81% +0.81
GHC Graham Holdings Co. Class B New 0.63% +0.63
AMGN Amgen Inc. New 0.62% +0.62
AGCO Agco Corp. New 0.51% +0.51
NRG NRG Energy Inc. New 0.50% +0.50
NTR Nutrien Ltd. New 0.44% +0.44
META Meta Platforms Inc. Class A New 0.42% +0.42
OXY Occidental Petroleum Corp. New 0.40% +0.40
NKE Nike Inc. Class B New 0.40% +0.40
AAPL Apple Inc. New 0.38% +0.38
YUM Yum! Brands Inc. New 0.35% +0.35
KMX Carmax Inc. New 0.35% +0.35
CALI Ishrs SH-TRM Ca Muni Act ETF New 0.35% +0.35
DIS The Walt Disney Co. New 0.34% +0.34
MDT Medtronic PLC New 0.31% +0.31
VUG Vanguard Mrngstar GR ETF-Sui New 0.31% +0.31
NVR NVR Inc. New 0.30% +0.30
USFR Wisdomtree Floating Rate Tre New 0.30% +0.30
GIL Gildan Activewear Inc. New 0.30% +0.30
LH Labcorp Holdings Inc. New 0.26% +0.26
NVS Novartis AG-Sponsored ADR New 0.24% +0.24
CFFI C & F Financial Corp. New 0.23% +0.23
VBIL Vanguard 0-3M T-Bill ETF New 0.23% +0.23
SGC Superior Group of Cos Inc. New 0.17% +0.17
QUAD Quad Graphics Inc. New 0.17% +0.17
CHCI Comstock Holding Companies Add +0.0% 0.34% +0.07
MCFT Mastercraft Boat Holdings Inc. Add +19.7% 0.31% −0.00
WIP State Street SPDR Ftse Inter Add +5.8% 0.42% −0.10
CGCP Cap Group Core Plus Income Add +22.8% 2.14% −0.18
FNDF Schwab Fndmn Intl LRG Co. ETF Add +3.1% 1.82% −0.32
HGTY Hagerty Inc. Class A Add +3.7% 0.56% −0.34
VTIP Vanguard Short-Term Tips Add +9.2% 1.91% −0.36
VUSB Vanguard Ultra Short Bond Et Add +12.7% 2.57% −0.42
PICB Invesco International Corpor Add +9.8% 1.88% −0.44
REET iShares Global REIT ETF Add +5.7% 2.67% −0.62
AVDV Avantis Intl S/C Value ETF Add +4.3% 3.65% −0.67
IJR iShares Core S&P Small-Cap E Add +2.5% 3.25% −0.77
VIGI Vanguard Int Div App Indx FD Add +4.2% 4.01% −1.21
VIG Vanguard Dividend Apprec ETF Add +10.3% 8.33% −1.79
FNDX Schwab Fndmntl US LRG Co. ETF Add +4.1% 9.19% −2.12

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