Fulcrum Capital LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 30, 2026), Fulcrum Capital LLC reported 101 stock positions worth $460.6 million. Its top holding was Vngrd Mrngstr MD-Cap ETF-Usd (VO) at 8.3% of the portfolio, followed by Microsoft (MSFT, 6.7%) and Apple (AAPL, 5.5%). Compared with Q4 2025, it opened 3 new positions, sold out of 1, added to 25 and reduced 45. The biggest buy was Fortinet (FTNT, shares +21%) and the biggest sale Alphabet Class A (GOOGL, shares −20%).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0001724090
Portfolio Value
$460.6M (Q1 2026)
SEC Filing
0001724090-26-000003 ↗ filed Apr 30, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $421.4M Q1 2024 Q2 2024: $439.2M Q2 2024 Q3 2024: $459.1M Q3 2024 Q4 2024: $477.6M Q4 2024 Q1 2025: $451.1M Q1 2025 Q2 2025: $472.8M Q2 2025 Q3 2025: $487.7M Q3 2025 Q4 2025: $498.0M Q4 2025 Q1 2026: $460.6M $460.6M Q1 2026 Q2 2026: $492.9M Q2 2026

Holdings 101 stocks · $460.6M
VO Vngrd Mrngstr MD-Cap ETF-Usd 8.25% 132,375 $38.0M Reduce -2.5%
MSFT Microsoft Corp. 6.70% 83,376 $30.9M Add +8.3%
AAPL Apple Inc. 5.49% 99,606 $25.3M Reduce -1.5%
GOOGL Alphabet Inc. Class A 5.02% 80,440 $23.1M Reduce -20.0%
AMZN Amazon.com Inc. 4.89% 108,079 $22.5M Add +0.1%
NVDA Nvidia Corp. 4.73% 124,861 $21.8M Reduce -3.2%
LRCX Lam Research Corp. 3.54% 76,393 $16.3M Reduce -2.1%
TT Trane Technologies PLC 3.34% 36,897 $15.4M Reduce -0.4%
FTNT Fortinet Inc. 3.10% 174,592 $14.3M Add +21.2%
MA Mastercard Inc. Class A 3.09% 28,470 $14.2M Add +1.7%
NFLX Netflix Inc. 2.99% 143,402 $13.8M Add +19.7%
CME Cme Group Inc. 2.76% 43,121 $12.7M Reduce -1.6%
JPM JPMorgan Chase & Co. 2.56% 40,058 $11.8M Reduce -11.4%
WM Waste Management Inc. 2.45% 49,047 $11.3M Reduce -0.2%
EW Edwards Lifesciences Corp. 2.39% 137,336 $11.0M Add +0.1%
SPGI S&P Global Inc. 2.34% 25,307 $10.8M Add +16.5%
ADBE Adobe Inc. 1.90% 36,010 $8.8M Reduce -0.8%
LIN Linde PLC 1.61% 14,960 $7.4M Add +3.8%
VRTX Vertex Pharmaceuticals Inc. 1.60% 16,496 $7.4M Reduce -0.7%
PEP Pepsico Inc. 1.60% 47,383 $7.4M Reduce -1.0%
ZTS Zoetis Inc. 1.59% 61,932 $7.3M Reduce -1.9%
XBI SS SPDR S&P Biotech ETF 1.55% 55,973 $7.1M Reduce -1.8%
UBER Uber Technologies Inc. 1.55% 98,972 $7.1M Add +28.0%
XYL Xylem Inc. 1.54% 59,177 $7.1M Add +0.7%
FSLR First Solar Inc. 1.48% 34,592 $6.8M Reduce -10.7%
UNH Unitedhealth Group Inc. 1.47% 24,994 $6.8M Reduce -1.7%
INTU Intuit Inc. 1.44% 15,292 $6.6M Add +1.9%
ULTA Ulta Beauty Inc. 1.40% 12,376 $6.5M Reduce -28.2%
DHI D.R. Horton Inc. 1.39% 46,807 $6.4M Add +1.1%
EOG EOG Resources Inc. 1.23% 39,291 $5.7M Reduce -13.1%
VUG Vanguard Mrngstar GR ETF-Sui 1.18% 12,427 $5.4M Add +17.9%
ABT Abbott Laboratories 1.08% 48,300 $5.0M Reduce -0.7%
JQUA JPMorgan US Quality Factor 1.02% 76,366 $4.7M Add +2.0%
IVV iShares Core S&P 500 ETF 0.83% 5,885 $3.8M Reduce -6.6%
AMGN Amgen Inc. 0.76% 9,958 $3.5M Reduce -0.9%
LLY Eli Lilly & Co. 0.76% 3,807 $3.5M Reduce -0.3%
DXCM Dexcom Inc. 0.61% 44,740 $2.8M Add +8.9%
PINS Pinterest Inc. Class A 0.55% 139,195 $2.6M Add +2.3%
PYPL PayPal Holdings Inc. 0.52% 52,847 $2.4M Add +0.8%
CVLC Calvert US L-C CR Resp Index 0.48% 27,366 $2.2M Add +8.6%
SPYM Ste STR SPDR PT S&P 500 ETF 0.42% 25,338 $1.9M No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.36% 72,659 $1.6M Add +5.9%
VYM Vanguard High DVD Yield ETF 0.35% 10,765 $1.6M No change
IWR iShares Russell Mid-Cap ETF 0.34% 16,200 $1.6M Reduce -3.9%
ECL Ecolab Inc. 0.31% 5,418 $1.4M Reduce -0.4%
COST Costco Wholesale Corp. 0.26% 1,186 $1.2M Reduce -12.3%
AWK American Water Works Co. Inc. 0.24% 8,090 $1.1M Add +5.7%
JNJ Johnson & Johnson 0.23% 4,376 $1.1M Reduce -4.3%
WELL Welltower Inc. 0.19% 4,483 $886K Reduce -1.1%
IEFA iShares Core MSCI Eafe ETF 0.17% 8,551 $774K No change
ATO Atmos Energy Corp. 0.16% 4,100 $757K No change
GOOG Alphabet Inc. Class C 0.15% 2,466 $707K Reduce -43.7%
SCHD Schwab US DVD Equity ETF 0.15% 22,885 $702K No change
MAR Marriott International Class A 0.14% 2,040 $667K No change
AVGO Broadcom Inc. 0.13% 1,955 $605K Reduce -8.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.13% 930 $605K No change
KO The Coca-Cola Co. 0.13% 7,706 $586K Reduce -1.7%
V Visa Inc. Class A 0.12% 1,863 $563K Reduce -0.8%
SPG Simon Property Group Inc. 0.12% 2,929 $546K No change
LAMR Lamar Advertising Co. Class A 0.12% 4,313 $546K No change
VDC Vanguard Consumer Staple ETF 0.12% 2,420 $544K No change
ABBV Abbvie Inc. 0.11% 2,334 $508K Reduce -9.0%
CMI Cummins Inc. 0.11% 917 $493K Reduce -11.3%
MS Morgan Stanley 0.10% 2,893 $476K Reduce -5.6%
ESGD iShares Trust iShares ESG Aw 0.10% 4,944 $473K Reduce -7.4%
EPD Enterprise Products Partners 0.10% 11,703 $443K No change
COP Conocophillips 0.10% 3,340 $441K Add +7.8%
XLV SS Health Care Select Sector 0.10% 3,000 $440K Reduce -3.0%
PG The Procter & Gamble Co. 0.09% 2,954 $427K Add +7.2%
ALSN Allison Transmission Holding 0.09% 3,600 $421K No change
PM Philip Morris International 0.09% 2,518 $416K No change
VTI VG Morningstar TS MKT ETF-US 0.09% 1,291 $414K No change
ORI Old Republic Intl Corp. 0.09% 10,228 $408K No change
VPU Vanguard Utilities ETF 0.09% 2,050 $406K No change
SBUX Starbucks Corp. 0.09% 4,498 $403K Reduce -12.6%
WCC Wesco International Inc. 0.08% 1,429 $391K No change
PEG Public Service Enterprise GP 0.08% 4,809 $389K No change
IEMG iShares Core MSCI Emerging 0.08% 5,480 $382K No change
DRI Darden Restaurants Inc. 0.08% 1,796 $352K No change
IWB iShares Russell 1000 ETF 0.07% 957 $341K No change
SNA Snap-on Inc. 0.07% 893 $324K No change
PCAR Paccar Inc. 0.07% 2,787 $322K Reduce -3.1%
PFE Pfizer Inc. 0.07% 11,000 $309K No change
UL Unilever PLC-Sponsored ADR 0.06% 5,044 $287K Add +7.6%
QCOM Qualcomm Inc. 0.06% 2,216 $285K No change
HD Home Depot Inc. 0.06% 844 $278K Add +5.8%
CVS CVS Health Corp. 0.06% 3,837 $276K Reduce -19.9%
DKS Dick's Sporting Goods Inc. 0.06% 1,369 $271K Reduce -10.8%
OKE Oneok Inc. 0.06% 3,000 $271K No change
WTRG Essential Utilities Inc. 0.05% 6,250 $252K No change
WSO Watsco Inc. 0.05% 691 $251K No change
CSCO Cisco Systems Inc. 0.05% 3,200 $248K No change
BRK.B Berkshire Hathaway Inc. Class B 0.05% 503 $241K Add +5.7%
TXN Texas Instruments Inc. 0.05% 1,158 $225K New
META Meta Platforms Inc. Class A 0.05% 386 $221K Reduce -2.5%
PAYX Paychex Inc. 0.05% 2,353 $217K Reduce -14.3%
ARES Ares Management Corp. Class A 0.05% 1,967 $215K Reduce -3.4%
EFA iShares MSCI Eafe ETF 0.05% 2,203 $214K Reduce -31.6%
WMT Walmart Inc. 0.05% 1,681 $209K New
GSL Global Ship Lease Inc. Class A 0.04% 5,500 $205K New
MPT Medical Properties Trust Inc. 0.03% 34,400 $159K Reduce -0.3%

Portfolio Sells Q4 2025 → Q1 2026
GOOGL Alphabet Inc. Class A Reduce -20.0% 5.02% −1.30
ULTA Ulta Beauty Inc. Reduce -28.2% 1.40% −0.69
ADBE Adobe Inc. Reduce -0.8% 1.90% −0.65
FSLR First Solar Inc. Reduce -10.7% 1.48% −0.55
JPM JPMorgan Chase & Co. Reduce -11.4% 2.56% −0.37
UNH Unitedhealth Group Inc. Reduce -1.7% 1.47% −0.22
ABT Abbott Laboratories Reduce -0.7% 1.08% −0.15
GOOG Alphabet Inc. Class C Reduce -43.7% 0.15% −0.12
NVDA Nvidia Corp. Reduce -3.2% 4.73% −0.10
LLY Eli Lilly & Co. Reduce -0.3% 0.76% −0.06
IWF iShares Russell 1000 Growth Sold out 0.00% −0.04
IVV iShares Core S&P 500 ETF Reduce -6.6% 0.83% −0.03
AAPL Apple Inc. Reduce -1.5% 5.49% −0.03
ARES Ares Management Corp. Class A Reduce -3.4% 0.05% −0.02
CVS CVS Health Corp. Reduce -19.9% 0.06% −0.02
AVGO Broadcom Inc. Reduce -8.0% 0.13% −0.02
EFA iShares MSCI Eafe ETF Reduce -31.6% 0.05% −0.02
PAYX Paychex Inc. Reduce -14.3% 0.05% −0.01
V Visa Inc. Class A Reduce -0.8% 0.12% −0.01
ABBV Abbvie Inc. Reduce -9.0% 0.11% −0.01
MS Morgan Stanley Reduce -5.6% 0.10% −0.01
ZTS Zoetis Inc. Reduce -1.9% 1.59% −0.01
META Meta Platforms Inc. Class A Reduce -2.5% 0.05% −0.00
DKS Dick's Sporting Goods Inc. Reduce -10.8% 0.06% −0.00
XLV SS Health Care Select Sector Reduce -3.0% 0.10% −0.00
MPT Medical Properties Trust Inc. Reduce -0.3% 0.03% −0.00
SBUX Starbucks Corp. Reduce -12.6% 0.09% +0.00
ESGD iShares Trust iShares ESG Aw Reduce -7.4% 0.10% +0.00
CMI Cummins Inc. Reduce -11.3% 0.11% +0.00
PCAR Paccar Inc. Reduce -3.1% 0.07% +0.01
IWR iShares Russell Mid-Cap ETF Reduce -3.9% 0.34% +0.02
KO The Coca-Cola Co. Reduce -1.7% 0.13% +0.02
COST Costco Wholesale Corp. Reduce -12.3% 0.26% +0.02
WELL Welltower Inc. Reduce -1.1% 0.19% +0.02
ECL Ecolab Inc. Reduce -0.4% 0.31% +0.03
JNJ Johnson & Johnson Reduce -4.3% 0.23% +0.04
VRTX Vertex Pharmaceuticals Inc. Reduce -0.7% 1.60% +0.09
AMGN Amgen Inc. Reduce -0.9% 0.76% +0.10
XBI SS SPDR S&P Biotech ETF Reduce -1.8% 1.55% +0.16
PEP Pepsico Inc. Reduce -1.0% 1.60% +0.22
WM Waste Management Inc. Reduce -0.2% 2.45% +0.28
EOG EOG Resources Inc. Reduce -13.1% 1.23% +0.28
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -2.5% 8.25% +0.34
CME Cme Group Inc. Reduce -1.6% 2.76% +0.36
TT Trane Technologies PLC Reduce -0.4% 3.34% +0.44
LRCX Lam Research Corp. Reduce -2.1% 3.54% +0.86

Portfolio Buys Q4 2025 → Q1 2026
FTNT Fortinet Inc. Add +21.2% 3.10% +0.80
NFLX Netflix Inc. Add +19.7% 2.99% +0.74
LIN Linde PLC Add +3.8% 1.61% +0.38
UBER Uber Technologies Inc. Add +28.0% 1.55% +0.28
VUG Vanguard Mrngstar GR ETF-Sui Add +17.9% 1.18% +0.15
JQUA JPMorgan US Quality Factor Add +2.0% 1.02% +0.07
DXCM Dexcom Inc. Add +8.9% 0.61% +0.06
SPGI S&P Global Inc. Add +16.5% 2.34% +0.06
DHI D.R. Horton Inc. Add +1.1% 1.39% +0.06
CVLC Calvert US L-C CR Resp Index Add +8.6% 0.48% +0.05
TXN Texas Instruments Inc. New 0.05% +0.05
WMT Walmart Inc. New 0.05% +0.05
GSL Global Ship Lease Inc. Class A New 0.04% +0.04
AWK American Water Works Co. Inc. Add +5.7% 0.24% +0.04
EW Edwards Lifesciences Corp. Add +0.1% 2.39% +0.04
COP Conocophillips Add +7.8% 0.10% +0.04
PG The Procter & Gamble Co. Add +7.2% 0.09% +0.01
HD Home Depot Inc. Add +5.8% 0.06% +0.01
BRK.B Berkshire Hathaway Inc. Class B Add +5.7% 0.05% +0.00
UL Unilever PLC-Sponsored ADR Add +7.6% 0.06% +0.00
XYL Xylem Inc. Add +0.7% 1.54% −0.07
PYPL PayPal Holdings Inc. Add +0.8% 0.52% −0.10
AMZN Amazon.com Inc. Add +0.1% 4.89% −0.12
MA Mastercard Inc. Class A Add +1.7% 3.09% −0.12
PINS Pinterest Inc. Class A Add +2.3% 0.55% −0.15
TTD Trade Desk Inc./the Class A Add +5.9% 0.36% −0.17
INTU Intuit Inc. Add +1.9% 1.44% −0.56
MSFT Microsoft Corp. Add +8.3% 6.70% −0.78

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 103$492.9MVO, LRCX, MSFT, AAPL, GOOGL
Q1 2026 101$460.6MVO, MSFT, AAPL, GOOGL, AMZN
Q4 2025 99$498.0MVO, MSFT, GOOGL, AAPL, AMZN
Q3 2025 100$487.7MMSFT, VO, AAPL, GOOGL, NVDA
Q2 2025 99$472.8MMSFT, VO, AMZN, NVDA, AAPL
Q1 2025 106$451.1MVO, AAPL, MSFT, AMZN, NVDA
Q4 2024 113$477.6MVO, AAPL, MSFT, NVDA, AMZN
Q3 2024 109$459.1MVO, MSFT, AAPL, NVDA, AMZN
Q2 2024 108$439.2MVO, MSFT, AAPL, NVDA, GOOG
Q1 2024 116$421.4MVO, MSFT, AAPL, NVDA, GOOGL