Fulcrum Equity Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 6, 2026), Fulcrum Equity Management reported 117 stock positions worth $104.5 million. Its top holding was iShares Core S&P Total U.S. (ITOT) at 11.1% of the portfolio, followed by iShares MSCI World ETF (URTH, 8.2%) and SS Technology Select Sector (XLK, 5.6%). Compared with Q3 2025, it opened 34 new positions, sold out of 11, added to 46 and reduced 33. The biggest buy was Nvidia (NVDA, shares +66%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −91%).

Most Recent 13F
Q2 2026
Location
PLANO, TX
CIK
0001737888
Portfolio Value
$104.5M (Q4 2025)
SEC Filing
0001737888-26-000003 ↗ filed Jan 6, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $84.8M Q1 2024 Q2 2024: $111.4M Q2 2024 Q3 2024: $118.4M Q3 2024 Q4 2024: $101.1M Q4 2024 Q1 2025: $91.6M Q1 2025 Q2 2025: $97.4M Q2 2025 Q3 2025: $98.7M Q3 2025 Q4 2025: $104.5M $104.5M Q4 2025 Q1 2026: $102.7M Q1 2026 Q2 2026: $123.6M Q2 2026

Holdings 117 stocks · $104.5M
ITOT iShares Core S&P Total U.S. 11.05% 77,685 $11.6M Reduce -1.9%
URTH iShares MSCI World ETF 8.21% 46,192 $8.6M No change
XLK SS Technology Select Sector 5.58% 40,465 $5.8M Reduce -4.2%
NVDA Nvidia Corp. 3.77% 21,109 $3.9M Add +65.8%
OKE Oneok Inc. 3.58% 50,889 $3.7M Add +1.7%
AAPL Apple Inc. 2.39% 9,168 $2.5M Add +94.0%
XLC SS Comm Select Sector SPDR 2.18% 19,313 $2.3M Reduce -3.4%
XLF SS Financial Select Sector 2.01% 38,363 $2.1M Add +6.5%
BRK.B Berkshire Hathaway Inc. Class B 1.94% 4,031 $2.0M Reduce -8.2%
WMT Walmart Inc. 1.79% 16,775 $1.9M Add +6.7%
GOOGL Alphabet Inc. Class A 1.74% 5,797 $1.8M Add +102.6%
IYW iShares Ustechnology ETF 1.67% 8,744 $1.7M Reduce -32.9%
MSFT Microsoft Corp. 1.65% 3,568 $1.7M Add +272.4%
QQQM Invesco Nasdaq 100 ETF 1.65% 6,804 $1.7M Add +3.3%
XLY SS Consumer Disc Select Sect 1.63% 14,251 $1.7M Reduce -1.5%
XLV SS Health Care Select Sector 1.59% 10,717 $1.7M Add +69.5%
AMZN Amazon.com Inc. 1.57% 7,126 $1.6M Add +92.7%
DYNF Ishrs US E F R A ETF-Usd Inc. 1.18% 20,291 $1.2M Reduce -7.6%
META Meta Platforms Inc. Class A 1.17% 1,846 $1.2M Add +105.1%
SPYM Ste STR SPDR PT S&P 500 ETF 1.13% 14,758 $1.2M Reduce -1.8%
JPM JPMorgan Chase & Co. 1.13% 3,674 $1.2M Add +145.1%
TSLA Tesla Inc. 1.08% 2,504 $1.1M Add +78.3%
SCHB Schwab US Broad Market ETF 1.05% 42,025 $1.1M Reduce -0.2%
AVGO Broadcom Inc. 1.01% 3,059 $1.1M Add +87.8%
XLG Invesco S&P 500 Top 50 ETF 1.01% 17,832 $1.1M Add +28.6%
XLI SS Industrial Select Sector 0.99% 6,687 $1.0M Reduce -32.5%
IVE iShares S&P 500 Value ETF 0.96% 4,747 $1.0M Add +44.0%
IVV iShares Core S&P 500 ETF 0.92% 1,396 $956K Reduce -8.9%
GRNY Fundstr Gran SH US LRG Cap 0.90% 37,968 $940K New
SCHG Schwab US Large-Cap Growth 0.85% 27,245 $889K Reduce -17.7%
LOW Lowe's Cos Inc. 0.81% 3,526 $850K Add +2.0%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.81% 19,910 $850K Add +33.8%
LLY Eli Lilly & Co. 0.79% 764 $821K Add +92.0%
FTEC Fidelity MSCI Info Tech Indx 0.76% 3,547 $797K Add +81.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.76% 1,159 $790K Reduce -91.4%
IVW iShares S&P 500 Growth ETF 0.71% 6,038 $744K Reduce -3.2%
SILA Sila Realty Trust Inc. 0.68% 30,677 $715K Add +0.4%
ASML ASML Holding NV-NY Reg SHS 0.65% 633 $677K Add +15.1%
EFV iShares MSCI Eafe Value ETF 0.61% 8,995 $642K Reduce -1.8%
GEV GE Vernova Inc. 0.61% 968 $633K Add +1.5%
KAMO Kensington Credit Opport ETF filed as MANAGED PORTFOLIO SERIES 0.60% 25,065 $627K New
GS Goldman Sachs Group Inc. 0.58% 688 $605K Add +67.4%
SLV iShares Silver Trust 0.57% 9,258 $596K New
SIVR Abrdn Physical Silver Shares 0.56% 8,700 $588K New
REMX Vaneck Rar Earth ND STG-Usdi 0.54% 7,680 $568K New
APH Amphenol Corp. Class A 0.54% 4,137 $559K Add +50.3%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 0.52% 11,581 $539K Add +4.6%
XTEN Bondbloxx BBG 10Y US TSY ETF 0.50% 11,333 $524K Reduce -19.0%
COST Costco Wholesale Corp. 0.50% 603 $520K Add +57.4%
XOM Exxon Mobil Corp. 0.49% 4,242 $510K Add +11.1%
IWC iShares Micro-Cap ETF 0.49% 3,226 $509K Add +95.9%
GLTR Abrdn Precious Metals Basket 0.48% 2,425 $499K New
IEMG iShares Core MSCI Emerging 0.46% 7,123 $479K Reduce -8.8%
AHR American Healthcare REIT Inc. 0.45% 9,905 $466K No change
DUK Duke Energy Corp. 0.44% 3,947 $463K Add +0.7%
KHPI Kensington Hedged PRM in ETF filed as MANAGED PORTFOLIO SERIES 0.41% 16,839 $432K Add +1.4%
PLTR Palantir Technologies Inc. Class A 0.41% 2,393 $425K Add +50.7%
SCHZ Schwab US Aggregate Bond ETF 0.40% 18,077 $422K Reduce -2.5%
V Visa Inc. Class A 0.39% 1,165 $409K New
ANET Arista Networks Inc. 0.38% 3,061 $401K Add +93.0%
NFLX Netflix Inc. 0.38% 4,277 $401K Add +125.1%
SBIO Alps Medical Breakthroughs 0.37% 7,498 $384K New
THRO iShares U.S. Thematic Rotati 0.36% 9,831 $379K Reduce -8.5%
BAI Ishrs AI in and Tech Act ETF 0.36% 11,375 $379K Add +1.7%
ORCL Oracle Corp. 0.36% 1,938 $378K Add +56.0%
QUAL iShares MSCI USA Quality Fac 0.36% 1,890 $375K Reduce -57.9%
SPMO Invesco S&P 500 Momentum ETF 0.36% 3,146 $375K Reduce -25.8%
IAU iShares Gold Trust 0.35% 4,466 $363K New
SPYG SS SPDR P S&P 500 Growth ETF 0.34% 3,375 $360K Reduce -1.1%
GE General Electric filed as GE AEROSPACE 0.34% 1,152 $355K Add +57.0%
GLD SPDR Gold Shares 0.34% 895 $355K New
VONG Vanguard Russell 1000 Growth 0.34% 2,891 $352K Add +0.6%
AVEM Avantis Emerging Markets Eq 0.33% 4,531 $349K New
PKB Invesco Building & Construct 0.33% 3,716 $344K Reduce -65.8%
FTXL First Trust Nasdaq Semicondu 0.33% 2,652 $344K New
XBI SS SPDR S&P Biotech ETF 0.32% 2,741 $334K New
BBP Virtus Biotech ETF-Usd Inc. 0.32% 4,152 $332K New
AIRR First Trust Rba American Ind 0.31% 3,283 $323K Reduce -66.1%
JCI Johnson Controls Internation 0.30% 2,651 $317K Add +24.6%
FYC First Trust Small Cap Growth 0.30% 3,274 $315K New
DASH DoorDash Inc. Class A 0.30% 1,386 $314K Reduce -1.4%
PPA Invesco Aerospace & Defense 0.30% 1,983 $311K Reduce -67.6%
PSI Invesco Semiconductors ETF 0.30% 3,937 $310K New
RY Royal Bank of Canada 0.30% 1,821 $310K Add +5.1%
ITA iShares U.S. Aerospace & Def 0.29% 1,433 $308K Reduce -68.5%
KNCT Invesco Next Gen Connectivit 0.29% 2,272 $304K New
ABBV Abbvie Inc. 0.29% 1,311 $300K Reduce -32.4%
TSM Taiwan Semiconductor-SP ADR 0.29% 982 $298K New
MBB iShares MBS ETF 0.28% 3,081 $293K Reduce -2.7%
GLDM SPDR Gold Minishares Trust 0.26% 3,233 $276K Reduce -12.7%
KO The Coca-Cola Co. 0.26% 3,872 $271K New
MA Mastercard Inc. Class A 0.25% 465 $265K New
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 0.25% 3,352 $264K Add +3.0%
ILCG iShares Morningstar Growth E 0.25% 2,530 $263K Reduce -2.0%
IAGG iShares Intl Aggregate Bond 0.25% 5,193 $260K Reduce -2.2%
CSD Invesco S&P Spin-Off ETF 0.25% 2,596 $259K New
GURU Global X Guru Index ETF 0.25% 4,131 $258K New
AMAT Applied Materials Inc. 0.25% 1,004 $258K New
VLUE iShares MSCI USA Value Facto 0.24% 1,857 $254K New
NVS Novartis AG-Sponsored ADR 0.24% 1,805 $249K Add +3.2%
CNRG SS SPDR S&P Kensho CLP ETF 0.24% 2,764 $247K New
SAN Banco Santander SA-Spon ADR 0.23% 20,893 $245K Add +39.6%
PSCT Invesco S&P Smallcap Informa 0.23% 4,276 $242K New
NVO Novo-Nordisk A/S-Spons ADR 0.23% 4,734 $241K Reduce -17.9%
NBIS Nebius Group NV 0.23% 2,846 $238K New
LRCX Lam Research Corp. 0.22% 1,354 $232K New
ENB Enbridge Inc. 0.22% 4,714 $225K Add +13.4%
CHT Chunghwa Telecom LT-Spon ADR 0.21% 5,374 $224K No change
QQQ Invesco QQQ Trust Series 1 0.21% 359 $221K New
BN Brookfield Corp. 0.21% 4,797 $220K No change
TTE Totalenergies SE 0.21% 3,343 $219K New
FOXA Fox Corp. Class A 0.20% 2,829 $207K New
VZ Verizon Communications Inc. 0.20% 5,002 $204K Add +6.6%
CTAS Cintas Corp. 0.19% 1,081 $203K New
GOOG Alphabet Inc. Class C 0.19% 647 $203K New
PM Philip Morris International 0.19% 1,254 $201K New
BITF Bitfarms Ltd./Canada 0.11% 47,600 $112K Add +313.4%

Portfolio Sells Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -91.4% 0.76% −8.33
ROKT SS SPDR S&P Kensho FF ETF Sold out 0.00% −0.96
XTL SS SPDR S&P Telecom ETF Sold out 0.00% −0.94
IYW iShares Ustechnology ETF Reduce -32.9% 1.67% −0.91
GGME Invesco Next Gen Media and G Sold out 0.00% −0.88
INNOVATOR IBD 50 ETF Sold out 0.00% −0.87
IPO Renaissance Ipo ETF Sold out 0.00% −0.82
PKB Invesco Building & Construct Reduce -65.8% 0.33% −0.72
ITA iShares U.S. Aerospace & Def Reduce -68.5% 0.29% −0.67
PPA Invesco Aerospace & Defense Reduce -67.6% 0.30% −0.67
AIRR First Trust Rba American Ind Reduce -66.1% 0.31% −0.64
ITOT iShares Core S&P Total U.S. Reduce -1.9% 11.05% −0.62
XLI SS Industrial Select Sector Reduce -32.5% 0.99% −0.56
QUAL iShares MSCI USA Quality Fac Reduce -57.9% 0.36% −0.53
XLK SS Technology Select Sector Reduce -4.2% 5.58% −0.45
ACWI iShares MSCI Acwi ETF Sold out 0.00% −0.30
BRK.B Berkshire Hathaway Inc. Class B Reduce -8.2% 1.94% −0.30
XLE SS Energy Select Sector Sold out 0.00% −0.28
RECS Columbia Resear Enh Cor ETF Sold out 0.00% −0.25
XLC SS Comm Select Sector SPDR Reduce -3.4% 2.18% −0.22
SCHG Schwab US Large-Cap Growth Reduce -17.7% 0.85% −0.22
BIL SS SPDR BB 1-3M T-Bill ETF Sold out 0.00% −0.22
SPOT Spotify Technology SA Sold out 0.00% −0.21
ABBV Abbvie Inc. Reduce -32.4% 0.29% −0.17
SPMO Invesco S&P 500 Momentum ETF Reduce -25.8% 0.36% −0.16
XTEN Bondbloxx BBG 10Y US TSY ETF Reduce -19.0% 0.50% −0.16
DYNF Ishrs US E F R A ETF-Usd Inc. Reduce -7.6% 1.18% −0.14
XLY SS Consumer Disc Select Sect Reduce -1.5% 1.63% −0.13
IVV iShares Core S&P 500 ETF Reduce -8.9% 0.92% −0.12
AUPH Aurinia Pharmaceuticals Inc. Sold out 0.00% −0.12
NVO Novo-Nordisk A/S-Spons ADR Reduce -17.9% 0.23% −0.09
DASH DoorDash Inc. Class A Reduce -1.4% 0.30% −0.09
IEMG iShares Core MSCI Emerging Reduce -8.8% 0.46% −0.06
SPYM Ste STR SPDR PT S&P 500 ETF Reduce -1.8% 1.13% −0.06
IVW iShares S&P 500 Growth ETF Reduce -3.2% 0.71% −0.05
THRO iShares U.S. Thematic Rotati Reduce -8.5% 0.36% −0.05
SCHB Schwab US Broad Market ETF Reduce -0.2% 1.05% −0.04
SCHZ Schwab US Aggregate Bond ETF Reduce -2.5% 0.40% −0.04
IAGG iShares Intl Aggregate Bond Reduce -2.2% 0.25% −0.03
MBB iShares MBS ETF Reduce -2.7% 0.28% −0.02
GLDM SPDR Gold Minishares Trust Reduce -12.7% 0.26% −0.02
ILCG iShares Morningstar Growth E Reduce -2.0% 0.25% −0.02
SPYG SS SPDR P S&P 500 Growth ETF Reduce -1.1% 0.34% −0.02
EFV iShares MSCI Eafe Value ETF Reduce -1.8% 0.61% −0.01

Portfolio Buys Q3 2025 → Q4 2025
NVDA Nvidia Corp. Add +65.8% 3.77% +1.36
AAPL Apple Inc. Add +94.0% 2.39% +1.17
MSFT Microsoft Corp. Add +272.4% 1.65% +1.15
GOOGL Alphabet Inc. Class A Add +102.6% 1.74% +1.03
GRNY Fundstr Gran SH US LRG Cap New 0.90% +0.90
AMZN Amazon.com Inc. Add +92.7% 1.57% +0.75
XLV SS Health Care Select Sector Add +69.5% 1.59% +0.70
JPM JPMorgan Chase & Co. Add +145.1% 1.13% +0.65
KAMO Kensington Credit Opport ETF New 0.60% +0.60
SLV iShares Silver Trust New 0.57% +0.57
SIVR Abrdn Physical Silver Shares New 0.56% +0.56
REMX Vaneck Rar Earth ND STG-Usdi New 0.54% +0.54
META Meta Platforms Inc. Class A Add +105.1% 1.17% +0.50
LLY Eli Lilly & Co. Add +92.0% 0.79% +0.48
GLTR Abrdn Precious Metals Basket New 0.48% +0.48
AVGO Broadcom Inc. Add +87.8% 1.01% +0.47
TSLA Tesla Inc. Add +78.3% 1.08% +0.45
V Visa Inc. Class A New 0.39% +0.39
SBIO Alps Medical Breakthroughs New 0.37% +0.37
IAU iShares Gold Trust New 0.35% +0.35
GLD SPDR Gold Shares New 0.34% +0.34
AVEM Avantis Emerging Markets Eq New 0.33% +0.33
FTXL First Trust Nasdaq Semicondu New 0.33% +0.33
FTEC Fidelity MSCI Info Tech Indx Add +81.1% 0.76% +0.32
XBI SS SPDR S&P Biotech ETF New 0.32% +0.32
BBP Virtus Biotech ETF-Usd Inc. New 0.32% +0.32
FYC First Trust Small Cap Growth New 0.30% +0.30
PSI Invesco Semiconductors ETF New 0.30% +0.30
KNCT Invesco Next Gen Connectivit New 0.29% +0.29
TSM Taiwan Semiconductor-SP ADR New 0.29% +0.29
IVE iShares S&P 500 Value ETF Add +44.0% 0.96% +0.27
KO The Coca-Cola Co. New 0.26% +0.26
MA Mastercard Inc. Class A New 0.25% +0.25
CSD Invesco S&P Spin-Off ETF New 0.25% +0.25
GS Goldman Sachs Group Inc. Add +67.4% 0.58% +0.25
GURU Global X Guru Index ETF New 0.25% +0.25
AMAT Applied Materials Inc. New 0.25% +0.25
VLUE iShares MSCI USA Value Facto New 0.24% +0.24
IWC iShares Micro-Cap ETF Add +95.9% 0.49% +0.24
CNRG SS SPDR S&P Kensho CLP ETF New 0.24% +0.24
PSCT Invesco S&P Smallcap Informa New 0.23% +0.23
NBIS Nebius Group NV New 0.23% +0.23
LRCX Lam Research Corp. New 0.22% +0.22
QQQ Invesco QQQ Trust Series 1 New 0.21% +0.21
TTE Totalenergies SE New 0.21% +0.21
XLG Invesco S&P 500 Top 50 ETF Add +28.6% 1.01% +0.20
FOXA Fox Corp. Class A New 0.20% +0.20
CTAS Cintas Corp. New 0.19% +0.19
GOOG Alphabet Inc. Class C New 0.19% +0.19
PM Philip Morris International New 0.19% +0.19

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 140$123.6MITOT, URTH, XLK, OKE, NVDA
Q1 2026 123$102.7MITOT, URTH, OKE, XLK, NVDA
Q4 2025 117$104.5MITOT, URTH, XLK, NVDA, OKE
Q3 2025 94$98.7MITOT, SPY, URTH, XLK, OKE
Q2 2025 102$97.4MITOT, URTH, SPY, SPLV, XLK
Q1 2025 96$91.6MITOT, URTH, RSP, OKE, XLK
Q4 2024 110$101.1MITOT, URTH, OKE, XLK, XLF
Q3 2024Amended 137$118.4MITOT, URTH, OKE, SPY, XLK
Q2 2024 130$111.4MITOT, URTH, OKE, SPY, SPYM
Q1 2024 109$84.8MURTH, OKE, SPY, HYG, QQQM