Gunpowder Capital Management, LLC dba Oliver Wealth Management
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Gunpowder Capital Management, LLC dba Oliver Wealth Management reported 406 stock positions worth $131.8 million. Its top holding was SPDR Gold Shares (GLD) at 10.4% of the portfolio, followed by Dimensional US Core Equity 2 (DFAC, 9.5%) and Dimensional US Core Eq 1 ETF (DCOR, 8.3%). Compared with Q4 2025, it opened 7 new positions, sold out of 38, added to 35 and reduced 92. The biggest buy was Dimensional US Core Eq 1 ETF (DCOR, shares +28%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- TOWSON, MD
- CIK
- 0002114795
- Portfolio Value
- $131.8M (Q1 2026)
- SEC Filing
- 0002114795-26-000002 ↗ filed May 14, 2026
Holdings Value
Holdings 406 stocks · $131.8M
| GLD SPDR Gold Shares | 10.39% | 31,827 | $13.7M | Add +0.5% |
| DFAC Dimensional US Core Equity 2 | 9.45% | 320,692 | $12.5M | Add +20.1% |
| DCOR Dimensional US Core Eq 1 ETF | 8.28% | 151,374 | $10.9M | Add +28.5% |
| AAPL Apple Inc. | 7.74% | 40,194 | $10.2M | Reduce -0.5% |
| DFIC Dimensional International Co. | 4.65% | 172,372 | $6.1M | Add +23.2% |
| IAU iShares Gold Trust | 4.23% | 63,309 | $5.6M | Reduce -0.3% |
| CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE | 3.97% | 123,085 | $5.2M | Add +4.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.65% | 7,393 | $4.8M | Reduce -0.8% |
| QQQ Invesco QQQ Trust Series 1 | 3.16% | 7,222 | $4.2M | Add +0.9% |
| META Meta Platforms Inc. Class A | 2.81% | 6,468 | $3.7M | Reduce -0.0% |
| DFEM Dimensional Emrg MRKT Core | 2.40% | 91,591 | $3.2M | Add +25.7% |
| WMT Walmart Inc. | 2.37% | 25,136 | $3.1M | Reduce -2.9% |
| CGGR Cap Group Growth Equity | 2.18% | 71,509 | $2.9M | Add +10.2% |
| PLTR Palantir Technologies Inc. Class A | 2.14% | 19,314 | $2.8M | No change |
| XLE SS Energy Select Sector | 1.45% | 31,229 | $1.9M | Reduce -0.9% |
| AVGO Broadcom Inc. | 1.36% | 5,805 | $1.8M | Reduce -5.7% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.36% | 23,473 | $1.8M | Reduce -13.1% |
| MSFT Microsoft Corp. | 1.24% | 4,405 | $1.6M | Reduce -7.1% |
| SLV iShares Silver Trust | 1.14% | 22,026 | $1.5M | Reduce -0.7% |
| DFUS Dimensional US Eq MKT ETF | 1.10% | 20,401 | $1.4M | Reduce -7.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.04% | 2,868 | $1.4M | Reduce -6.0% |
| XOM Exxon Mobil Corp. | 1.02% | 7,897 | $1.3M | Reduce -1.7% |
| NVDA Nvidia Corp. | 0.99% | 7,449 | $1.3M | No change |
| DFAI Dimensional International Co. | 0.91% | 30,895 | $1.2M | Reduce -6.0% |
| ETHA iShares Ethereum Trust ETF | 0.85% | 70,678 | $1.1M | Add +151.2% |
| MDY State Street SPDR S&P Midcap | 0.69% | 1,469 | $906K | No change |
| RSPT Invesco S&P 500 Equal Weight | 0.64% | 18,550 | $840K | Reduce -1.1% |
| BABA Alibaba Group Holding-SP ADR | 0.60% | 6,295 | $790K | Add +4.0% |
| GOOGL Alphabet Inc. Class A | 0.58% | 2,673 | $769K | No change |
| UPS United Parcel Service Class B | 0.55% | 7,353 | $723K | Reduce -5.6% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.53% | 15,194 | $694K | Reduce -14.0% |
| AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO | 0.50% | 12,361 | $653K | No change |
| DFAE Dimensional Emerging Core Eq | 0.49% | 18,941 | $641K | Reduce -5.6% |
| DFCF Dimensional Core Fixed Inc. | 0.47% | 14,592 | $616K | Reduce -3.5% |
| BX Blackstone Inc. | 0.43% | 4,942 | $568K | No change |
| SPAB SS SPDR P Agg Bond ETF | 0.43% | 22,171 | $568K | Reduce -8.3% |
| V Visa Inc. Class A | 0.39% | 1,680 | $508K | No change |
| AMZN Amazon.com Inc. | 0.36% | 2,301 | $479K | No change |
| FXL First Trust Technology Alpha | 0.36% | 3,000 | $477K | No change |
| CEG Constellation Energy | 0.36% | 1,684 | $470K | Add +145.1% |
| FXI iShares China Large-Cap ETF | 0.34% | 12,327 | $443K | Add +6.8% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.32% | 8,755 | $423K | Reduce -11.8% |
| HD Home Depot Inc. | 0.28% | 1,118 | $368K | Reduce -8.5% |
| NEM Newmont Corp. | 0.27% | 3,342 | $362K | Reduce -1.5% |
| IWM iShares Russell 2000 ETF | 0.27% | 1,452 | $360K | Add +34.0% |
| TEM Tempus AI Inc. Class A | 0.22% | 6,500 | $294K | Add +30.0% |
| VIG Vanguard Dividend Apprec ETF | 0.21% | 1,317 | $283K | No change |
| JNJ Johnson & Johnson | 0.20% | 1,089 | $266K | Reduce -9.4% |
| MA Mastercard Inc. Class A | 0.19% | 513 | $256K | No change |
| TSLA Tesla Inc. | 0.19% | 689 | $256K | No change |
| SPIP SS SPDR P Tips ETF | 0.18% | 9,297 | $242K | Reduce -5.2% |
| CI The Cigna Group | 0.18% | 881 | $235K | Reduce -34.9% |
| DFAU Dimensional US Core Equity M | 0.18% | 5,158 | $233K | No change |
| SPEM State Street SP PTF Em ETF | 0.18% | 4,920 | $231K | Reduce -17.6% |
| GE General Electric filed as GE AEROSPACE | 0.17% | 804 | $228K | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.16% | 2,398 | $217K | Reduce -10.2% |
| RSPH Invesco S&P 500 Equal Weight | 0.16% | 6,995 | $211K | No change |
| CGGO Cap Group Global Growth filed as CAPITAL GROUP GBL GROWTH EQT | 0.15% | 5,841 | $195K | No change |
| MTZ Mastec Inc. | 0.15% | 600 | $193K | No change |
| PALL Abrdn Physical Palladium SHS | 0.14% | 1,402 | $189K | Reduce -6.7% |
| EXEL Exelixis Inc. | 0.14% | 4,382 | $188K | No change |
| XLG Invesco S&P 500 Top 50 ETF | 0.14% | 3,442 | $188K | No change |
| HEFT Hedgeye Fourth Turning ETF | 0.13% | 6,654 | $177K | New |
| PG The Procter & Gamble Co. | 0.13% | 1,215 | $175K | Reduce -2.3% |
| USB US Bancorp | 0.13% | 3,372 | $175K | Reduce -34.7% |
| EXC Exelon Corp. | 0.13% | 3,553 | $174K | Add +73.1% |
| GEV GE Vernova Inc. | 0.13% | 199 | $174K | No change |
| DFSD Dimensional Short Duration | 0.12% | 3,360 | $161K | No change |
| CG The Carlyle Group Inc. | 0.12% | 3,312 | $160K | No change |
| FDL First Trust Morn DVD Lead Inc. | 0.12% | 3,115 | $158K | Reduce -24.3% |
| ITA iShares U.S. Aerospace & Def | 0.12% | 723 | $158K | Reduce -5.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.12% | 451 | $152K | Reduce -27.8% |
| PSLV Sprott Physical Silver Trust | 0.11% | 6,056 | $148K | No change |
| CL Colgate-Palmolive Co. | 0.11% | 1,676 | $143K | Reduce -0.7% |
| PDI PIMCO Dynamic Income Fund | 0.11% | 8,177 | $140K | No change |
| IVV iShares Core S&P 500 ETF | 0.10% | 198 | $129K | Reduce -19.8% |
| IJH iShares Core S&P Midcap ETF | 0.10% | 1,872 | $126K | Reduce -16.6% |
| PRU Prudential Financial Inc. | 0.09% | 1,273 | $124K | No change |
| EMR Emerson Electric Co. | 0.09% | 948 | $124K | Reduce -0.8% |
| VKTX Viking Therapeutics Inc. | 0.09% | 3,680 | $120K | Reduce -21.4% |
| DHS Wisdomtree US High Dividend | 0.09% | 1,075 | $117K | Add +0.4% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.09% | 4,650 | $116K | Reduce -10.3% |
| MLI Mueller Industries Inc. | 0.09% | 1,041 | $115K | Reduce -34.9% |
| SPIB SS SPDR P Int C Corp. ETF | 0.09% | 3,376 | $113K | Reduce -19.9% |
| ITOT iShares Core S&P Total U.S. | 0.08% | 777 | $111K | No change |
| RWO State Street SPDR Dow Jones | 0.08% | 2,409 | $110K | Reduce -2.7% |
| MCD McDonald's Corp. | 0.08% | 348 | $108K | Reduce -17.1% |
| MUB iShares National Muni Bond E | 0.08% | 1,000 | $106K | No change |
| CVX Chevron Corp. | 0.08% | 498 | $103K | Reduce -2.0% |
| GWX State Street SPDR S&P Intern | 0.08% | 2,384 | $101K | Reduce -21.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.07% | 1,983 | $97K | Add +0.1% |
| IGF iShares Global Infrastructur | 0.07% | 1,432 | $96K | No change |
| DFAW Dimensional World Eqty ETF | 0.07% | 1,250 | $92K | Add +780.3% |
| BDX Becton Dickinson and Co. | 0.07% | 575 | $90K | No change |
| SYK Stryker Corp. | 0.07% | 269 | $88K | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.07% | 727 | $86K | No change |
| LMT Lockheed Martin Corp. | 0.07% | 142 | $86K | Reduce -6.0% |
| CGCP Cap Group Core Plus Income | 0.06% | 3,779 | $84K | Add +2.3% |
| VYM Vanguard High DVD Yield ETF | 0.06% | 555 | $82K | No change |
| SNA Snap-on Inc. | 0.06% | 226 | $82K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $3K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NE.WS Noble Corp. PLC-28 | *W EXP 02/04/202 | 47 | $1K | No change |
| NOBLE CORP PLC-28 | *W EXP 02/04/202 | 47 | $1K | No change |
Total filed on the 13F, all lines: $131.8M.
Portfolio Sells Q4 2025 → Q1 2026
| AAPL Apple Inc. | Reduce -0.5% | 7.74% | −0.81 |
| MSFT Microsoft Corp. | Reduce -7.1% | 1.24% | −0.55 |
| META Meta Platforms Inc. Class A | Reduce -0.0% | 2.81% | −0.52 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -13.1% | 1.36% | −0.32 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.8% | 3.65% | −0.31 |
| AVGO Broadcom Inc. | Reduce -5.7% | 1.36% | −0.30 |
| DFUS Dimensional US Eq MKT ETF | Reduce -7.4% | 1.10% | −0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.0% | 1.04% | −0.15 |
| CI The Cigna Group | Reduce -34.9% | 0.18% | −0.11 |
| JD Jd.com Inc.-ADR | Reduce -69.8% | 0.04% | −0.10 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -14.0% | 0.53% | −0.08 |
| USB US Bancorp | Reduce -34.7% | 0.13% | −0.08 |
| DFAI Dimensional International Co. | Reduce -6.0% | 0.91% | −0.06 |
| MLI Mueller Industries Inc. | Reduce -34.9% | 0.09% | −0.06 |
| PYPL PayPal Holdings Inc. | Reduce -52.5% | 0.03% | −0.06 |
| SPAB SS SPDR P Agg Bond ETF | Reduce -8.3% | 0.43% | −0.05 |
| UPS United Parcel Service Class B | Reduce -5.6% | 0.55% | −0.05 |
| ZETA Zeta Global Holdings Corp. Class A | Reduce -73.1% | 0.01% | −0.05 |
| HD Home Depot Inc. | Reduce -8.5% | 0.28% | −0.05 |
| SPEM State Street SP PTF Em ETF | Reduce -17.6% | 0.18% | −0.04 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -11.8% | 0.32% | −0.04 |
| ZVRA Zevra Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| VKTX Viking Therapeutics Inc. | Reduce -21.4% | 0.09% | −0.04 |
| DFCF Dimensional Core Fixed Inc. | Reduce -3.5% | 0.47% | −0.03 |
| IVV iShares Core S&P 500 ETF | Reduce -19.8% | 0.10% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -27.8% | 0.12% | −0.03 |
| HIMS Hims & Hers Health Inc. | Reduce -20.3% | 0.03% | −0.03 |
| TXN Texas Instruments Inc. | Reduce -74.7% | 0.01% | −0.03 |
| RSPT Invesco S&P 500 Equal Weight | Reduce -1.1% | 0.64% | −0.03 |
| PALL Abrdn Physical Palladium SHS | Reduce -6.7% | 0.14% | −0.03 |
| NBIS Nebius Group NV | Sold out | 0.00% | −0.03 |
| SPIB SS SPDR P Int C Corp. ETF | Reduce -19.9% | 0.09% | −0.03 |
| COR Cencora Inc. | Reduce -34.8% | 0.04% | −0.02 |
| DFAE Dimensional Emerging Core Eq | Reduce -5.6% | 0.49% | −0.02 |
| FDL First Trust Morn DVD Lead Inc. | Reduce -24.3% | 0.12% | −0.02 |
| ADP Automatic Data Processing | Reduce -33.3% | 0.02% | −0.02 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -10.2% | 0.16% | −0.02 |
| GWX State Street SPDR S&P Intern | Reduce -21.4% | 0.08% | −0.02 |
| IJH iShares Core S&P Midcap ETF | Reduce -16.6% | 0.10% | −0.02 |
| MCD McDonald's Corp. | Reduce -17.1% | 0.08% | −0.02 |
| ADUR Aduro Clean Technologies Inc. | Sold out | 0.00% | −0.02 |
| IEMG iShares Core MSCI Emerging | Reduce -27.5% | 0.04% | −0.02 |
| SPIP SS SPDR P Tips ETF | Reduce -5.2% | 0.18% | −0.01 |
| SJNK SS SPDR BB St Hi Yield ETF | Reduce -10.3% | 0.09% | −0.01 |
| IAGG iShares Intl Aggregate Bond | Reduce -37.1% | 0.02% | −0.01 |
| FAST Fastenal Co. | Reduce -35.0% | 0.04% | −0.01 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -50.2% | 0.01% | −0.01 |
| GRAB Grab Holdings Ltd. Class A | Reduce -50.0% | 0.01% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -40.6% | 0.02% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -32.5% | 0.02% | −0.01 |
Portfolio Buys Q4 2025 → Q1 2026
| DCOR Dimensional US Core Eq 1 ETF | Add +28.5% | 8.28% | +1.52 |
| DFAC Dimensional US Core Equity 2 | Add +20.1% | 9.45% | +1.22 |
| DFIC Dimensional International Co. | Add +23.2% | 4.65% | +0.89 |
| GLD SPDR Gold Shares | Add +0.5% | 10.39% | +0.62 |
| DFEM Dimensional Emrg MRKT Core | Add +25.7% | 2.40% | +0.52 |
| ETHA iShares Ethereum Trust ETF | Add +151.2% | 0.85% | +0.36 |
| CEG Constellation Energy | Add +145.1% | 0.36% | +0.17 |
| HEFT Hedgeye Fourth Turning ETF | New | 0.13% | +0.13 |
| IWM iShares Russell 2000 ETF | Add +34.0% | 0.27% | +0.07 |
| EXC Exelon Corp. | Add +73.1% | 0.13% | +0.06 |
| DFAW Dimensional World Eqty ETF | Add +780.3% | 0.07% | +0.06 |
| DFSV Dimensional US Small Cap Val | New | 0.04% | +0.04 |
| WAT Waters Corp. | New | 0.02% | +0.02 |
| DUK Duke Energy Corp. | Add +2285.7% | 0.02% | +0.02 |
| BIDU Baidu Inc. - Spon ADR | New | 0.01% | +0.01 |
| ITW Illinois Tool Works | Add +850.0% | 0.01% | +0.01 |
| URA Global X Uranium ETF | Add +36.7% | 0.03% | +0.01 |
| GRRR Gorilla Technology Group Inc. | New | 0.01% | +0.01 |
| DFIV Dimensional International Va | Add +54.2% | 0.02% | +0.01 |
| MO Altria Group Inc. | Add +0.7% | 0.06% | +0.01 |
| DHS Wisdomtree US High Dividend | Add +0.4% | 0.09% | +0.00 |
| UNH Unitedhealth Group Inc. | Add +34.8% | 0.06% | +0.00 |
| ASTS Ast Spacemobile Inc. | New | 0.00% | +0.00 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +30.3% | 0.01% | +0.00 |
| IBIT iShares Bitcoin Trust ETF | New | 0.00% | +0.00 |
| CGDG Cap Group Dividend Growers | Add +7.7% | 0.02% | +0.00 |
| EIPI FT Energy Income ETF | Add +0.2% | 0.01% | +0.00 |
| VEA Vanguard Ftse Developed ETF | Add +1.6% | 0.05% | +0.00 |
| CGCV Cap Group Conservative Eq | Add +7.8% | 0.02% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +2.8% | 0.01% | +0.00 |
| CLX Clorox Company | Add +1.7% | 0.00% | 0.00 |
| CGMS Cap Group US Multi-Sect Bond | Add +3.8% | 0.04% | −0.00 |
| AB Alliancebernstein Holding LP | Add +2.4% | 0.02% | −0.00 |
| CGCP Cap Group Core Plus Income | Add +2.3% | 0.06% | −0.00 |
| TEM Tempus AI Inc. Class A | Add +30.0% | 0.22% | −0.01 |
| LULU Lululemon Athletica Inc. | Add +16.2% | 0.04% | −0.01 |
| FXI iShares China Large-Cap ETF | Add +6.8% | 0.34% | −0.01 |
| BAC Bank of America Corp. | Add +0.1% | 0.07% | −0.01 |
| CGDV Cap Group Dividend Value | Add +4.2% | 3.97% | −0.04 |
| CGGR Cap Group Growth Equity | Add +10.2% | 2.18% | −0.07 |
| BABA Alibaba Group Holding-SP ADR | Add +4.0% | 0.60% | −0.10 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.9% | 3.16% | −0.26 |