Kennicott Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Kennicott Capital Management LLC reported 49 stock positions worth $207.2 million. Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 17.7% of the portfolio, followed by Vanguard Mrngstar GR ETF-Sui (VUG, 13.5%) and Vngrd Mrgstr LRG-Cap ETF-Usd (VV, 10.5%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 12 and reduced 16. The biggest buy was a new position in iShares 0-3 Month Treasury B (SGOV) and the biggest sale Invesco QQQ Trust Series 1 (QQQ, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- LARKSPUR, CA
- CIK
- 0001863265
- Portfolio Value
- $207.2M (Q3 2025)
- SEC Filing
- 0001754960-25-000739 ↗ filed Oct 31, 2025
Holdings Value
Holdings 49 stocks · $207.2M
| QQQ Invesco QQQ Trust Series 1 | 17.66% | 60,966 | $36.6M | Reduce -1.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 13.53% | 58,470 | $28.0M | Add +1.4% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 10.53% | 70,887 | $21.8M | Reduce -0.5% |
| SGOV iShares 0-3 Month Treasury B | 8.82% | 181,496 | $18.3M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 8.44% | 26,250 | $17.5M | Add +1.4% |
| XLK SS Technology Select Sector | 5.23% | 38,446 | $10.8M | Reduce -0.8% |
| XLI SS Industrial Select Sector | 3.00% | 40,282 | $6.2M | Add +1.5% |
| XLV SS Health Care Select Sector | 2.85% | 42,365 | $5.9M | Add +3.9% |
| IVV iShares Core S&P 500 ETF | 2.79% | 8,651 | $5.8M | Add +0.0% |
| XLY SS Consumer Disc Select Sect | 2.36% | 20,401 | $4.9M | Reduce -1.8% |
| XLF SS Financial Select Sector | 2.18% | 83,779 | $4.5M | Add +6.1% |
| RSP Invesco S&P 500 Equal Weight | 1.83% | 19,949 | $3.8M | Add +3.2% |
| AAPL Apple Inc. | 1.74% | 14,198 | $3.6M | No change |
| RBLX Roblox Corp. Class A | 1.67% | 24,926 | $3.5M | Reduce -29.7% |
| VTI VG Morningstar TS MKT ETF-US | 1.54% | 9,730 | $3.2M | Reduce -2.8% |
| RSPT Invesco S&P 500 Equal Weight | 1.54% | 71,444 | $3.2M | Reduce -0.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.43% | 15,865 | $3.0M | Reduce -0.3% |
| IYF iShares US Financials ETF | 1.08% | 17,658 | $2.2M | Add +7.5% |
| XLP SS Consumer Staples Sel Sect | 0.98% | 25,995 | $2.0M | Add +2.8% |
| VFH Vanguard Financials ETF | 0.92% | 14,510 | $1.9M | No change |
| VB Vanguard Most SM-Cap ETF-Usd | 0.89% | 7,263 | $1.8M | Reduce -11.7% |
| NVDA Nvidia Corp. | 0.88% | 9,730 | $1.8M | No change |
| QQQM Invesco Nasdaq 100 ETF | 0.82% | 6,914 | $1.7M | Add +5.1% |
| VCR Vanguard Consumer Discre ETF | 0.82% | 4,308 | $1.7M | No change |
| DOCS Doximity Inc. Class A | 0.71% | 20,000 | $1.5M | No change |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.61% | 4,251 | $1.3M | Reduce -9.7% |
| IYH iShares U.S. Healthcare ETF | 0.59% | 20,910 | $1.2M | No change |
| IYJ iShares U.S. Industrials ETF | 0.57% | 8,055 | $1.2M | Add +7.6% |
| IWO iShares Russell 2000 Growth | 0.37% | 2,416 | $773K | Reduce -6.5% |
| AMZN Amazon.com Inc. | 0.34% | 3,195 | $702K | Reduce -4.2% |
| BXMT Blackstone Mortgage Tru Class A | 0.32% | 35,529 | $654K | Add +46.6% |
| GOOGL Alphabet Inc. Class A | 0.30% | 2,580 | $627K | No change |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.29% | 2,061 | $605K | Reduce -4.9% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.25% | 1,739 | $511K | No change |
| META Meta Platforms Inc. Class A | 0.24% | 669 | $491K | No change |
| VIS Vanguard Industrials ETF | 0.19% | 1,344 | $398K | No change |
| MSFT Microsoft Corp. | 0.19% | 755 | $391K | Reduce -1.4% |
| UBER Uber Technologies Inc. | 0.17% | 3,675 | $360K | No change |
| IVW iShares S&P 500 Growth ETF | 0.16% | 2,724 | $329K | No change |
| LRCX Lam Research Corp. | 0.16% | 2,400 | $321K | No change |
| IWM iShares Russell 2000 ETF | 0.14% | 1,242 | $301K | Reduce -5.3% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.12% | 1,439 | $251K | No change |
| XLC SS Comm Select Sector SPDR | 0.12% | 2,077 | $246K | No change |
| AVGO Broadcom Inc. | 0.12% | 730 | $241K | No change |
| GOOG Alphabet Inc. Class C | 0.11% | 960 | $234K | New |
| GBTC Grayscale Bitcoin Trust ETF | 0.11% | 2,601 | $233K | No change |
| VWO Vanguard Ftse Emerging Marke | 0.10% | 4,013 | $217K | Reduce -7.7% |
| IWF iShares Russell 1000 Growth | 0.10% | 459 | $215K | New |
| NAD Nuveen Quality Municipal Inc. | 0.08% | 15,000 | $175K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| QQQ Invesco QQQ Trust Series 1 | Reduce -1.1% | 17.66% | −1.72 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -0.5% | 10.53% | −1.06 |
| RBLX Roblox Corp. Class A | Reduce -29.7% | 1.67% | −0.46 |
| XLK SS Technology Select Sector | Reduce -0.8% | 5.23% | −0.37 |
| SRLN SS Blackstone Sr Loan ETF | Sold out | 0.00% | −0.32 |
| BKLN Invesco Senior Loan ETF | Sold out | 0.00% | −0.28 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -11.7% | 0.89% | −0.22 |
| XLY SS Consumer Disc Select Sect | Reduce -1.8% | 2.36% | −0.21 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.8% | 1.54% | −0.19 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.3% | 1.43% | −0.18 |
| RSPT Invesco S&P 500 Equal Weight | Reduce -0.7% | 1.54% | −0.14 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -9.7% | 0.61% | −0.13 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −0.12 |
| AMZN Amazon.com Inc. | Reduce -4.2% | 0.34% | −0.08 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -4.9% | 0.29% | −0.05 |
| IWO iShares Russell 2000 Growth | Reduce -6.5% | 0.37% | −0.05 |
| MSFT Microsoft Corp. | Reduce -1.4% | 0.19% | −0.03 |
| VWO Vanguard Ftse Emerging Marke | Reduce -7.7% | 0.10% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -5.3% | 0.14% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| SGOV iShares 0-3 Month Treasury B | New | 8.82% | +8.82 |
| GOOG Alphabet Inc. Class C | New | 0.11% | +0.11 |
| IWF iShares Russell 1000 Growth | New | 0.10% | +0.10 |
| BXMT Blackstone Mortgage Tru Class A | Add +46.6% | 0.32% | +0.05 |
| QQQM Invesco Nasdaq 100 ETF | Add +5.1% | 0.82% | −0.03 |
| IYJ iShares U.S. Industrials ETF | Add +7.6% | 0.57% | −0.04 |
| IYF iShares US Financials ETF | Add +7.5% | 1.08% | −0.05 |
| RSP Invesco S&P 500 Equal Weight | Add +3.2% | 1.83% | −0.18 |
| XLF SS Financial Select Sector | Add +6.1% | 2.18% | −0.18 |
| XLP SS Consumer Staples Sel Sect | Add +2.8% | 0.98% | −0.18 |
| IVV iShares Core S&P 500 ETF | Add +0.0% | 2.79% | −0.27 |
| XLV SS Health Care Select Sector | Add +3.9% | 2.85% | −0.29 |
| XLI SS Industrial Select Sector | Add +1.5% | 3.00% | −0.34 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.4% | 8.44% | −0.68 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +1.4% | 13.53% | −0.89 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 46 | $215.9M | QQQ, VV, VUG, SPY, SGOV |
| Q1 2026 | 46 | $183.1M | QQQ, VUG, VV, SPY, SGOV |
| Q4 2025 | 47 | $206.2M | QQQ, VUG, VV, SPY, SGOV |
| Q3 2025 | 49 | $207.2M | QQQ, VUG, VV, SGOV, SPY |
| Q2 2025 | 49 | $175.3M | QQQ, VUG, VV, SPY, XLK |
| Q1 2025 | 42 | $153.3M | QQQ, VV, SPY, VUG, XLK |
| Q4 2024 | 41 | $194.5M | QQQ, SPY, VV, RBLX, VUG |
| Q3 2024 | 44 | $260.7M | SPY, QQQ, VV, VUG, RBLX |
| Q2 2024 | 41 | $240.5M | SPY, QQQ, VV, VUG, RBLX |
| Q1 2024 | 42 | $226.1M | SPY, QQQ, VV, VUG, RBLX |