National Philanthropic Trust

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed May 15, 2026), National Philanthropic Trust reported 325 stock positions worth $8.9 billion. Its top holding was Nvidia (NVDA) at 20.2% of the portfolio, followed by Apollo Global Management (APO, 13.4%) and iShares Core S&P 500 ETF (IVV, 9.2%). Compared with Q2 2025, it opened 61 new positions, sold out of 19, added to 95 and reduced 52. The biggest buy was Alphabet Class A (GOOGL, shares +17%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −1%).

Most Recent 13F
Q2 2026
Location
Jenkintown, PA
CIK
0001785342
Portfolio Value
$8.9B (Q3 2025)
SEC Filing
0001193805-26-000631 ↗ filed May 15, 2026

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $4.6B Q1 2024 Q2 2024: $5.2B Q2 2024 Q3 2024: $5.5B Q3 2024 Q4 2024: $6.9B Q4 2024 Q1 2025: $6.2B Q1 2025 Q2 2025: $7.5B Q2 2025 Q3 2025: $8.9B $8.9B Q3 2025 Q4 2025: $10.1B Q4 2025 Q1 2026: $9.4B Q1 2026 Q2 2026: $6.9B Q2 2026

Holdings 325 stocks · $8.9B
NVDA Nvidia Corp. 20.25% 9,705,329 $1.8B Add +0.1%
APO Apollo Global Management Inc. 13.41% 9,000,968 $1.2B Add +6.8%
IVV iShares Core S&P 500 ETF 9.24% 1,234,913 $826.5M Reduce -1.0%
GOOGL Alphabet Inc. Class A 7.80% 2,870,845 $697.9M Add +16.7%
AVGO Broadcom Inc. 6.28% 1,703,024 $561.8M Add +18.8%
VOO Vanguard S&P 500 ETF 3.31% 483,783 $296.3M Add +2.8%
AMZN Amazon.com Inc. 3.04% 1,237,290 $271.7M Add +101.0%
CVNA Carvana Co. 2.75% 652,811 $246.3M Add +0.0%
BX Blackstone Inc. 2.75% 1,437,683 $245.6M Reduce -10.8%
MSFT Microsoft Corp. 2.69% 465,076 $240.9M Add +165.2%
GOOG Alphabet Inc. Class C 2.30% 845,573 $205.9M Add +0.1%
IEFA iShares Core MSCI Eafe ETF 1.44% 1,478,120 $129.1M Reduce -2.9%
AMD Advanced Micro Devices 1.33% 737,017 $119.2M New
SPY SS SPDR S&P 500 ETF Trust-US 1.22% 163,677 $109.0M Reduce -2.3%
AGG iShares Core U.S. Aggregate 1.09% 970,825 $97.3M Add +3.4%
RBLX Roblox Corp. Class A 1.08% 694,226 $96.2M Add +1.2%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.98% 297,426 $87.4M Reduce -1.8%
TSM Taiwan Semiconductor-SP ADR 0.88% 282,256 $78.8M Add +0.2%
ORCL Oracle Corp. 0.74% 234,960 $66.1M Add +10.0%
IWM iShares Russell 2000 ETF 0.72% 266,696 $64.5M Reduce -7.3%
URTH iShares MSCI World ETF 0.67% 331,715 $60.2M Add +5.6%
IAU iShares Gold Trust 0.66% 814,760 $59.3M Add +16.0%
BSV Vanguard Short-Term Bond ETF 0.65% 734,092 $57.9M Add +0.4%
ABNB Airbnb Inc. Class A 0.64% 468,764 $56.9M Reduce -0.2%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.62% 682,852 $55.4M Add +1.3%
IEMG iShares Core MSCI Emerging 0.57% 771,251 $50.8M Reduce -3.1%
KKR KKR & Co. Inc. 0.56% 386,002 $50.2M Add +0.1%
VTI VG Morningstar TS MKT ETF-US 0.49% 132,907 $43.6M Reduce -2.2%
OWL Blue Owl Capital Inc. 0.48% 2,550,000 $43.2M Add +4.1%
VOTE TCW Transform 500 ETF 0.42% 476,634 $37.4M No change
UNH Unitedhealth Group Inc. 0.39% 100,441 $34.7M Add +0.6%
CPNG Coupang Inc. 0.32% 880,472 $28.4M Add +39.6%
ICF iShares Select U.S. REIT ETF 0.28% 412,247 $25.4M Add +24.7%
PANW Palo Alto Networks Inc. 0.26% 113,296 $23.1M Add +0.2%
JIRE JPMorgan Int Res Enh Eqty 0.26% 311,707 $22.9M Reduce -4.2%
VIG Vanguard Dividend Apprec ETF 0.25% 101,722 $22.0M No change
LYFT LYFT Inc. Class A 0.21% 867,421 $19.1M No change
VXUS Vanguard Total Intl Stock 0.21% 257,340 $18.9M Reduce -2.8%
TLN Talen Energy Corp. 0.21% 43,993 $18.7M No change
EFA iShares MSCI Eafe ETF 0.20% 196,016 $18.3M Add +8.4%
DASH DoorDash Inc. Class A 0.20% 64,330 $17.5M Reduce -17.9%
GRBK Green Brick Partners Inc. 0.19% 231,556 $17.1M No change
AAPL Apple Inc. 0.19% 66,926 $17.0M Add +8.6%
RYAAY Ryanair Holdings PLC-SP ADR 0.15% 221,025 $13.3M Add +0.2%
META Meta Platforms Inc. Class A 0.14% 16,764 $12.3M Reduce -2.0%
VEA Vanguard Ftse Developed ETF 0.13% 193,130 $11.6M Add +45.1%
RSP Invesco S&P 500 Equal Weight 0.13% 60,882 $11.5M Reduce -0.0%
PEP Pepsico Inc. 0.13% 80,722 $11.3M Reduce -7.0%
HOOD Robinhood Markets Inc. Class A 0.12% 77,002 $11.0M Add +0.1%
IBIT iShares Bitcoin Trust ETF 0.12% 167,981 $10.9M Add +7.2%
JPRE JPMorgan Realty Income ETF 0.12% 225,015 $10.8M Add +8.0%
ETON Eton Pharmaceuticals Inc. 0.12% 492,112 $10.7M No change
THC Tenet Healthcare Corp. 0.12% 50,834 $10.3M New
QQQ Invesco QQQ Trust Series 1 0.11% 17,006 $10.2M Reduce -2.5%
BN Brookfield Corp. 0.11% 145,685 $10.0M Add +0.3%
TPG TPG Inc. 0.11% 173,126 $9.9M Reduce -38.4%
BRK.A Berkshire Hathaway Inc. Class A 0.11% 13 $9.8M Reduce -31.6%
SCHW Schwab (charles) Corp. 0.11% 101,310 $9.7M Add +0.9%
DSI iShares ESG MSCI KLD 400 ETF 0.11% 76,511 $9.6M Reduce -55.5%
PAVE Global X US Infrastructure 0.10% 194,403 $9.3M Reduce -0.1%
IJH iShares Core S&P Midcap ETF 0.10% 140,017 $9.1M Reduce -5.3%
APPN Appian Corp. Class A 0.10% 281,682 $8.6M No change
DVA Davita Inc. 0.09% 62,931 $8.4M No change
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.09% 852,921 $8.2M No change
TSLA Tesla Inc. 0.09% 18,463 $8.2M Add +12.8%
GLD SPDR Gold Shares 0.09% 22,354 $7.9M Add +11.9%
ICE Intercontinental Exchange Inc. 0.09% 45,385 $7.6M Add +0.8%
LBRDK Liberty Broadband-C 0.08% 118,363 $7.5M No change
PLTR Palantir Technologies Inc. Class A 0.08% 41,031 $7.5M Add +67.1%
ELV Elevance Health Inc. 0.08% 22,990 $7.4M Add +37.1%
BND Vanguard Total Bond Market 0.08% 98,138 $7.3M No change
SHY iShares 1-3 Year Treasury Bo 0.08% 86,307 $7.2M Add +0.1%
COF Capital One Financial Corp. 0.08% 32,059 $6.8M Add +0.7%
CUBI Customers Bancorp Inc. 0.08% 103,200 $6.7M No change
ITOT iShares Core S&P Total U.S. 0.07% 46,008 $6.7M Reduce -8.8%
ARES Ares Management Corp. Class A 0.07% 41,604 $6.7M Add +0.5%
GS Goldman Sachs Group Inc. 0.07% 8,068 $6.4M Reduce -7.0%
BRK.B Berkshire Hathaway Inc. Class B 0.07% 12,472 $6.3M Add +5.7%
COSO Coastal South Bancshares Inc. 0.07% 278,138 $6.1M New
FWONK Liberty Media Corp. Class C 0.07% 57,853 $6.0M No change
AIQ Global X Art Intel & Tech 0.07% 120,672 $6.0M Add +34.3%
MCO Moody's Corp. 0.07% 12,481 $5.9M Add +0.3%
CVGW Calavo Growers Inc. 0.06% 225,000 $5.8M New
CP Canadian Pacific Kansas City 0.06% 77,161 $5.7M Add +0.4%
INCY Incyte Corp. 0.06% 67,655 $5.7M No change
CRBN Ish Low Car Opt Ms Ac ETF-US 0.06% 24,986 $5.7M Reduce -31.3%
ALAB Astera Labs Inc. 0.06% 28,500 $5.6M Reduce -19.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.06% 346,404 $5.5M New
DVAX Dynavax Technologies Corp. 0.06% 530,160 $5.3M Add +165.1%
IREN Iren Ltd. filed as IREN LIMITED 0.06% 110,401 $5.2M New
IVW iShares S&P 500 Growth ETF 0.06% 42,594 $5.1M No change
ICLR Icon PLC 0.06% 29,225 $5.1M No change
LINE Lineage Inc. 0.06% 132,295 $5.1M Add +0.8%
TDG Transdigm Group Inc. 0.06% 3,794 $5.0M Add +0.2%
JPM JPMorgan Chase & Co. 0.06% 15,805 $5.0M Add +6.3%
TXRH Texas Roadhouse Inc. 0.06% 30,000 $5.0M No change
LYB Lyondellbasell Indu Class A 0.05% 100,087 $4.9M No change
DBX Dropbox Inc. Class A 0.05% 158,204 $4.8M No change
MSA Msa Safety Inc. 0.05% 27,019 $4.6M Add +83.0%
ESGU iShares ESG Aware MSCI USA 0.05% 31,704 $4.6M No change
COST Costco Wholesale Corp. 0.05% 4,966 $4.6M Add +3.9%
IGV iShares Expanded Tech-Softwa 0.05% 39,350 $4.5M No change
IJR iShares Core S&P Small-Cap E 0.05% 35,508 $4.2M Add +1.3%
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 22,520 $4.2M Add +0.4%
ACWI iShares MSCI Acwi ETF 0.05% 30,329 $4.2M No change
JNJ Johnson & Johnson 0.05% 22,556 $4.2M Reduce -4.6%
ARKK ARK Innovation ETF 0.05% 48,387 $4.2M No change
CACC Credit Acceptance Corp. 0.05% 8,885 $4.1M No change
VUG Vanguard Mrngstar GR ETF-Sui 0.05% 8,583 $4.1M Add +0.1%
BABA Alibaba Group Holding-SP ADR 0.05% 22,971 $4.1M No change
CVX Chevron Corp. 0.04% 25,762 $4.0M Add +3.5%
ALGN Align Technology Inc. 0.04% 31,642 $4.0M No change
GLW Corning Inc. 0.04% 47,452 $3.9M Add +0.5%
ENPH Enphase Energy Inc. 0.04% 108,000 $3.8M No change
CHTR Charter Communications Inc. Class A 0.04% 13,138 $3.6M Add +1.3%
ABX Abacus Global Management Inc. 0.04% 625,000 $3.6M No change
HIMS Hims & Hers Health Inc. 0.04% 60,186 $3.4M Reduce -48.0%
IVE iShares S&P 500 Value ETF 0.04% 16,419 $3.4M No change
AVDL Avadel Pharmaceuticals Ltd. 0.04% 219,296 $3.3M No change
XMTR Xometry Inc. Class A 0.04% 60,399 $3.3M Add +50.0%
IYH iShares U.S. Healthcare ETF 0.04% 54,440 $3.2M No change
LUNR Intuitive Machines Inc. 0.04% 300,000 $3.2M Reduce -65.5%
DBEF Xtrackers MSCI Eafe Hedged E 0.04% 67,474 $3.1M No change
SHW The Sherwin-Williams Co. 0.03% 8,918 $3.1M Add +0.6%
U Unity Software Inc. 0.03% 76,572 $3.1M No change
BKLN Invesco Senior Loan ETF 0.03% 143,061 $3.0M No change
VIPS Vipshop Holdings Ltd. - ADR 0.03% 149,975 $2.9M No change
FXI iShares China Large-Cap ETF 0.03% 71,078 $2.9M Add +4.0%
FWONA Liberty Media Corp. Class A 0.03% 30,435 $2.9M No change
LEVI Levi Strauss & Co. Class A 0.03% 124,019 $2.9M No change
MELI MercadoLibre Inc. 0.03% 1,223 $2.9M Add +1.8%
SRLN SS Blackstone Sr Loan ETF 0.03% 67,629 $2.8M No change
VTWG Vanguard Russell 2000 Growth 0.03% 11,911 $2.8M New
EOSE Eos Energy Enterprises Inc. 0.03% 244,131 $2.8M New
V Visa Inc. Class A 0.03% 7,656 $2.6M Add +11.9%
AGNT Agnt Inc. filed as EXP WORLD HLDGS INC 0.03% 245,000 $2.6M No change
IWF iShares Russell 1000 Growth 0.03% 5,441 $2.5M No change
SHE SS SPDR MSCI U Gend Div ETF 0.03% 19,947 $2.5M Add +0.7%
ONON On Holding AG Class A filed as ON HLDG AG 0.03% 58,328 $2.5M No change
DDOG Datadog Inc. Class A 0.03% 17,035 $2.4M Add +0.8%
DELL Dell Technologies -C 0.03% 16,797 $2.4M Add +0.8%
GFL GFL Environmental Inc.-Sub VT 0.03% 50,000 $2.4M No change
KIM Kimco Realty Corp. 0.03% 106,013 $2.3M No change
TSLX Sixth Street Specialty Lendi 0.03% 100,000 $2.3M New
VRT Vertiv Holdings Co. Class A 0.02% 14,385 $2.2M New
WFC Wells Fargo & Co. 0.02% 25,400 $2.1M Add +5.3%
VGT Vanguard Info Tech ETF 0.02% 2,530 $1.9M Reduce -15.5%
JEPI JPMorgan Equity Premium Inco 0.02% 30,409 $1.7M No change
XOM Exxon Mobil Corp. 0.02% 15,022 $1.7M Add +11.9%
PJT PJT Partners Inc. Class A 0.02% 9,438 $1.7M No change
NEE Nextera Energy Inc. 0.02% 21,680 $1.6M Add +5.3%
SNEX Stonex Group Inc. 0.02% 15,937 $1.6M Reduce -10.5%
ARM Arm Holdings PLC-ADR 0.02% 11,000 $1.6M New
SOXX iShares Semiconductor ETF 0.02% 5,649 $1.5M No change
XLK SS Technology Select Sector 0.02% 5,305 $1.5M Reduce -0.0%
DLTR Dollar Tree Inc. 0.02% 15,836 $1.5M Reduce -35.5%
AAXJ iShares MSCI All Country Asi 0.02% 16,285 $1.5M No change
IWP iShares Russell Mid-Cap Grow 0.02% 10,431 $1.5M No change
VHI Valhi Inc. 0.02% 87,717 $1.4M No change
BATRA Atlanta Braves Holdings in-A 0.02% 30,000 $1.4M No change
VEU Vanguard Ftse All-World Ex-U 0.02% 18,926 $1.4M No change
IWS iShares Russell Mid-Cap Valu 0.01% 9,466 $1.3M No change
XLE SS Energy Select Sector 0.01% 14,683 $1.3M No change
CRGO Freightos Ltd. 0.01% 379,910 $1.3M Reduce -5.0%
ABT Abbott Laboratories 0.01% 9,344 $1.3M Add +9.2%
MPLX MPLX LP 0.01% 25,000 $1.2M No change
VB Vanguard Most SM-Cap ETF-Usd 0.01% 4,863 $1.2M Reduce -1.8%
GTM Zoominfo Technologies Inc. 0.01% 112,641 $1.2M No change
EOLS Evolus Inc. 0.01% 200,000 $1.2M No change
TECH Bio-Techne Corp. 0.01% 21,922 $1.2M New
IWD iShares Russell 1000 Value E 0.01% 5,925 $1.2M No change
NVR NVR Inc. 0.01% 150 $1.2M No change
USRT iShares Core US REIT ETF 0.01% 20,226 $1.2M Reduce -10.7%
LLY Eli Lilly & Co. 0.01% 1,519 $1.2M Add +57.4%
AMS American Shared Hospital Ser 0.01% 410,746 $1.2M New
PCOR Procore Technologies Inc. 0.01% 15,652 $1.1M Reduce -6.0%
NFLX Netflix Inc. 0.01% 943 $1.1M Add +21.8%
MRK Merck & Co. Inc. 0.01% 13,432 $1.1M Add +7.4%
ABBV Abbvie Inc. 0.01% 4,855 $1.1M Add +18.6%
GBTC Grayscale Bitcoin Trust ETF 0.01% 12,389 $1.1M No change
XAR SS SPDR S&P Aerospace Def 0.01% 4,709 $1.1M New
CSCO Cisco Systems Inc. 0.01% 15,724 $1.1M Add +10.3%
VONG Vanguard Russell 1000 Growth 0.01% 8,800 $1.1M No change
TSAT Telesat Corp. 0.01% 40,000 $1.1M No change
DAWN Day One Biopharmaceuticals I 0.01% 150,000 $1.1M No change
TIP iShares Tips Bond ETF 0.01% 9,201 $1.0M No change
VCSH Vanguard S/T Corp. Bond ETF 0.01% 12,609 $1.0M No change
QCOM Qualcomm Inc. 0.01% 5,757 $958K No change
FPE FT-Preferred Secur & Inc. ETF 0.01% 52,029 $949K No change
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 0.01% 23,671 $882K No change
TLT iShares 20+ Year Treasury BD 0.01% 9,534 $852K Reduce -29.0%
VIOO Vanguard S&P Small-Cap 600 E 0.01% 7,702 $851K No change
K Kellanova 0.01% 10,362 $850K No change
EEM iShares MSCI Emerging Market 0.01% 15,854 $847K No change
ACN Accenture PLC Class A 0.01% 3,410 $841K Add +10.4%
CIEN Ciena Corp. 0.01% 5,770 $841K New
EMXC iShares MSCI Emr MRK Ex Chna 0.01% 12,354 $834K No change
VCIT Vanguard Int-Term Corporate 0.01% 9,757 $821K No change
AMTM Amentum Holdings Inc. 0.01% 33,827 $810K No change
CLS Celestica Inc. 0.01% 3,267 $805K Add +0.1%
VWO Vanguard Ftse Emerging Marke 0.01% 14,442 $782K Reduce -20.5%
DEI Douglas Emmett Inc. 0.01% 50,000 $779K No change
IWO iShares Russell 2000 Growth 0.01% 2,406 $770K No change
WD Walker & Dunlop Inc. 0.01% 9,100 $761K New
IWN iShares Russell 2000 Value E 0.01% 4,139 $732K No change
ET Energy Transfer LP 0.01% 42,324 $726K No change
SNOW Snowflake Inc. 0.01% 3,191 $720K Add +5.4%
GDX Vaneck Gold Miners ETF 0.01% 9,358 $715K No change
XLV SS Health Care Select Sector 0.01% 4,959 $690K No change
BAM Brookfield Asset Mgmt-A 0.01% 11,756 $669K Add +4.6%
DBC Invesco DB Commodity Index T 0.01% 28,912 $651K No change
CIFR Cipher Digital Inc. 0.01% 51,616 $650K New
VEEV Veeva Systems Inc. Class A 0.01% 2,096 $624K Reduce -59.2%
PRU Prudential Financial Inc. 0.01% 5,962 $618K Add +5.2%
KOD Kodiak Sciences Inc. 0.01% 37,720 $617K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.01% 10,632 $612K No change
PYPL PayPal Holdings Inc. 0.01% 9,071 $608K Reduce -47.8%
USFR Wisdomtree Floating Rate Tre 0.01% 11,941 $600K Reduce -49.1%
PDD PDD Holdings Inc. 0.01% 4,526 $598K New
SHEL Shell PLC-ADR 0.01% 8,015 $573K Add +12.9%
CMDY iShares Bloomberg Roll Selec 0.01% 10,767 $566K Reduce -9.6%
AX Axos Financial Inc. 0.01% 6,685 $566K No change
FA First Advantage Corp. 0.01% 36,484 $561K No change
NOBL Proshares S&P 500 Dividend A 0.01% 5,444 $561K No change
RVTY Revvity Inc. 0.01% 6,270 $550K No change
DBA Invesco DB Agriculture Fund 0.01% 20,498 $549K New
BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS 0.01% 25,455 $548K Reduce -9.4%
DSMC Distillate S/M Cash Flow ETF 0.01% 15,000 $538K No change
EEMV iShares MSCI Emg MKT Min Vol 0.01% 8,233 $526K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.01% 1,118 $518K No change
APPF Appfolio Inc. Class A 0.01% 1,850 $510K Reduce -50.0%
IBTL iShares Ibonds Dec 2031 Term 0.01% 24,606 $506K New
IBTH iShares Ibonds Dec 2027 Term 0.01% 22,261 $501K New
AB Alliancebernstein Holding LP 0.01% 13,000 $497K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.01% 8,961 $475K Reduce -60.8%
VRNA Verona Pharma Ltd. 0.01% 4,280 $457K New
LBRDA Liberty Broadband-A 0.01% 7,152 $453K No change
EAGL Eagle Capital Select Eqty 0.01% 14,456 $452K No change
PFF iShares Preferred & Income S 0.00% 14,000 $443K No change
SIVR Abrdn Physical Silver Shares 0.00% 9,863 $439K No change
PG The Procter & Gamble Co. 0.00% 2,842 $437K Add +46.0%
ETN Eaton Corp. PLC 0.00% 1,166 $436K Add +13.7%
NRDS Nerdwallet Inc. Class A 0.00% 40,000 $430K No change
INTU Intuit Inc. 0.00% 578 $395K Add +25.6%
MCD McDonald's Corp. 0.00% 1,276 $388K Add +32.9%
AMGN Amgen Inc. 0.00% 1,359 $384K Add +26.5%
VNOM Viper Energy Inc. Class A 0.00% 10,000 $382K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.00% 7,051 $364K Add +20.2%
PH Parker Hannifin Corp. 0.00% 478 $362K Add +3.9%
AZN Astrazeneca PLC-Spons ADR 0.00% 4,682 $359K Add +40.0%
NMM Navios Maritime Partners LP 0.00% 7,956 $358K New
ICLN iShares Global Clean Energy 0.00% 22,186 $343K Add +10.4%
SIL Global X Silver Miners ETF 0.00% 4,780 $342K Reduce -39.4%
IQLT iShares MSCI International Q 0.00% 7,720 $341K No change
WMT Walmart Inc. 0.00% 3,293 $339K New
HD Home Depot Inc. 0.00% 833 $338K New
PPLT Abrdn Physical Platinum SHRS 0.00% 2,331 $333K No change
ADBE Adobe Inc. 0.00% 940 $332K Reduce -33.9%
ERTH Invesco MSCI Sustainable Fut 0.00% 6,888 $328K Add +10.8%
PRDO Perdoceo Education Corp. 0.00% 8,600 $324K New
XMMO Invesco S&P Midcap Momentum 0.00% 2,375 $321K No change
QUAL iShares MSCI USA Quality Fac 0.00% 1,645 $320K No change
CFR Cullen/Frost Bankers Inc. 0.00% 2,509 $318K Add +0.8%
GE General Electric filed as GE AEROSPACE 0.00% 1,057 $318K New
NSC Norfolk Southern Corp. 0.00% 1,053 $316K Add +9.9%
MA Mastercard Inc. Class A 0.00% 548 $312K New
SPMD SS SPDR P S&P 400 Midcap ETF 0.00% 5,325 $305K No change
HDB HDFC Bank Ltd.-ADR 0.00% 8,904 $304K No change
NVS Novartis AG-Sponsored ADR 0.00% 2,349 $301K New
BLK BlackRock Inc. 0.00% 257 $300K New
GLNG Golar LNG Ltd. 0.00% 7,345 $297K New
ZM Zoom Communications Inc. 0.00% 3,550 $293K Add +7.6%
SGI Somnigroup International Inc. 0.00% 3,472 $293K Reduce -25.5%
ALB Albemarle Corp. 0.00% 3,610 $293K No change
LAC Lithium Americas Corp. 0.00% 50,000 $286K New
HCC Warrior Met Coal Inc. 0.00% 4,453 $283K No change
TEN Tsakos Energy Navigation Ltd. 0.00% 12,691 $282K New
NUE Nucor Corp. 0.00% 2,036 $276K Add +7.5%
ITW Illinois Tool Works 0.00% 1,046 $273K Add +18.2%
XBP XBP Global Holdings Inc. 0.00% 337,402 $272K New
NOW ServiceNow Inc. 0.00% 295 $271K New
FDS Factset Research Systems Inc. 0.00% 940 $269K Reduce -0.5%
LLYVK Liberty Media Corp.-Liberty-C 0.00% 2,715 $263K Reduce -27.9%
GDXJ Vaneck Junior Gold Miners 0.00% 2,582 $256K New
VGIT Vanguard Intermediate-Term T 0.00% 4,246 $255K No change
VGSH Vanguard Short-Term Treasury 0.00% 4,285 $252K No change
ARCC Ares Capital Corp. 0.00% 12,291 $251K No change
GBDC Golub Capital BDC Inc. 0.00% 18,116 $248K No change
SYY Sysco Corp. 0.00% 2,945 $242K New
MDT Medtronic PLC 0.00% 2,543 $242K New
ASML ASML Holding NV-NY Reg SHS 0.00% 250 $242K New
RKT Rocket Cos Inc. Class A 0.00% 12,448 $241K No change
DEC Diversified Energy Co. PLC 0.00% 17,129 $240K No change
EMR Emerson Electric Co. 0.00% 1,816 $238K Add +9.0%
OBDC Blue Owl Capital Corp. 0.00% 18,385 $235K No change
MCHI iShares MSCI China ETF 0.00% 3,530 $232K New
INDA iShares MSCI India ETF 0.00% 4,421 $230K Reduce -46.1%
BP BP PLC-Spons ADR 0.00% 6,664 $230K New
GWRE Guidewire Software Inc. 0.00% 987 $227K No change
CMBT CMB Tech NV 0.00% 23,766 $223K New
QQQM Invesco Nasdaq 100 ETF 0.00% 900 $222K No change
ARGT Global X MSCI Argentina ETF 0.00% 3,147 $220K No change
UBS UBS Group AG-Reg 0.00% 5,214 $214K New
MS Morgan Stanley 0.00% 1,339 $213K New
SPGI S&P Global Inc. 0.00% 436 $212K New
KO The Coca-Cola Co. 0.00% 3,140 $208K New
FCG First Trust Natural Gas ETF 0.00% 8,792 $207K No change
XYZ Block Inc. 0.00% 2,813 $203K New
CWAN Clearwater Analytics HDS-A 0.00% 11,204 $202K New
TOST Toast Inc. Class A 0.00% 5,525 $202K Reduce -44.8%
CRH CRH PLC 0.00% 1,671 $200K New
EQX Equinox Gold Corp. 0.00% 16,077 $180K New
FATE Fate Therapeutics Inc. 0.00% 125,000 $158K No change
VALE Vale SA-SP ADR 0.00% 13,294 $144K New
SFL SFL Corp. Ltd. 0.00% 18,369 $138K New
SB Safe Bulkers Inc. 0.00% 28,657 $127K No change
PEB Pebblebrook Hotel Trust 0.00% 10,000 $114K New
WU Western Union Co. 0.00% 10,000 $80K No change
MFG Mizuho Financial Group-ADR 0.00% 10,110 $68K New
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) 0.00% 34,000 $39K New
UBER TECHNOLOGIES INC (UBER 0 12/15/25) 0.00% 23,000 $28K New
ITRON INC (ITRI 0 03/15/26) 0.00% 26,000 $27K New
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) 0.00% 22,000 $25K New
IMAX CORP (IMAX 0.5 04/01/26) 0.00% 20,000 $23K New
JBT MAREL CORP (JBTM 0.25 05/15/26) 0.00% 20,000 $20K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $121K (not counted above)
SecurityClassShares / PrincipalValueChange
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 17,377$121KNo change

Total filed on the 13F, all lines: $8.9B.

Portfolio Sells Q2 2025 → Q3 2025
IVV iShares Core S&P 500 ETF Reduce -1.0% 9.24% −1.13
BX Blackstone Inc. Reduce -10.8% 2.75% −0.48
IEFA iShares Core MSCI Eafe ETF Reduce -2.9% 1.44% −0.26
ABNB Airbnb Inc. Class A Reduce -0.2% 0.64% −0.20
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.3% 1.22% −0.17
DSI iShares ESG MSCI KLD 400 ETF Reduce -55.5% 0.11% −0.16
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -1.8% 0.98% −0.16
EWJ iShares MSCI Japan ETF Sold out 0.00% −0.11
IWM iShares Russell 2000 ETF Reduce -7.3% 0.72% −0.11
CART Maplebear Inc. Sold out 0.00% −0.10
LUNR Intuitive Machines Inc. Reduce -65.5% 0.04% −0.09
TPG TPG Inc. Reduce -38.4% 0.11% −0.09
BRK.A Berkshire Hathaway Inc. Class A Reduce -31.6% 0.11% −0.08
IEMG iShares Core MSCI Emerging Reduce -3.1% 0.57% −0.07
VTI VG Morningstar TS MKT ETF-US Reduce -2.2% 0.49% −0.07
DASH DoorDash Inc. Class A Reduce -17.9% 0.20% −0.06
JIRE JPMorgan Int Res Enh Eqty Reduce -4.2% 0.26% −0.05
CRBN Ish Low Car Opt Ms Ac ETF-US Reduce -31.3% 0.06% −0.04
HIMS Hims & Hers Health Inc. Reduce -48.0% 0.04% −0.04
VXUS Vanguard Total Intl Stock Reduce -2.8% 0.21% −0.03
META Meta Platforms Inc. Class A Reduce -2.0% 0.14% −0.03
J Jacobs Solutions Inc. Sold out 0.00% −0.03
PEP Pepsico Inc. Reduce -7.0% 0.13% −0.03
IJH iShares Core S&P Midcap ETF Reduce -5.3% 0.10% −0.02
RSP Invesco S&P 500 Equal Weight Reduce -0.0% 0.13% −0.02
ITOT iShares Core S&P Total U.S. Reduce -8.8% 0.07% −0.02
DLTR Dollar Tree Inc. Reduce -35.5% 0.02% −0.02
QQQ Invesco QQQ Trust Series 1 Reduce -2.5% 0.11% −0.01
LII Lennox International Inc. Sold out 0.00% −0.01
HALO Halozyme Therapeutics Inc. Sold out 0.00% −0.01
VEEV Veeva Systems Inc. Class A Reduce -59.2% 0.01% −0.01
IGSB iShares 1-5Y Inv Grade Corp. Reduce -60.8% 0.01% −0.01
PYPL PayPal Holdings Inc. Reduce -47.8% 0.01% −0.01
GS Goldman Sachs Group Inc. Reduce -7.0% 0.07% −0.01
TTWO Take-Two Interactive Softwre Sold out 0.00% −0.01
PAVE Global X US Infrastructure Reduce -0.1% 0.10% −0.01
MCB Metropolitan Bank Holding Co. Sold out 0.00% −0.01
USFR Wisdomtree Floating Rate Tre Reduce -49.1% 0.01% −0.01
TLT iShares 20+ Year Treasury BD Reduce -29.0% 0.01% −0.01
APPF Appfolio Inc. Class A Reduce -50.0% 0.01% −0.01
VGT Vanguard Info Tech ETF Reduce -15.5% 0.02% −0.01
VNOM Viper Energy Inc. Sold out 0.00% −0.01
ZLAB Zai Lab Ltd.-ADR Sold out 0.00% −0.00
SBLK Star Bulk Carriers Corp. Sold out 0.00% −0.00
URA Global X Uranium ETF Sold out 0.00% −0.00
NLOP Net Lease Office Property Sold out 0.00% −0.00
USRT iShares Core US REIT ETF Reduce -10.7% 0.01% −0.00
SNEX Stonex Group Inc. Reduce -10.5% 0.02% −0.00
ADBE Adobe Inc. Reduce -33.9% 0.00% −0.00
TOST Toast Inc. Class A Reduce -44.8% 0.00% −0.00

Portfolio Buys Q2 2025 → Q3 2025
GOOGL Alphabet Inc. Class A Add +16.7% 7.80% +2.00
MSFT Microsoft Corp. Add +165.2% 2.69% +1.53
AMD Advanced Micro Devices New 1.33% +1.33
AMZN Amazon.com Inc. Add +101.0% 3.04% +1.23
AVGO Broadcom Inc. Add +18.8% 6.28% +0.99
GOOG Alphabet Inc. Class C Add +0.1% 2.30% +0.30
THC Tenet Healthcare Corp. New 0.12% +0.12
ORCL Oracle Corp. Add +10.0% 0.74% +0.11
RBLX Roblox Corp. Class A Add +1.2% 1.08% +0.11
IAU iShares Gold Trust Add +16.0% 0.66% +0.08
COSO Coastal South Bancshares Inc. New 0.07% +0.07
CVGW Calavo Growers Inc. New 0.06% +0.06
CPNG Coupang Inc. Add +39.6% 0.32% +0.06
NU Nu Holdings Ltd./Cayman Isl-A New 0.06% +0.06
IREN Iren Ltd. New 0.06% +0.06
PLTR Palantir Technologies Inc. Class A Add +67.1% 0.08% +0.04
DVAX Dynavax Technologies Corp. Add +165.1% 0.06% +0.03
EOSE Eos Energy Enterprises Inc. New 0.03% +0.03
VTWG Vanguard Russell 2000 Growth New 0.03% +0.03
VEA Vanguard Ftse Developed ETF Add +45.1% 0.13% +0.03
HOOD Robinhood Markets Inc. Class A Add +0.1% 0.12% +0.03
TSM Taiwan Semiconductor-SP ADR Add +0.2% 0.88% +0.03
TSLX Sixth Street Specialty Lendi New 0.03% +0.03
VRT Vertiv Holdings Co. Class A New 0.02% +0.02
TSLA Tesla Inc. Add +12.8% 0.09% +0.02
AAPL Apple Inc. Add +8.6% 0.19% +0.02
MSA Msa Safety Inc. Add +83.0% 0.05% +0.02
XMTR Xometry Inc. Class A Add +50.0% 0.04% +0.02
ARM Arm Holdings PLC-ADR New 0.02% +0.02
AIQ Global X Art Intel & Tech Add +34.3% 0.07% +0.01
TECH Bio-Techne Corp. New 0.01% +0.01
ICF iShares Select U.S. REIT ETF Add +24.7% 0.28% +0.01
AMS American Shared Hospital Ser New 0.01% +0.01
XAR SS SPDR S&P Aerospace Def New 0.01% +0.01
GLW Corning Inc. Add +0.5% 0.04% +0.01
CIEN Ciena Corp. New 0.01% +0.01
WD Walker & Dunlop Inc. New 0.01% +0.01
CIFR Cipher Digital Inc. New 0.01% +0.01
GLD SPDR Gold Shares Add +11.9% 0.09% +0.01
PDD PDD Holdings Inc. New 0.01% +0.01
DBA Invesco DB Agriculture Fund New 0.01% +0.01
IBTL iShares Ibonds Dec 2031 Term New 0.01% +0.01
IBTH iShares Ibonds Dec 2027 Term New 0.01% +0.01
VRNA Verona Pharma Ltd. New 0.01% +0.01
VNOM Viper Energy Inc. Class A New 0.00% +0.00
NMM Navios Maritime Partners LP New 0.00% +0.00
HD Home Depot Inc. New 0.00% +0.00
WMT Walmart Inc. New 0.00% +0.00
GE General Electric New 0.00% +0.00
PRDO Perdoceo Education Corp. New 0.00% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 409$6.9BIVV, APO, VOO, GOOGL, GOOG
Q1 2026 364$9.4BNVDA, GOOGL, APO, IVV, AVGO
Q4 2025 385$10.1BNVDA, APO, GOOGL, IVV, AVGO
Q3 2025 325$8.9BNVDA, APO, IVV, GOOGL, AVGO
Q2 2025 282$7.5BNVDA, APO, IVV, GOOGL, AVGO
Q1 2025 265$6.2BNVDA, APO, IVV, GOOGL, BX
Q4 2024 269$6.9BNVDA, APO, IVV, GOOGL, BX
Q3 2024 253$5.5BNVDA, APO, IVV, BX, CVNA
Q2 2024 258$5.2BNVDA, APO, IVV, BX, SPY
Q1 2024 269$4.6BNVDA, APO, IVV, BX, SPY