Sepio Capital, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Sepio Capital, LP reported 287 stock positions worth $1.3 billion. Its top holding was Bushido Cap US Equity ETF (SMRI) at 18.3% of the portfolio, followed by Vanguard S&P 500 ETF (VOO, 6.8%) and Vanguard Ftse Developed ETF (VEA, 3.8%). Compared with Q4 2024, it opened 9 new positions, sold out of 13, added to 77 and reduced 163. The biggest buy was Bushido Cap US Equity ETF (SMRI, shares +14%) and the biggest sale Tesla (TSLA, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- Salt Lake City, UT
- CIK
- 0001751412
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001172661-25-002083 ↗ filed May 15, 2025
Holdings Value
Holdings 287 stocks · $1.3B
| SMRI Bushido Cap US Equity ETF | 18.33% | 7,496,219 | $231.6M | Add +13.9% |
| VOO Vanguard S&P 500 ETF | 6.78% | 166,696 | $85.7M | Reduce -0.8% |
| VEA Vanguard Ftse Developed ETF | 3.83% | 952,706 | $48.4M | Add +0.2% |
| ABBV Abbvie Inc. | 3.80% | 229,167 | $48.0M | Add +36.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.72% | 198,616 | $34.3M | Reduce -16.7% |
| ABT Abbott Laboratories | 2.53% | 240,652 | $31.9M | Add +11.4% |
| VWO Vanguard Ftse Emerging Marke | 2.26% | 631,910 | $28.6M | Add +0.0% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 2.01% | 136,478 | $25.4M | Add +6.8% |
| BILL Bill Holdings Inc. | 1.91% | 526,396 | $24.2M | No change |
| ICOW Pacer Developed Markets Inte | 1.91% | 768,454 | $24.1M | Reduce -0.5% |
| NVDA Nvidia Corp. | 1.69% | 196,471 | $21.3M | Add +25.3% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 1.60% | 125,502 | $20.1M | Add +4.0% |
| MSFT Microsoft Corp. | 1.59% | 53,449 | $20.1M | Reduce -1.8% |
| META Meta Platforms Inc. Class A | 1.42% | 31,050 | $17.9M | Reduce -5.4% |
| VFLO Victoryshares Free Cash Flow | 1.40% | 515,368 | $17.7M | Add +122.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.34% | 30,313 | $17.0M | Reduce -1.4% |
| AMZN Amazon.com Inc. | 1.17% | 77,760 | $14.8M | Reduce -2.3% |
| RSP Invesco S&P 500 Equal Weight | 1.15% | 83,908 | $14.5M | Add +23.2% |
| ACWI iShares MSCI Acwi ETF | 1.11% | 120,880 | $14.1M | Reduce -0.6% |
| TSLA Tesla Inc. | 1.05% | 51,167 | $13.3M | Reduce -11.2% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.96% | 46,833 | $12.1M | Reduce -13.2% |
| AAPL Apple Inc. | 0.92% | 52,354 | $11.6M | Reduce -11.3% |
| GOOGL Alphabet Inc. Class A | 0.90% | 73,166 | $11.3M | Add +5.3% |
| XLK SS Technology Select Sector | 0.88% | 54,107 | $11.2M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 0.86% | 69,715 | $10.9M | Add +5.0% |
| V Visa Inc. Class A | 0.81% | 29,196 | $10.2M | Reduce -3.6% |
| SGOV iShares 0-3 Month Treasury B | 0.71% | 89,698 | $9.0M | Add +39.1% |
| NFLX Netflix Inc. | 0.70% | 9,422 | $8.8M | Reduce -7.0% |
| UPST Upstart Holdings Inc. | 0.66% | 180,300 | $8.3M | New |
| IWB iShares Russell 1000 ETF | 0.65% | 26,737 | $8.2M | Reduce -0.0% |
| IWF iShares Russell 1000 Growth | 0.56% | 19,693 | $7.1M | Add +90.7% |
| QQQM Invesco Nasdaq 100 ETF | 0.56% | 36,350 | $7.0M | Add +118.9% |
| IJS iShares S&P Small-Cap 600 Va | 0.55% | 71,613 | $7.0M | Add +7.4% |
| IWD iShares Russell 1000 Value E | 0.50% | 33,641 | $6.3M | Add +0.0% |
| BA The Boeing Co. | 0.50% | 37,005 | $6.3M | Reduce -1.4% |
| GVI iShares Intermediate Governm | 0.48% | 57,355 | $6.1M | Reduce -0.6% |
| EFA iShares MSCI Eafe ETF | 0.46% | 70,473 | $5.8M | Reduce -0.0% |
| VTIP Vanguard Short-Term Tips | 0.45% | 114,217 | $5.7M | Add +9.3% |
| XLV SS Health Care Select Sector | 0.45% | 38,726 | $5.7M | Reduce -2.9% |
| ORCL Oracle Corp. | 0.45% | 40,359 | $5.6M | Reduce -5.9% |
| GLD SPDR Gold Shares | 0.41% | 17,839 | $5.1M | Add +5.1% |
| COST Costco Wholesale Corp. | 0.40% | 5,399 | $5.1M | Add +3.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 9,284 | $4.9M | Reduce -13.2% |
| PM Philip Morris International | 0.38% | 29,924 | $4.7M | Reduce -16.1% |
| APD Air Products & Chemicals Inc. | 0.35% | 15,101 | $4.5M | Reduce -14.9% |
| SBUX Starbucks Corp. | 0.35% | 45,289 | $4.4M | Reduce -11.8% |
| IAU iShares Gold Trust | 0.35% | 75,142 | $4.4M | Reduce -0.1% |
| BLK BlackRock Inc. | 0.34% | 4,531 | $4.3M | Reduce -12.4% |
| HMOP Hartford Municipal Opp ETF | 0.34% | 111,083 | $4.3M | Add +1.7% |
| CVX Chevron Corp. | 0.33% | 24,893 | $4.2M | Reduce -9.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.33% | 8,863 | $4.2M | Add +20.6% |
| SHOP Shopify Inc. Class A | 0.32% | 42,520 | $4.1M | Add +0.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.32% | 8,360 | $4.1M | Add +18.6% |
| IVV iShares Core S&P 500 ETF | 0.32% | 7,165 | $4.0M | Reduce -1.5% |
| CRM Salesforce Inc. | 0.32% | 14,910 | $4.0M | Reduce -2.5% |
| MNST Monster Beverage Corp. | 0.31% | 67,462 | $3.9M | Reduce -3.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.31% | 39,968 | $3.9M | Reduce -4.0% |
| EPOL iShares MSCI Poland ETF | 0.30% | 136,291 | $3.8M | Reduce -1.2% |
| RTX RTX Corp. | 0.30% | 28,759 | $3.8M | Reduce -0.0% |
| PGR Progressive Corp. | 0.30% | 13,226 | $3.7M | Reduce -15.3% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.29% | 74,996 | $3.7M | Reduce -9.9% |
| GREK Global X MSCI Greece ETF | 0.29% | 78,237 | $3.7M | Add +2.5% |
| JNJ Johnson & Johnson | 0.27% | 20,614 | $3.4M | Reduce -13.4% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.27% | 47,220 | $3.4M | Reduce -1.4% |
| TXN Texas Instruments Inc. | 0.26% | 18,467 | $3.3M | Reduce -15.1% |
| ADSK Autodesk Inc. | 0.26% | 12,361 | $3.2M | Reduce -3.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.25% | 14,364 | $3.2M | Reduce -1.4% |
| TBF Proshares Short 20+ Treasury | 0.25% | 131,376 | $3.1M | Reduce -0.0% |
| MDY State Street SPDR S&P Midcap | 0.25% | 5,810 | $3.1M | No change |
| ICE Intercontinental Exchange Inc. | 0.24% | 17,543 | $3.0M | Reduce -1.4% |
| NET Cloudflare Inc. Class A | 0.24% | 26,676 | $3.0M | Reduce -5.9% |
| UNH Unitedhealth Group Inc. | 0.24% | 5,688 | $3.0M | Reduce -3.1% |
| MATX Matson Inc. | 0.23% | 23,151 | $3.0M | No change |
| SCHW Schwab (charles) Corp. | 0.23% | 37,547 | $2.9M | Reduce -16.4% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.23% | 8,211 | $2.9M | Reduce -4.9% |
| SEIC Sei Investments Company | 0.23% | 37,141 | $2.9M | Reduce -2.0% |
| LOW Lowe's Cos Inc. | 0.23% | 12,309 | $2.9M | Reduce -15.6% |
| NSC Norfolk Southern Corp. | 0.21% | 11,399 | $2.7M | Reduce -15.5% |
| PAYX Paychex Inc. | 0.21% | 17,480 | $2.7M | Reduce -15.2% |
| QCOM Qualcomm Inc. | 0.21% | 17,061 | $2.6M | Reduce -2.4% |
| MA Mastercard Inc. Class A | 0.21% | 4,759 | $2.6M | Reduce -2.4% |
| SYY Sysco Corp. | 0.20% | 33,441 | $2.5M | Add +0.0% |
| EWS iShares MSCI Singapore ETF | 0.20% | 105,084 | $2.5M | Add +69.2% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 23,678 | $2.5M | Reduce -0.3% |
| FIS Fidelity National Info Serv | 0.19% | 32,875 | $2.5M | Reduce -8.5% |
| NOC Northrop Grumman Corp. | 0.19% | 4,767 | $2.4M | Reduce -15.2% |
| CSCO Cisco Systems Inc. | 0.19% | 39,479 | $2.4M | Reduce -15.5% |
| EWX State Street SPDR S&P Emergi | 0.19% | 42,649 | $2.4M | Reduce -0.3% |
| FAST Fastenal Co. | 0.18% | 29,721 | $2.3M | Reduce -15.6% |
| D Dominion Energy Inc. | 0.18% | 41,106 | $2.3M | Reduce -12.1% |
| IEMG iShares Core MSCI Emerging | 0.18% | 42,582 | $2.3M | No change |
| XLP SS Consumer Staples Sel Sect | 0.18% | 27,726 | $2.3M | Reduce -3.6% |
| EWI iShares MSCI Italy ETF | 0.18% | 53,126 | $2.2M | Reduce -1.9% |
| CSL Carlisle Cos Inc. | 0.17% | 6,445 | $2.2M | Reduce -2.1% |
| IWM iShares Russell 2000 ETF | 0.17% | 10,996 | $2.2M | No change |
| COIN Coinbase Global Inc. Class A | 0.17% | 12,557 | $2.2M | Add +9.4% |
| MO Altria Group Inc. | 0.17% | 35,855 | $2.2M | Reduce -15.5% |
| GDDY GoDaddy Inc. Class A | 0.17% | 11,936 | $2.2M | Reduce -11.1% |
| REGN Regeneron Pharmaceuticals | 0.17% | 3,389 | $2.1M | Add +33.1% |
| MKL Markel Group Inc. | 0.17% | 1,125 | $2.1M | Reduce -0.3% |
Portfolio Sells Q4 2024 → Q1 2025
| TSLA Tesla Inc. | Reduce -11.2% | 1.05% | −0.81 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -83.9% | 0.12% | −0.65 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -16.7% | 2.72% | −0.51 |
| VOO Vanguard S&P 500 ETF | Reduce -0.8% | 6.78% | −0.47 |
| IVE iShares S&P 500 Value ETF | Sold out | 0.00% | −0.28 |
| AAPL Apple Inc. | Reduce -11.3% | 0.92% | −0.26 |
| MSFT Microsoft Corp. | Reduce -1.8% | 1.59% | −0.25 |
| AMZN Amazon.com Inc. | Reduce -2.3% | 1.17% | −0.23 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.21 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -13.2% | 0.96% | −0.18 |
| IMVP Invesco India Exchange-Trade | Reduce -64.1% | 0.08% | −0.16 |
| XLK SS Technology Select Sector | Reduce -0.8% | 0.88% | −0.13 |
| ORCL Oracle Corp. | Reduce -5.9% | 0.45% | −0.13 |
| META Meta Platforms Inc. Class A | Reduce -5.4% | 1.42% | −0.12 |
| NVR NVR Inc. | Reduce -47.2% | 0.09% | −0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.4% | 1.34% | −0.10 |
| TUR iShares MSCI Turkey ETF | Sold out | 0.00% | −0.09 |
| CRM Salesforce Inc. | Reduce -2.5% | 0.32% | −0.09 |
| BLK BlackRock Inc. | Reduce -12.4% | 0.34% | −0.08 |
| TXN Texas Instruments Inc. | Reduce -15.1% | 0.26% | −0.06 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -18.2% | 0.16% | −0.06 |
| LOW Lowe's Cos Inc. | Reduce -15.6% | 0.23% | −0.06 |
| XYZ Block Inc. | Reduce -17.2% | 0.07% | −0.06 |
| FETH Fidelity Ethereum Fund | Reduce -19.0% | 0.05% | −0.06 |
| APD Air Products & Chemicals Inc. | Reduce -14.9% | 0.35% | −0.06 |
| DIS The Walt Disney Co. | Reduce -4.0% | 0.31% | −0.06 |
| DEO Diageo PLC-Sponsored ADR | Reduce -12.3% | 0.14% | −0.05 |
| NCNO Ncino Inc. | Reduce -16.8% | 0.11% | −0.05 |
| JEPI JPMorgan Equity Premium Inco | Reduce -68.1% | 0.02% | −0.05 |
| UPS United Parcel Service Class B | Reduce -14.7% | 0.13% | −0.05 |
| CERS Cerus Corp. | Reduce -52.8% | 0.03% | −0.05 |
| ADSK Autodesk Inc. | Reduce -3.0% | 0.26% | −0.05 |
| ILMN Illumina Inc. | Reduce -1.3% | 0.06% | −0.04 |
| GDDY GoDaddy Inc. Class A | Reduce -11.1% | 0.17% | −0.04 |
| IWB iShares Russell 1000 ETF | Reduce -0.0% | 0.65% | −0.04 |
| NSC Norfolk Southern Corp. | Reduce -15.5% | 0.21% | −0.04 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -9.9% | 0.29% | −0.04 |
| VNQ Vanguard Real Estate ETF | Reduce -37.3% | 0.07% | −0.04 |
| FIS Fidelity National Info Serv | Reduce -8.5% | 0.19% | −0.04 |
| BITO Proshares Bitcoin ETF-Usd | Sold out | 0.00% | −0.04 |
| SCHW Schwab (charles) Corp. | Reduce -16.4% | 0.23% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -1.6% | 0.10% | −0.03 |
| BA The Boeing Co. | Reduce -1.4% | 0.50% | −0.03 |
| DKNG Draftkings Inc. Class A | Sold out | 0.00% | −0.03 |
| ACWI iShares MSCI Acwi ETF | Reduce -0.6% | 1.11% | −0.03 |
| BAC Bank of America Corp. | Reduce -21.5% | 0.08% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -15.5% | 0.19% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -1.4% | 0.25% | −0.03 |
| NFLX Netflix Inc. | Reduce -7.0% | 0.70% | −0.03 |
| CINF Cincinnati Financial Corp. | Reduce -15.6% | 0.15% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| SMRI Bushido Cap US Equity ETF | Add +13.9% | 18.33% | +2.85 |
| ABBV Abbvie Inc. | Add +36.9% | 3.80% | +1.42 |
| VFLO Victoryshares Free Cash Flow | Add +122.0% | 1.40% | +0.77 |
| UPST Upstart Holdings Inc. | New | 0.66% | +0.66 |
| ABT Abbott Laboratories | Add +11.4% | 2.53% | +0.57 |
| QQQM Invesco Nasdaq 100 ETF | Add +118.9% | 0.56% | +0.28 |
| IWF iShares Russell 1000 Growth | Add +90.7% | 0.56% | +0.23 |
| SGOV iShares 0-3 Month Treasury B | Add +39.1% | 0.71% | +0.20 |
| RSP Invesco S&P 500 Equal Weight | Add +23.2% | 1.15% | +0.20 |
| VEA Vanguard Ftse Developed ETF | Add +0.2% | 3.83% | +0.20 |
| GLW Corning Inc. | New | 0.15% | +0.15 |
| EIS iShares MSCI Israel ETF | New | 0.13% | +0.13 |
| IBIT iShares Bitcoin Trust ETF | Add +243.8% | 0.15% | +0.10 |
| VRTX Vertex Pharmaceuticals Inc. | Add +18.6% | 0.32% | +0.09 |
| EWS iShares MSCI Singapore ETF | Add +69.2% | 0.20% | +0.09 |
| GLD SPDR Gold Shares | Add +5.1% | 0.41% | +0.08 |
| LKQ LKQ Corp. | Add +57.4% | 0.14% | +0.06 |
| GREK Global X MSCI Greece ETF | Add +2.5% | 0.29% | +0.05 |
| DLB Dolby Laboratories Inc. Class A | Add +68.6% | 0.12% | +0.05 |
| NUEM Nuveen ESG Emerging Markets | New | 0.05% | +0.05 |
| TSM Taiwan Semiconductor-SP ADR | Add +82.6% | 0.14% | +0.05 |
| VTIP Vanguard Short-Term Tips | Add +9.3% | 0.45% | +0.05 |
| VWO Vanguard Ftse Emerging Marke | Add +0.0% | 2.26% | +0.04 |
| CCI Crown Castle Inc. | Add +22.4% | 0.12% | +0.03 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +4.0% | 1.60% | +0.03 |
| TEL Te Connectivity PLC | Add +28.2% | 0.16% | +0.03 |
| TQQQ Proshares Ultrapro QQQ | Add +313.9% | 0.05% | +0.03 |
| QQQ Invesco QQQ Trust Series 1 | Add +20.6% | 0.33% | +0.03 |
| REGN Regeneron Pharmaceuticals | Add +33.1% | 0.17% | +0.03 |
| TFX Teleflex Inc. | Add +83.1% | 0.07% | +0.02 |
| COST Costco Wholesale Corp. | Add +3.0% | 0.40% | +0.02 |
| VEU Vanguard Ftse All-World Ex-U | Add +57.8% | 0.05% | +0.02 |
| JKHY Jack Henry & Associates Inc. | Add +37.3% | 0.06% | +0.02 |
| NSIT Insight Enterprises Inc. | New | 0.02% | +0.02 |
| CMCSA Comcast Corp. Class A | Add +18.9% | 0.13% | +0.02 |
| KMB Kimberly-Clark Corp. | New | 0.02% | +0.02 |
| CVS CVS Health Corp. | New | 0.02% | +0.02 |
| OPEN Opendoor Technologies Inc. | New | 0.02% | +0.02 |
| SSD Simpson Manufacturing Co. Inc. | Add +69.5% | 0.04% | +0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +37.5% | 0.15% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +5.5% | 0.09% | +0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.01% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +4.7% | 0.09% | +0.01 |
| UBER Uber Technologies Inc. | Add +0.1% | 0.05% | +0.01 |
| PXH Inves Rafi Emer MRKT-Usd Inc. | Add +0.0% | 0.15% | +0.01 |
| VOX Vanguard Communication Servi | Add +37.0% | 0.03% | +0.01 |
| SHEL Shell PLC-ADR | Add +2.4% | 0.02% | +0.00 |
| KO The Coca-Cola Co. | Add +0.2% | 0.03% | +0.00 |
| SCHD Schwab US DVD Equity ETF | Add +10.5% | 0.03% | +0.00 |
| VGT Vanguard Info Tech ETF | Add +24.8% | 0.04% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 346 | $2.0B | SMRI, RNIN, VOO, VEA, VWO |
| Q1 2026 | 369 | $1.8B | SMRI, RNIN, VOO, VEA, VWO |
| Q4 2025 | 362 | $1.8B | SMRI, RNIN, VOO, VEA, VWO |
| Q3 2025 | 312 | $1.7B | SMRI, RNIN, VOO, VEA, VTV |
| Q2 2025 | 274 | $1.4B | SMRI, RNIN, VOO, VEA, ABBV |
| Q1 2025 | 287 | $1.3B | SMRI, VOO, VEA, ABBV, VTV |
| Q4 2024 | 291 | $1.2B | SMRI, VOO, VEA, BILL, VTV |
| Q3 2024 | 295 | $1.3B | SMRI, VOO, VEA, ABBV, VTV |
| Q2 2024 | 276 | $1.1B | SMRI, VOO, VEA, VTV, MSFT |
| Q1 2024 | 284 | $1.2B | SMRI, VOO, VEA, VTV, ABBV |