Sepio Capital, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Sepio Capital, LP reported 274 stock positions worth $1.4 billion. Its top holding was Bushido Cap US Equity ETF (SMRI) at 18.0% of the portfolio, followed by Bushido Cap Smid C Eqty ETF (RNIN, 7.1%) and Vanguard S&P 500 ETF (VOO, 6.8%). Compared with Q1 2025, it opened 8 new positions, sold out of 21, added to 71 and reduced 178. The biggest buy was a new position in Bushido Cap Smid C Eqty ETF (RNIN) and the biggest sale Vngrd Mrngst SL-CP Val ETF-U (VBR, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- Salt Lake City, UT
- CIK
- 0001751412
- Portfolio Value
- $1.4B (Q2 2025)
- SEC Filing
- 0001172661-25-003129 ↗ filed Aug 13, 2025
Holdings Value
Holdings 274 stocks · $1.4B
| SMRI Bushido Cap US Equity ETF | 17.97% | 7,654,401 | $252.5M | Add +2.1% |
| RNIN Bushido Cap Smid C Eqty ETF | 7.08% | 3,874,628 | $99.5M | New |
| VOO Vanguard S&P 500 ETF | 6.77% | 167,536 | $95.2M | Add +0.5% |
| VEA Vanguard Ftse Developed ETF | 3.90% | 960,387 | $54.8M | Add +0.8% |
| ABBV Abbvie Inc. | 2.77% | 209,735 | $38.9M | Reduce -8.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.48% | 197,244 | $34.9M | Reduce -0.7% |
| ABT Abbott Laboratories | 2.25% | 232,524 | $31.6M | Reduce -3.4% |
| VWO Vanguard Ftse Emerging Marke | 2.19% | 621,473 | $30.7M | Reduce -1.6% |
| NVDA Nvidia Corp. | 2.09% | 186,142 | $29.4M | Reduce -5.3% |
| ICOW Pacer Developed Markets Inte | 1.99% | 819,867 | $27.9M | Add +6.7% |
| MSFT Microsoft Corp. | 1.85% | 52,129 | $25.9M | Reduce -2.5% |
| BILL Bill Holdings Inc. | 1.73% | 526,396 | $24.4M | No change |
| META Meta Platforms Inc. Class A | 1.42% | 27,100 | $20.0M | Reduce -12.7% |
| VFLO Victoryshares Free Cash Flow | 1.35% | 536,518 | $19.0M | Add +4.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.24% | 28,176 | $17.4M | Reduce -7.0% |
| AMZN Amazon.com Inc. | 1.21% | 77,354 | $17.0M | Reduce -0.5% |
| RSP Invesco S&P 500 Equal Weight | 1.20% | 92,814 | $16.9M | Add +10.6% |
| UPST Upstart Holdings Inc. | 1.18% | 256,102 | $16.6M | Add +42.0% |
| TSLA Tesla Inc. | 1.17% | 51,668 | $16.4M | Add +1.0% |
| AAPL Apple Inc. | 1.00% | 68,178 | $14.0M | Add +30.2% |
| XLK SS Technology Select Sector | 0.95% | 52,629 | $13.3M | Reduce -2.7% |
| GOOGL Alphabet Inc. Class A | 0.90% | 71,801 | $12.7M | Reduce -1.9% |
| GOOG Alphabet Inc. Class C | 0.88% | 69,884 | $12.4M | Add +0.2% |
| NFLX Netflix Inc. | 0.87% | 9,177 | $12.3M | Reduce -2.6% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.80% | 67,945 | $11.2M | Reduce -45.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.76% | 54,869 | $10.7M | Reduce -59.8% |
| V Visa Inc. Class A | 0.73% | 28,910 | $10.3M | Reduce -1.0% |
| QQQM Invesco Nasdaq 100 ETF | 0.71% | 43,678 | $9.9M | Add +20.2% |
| ACWI iShares MSCI Acwi ETF | 0.66% | 72,288 | $9.3M | Reduce -40.2% |
| IWB iShares Russell 1000 ETF | 0.65% | 26,737 | $9.1M | No change |
| ORCL Oracle Corp. | 0.62% | 39,631 | $8.7M | Reduce -1.8% |
| IWF iShares Russell 1000 Growth | 0.60% | 19,821 | $8.4M | Add +0.7% |
| BA The Boeing Co. | 0.55% | 36,851 | $7.7M | Reduce -0.4% |
| VTIP Vanguard Short-Term Tips | 0.53% | 149,449 | $7.5M | Add +30.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.53% | 13,550 | $7.5M | Add +52.9% |
| GVI iShares Intermediate Governm | 0.48% | 62,984 | $6.7M | Add +9.8% |
| IWD iShares Russell 1000 Value E | 0.47% | 33,908 | $6.6M | Add +0.8% |
| EFA iShares MSCI Eafe ETF | 0.45% | 70,473 | $6.3M | No change |
| NET Cloudflare Inc. Class A | 0.39% | 27,781 | $5.4M | Add +4.1% |
| GLD SPDR Gold Shares | 0.38% | 17,733 | $5.4M | Reduce -0.6% |
| XLV SS Health Care Select Sector | 0.36% | 37,637 | $5.1M | Reduce -2.8% |
| COST Costco Wholesale Corp. | 0.35% | 5,031 | $5.0M | Reduce -6.8% |
| SHOP Shopify Inc. Class A | 0.34% | 40,907 | $4.7M | Reduce -3.8% |
| IAU iShares Gold Trust | 0.33% | 75,142 | $4.7M | No change |
| BLK BlackRock Inc. | 0.33% | 4,460 | $4.7M | Reduce -1.6% |
| COIN Coinbase Global Inc. Class A | 0.32% | 12,838 | $4.5M | Add +2.2% |
| PM Philip Morris International | 0.32% | 24,346 | $4.4M | Reduce -18.6% |
| GREK Global X MSCI Greece ETF | 0.31% | 74,440 | $4.3M | Reduce -4.8% |
| CVX Chevron Corp. | 0.31% | 30,047 | $4.3M | Add +20.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.31% | 8,433 | $4.3M | Add +2.7% |
| EPOL iShares MSCI Poland ETF | 0.30% | 131,741 | $4.2M | Reduce -3.3% |
| APD Air Products & Chemicals Inc. | 0.30% | 15,060 | $4.2M | Reduce -0.3% |
| HMOP Hartford Municipal Opp ETF | 0.30% | 109,274 | $4.2M | Reduce -1.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.30% | 33,449 | $4.1M | Reduce -16.3% |
| SBUX Starbucks Corp. | 0.29% | 45,212 | $4.1M | Reduce -0.2% |
| CRM Salesforce Inc. | 0.29% | 14,860 | $4.1M | Reduce -0.3% |
| IVV iShares Core S&P 500 ETF | 0.29% | 6,481 | $4.0M | Reduce -9.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.29% | 8,248 | $4.0M | Reduce -11.2% |
| NSC Norfolk Southern Corp. | 0.28% | 15,219 | $3.9M | Add +33.5% |
| RTX RTX Corp. | 0.28% | 26,490 | $3.9M | Reduce -7.9% |
| MNST Monster Beverage Corp. | 0.27% | 61,187 | $3.8M | Reduce -9.3% |
| ADSK Autodesk Inc. | 0.27% | 12,330 | $3.8M | Reduce -0.3% |
| TXN Texas Instruments Inc. | 0.27% | 18,371 | $3.8M | Reduce -0.5% |
| FBTC Fidelity Wise Origin Bitcoin | 0.26% | 39,558 | $3.7M | Add +42.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.26% | 8,347 | $3.7M | Reduce -0.2% |
| PGR Progressive Corp. | 0.25% | 13,103 | $3.5M | Reduce -0.9% |
| SCHW Schwab (charles) Corp. | 0.24% | 37,151 | $3.4M | Reduce -1.1% |
| MDY State Street SPDR S&P Midcap | 0.23% | 5,810 | $3.3M | No change |
| SYY Sysco Corp. | 0.23% | 42,657 | $3.2M | Add +27.6% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.23% | 11,511 | $3.2M | Reduce -75.4% |
| TBF Proshares Short 20+ Treasury | 0.23% | 131,376 | $3.2M | No change |
| JNJ Johnson & Johnson | 0.22% | 20,603 | $3.1M | Reduce -0.1% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.22% | 63,214 | $3.1M | Reduce -15.7% |
| D Dominion Energy Inc. | 0.22% | 54,627 | $3.1M | Add +32.9% |
| GLW Corning Inc. | 0.22% | 58,268 | $3.1M | Add +39.8% |
| SEIC Sei Investments Company | 0.22% | 33,998 | $3.1M | Reduce -8.5% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.21% | 7,282 | $2.9M | Add +24.4% |
| CSCO Cisco Systems Inc. | 0.19% | 39,415 | $2.7M | Reduce -0.2% |
| LOW Lowe's Cos Inc. | 0.19% | 12,219 | $2.7M | Reduce -0.7% |
| IBIT iShares Bitcoin Trust ETF | 0.19% | 44,248 | $2.7M | Add +9.6% |
| FIS Fidelity National Info Serv | 0.19% | 32,832 | $2.7M | Reduce -0.1% |
| EWS iShares MSCI Singapore ETF | 0.19% | 102,733 | $2.7M | Reduce -2.2% |
| EWX State Street SPDR S&P Emergi | 0.19% | 42,561 | $2.6M | Reduce -0.2% |
| MA Mastercard Inc. Class A | 0.19% | 4,626 | $2.6M | Reduce -2.8% |
| ZS Zscaler Inc. | 0.18% | 8,209 | $2.6M | Add +0.6% |
| IEMG iShares Core MSCI Emerging | 0.18% | 42,424 | $2.5M | Reduce -0.4% |
| PAYX Paychex Inc. | 0.18% | 17,423 | $2.5M | Reduce -0.3% |
| FAST Fastenal Co. | 0.18% | 59,334 | $2.5M | Reduce -0.2% |
| PSQ HOLDINGS INC | 0.18% | 1,203,704 | $2.5M | New |
| TEL Te Connectivity PLC | 0.17% | 14,573 | $2.5M | Reduce -0.0% |
| EWI iShares MSCI Italy ETF | 0.17% | 49,934 | $2.4M | Reduce -6.0% |
| SGOV iShares 0-3 Month Treasury B | 0.17% | 23,848 | $2.4M | Reduce -73.4% |
| NOC Northrop Grumman Corp. | 0.17% | 4,753 | $2.4M | Reduce -0.3% |
| QCOM Qualcomm Inc. | 0.17% | 14,860 | $2.4M | Reduce -12.9% |
| ICE Intercontinental Exchange Inc. | 0.17% | 12,834 | $2.4M | Reduce -26.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.17% | 10,243 | $2.3M | Reduce -1.4% |
| MATX Matson Inc. | 0.16% | 20,401 | $2.3M | Reduce -11.9% |
| XLP SS Consumer Staples Sel Sect | 0.16% | 26,952 | $2.2M | Reduce -2.8% |
| PLTR Palantir Technologies Inc. Class A | 0.15% | 15,558 | $2.1M | Add +14.2% |
| MO Altria Group Inc. | 0.15% | 35,767 | $2.1M | Reduce -0.3% |
Portfolio Sells Q1 2025 → Q2 2025
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -59.8% | 0.76% | −1.25 |
| ABBV Abbvie Inc. | Reduce -8.5% | 2.77% | −1.03 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -45.9% | 0.80% | −0.80 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -75.4% | 0.23% | −0.73 |
| SGOV iShares 0-3 Month Treasury B | Reduce -73.4% | 0.17% | −0.54 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -87.8% | 0.06% | −0.49 |
| ACWI iShares MSCI Acwi ETF | Reduce -40.2% | 0.66% | −0.45 |
| ABT Abbott Laboratories | Reduce -3.4% | 2.25% | −0.28 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.7% | 2.48% | −0.24 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -81.9% | 0.04% | −0.21 |
| WRB WR Berkley Corp. | Reduce -62.1% | 0.09% | −0.17 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.13 |
| IWM iShares Russell 2000 ETF | Reduce -70.8% | 0.05% | −0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -11.2% | 0.29% | −0.11 |
| CMCSA Comcast Corp. Class A | Reduce -75.2% | 0.03% | −0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -7.0% | 1.24% | −0.10 |
| BRO Brown & Brown Inc. | Reduce -74.8% | 0.02% | −0.09 |
| XLV SS Health Care Select Sector | Reduce -2.8% | 0.36% | −0.09 |
| GDDY GoDaddy Inc. Class A | Reduce -45.3% | 0.08% | −0.09 |
| V Visa Inc. Class A | Reduce -1.0% | 0.73% | −0.08 |
| VWO Vanguard Ftse Emerging Marke | Reduce -1.6% | 2.19% | −0.08 |
| SMLF iShares US Smallcap Equity F | Sold out | 0.00% | −0.08 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -15.7% | 0.22% | −0.07 |
| IJR iShares Core S&P Small-Cap E | Reduce -33.7% | 0.12% | −0.07 |
| NCNO Ncino Inc. | Reduce -64.1% | 0.04% | −0.07 |
| CSL Carlisle Cos Inc. | Reduce -41.4% | 0.10% | −0.07 |
| MATX Matson Inc. | Reduce -11.9% | 0.16% | −0.07 |
| ICE Intercontinental Exchange Inc. | Reduce -26.8% | 0.17% | −0.07 |
| MKL Markel Group Inc. | Reduce -37.3% | 0.10% | −0.07 |
| BABA Alibaba Group Holding-SP ADR | Reduce -49.6% | 0.04% | −0.06 |
| IJH iShares Core S&P Midcap ETF | Sold out | 0.00% | −0.06 |
| PM Philip Morris International | Reduce -18.6% | 0.32% | −0.06 |
| SBUX Starbucks Corp. | Reduce -0.2% | 0.29% | −0.06 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.2% | 0.26% | −0.06 |
| LII Lennox International Inc. | Reduce -44.2% | 0.06% | −0.05 |
| CASY Casey's General Stores Inc. | Reduce -43.3% | 0.08% | −0.05 |
| APD Air Products & Chemicals Inc. | Reduce -0.3% | 0.30% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -6.8% | 0.35% | −0.05 |
| MORN Morningstar Inc. | Reduce -31.7% | 0.09% | −0.05 |
| TQQQ Proshares Ultrapro QQQ | Sold out | 0.00% | −0.05 |
| AMG Affiliated Managers Group | Reduce -58.0% | 0.04% | −0.05 |
| PGR Progressive Corp. | Reduce -0.9% | 0.25% | −0.05 |
| JNJ Johnson & Johnson | Reduce -0.1% | 0.22% | −0.05 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -30.2% | 0.07% | −0.04 |
| OKLO Oklo Inc. | Sold out | 0.00% | −0.04 |
| COLM Columbia Sportswear Co. | Reduce -41.5% | 0.03% | −0.04 |
| LKQ LKQ Corp. | Reduce -11.2% | 0.10% | −0.04 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.9% | 0.11% | −0.04 |
| HMOP Hartford Municipal Opp ETF | Reduce -1.6% | 0.30% | −0.04 |
| MNST Monster Beverage Corp. | Reduce -9.3% | 0.27% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| RNIN Bushido Cap Smid C Eqty ETF | New | 7.08% | +7.08 |
| UPST Upstart Holdings Inc. | Add +42.0% | 1.18% | +0.52 |
| QQQ Invesco QQQ Trust Series 1 | Add +52.9% | 0.53% | +0.20 |
| PSQ HOLDINGS INC | New | 0.18% | +0.18 |
| QQQM Invesco Nasdaq 100 ETF | Add +20.2% | 0.71% | +0.15 |
| NET Cloudflare Inc. Class A | Add +4.1% | 0.39% | +0.15 |
| COIN Coinbase Global Inc. Class A | Add +2.2% | 0.32% | +0.15 |
| TSLA Tesla Inc. | Add +1.0% | 1.17% | +0.12 |
| CB Chubb Ltd. | New | 0.12% | +0.12 |
| FBTC Fidelity Wise Origin Bitcoin | Add +42.5% | 0.26% | +0.11 |
| VTIP Vanguard Short-Term Tips | Add +30.9% | 0.53% | +0.08 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +2.7% | 0.31% | +0.08 |
| MSTR Strategy Inc. | Add +24.4% | 0.21% | +0.08 |
| AAPL Apple Inc. | Add +30.2% | 1.00% | +0.07 |
| ICOW Pacer Developed Markets Inte | Add +6.7% | 1.99% | +0.07 |
| GLW Corning Inc. | Add +39.8% | 0.22% | +0.07 |
| NSC Norfolk Southern Corp. | Add +33.5% | 0.28% | +0.06 |
| VEA Vanguard Ftse Developed ETF | Add +0.8% | 3.90% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | Add +14.2% | 0.15% | +0.06 |
| ZS Zscaler Inc. | Add +0.6% | 0.18% | +0.06 |
| FETH Fidelity Ethereum Fund | Add +69.0% | 0.10% | +0.05 |
| RSP Invesco S&P 500 Equal Weight | Add +10.6% | 1.20% | +0.05 |
| IBIT iShares Bitcoin Trust ETF | Add +9.6% | 0.19% | +0.04 |
| CRCL Circle Internet Group Inc. | New | 0.04% | +0.04 |
| DE Deere & Co. | Add +75.0% | 0.10% | +0.04 |
| D Dominion Energy Inc. | Add +32.9% | 0.22% | +0.04 |
| IWF iShares Russell 1000 Growth | Add +0.7% | 0.60% | +0.04 |
| RBLX Roblox Corp. Class A | Add +1.6% | 0.08% | +0.03 |
| SYY Sysco Corp. | Add +27.6% | 0.23% | +0.03 |
| AGG iShares Core U.S. Aggregate | Add +50.5% | 0.10% | +0.03 |
| BSY Bentley Systems Inc. Class B | New | 0.03% | +0.03 |
| SPGI S&P Global Inc. | Add +47.6% | 0.09% | +0.02 |
| GOOG Alphabet Inc. Class C | Add +0.2% | 0.88% | +0.02 |
| COF Capital One Financial Corp. | New | 0.02% | +0.02 |
| SQQQ Proshares TR | New | 0.02% | +0.02 |
| ENSG The Ensign Group Inc. | New | 0.01% | +0.01 |
| LMT Lockheed Martin Corp. | Add +74.9% | 0.03% | +0.01 |
| MANH Manhattan Associates Inc. | Add +19.1% | 0.06% | +0.01 |
| VEU Vanguard Ftse All-World Ex-U | Add +20.3% | 0.06% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +28.6% | 0.07% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +10.2% | 0.06% | +0.01 |
| XYZ Block Inc. | Add +0.2% | 0.07% | +0.01 |
| OPEN Opendoor Technologies Inc. | Add +188.4% | 0.02% | +0.01 |
| NSIT Insight Enterprises Inc. | Add +55.4% | 0.02% | +0.01 |
| EIRL iShares MSCI Ireland ETF | Add +1.9% | 0.08% | +0.00 |
| VIGI Vanguard Int Div App Indx FD | Add +18.9% | 0.02% | +0.00 |
| WEX Wex Inc. | Add +24.2% | 0.07% | +0.00 |
| NKE Nike Inc. Class B | Add +1.1% | 0.10% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +1.6% | 0.09% | +0.00 |
| DIVO Amplify CWP Enhan Divid ETF | Add +7.4% | 0.02% | +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 |