Sepio Capital, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Sepio Capital, LP reported 312 stock positions worth $1.7 billion. Its top holding was Bushido Cap US Equity ETF (SMRI) at 26.7% of the portfolio, followed by Bushido Cap Smid C Eqty ETF (RNIN, 7.1%) and Vanguard S&P 500 ETF (VOO, 6.1%). Compared with Q2 2025, it opened 48 new positions, sold out of 10, added to 171 and reduced 73. The biggest buy was Bushido Cap US Equity ETF (SMRI, shares +70%) and the biggest sale Bill (BILL, shares −82%).
- Most Recent 13F
- Q2 2026
- Location
- Salt Lake City, UT
- CIK
- 0001751412
- Portfolio Value
- $1.7B (Q3 2025)
- SEC Filing
- 0001172661-25-004736 ↗ filed Nov 13, 2025
Holdings Value
Holdings 312 stocks · $1.7B
| SMRI Bushido Cap US Equity ETF | 26.67% | 13,016,659 | $450.8M | Add +70.0% |
| RNIN Bushido Cap Smid C Eqty ETF | 7.10% | 4,392,161 | $120.0M | Add +13.4% |
| VOO Vanguard S&P 500 ETF | 6.13% | 169,103 | $103.6M | Add +0.9% |
| VEA Vanguard Ftse Developed ETF | 3.60% | 1,016,515 | $60.9M | Add +5.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.19% | 198,364 | $37.0M | Add +0.6% |
| VWO Vanguard Ftse Emerging Marke | 2.01% | 627,293 | $34.0M | Add +0.9% |
| ICOW Pacer Developed Markets Inte | 1.85% | 859,042 | $31.3M | Add +4.8% |
| ABBV Abbvie Inc. | 1.85% | 134,989 | $31.3M | Reduce -35.6% |
| MSFT Microsoft Corp. | 1.76% | 57,492 | $29.8M | Add +10.3% |
| NVDA Nvidia Corp. | 1.66% | 150,031 | $28.0M | Reduce -19.4% |
| META Meta Platforms Inc. Class A | 1.49% | 34,364 | $25.2M | Add +26.8% |
| TSLA Tesla Inc. | 1.41% | 53,514 | $23.8M | Add +3.6% |
| ABT Abbott Laboratories | 1.36% | 171,789 | $23.0M | Reduce -26.1% |
| VFLO Victoryshares Free Cash Flow | 1.20% | 538,942 | $20.2M | Add +0.5% |
| RSP Invesco S&P 500 Equal Weight | 1.19% | 106,322 | $20.2M | Add +14.6% |
| AAPL Apple Inc. | 1.19% | 78,846 | $20.1M | Add +15.7% |
| ACWI iShares MSCI Acwi ETF | 1.16% | 141,815 | $19.6M | Add +96.2% |
| AMZN Amazon.com Inc. | 1.13% | 86,644 | $19.0M | Add +12.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.13% | 28,557 | $19.0M | Add +1.4% |
| GOOG Alphabet Inc. Class C | 0.96% | 66,666 | $16.2M | Reduce -4.6% |
| QQQM Invesco Nasdaq 100 ETF | 0.91% | 62,393 | $15.4M | Add +42.9% |
| GOOGL Alphabet Inc. Class A | 0.91% | 63,085 | $15.3M | Reduce -12.1% |
| XLK SS Technology Select Sector | 0.88% | 52,572 | $14.8M | Reduce -0.1% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.71% | 68,290 | $11.9M | Add +0.5% |
| ORCL Oracle Corp. | 0.67% | 40,461 | $11.4M | Add +2.1% |
| NFLX Netflix Inc. | 0.66% | 9,348 | $11.2M | Add +1.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.66% | 53,357 | $11.1M | Reduce -2.8% |
| V Visa Inc. Class A | 0.60% | 29,580 | $10.1M | Add +2.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.59% | 16,597 | $10.0M | Add +22.5% |
| IWB iShares Russell 1000 ETF | 0.59% | 27,155 | $9.9M | Add +1.6% |
| GVI iShares Intermediate Governm | 0.52% | 81,511 | $8.8M | Add +29.4% |
| VTIP Vanguard Short-Term Tips | 0.51% | 171,278 | $8.7M | Add +14.6% |
| BA The Boeing Co. | 0.47% | 36,892 | $8.0M | Add +0.1% |
| EFA iShares MSCI Eafe ETF | 0.39% | 71,051 | $6.6M | Add +0.8% |
| GLD SPDR Gold Shares | 0.38% | 17,873 | $6.4M | Add +0.8% |
| NET Cloudflare Inc. Class A | 0.37% | 29,276 | $6.3M | Add +5.4% |
| SHOP Shopify Inc. Class A | 0.36% | 40,471 | $6.0M | Reduce -1.1% |
| BLK BlackRock Inc. | 0.33% | 4,756 | $5.5M | Add +6.6% |
| IAU iShares Gold Trust | 0.32% | 74,908 | $5.5M | Reduce -0.3% |
| XLV SS Health Care Select Sector | 0.31% | 37,200 | $5.2M | Reduce -1.2% |
| CVX Chevron Corp. | 0.30% | 32,928 | $5.1M | Add +9.6% |
| BILL Bill Holdings Inc. | 0.30% | 96,492 | $5.1M | Reduce -81.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.30% | 10,093 | $5.1M | Add +22.4% |
| COST Costco Wholesale Corp. | 0.29% | 5,360 | $5.0M | Add +6.5% |
| HMOP Hartford Municipal Opp ETF | 0.29% | 126,986 | $4.9M | Add +16.2% |
| GREK Global X MSCI Greece ETF | 0.29% | 75,409 | $4.9M | Add +1.3% |
| NSC Norfolk Southern Corp. | 0.29% | 16,084 | $4.8M | Add +5.7% |
| ANGX Angel Studios Inc. | 0.28% | 816,229 | $4.7M | New |
| GLW Corning Inc. | 0.28% | 57,233 | $4.7M | Reduce -1.8% |
| COIN Coinbase Global Inc. Class A | 0.27% | 13,314 | $4.5M | Add +3.7% |
| FBTC Fidelity Wise Origin Bitcoin | 0.26% | 44,198 | $4.4M | Add +11.7% |
| JNJ Johnson & Johnson | 0.25% | 23,116 | $4.3M | Add +12.2% |
| EPOL iShares MSCI Poland ETF | 0.25% | 131,755 | $4.2M | Add +0.0% |
| APD Air Products & Chemicals Inc. | 0.25% | 15,490 | $4.2M | Add +2.9% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.25% | 8,611 | $4.2M | Add +2.1% |
| MNST Monster Beverage Corp. | 0.25% | 62,270 | $4.2M | Add +1.8% |
| PM Philip Morris International | 0.25% | 25,826 | $4.2M | Add +6.1% |
| ADSK Autodesk Inc. | 0.24% | 12,582 | $4.0M | Add +2.0% |
| SBUX Starbucks Corp. | 0.24% | 47,022 | $4.0M | Add +4.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.23% | 33,855 | $3.9M | Add +1.2% |
| SCHW Schwab (charles) Corp. | 0.23% | 40,237 | $3.8M | Add +8.3% |
| IWF iShares Russell 1000 Growth | 0.23% | 8,129 | $3.8M | Reduce -59.0% |
| RTX RTX Corp. | 0.22% | 21,754 | $3.6M | Reduce -17.9% |
| TXN Texas Instruments Inc. | 0.21% | 19,654 | $3.6M | Add +7.0% |
| CRM Salesforce Inc. | 0.21% | 15,111 | $3.6M | Add +1.7% |
| PGR Progressive Corp. | 0.21% | 14,484 | $3.6M | Add +10.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.21% | 9,063 | $3.5M | Add +8.6% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.21% | 69,619 | $3.5M | Add +10.1% |
| D Dominion Energy Inc. | 0.20% | 56,647 | $3.5M | Add +3.7% |
| MDY State Street SPDR S&P Midcap | 0.20% | 5,810 | $3.5M | No change |
| LOW Lowe's Cos Inc. | 0.20% | 13,468 | $3.4M | Add +10.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.19% | 11,727 | $3.3M | Add +14.5% |
| SYY Sysco Corp. | 0.19% | 38,664 | $3.2M | Reduce -9.4% |
| TEL Te Connectivity PLC | 0.19% | 14,431 | $3.2M | Reduce -1.0% |
| CSCO Cisco Systems Inc. | 0.19% | 46,044 | $3.2M | Add +16.8% |
| TBF Proshares Short 20+ Treasury | 0.18% | 131,300 | $3.1M | Reduce -0.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.18% | 10,598 | $3.1M | Reduce -7.9% |
| FAST Fastenal Co. | 0.18% | 63,343 | $3.1M | Add +6.8% |
| NOC Northrop Grumman Corp. | 0.18% | 4,986 | $3.0M | Add +4.9% |
| PLTR Palantir Technologies Inc. Class A | 0.18% | 16,407 | $3.0M | Add +5.5% |
| IBIT iShares Bitcoin Trust ETF | 0.18% | 45,674 | $3.0M | Add +3.2% |
| EWS iShares MSCI Singapore ETF | 0.17% | 102,890 | $2.9M | Add +0.1% |
| EWX State Street SPDR S&P Emergi | 0.17% | 42,514 | $2.9M | Reduce -0.1% |
| SEIC Sei Investments Company | 0.17% | 33,643 | $2.9M | Reduce -1.0% |
| MA Mastercard Inc. Class A | 0.17% | 4,909 | $2.8M | Add +6.1% |
| IEMG iShares Core MSCI Emerging | 0.16% | 41,618 | $2.7M | Reduce -1.9% |
| SOFI Sofi Technologies Inc. | 0.16% | 101,650 | $2.7M | New |
| ZS Zscaler Inc. | 0.16% | 8,925 | $2.7M | Add +8.7% |
| EWI iShares MSCI Italy ETF | 0.15% | 49,950 | $2.6M | Add +0.0% |
| MO Altria Group Inc. | 0.15% | 38,901 | $2.6M | Add +8.8% |
| QCOM Qualcomm Inc. | 0.15% | 15,165 | $2.5M | Add +2.0% |
| MSTR Strategy Inc. | 0.15% | 7,697 | $2.5M | Add +5.7% |
| PAYX Paychex Inc. | 0.15% | 19,542 | $2.5M | Add +12.2% |
| UNH Unitedhealth Group Inc. | 0.14% | 6,920 | $2.4M | Add +20.7% |
| CINF Cincinnati Financial Corp. | 0.14% | 14,756 | $2.3M | Add +12.8% |
| PSQ HOLDINGS INC | 0.14% | 1,203,704 | $2.3M | No change |
| FIS Fidelity National Info Serv | 0.14% | 34,758 | $2.3M | Add +5.9% |
| REGN Regeneron Pharmaceuticals | 0.13% | 3,980 | $2.2M | Add +0.6% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 0.13% | 87,242 | $2.2M | Add +0.0% |
| FETH Fidelity Ethereum Fund | 0.13% | 53,037 | $2.2M | Reduce -2.1% |
Portfolio Sells Q2 2025 → Q3 2025
| BILL Bill Holdings Inc. | Reduce -81.7% | 0.30% | −1.43 |
| UPST Upstart Holdings Inc. | Reduce -97.9% | 0.02% | −1.16 |
| ABBV Abbvie Inc. | Reduce -35.6% | 1.85% | −0.92 |
| ABT Abbott Laboratories | Reduce -26.1% | 1.36% | −0.89 |
| NVDA Nvidia Corp. | Reduce -19.4% | 1.66% | −0.44 |
| IWF iShares Russell 1000 Growth | Reduce -59.0% | 0.23% | −0.37 |
| IWD iShares Russell 1000 Value E | Reduce -76.4% | 0.10% | −0.37 |
| IVV iShares Core S&P 500 ETF | Reduce -76.9% | 0.06% | −0.23 |
| SGOV iShares 0-3 Month Treasury B | Sold out | 0.00% | −0.17 |
| CPNG Coupang Inc. | Reduce -84.1% | 0.02% | −0.11 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -2.8% | 0.66% | −0.10 |
| COWZ Pacer US Cash Cows 100 ETF | Sold out | 0.00% | −0.07 |
| XLK SS Technology Select Sector | Reduce -0.1% | 0.88% | −0.07 |
| RTX RTX Corp. | Reduce -17.9% | 0.22% | −0.06 |
| NVR NVR Inc. | Reduce -62.4% | 0.03% | −0.06 |
| XLV SS Health Care Select Sector | Reduce -1.2% | 0.31% | −0.05 |
| MCO Moody's Corp. | Reduce -43.0% | 0.04% | −0.05 |
| SEIC Sei Investments Company | Reduce -1.0% | 0.17% | −0.05 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -7.9% | 0.18% | −0.05 |
| TBF Proshares Short 20+ Treasury | Reduce -0.1% | 0.18% | −0.04 |
| SYY Sysco Corp. | Reduce -9.4% | 0.19% | −0.04 |
| SPGI S&P Global Inc. | Reduce -23.6% | 0.05% | −0.04 |
| MORN Morningstar Inc. | Reduce -0.0% | 0.06% | −0.03 |
| LSTR Landstar System Inc. | Reduce -43.0% | 0.02% | −0.03 |
| XLP SS Consumer Staples Sel Sect | Reduce -0.9% | 0.12% | −0.03 |
| LKQ LKQ Corp. | Reduce -0.0% | 0.07% | −0.03 |
| LMT Lockheed Martin Corp. | Sold out | 0.00% | −0.03 |
| DE Deere & Co. | Reduce -0.9% | 0.07% | −0.03 |
| DEO Diageo PLC-Sponsored ADR | Reduce -1.0% | 0.09% | −0.03 |
| BURL Burlington Stores Inc. | Reduce -21.4% | 0.06% | −0.03 |
| SCHD Schwab US DVD Equity ETF | Sold out | 0.00% | −0.03 |
| ATR Aptargroup Inc. | Reduce -0.1% | 0.06% | −0.02 |
| CCI Crown Castle Inc. | Reduce -0.0% | 0.09% | −0.02 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.02 |
| CB Chubb Ltd. | Reduce -0.2% | 0.09% | −0.02 |
| KEX Kirby Corp. | Reduce -0.1% | 0.03% | −0.02 |
| ARMK Aramark | Reduce -0.1% | 0.07% | −0.02 |
| OPEN Opendoor Technologies Inc. | Sold out | 0.00% | −0.02 |
| BABA Alibaba Group Holding-SP ADR | Reduce -60.2% | 0.02% | −0.02 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -43.3% | 0.02% | −0.02 |
| NKE Nike Inc. Class B | Reduce -1.0% | 0.08% | −0.02 |
| IEMG iShares Core MSCI Emerging | Reduce -1.9% | 0.16% | −0.02 |
| EWX State Street SPDR S&P Emergi | Reduce -0.1% | 0.17% | −0.02 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.02 |
| BAH Booz Allen Hamilton Holdings | Reduce -0.0% | 0.07% | −0.02 |
| CACI Caci International Inc. Class A | Reduce -4.5% | 0.09% | −0.02 |
| SQQQ Proshares TR | Sold out | 0.00% | −0.02 |
| EXPD Expeditors Intl Wash Inc. | Reduce -3.6% | 0.09% | −0.01 |
| TRMB Trimble Inc. | Reduce -0.1% | 0.11% | −0.01 |
| YUM Yum! Brands Inc. | Reduce -0.3% | 0.08% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| SMRI Bushido Cap US Equity ETF | Add +70.0% | 26.67% | +8.70 |
| ACWI iShares MSCI Acwi ETF | Add +96.2% | 1.16% | +0.50 |
| ANGX Angel Studios Inc. | New | 0.28% | +0.28 |
| TSLA Tesla Inc. | Add +3.6% | 1.41% | +0.24 |
| QQQM Invesco Nasdaq 100 ETF | Add +42.9% | 0.91% | +0.21 |
| AAPL Apple Inc. | Add +15.7% | 1.19% | +0.19 |
| SOFI Sofi Technologies Inc. | New | 0.16% | +0.16 |
| EG Everest Group Ltd. | New | 0.09% | +0.09 |
| AVGO Broadcom Inc. | Add +264.8% | 0.11% | +0.08 |
| META Meta Platforms Inc. Class A | Add +26.8% | 1.49% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +188.7% | 0.11% | +0.07 |
| QQQ Invesco QQQ Trust Series 1 | Add +22.5% | 0.59% | +0.06 |
| ORCL Oracle Corp. | Add +2.1% | 0.67% | +0.06 |
| BMNR Bitmine Immersion Technologi | New | 0.06% | +0.06 |
| VNQ Vanguard Real Estate ETF | Add +93.0% | 0.12% | +0.05 |
| GVI iShares Intermediate Governm | Add +29.4% | 0.52% | +0.04 |
| PG The Procter & Gamble Co. | New | 0.04% | +0.04 |
| CAPE Doubleline Shiller Cape US | New | 0.03% | +0.03 |
| MRK Merck & Co. Inc. | New | 0.03% | +0.03 |
| LLY Eli Lilly & Co. | New | 0.03% | +0.03 |
| JNJ Johnson & Johnson | Add +12.2% | 0.25% | +0.03 |
| TSM Taiwan Semiconductor-SP ADR | Add +14.5% | 0.19% | +0.03 |
| QXO Qxo Inc. | New | 0.03% | +0.03 |
| DGRO iShares Core Dividend Growth | New | 0.03% | +0.03 |
| SAIA Saia Inc. | New | 0.03% | +0.03 |
| DFAU Dimensional US Core Equity M | New | 0.03% | +0.03 |
| PLTR Palantir Technologies Inc. Class A | Add +5.5% | 0.18% | +0.03 |
| VONG Vanguard Russell 1000 Growth | New | 0.03% | +0.03 |
| DFCF Dimensional Core Fixed Inc. | New | 0.02% | +0.02 |
| VGSH Vanguard Short-Term Treasury | Add +56.5% | 0.10% | +0.02 |
| CAT Caterpillar Inc. | Add +53.6% | 0.06% | +0.02 |
| DOCN Digitalocean Holdings Inc. | New | 0.02% | +0.02 |
| SPYG SS SPDR P S&P 500 Growth ETF | New | 0.02% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.02% | +0.02 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.02% | +0.02 |
| ETHA iShares Ethereum Trust ETF | New | 0.02% | +0.02 |
| PSN Parsons Corp. | New | 0.02% | +0.02 |
| ADBE Adobe Inc. | New | 0.02% | +0.02 |
| LIN Linde PLC | New | 0.02% | +0.02 |
| INTU Intuit Inc. | New | 0.02% | +0.02 |
| XOM Exxon Mobil Corp. | Add +67.5% | 0.05% | +0.02 |
| VZ Verizon Communications Inc. | New | 0.02% | +0.02 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | New | 0.02% | +0.02 |
| BX Blackstone Inc. | New | 0.02% | +0.02 |
| WTI W&T Offshore Inc. | New | 0.02% | +0.02 |
| GE General Electric | New | 0.02% | +0.02 |
| AMD Advanced Micro Devices | New | 0.02% | +0.02 |
| DFAI Dimensional International Co. | New | 0.02% | +0.02 |
| SO The Southern Co. | New | 0.02% | +0.02 |
| T AT&T Inc. | New | 0.02% | +0.02 |
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 |