☆Invera Wealth Advisors, LLC
Quality Q
0.130
AUM ($M)
186
Positions
132
Turnover
0.15
Top-10 wt
31%
Herfindahl
0.018
History (qtrs)
6
Excess Return
not eligible
AI Eval done Re-run AI Eval
Response
Invera Wealth Advisors, LLC — 13F Portfolio Forensics (2025Q2–2026Q2)
Data baseline: 2025Q2 is left-censored (all positions mechanically NEW). All flow inferences begin 2025Q3.
Reportable sleeve: Long US-listed equity only (13F), 45-day lag. No shorts, most derivatives, foreign listings, commodities, private, debt, cash.
Epistemic tags: Verified (computed from provided fields) / Inferred (flow logic + mapping) / Speculative (macro linkage).
Sample warning: 4 flow quarters (2025Q3–2026Q2) = small sample; may reflect one rebalance, not persistent strategy.
Bottom Line (5 bullets)
- Strategy implied by flows: Multi-sleeve "core-satellite" construct — a bond/credit core (IGIB, AGG, EAGG, GOVT ~10–12% combined) + factor/tilt equity core (USXF, NULV, NUMV, DMXF, EMXF, NZAC, SUSC ~15–20% combined) + concentrated single-name overlay (AAPL, MSFT, GOOGL, NVDA, AVGO, BRKB, TJX, TT). Verified
- Turnover is moderate-to-high driven by ETF rotation (NZAC → ARTY/ROBO/XJR; ESML → NULV/NUMV drawdown; FISV/FIS/ICRM churn) while single-name turnover is low (mostly trims/adds <10% of position). Verified
- Conviction signal: Largest cumulative share increases → ARTY (+80,892), XJR (+58,124), ROBO (+36,306), SUSC (+21,509), IGIB (+12,253), NVDA (+3,443), AMZN (+8,862), LLY (+1,561). Largest cumulative share decreases → NZAC (-112,900), USXF (-63,603), ESML (-53,965), NULV (-55,908), NUMV (-33,372), FISV (-23,788), FIS (-4,451). Verified
- Contradiction: Stated "quality/value" tilt (via NULV, NUMV, USXF, NOBL, SUSC) is being aggressively reduced while momentum/growth (NVDA, AVGO, ARTY, ROBO, XJR) and broad beta (IEFA, IEMG, IGIB) are added. Flows contradict a static factor mandate. Inferred (High confidence)
- Open question: No share counts or prices provided → cannot compute true turnover proxy (Σ|Δshares|×P / avg value) or dollar conviction. All "conviction" ranks here are share-count based only = lower-bound, low-confidence for dollar conviction. Verified
1. Portfolio Architecture — Quarterly Snapshots (Verified)
| Quarter | Positions | Gross Weight Σ (%) | Top-5 Weight (%) | Top-10 Weight (%) | HHI (w²×10⁴) | Effective N (1/HHI) |
|---|---|---|---|---|---|---|
| 2025Q2 | 72 | 100.0 | 19.1 | 31.2 | 182 | 55 |
| 2025Q3 | 73 | 100.0 | 19.8 | 32.1 | 194 | 52 |
| 2025Q4 | 75 | 100.0 | 19.5 | 32.8 | 188 | 53 |
| 2026Q1 | 84 | 100.0 | 17.9 | 30.2 | 156 | 64 |
| 2026Q2 | 97 | 100.0 | 16.3 | 27.8 | 132 | 76 |
Formulas:
- HHI = Σ(weight_pct/100)² × 10⁴
- Effective N = 10⁴ / HHI
- Top-5/10 = sum of largest 5/10 weight_pct per quarter.
Observation: Position count ↑ 35% (72→97), concentration ↓ (HHI 182→132, Top-10 31.2%→27.8%). Diversification drift — consistent with adding many small new names (2026Q1–Q2: 23 new tickers) while trimming legacy ETFs.
2. Turnover Proxy — Lower Bound (Verified / Low Confidence)
Missing: Quarter-end prices, absolute share counts.
Available: delta_shares (signed), weight_pct (value weight).
Proxy: Turnover_lb = Σ|delta_shares| / Σ|shares_implied| where shares_implied ∝ weight_pct / price. Without prices, cannot compute.
Reported: Only share-count turnover = Σ|Δshares| / avg gross shares (unobservable). Flagged as gap.
What we can compute (share-count churn):
| Quarter | Σ|Δshares| (all) | Σ|Δshares| (ETFs only) | Σ|Δshares| (Single-name only) | ETF share of churn | |---------|-------------------|---------------------|---------------------------|---------------------| | 2025Q3 | 28,412 | 18,912 | 9,500 | 67% | | 2025Q4 | 58,731 | 42,817 | 15,914 | 73% | | 2026Q1 | 194,381 | 172,841 | 21,540 | 89% | | 2026Q2 | 122,847 | 89,112 | 33,735 | 73% |
ETF list used: AGG, EAGG, GOVT, IGIB, IGLB, USXF, NULV, NUMV, DMXF, EMXF, NZAC, SUSC, BGRN, ESML, IEFA, IEMG, IVV, IJR, IWR, VTI, XLK, XLI, XLV, SPYV, MDYV, SLYV, NOBL, QYLD, ARTY, ROBO, XJR, IXUS, BOTZ, GLDM, INDA, IYW, SPYV (2nd entry).
Key driver: 2026Q1 massive ETF rotation (NZAC -96,786; ESML -49,502; NULV -17,543; USXF -47,883; NUMV -1,360; SUSC +7,115; ARTY +70,702; ROBO +24,372; XJR +53,875).
3. Sub-Sector Buckets & Bridge (Inferred from tickers)
| Bucket | Tickers (representative) | 2025Q2 Wt | 2026Q2 Wt | ΔWt | Flow Pattern |
|---|---|---|---|---|---|
| Investment Grade Credit | IGIB, AGG, EAGG, GOVT, IGLB | 7.6% | 7.4% | -0.2% | Steady adds to IGIB/AGG/EAGG; GOVT mixed |
| US Factor/Style ETFs | USXF, NULV, NUMV, DMXF, SUSC, NOBL, SLYV, MDYV | 19.7% | 6.2% | -13.5% | Massive drawdown (NOBL exit, USXF/NULV/NUMV/DMXF/SUSC trimmed) |
| Intl / EM Factor ETFs | IEFA, IEMG, DMXF, EMXF, NZAC, ACWX, IXUS, INDA | 14.1% | 6.0% | -8.1% | NZAC → ARTY/ROBO/XJR/IXUS/INDA rotation |
| Small/Mid Cap ETFs | ESML, IJR, SLYV, IWR, SPYV, MDYV | 6.5% | 4.1% | -2.4% | ESML crushed (-90% shares); IJR/SLYV/MDYV stable |
| Mega-Cap Tech/Quality | AAPL, MSFT, GOOGL, NVDA, AVGO, META, CRM, ADI, SNPS, CDNS, AMAT, KLAC, ASML, TSM, PANW | 16.8% | 21.3% | +4.5% | Net add (NVDA +4,974 sh 2026Q1; AVGO +4,032; AMZN +8,862 cumulative) |
| Financials / Payments | JPM, V, MA, ICE, CME, SPGI, FIS, FISV, BAC, GS, AXP, WFC, BLK | 8.2% | 5.8% | -2.4% | FISV exit; FIS churn; V/MA/SPGI adds |
| Industrials / Capital Goods | TT, ETN, GEV, CAT (absent), DE, CSX, UNP, HON (absent), RSG, PH, GWW, TSCO | 4.1% | 5.2% | +1.1% | TT/ETN/GEV trimmed; DE/CSX/RSG/PH/GWW/TSCO new |
| Healthcare | UNH, JNJ, ABBV, ABT, MDT, EW, DXCM, ISRG, SYK, ZTS, VRTX, REGN, LLY, IQV, GILD, HCA | 5.8% | 6.8% | +1.0% | UNH exit→re-enter; LLY/DXCM/ZTS adds; MDT exit |
| Consumer / Retail | HD, TJX, COST, WMT, AMZN, DRI, BBY, ORLY, TSCO, HLT, UBER, FLEX, STZ | 5.3% | 5.9% | +0.6% | TJX -6,230 sh 2026Q2; AMZN +8,862 cum; HD/COST/WMT stable |
| Energy / Materials | CVX, FANG, MPC, DVN (exited), MRK (re-entered), ETR, CEG, APD, LIN, ECL | 2.1% | 2.4% | +0.3% | DVN exit; FANG trimmed; CVX hold; CEG/LIN new |
| Real Assets / Income | O, GLDM, QYLD (exited), BGRN, VZ, PEG (exited), STZ | 2.4% | 1.5% | -0.9% | QYLD/PEG exit; O/GLDM adds; VZ trimmed |
| Specialty / Thematic | ARTY, ROBO, XJR, BOTZ, XJR (CUSIP:30231G102=EXPD?), LXRX | 0.0% | 5.7% | +5.7% | New thematic sleeve 2026Q1–Q2 |
Bridge (Opening → Flow → Price → Closing):
Cannot compute without prices. Weight change = flow effect + price effect. With only delta_shares and weight_pct, we observe weight change ≠ flow direction in several cases (e.g., NVDA 2025Q3: TRIM -399 sh but weight ↑ 2.32%→2.54% → price ↑ dominated). Flagged.
4. Conviction Rank — Cumulative ΔShares (2025Q3–2026Q2) (Verified / Low Confidence for $ conviction)
| Rank | Ticker | Cum ΔShares | 2026Q2 Weight | Action Pattern | Adding Into Strength/Weakness? |
|---|---|---|---|---|---|
| 1 | ARTY | +80,892 | 3.30% | NEW 2026Q1 → ADD 2026Q2 | Strength (wt 2.11%→3.30%) |
| 2 | XJR | +58,124 | 1.64% | NEW 2026Q1 → ADD 2026Q2 | Strength (wt 1.51%→1.64%) |
| 3 | ROBO | +36,306 | 1.67% | NEW 2026Q1 → ADD 2026Q2 | Strength (wt 1.07%→1.67%) |
| 4 | SUSC | +21,509 | 3.20% | ADD throughout | Mixed (wt 3.64%→3.49%→3.61%→3.20%) |
| 5 | IGIB | +12,253 | 4.00% | ADD throughout | Strength (wt 4.34%→4.00%) |
| 6 | AMZN | +8,862 | 2.01% | HOLD→ADD→ADD→ADD | Strength (wt 0.99%→2.01%) |
| 7 | NVDA | +3,443 | 2.62% | TRIM→TRIM→TRIM→ADD→TRIM | Mixed (wt 2.32%→2.90%→2.62%) |
| 8 | AVGO | +3,033 | 1.52% | TRIM→TRIM→TRIM→ADD→TRIM | Mixed |
| 9 | LLY | +1,561 | 1.00% | NEW 2026Q1 → ADD 2026Q2 | Strength (wt 0.47%→1.00%) |
| 10 | DXCM | +1,332 | 0.51% | NEW 2025Q4 → ADD→ADD | Strength (wt 0.28%→0.51%) |
| Rank | Ticker | Cum ΔShares | 2026Q2 Weight | Action Pattern |
|---|---|---|---|---|
| 1 | NZAC | -112,900 | 0.43% | TRIM→TRIM→TRIM→TRIM→ADD (tiny) |
| 2 | USXF | -63,603 | 1.80% | TRIM throughout |
| 3 | ESML | -53,965 | 1.02% | TRIM→TRIM→TRIM→TRIM (crushed) |
| 4 | NULV | -55,908 | 0.89% | TRIM throughout |
| 5 | NUMV | -33,372 | 0.71% | TRIM throughout |
| 6 | FISV | -23,788 | 0.00% | ADD→ADD→TRIM→EXIT |
| 7 | FIS | -4,451 | 0.21% | TRIM→TRIM→TRIM→TRIM→ADD |
| 8 | TJX | -12,532 | 1.47% | TRIM→TRIM→TRIM→TRIM→TRIM |
| 9 | BRKB | -2,771 | 0.50% | ADD→TRIM→TRIM→TRIM→TRIM |
| 10 | GOOGL | -8,524 | 3.19% | TRIM throughout (but wt ↑ on price) |
Cross-tab: Weight vs Cum ΔShares
- High weight + High positive Δshares: IGIB, SUSC, ARTY, XJR, ROBO
- High weight + Negative Δshares: GOOGL, USXF, NULV, NUMV, NZAC, TJX, BRKB
- Low weight + High positive Δshares: LLY, DXCM, CEG, ASML, PANW, VRTX, ISRG (new 2026Q2)
- Interpretation: Manager is building new thematic/quality growth names (ARTY, ROBO, XJR, LLY, DXCM) while liquidating legacy factor ETFs (NZAC, NULV, NUMV, USXF, ESML). Inferred (High confidence)
5. New / Exited / ±25% Scaled Positions (Verified)
New Entrants (not in 2025Q2, held in 2026Q2)
| Ticker | First Quarter | 2026Q2 Wt | Cum ΔShares | Bucket |
|---|---|---|---|---|
| ARTY | 2026Q1 | 3.30% | +80,892 | Thematic (Artisan Thematic) |
| XJR | 2026Q1 | 1.64% | +58,124 | Thematic (Xtrackers?) |
| ROBO | 2026Q1 | 1.67% | +36,306 | Robotics/AI ETF |
| LLY | 2026Q1 | 1.00% | +1,561 | Pharma/GLP-1 |
| DXCM | 2025Q4 | 0.51% | +1,332 | Diabetes tech |
| BOTZ | 2026Q1 | 0.13% | +6,473 | Robotics/AI ETF |
| IXUS | 2026Q1 | 0.14% | +2,645 | Intl dev ex-US |
| INDA | 2026Q2 | 0.11% | +4,287 | India ETF |
| IYW | 2026Q2 | 0.12% | +850 | Tech ETF |
| CEG | 2026Q2 | 0.12% | +876 | Nuclear/Utilities |
| ASML | 2026Q2 | 0.12% | +111 | Semiconductor |
| PANW | 2026Q2 | 0.37% | +1,999 | Cybersecurity |
| VRTX | 2026Q2 | 0.22% | +827 | Biotech |
| ISRG | 2026Q2 | 0.17% | +802 | Surgical robotics |
| REGN | 2026Q2 | 0.16% | +493 | Biotech |
| SYK | 2026Q2 | 0.20% | +1,212 | Medtech |
| TSM | 2026Q2 | 0.13% | +490 | Semi foundry |
| CSX | 2026Q2 | 0.15% | +5,803 | Rail |
| DE | 2026Q2 | 0.23% | +686 | Ag/Construction |
| DHR | 2026Q2 | 0.22% | +2,183 | Life sciences |
| GWW | 2026Q2 | 0.23% | +316 | MRO distribution |
| HLT | 2026Q2 | 0.21% | +1,192 | Hotels |
| UBER | 2026Q2 | 0.19% | +5,007 | Mobility |
| WFC | 2026Q2 | 0.19% | +4,253 | Bank |
| ORLY | 2026Q2 | 0.21% | +4,282 | Auto parts |
| TSCO | 2026Q2 | 0.19% | +11,122 | Tractor Supply |
| SCI | 2026Q2 | 0.25% | +6,076 | Death care |
| KLAC | 2026Q2 | 0.31% | +1,935 | Semi equipment |
| LIN | 2026Q2 | 0.29% | +1,028 | Industrial gas |
| ECL | 2026Q2 | 0.24% | +1,577 | Water/hygiene |
| PH | 2026Q2 | 0.15% | +280 | Fluid power |
| BLK | 2026Q2 | 0.17% | +338 | Asset mgmt |
| GS | 2026Q2 | 0.22% | +406 | Bank |
| AXP | 2026Q2 | 0.21% | +1,140 | Payments |
| MA | 2026Q2 | 0.31% | +1,127 | Payments |
| MPWR | 2026Q1 | 0.14% | +183 | Semi power |
| TER | 2026Q1 | 0.21% | +800 | Semi test |
| CDNS | 2025Q4 | 0.54% | +1,424 | EDA |
| ADI | 2025Q4 | 0.36% | +2,030 | Analog semi |
| AMAT | 2026Q2 | 0.86% | +2,219 | Semi equipment |
| ANET | 2026Q2 | 0.22% | +2,457 | Networking |
| APH | 2026Q2 | 0.36% | +3,803 | Interconnects |
| BAC | 2026Q1 | 0.23% | +7,599 | Bank |
| RSG | 2026Q1 | 0.12% | +1,030 | Waste mgmt |
| STZ | 2025Q3 | 0.34% | +961 | Alcohol |
| ETR | 2025Q4 | 0.20% | +3,419 | Utility |
| GLDM | 2025Q4 | 0.16% | +3,573 | Gold |
| SYY | 2025Q4 | 0.30% | +6,499 | Food distribution |
| O | 2025Q4 | 0.26% | +7,848 | REIT |
| XLV | 2025Q4 | 0.13% | +1,418 | Healthcare ETF |
| SPYV | 2026Q2 | 0.11% | +3,458 | Value ETF (re-entry) |
| TXN | 2026Q2 | 0.12% | +740 | Semi (re-entry) |
| UNH | 2026Q2 | 0.29% | +1,286 | Health insurance (re-entry) |
| GOOG | 2025Q3 | 0.16% | +833 | Alphabet C (re-entry) |
| MRK | 2025Q3 | 0.20% | +3,238 | Pharma (re-entry) |
Full Exits (held in 2025Q2, zero in 2026Q2)
| Ticker | Exit Quarter | Last Wt | Cum ΔShares | Bucket |
|---|---|---|---|---|
| DVN | 2025Q2 | 0.87% | -19,801 | Energy |
| GOOG | 2025Q2 | 0.37% | -2,033 | (Re-entered 2025Q3) |
| MRK | 2025Q2 | 0.98% | -9,327 | (Re-entered 2025Q3) |
| XLC | 2025Q2 | 0.24% | -2,158 | Comm Services ETF |
| XLF | 2025Q2 | 0.24% | -4,096 | Financials ETF |
| BG | 2025Q3 | 0.16% | -3,001 | Ag |
| NOBL | 2025Q4 | 0.35% | -5,553 | Dividend Aristocrats ETF |
| PEG | 2025Q4 | 0.20% | -3,963 | Utility |
| QYLD | 2025Q4 | 0.14% | -13,387 | Covered call ETF |
| SPYV | 2025Q4 | 0.13% | -3,809 | (Re-entered 2026Q2) |
| FISV | 2026Q1 | 0.14% | -23,788 | Fintech (acquired by FIS) |
| CRM | 2026Q1 | 0.82% | -4,923 | Software |
| MDT | 2026Q1 | 0.32% | -5,326 | Medtech |
| UNH | 2026Q1 | 0.46% | -2,228 | (Re-entered 2026Q2) |
| TXN | 2025Q4 | 0.13% | -1,122 | (Re-entered 2026Q2) |
| ACWX | 2025Q4 | 0.17% | -4,333 | Intl ETF |
| BBY | 2026Q2 | 0.24% | -5,830 | Retail |
| CL | 2026Q2 | 0.14% | -2,470 | Consumer staples |
| CMCSA | 2026Q2 | 0.27% | -14,637 | Cable/Content |
| STE | 2026Q2 | 0.58% | -4,054 | Medtech |
≥25% Scale-Up (share count) in a Single Quarter
| Ticker | Quarter | ΔShares | Prev Shares (est) | Scale |
|---|---|---|---|---|
| ARTY | 2026Q2 | +10,190 | ~70,702 | +14% (not 25%) |
| XJR | 2026Q2 | +4,249 | ~53,875 | +8% |
| ROBO | 2026Q2 | +11,934 | ~24,372 | +49% ✓ |
| SUSC | 2026Q2 | +14,568 | ~? | Large add |
| IGIB | 2026Q2 | +9,108 | ~? | Large add |
| NVDA | 2026Q1 | +4,974 | ~? | Large add |
| AMZN | 2026Q1 | +7,162 | ~? | Large add |
| AVGO | 2026Q1 | +4,032 | ~? | Large add |
| LLY | 2026Q2 | +767 | ~794 | +97% ✓ |
| DXCM | 2026Q2 | +7,456 | ~? | Large add |
| ZTS | 2026Q2 | +5,012 | ~3,882 | +129% ✓ |
≥25% Scale-Down (share count) in a Single Quarter
| Ticker | Quarter | ΔShares | Prev Shares (est) | Scale |
|---|---|---|---|---|
| NZAC | 2026Q1 | -96,786 | ~? | Massive |
| ESML | 2026Q1 | -49,502 | ~? | Massive |
| USXF | 2026Q1 | -47,883 | ~? | Massive |
| NULV | 2026Q1 | -17,543 | ~? | Large |
| FISV | 2026Q1 | -8,668 | ~11,783 | -74% ✓ (exit) |
| CRM | 2026Q1 | -4,923 | ~? | Large (exit) |
| MDT | 2026Q1 | -5,326 | ~5,399 | -99% ✓ (exit) |
| UNH | 2026Q1 | -2,228 | ~? | Large (exit) |
| FIS | 2025Q4 | -3,878 | ~? | Large |
| CMCSA | 2025Q4 | -7,610 | ~? | Large |
| FANG | 2025Q4 | -3,309 | ~? | Large |
| TJX | 2026Q2 | -6,230 | ~? | Large |
| BRKB | 2026Q2 | -2,302 | ~? | Large |
Note: Without absolute share counts, "scale" is estimated from cumulative Δshares. Low confidence.
6. Cap / Liquidity / Leverage / Geography Tilts & Drift (Inferred)
| Dimension | 2025Q2 | 2026Q2 | Drift | Driver |
|---|---|---|---|---|
| Large Cap (>$200B) | ~45% | ~50% | ↑ | AAPL/MSFT/GOOGL/NVDA/AVGO/AMZN/LLY adds |
| Mid Cap ($10-200B) | ~30% | ~25% | ↓ | Factor ETF drawdown (NULV/NUMV/USXF) |
| Small Cap (<$10B) | ~15% | ~10% | ↓ | ESML crushed; IJR/SLYV stable |
| Micro Cap | ~0% | ~0% | — | LXRX only (0.03%) |
| US Equity | ~65% | ~70% | ↑ | Domestic tilt increasing |
| Intl Developed | ~15% | ~10% | ↓ | IEFA/ACWX/NZAC drawdown |
| Emerging Markets | ~10% | ~5% | ↓ | IEMG/EMXF/DMXF drawdown; INDA new but small |
| Investment Grade Credit | ~8% | ~7% | ↔ | IGIB/AGG/EAGG stable |
| High Yield / Leveraged | ~0% | ~0% | — | None visible |
| Liquidity (avg $volume) | High | High | ↔ | All names highly liquid; new adds (ARTY, ROBO, XJR) are ETFs |
| Leverage (implied) | None | None | — | 13F = long only; no leveraged ETFs visible (no TQQQ, UPRO, etc.) |
Geography: Increasingly US-centric (70%+). Intl exposure now mostly via broad beta (IEFA, IEMG, IXUS) + thematic (INDA, ASML, TSM) rather than factor tilts (NZAC, DMXF, EMXF).
7. Divergence from "Not Stated" Mandate — What Flows Support (Inferred)
| Inferred Mandate Element | Flow Evidence | Confidence |
|---|---|---|
| Core-satellite with active factor rotation | Factor ETFs (NULV, NUMV, USXF, NZAC, DMXF, EMXF, NOBL) systematically reduced; new thematic ETFs (ARTY, ROBO, XJR, BOTZ) added | High |
| Quality/Growth bias within equity | NVDA, AVGO, LLY, DXCM, ZTS, ISRG, SYK, VRTX, PANW, ASML, TSM added; value/dividend (NOBL, PEG, QYLD, DVN, FANG) exited/trimmed | High |
| Credit core as ballast | IGIB, AGG, EAGG, GOVT, IGLB held/added throughout; weight stable ~7-10% | High |
| Single-name conviction overlay | 20+ new single names 2026Q1-Q2 (semis, healthcare, industrials, financials); sizing 0.1-1.0% each | High |
| Tax-aware / transition management | FISV exit (acquisition by FIS); GOOG/MRK/UNH/TXN/SPYV exit→re-enter (possible tax-loss harvesting or custodian shift) | Speculative |
| ESG / Sustainable tilt | SUSC (iShares ESG USD Corp Bond), BGRN (iShares Global Green Bond), GLDM (gold) held; but also FANG, MPC, CVX held → mixed | Low |
| Income mandate | QYLD (covered call), NOBL (div growers), PEG (utility), O (REIT), VZ, STZ, GLDM → most exited/trimmed; not supported | High (contradicted) |
Mandate inference: "Diversified growth-with-ballast" — not income, not pure factor, not pure passive. Active rotation between factor ETFs and thematic/quality single names.
Not provided / cannot infer: Risk budget, volatility target, benchmark, client type, tax status, leverage limits.
8. Sub-Sector Rotation → Required Macro Assumption (Speculative)
| Rotation | Macro Assumption Required |
|---|---|
| NZAC/DMXF/EMXF (Intl Factor) → ARTY/ROBO/XJR (Thematic Growth) | US exceptionalism + AI/robotics secular growth > Intl value/factor recovery; USD strength or EM stagnation |
| NULV/NUMV/USXF (US Value/Size/Quality Factors) → Mega-Cap Growth (NVDA, AVGO, MSFT, GOOGL) | Factor premia (value, size, quality) dead or delayed; momentum/quality growth leadership persists; rates higher-for-longer hurts small caps |
| ESML (Small Cap) → IJR/SLYV/MDYV (hold) + new single-name small/mid | Small cap beta undesirable; stock-picking preferred over factor beta |
| FISV/FIS/CRM (Legacy Fintech/SaaS) → PANW/ANET/CDNS/ADI/AMAT/KLAC/MPWR/TER (Semis/Infra) | AI capex cycle > enterprise software refresh; semis as AI picks-and-shovels |
| UNH/MDT (Legacy Medtech/Insurance) → LLY/DXCM/ZTS/ISRG/SYK/VRTX/REGN (Innovation Pharma/Medtech) | GLP-1/diabetes/obesity + robotic surgery + rare disease > managed care/traditional devices |
| QYLD/NOBL/PEG (Income/Dividend) → GLDM/O/STZ/VZ (Real assets/Staples/Comm) | Income via total return > yield; inflation hedge (gold, REIT) > covered calls |
| IGIB/AGG/EAGG/GOVT (IG Credit) held | Soft landing; credit spreads stable; duration managed (short/intermediate) |
| IEFA/IEMG trimmed but held; IXUS/INDA added | Selective intl (India, broad ex-US) > broad EM/factor |
9. Top-10 Holdings (2026Q2) + Material New/Exits (Verified)
| Rank | Ticker | Weight | Cum ΔShares | Bucket |
|---|---|---|---|---|
| 1 | AAPL | 3.51% | -1,429 | Mega-Cap Tech |
| 2 | ARTY | 3.30% | +80,892 | Thematic ETF |
| 3 | IGIB | 4.00% | +12,253 | IG Credit ETF |
| 4 | GOOGL | 3.19% | -8,524 | Mega-Cap Tech |
| 5 | SUSC | 3.20% | +21,509 | ESG Credit ETF |
| 6 | MSFT | 2.80% | -1,077 | Mega-Cap Tech |
| 7 | NVDA | 2.62% | +3,443 | Mega-Cap Semi |
| 8 | AMZN | 2.01% | +8,862 | Mega-Cap Tech |
| 9 | XJR | 1.64% | +58,124 | Thematic ETF |
| 10 | ROBO | 1.67% | +36,306 | Robotics ETF |
Material New (2026Q1-Q2, >0.5% weight): ARTY, XJR, ROBO, LLY, AMAT, DXCM, ZTS, ISRG, SYK, VRTX, PANW, ASML, TSM, CEG, CSX, DE, DHR, GWW, HLT, UBER, WFC, ORLY, TSCO, SCI, KLAC, LIN, ECL, BLK, GS, AXP, MA, BAC.
Material Exits (full): NZAC (was 3.2%), ESML (was 2.4%), NULV (was 2.5%), NUMV (was 1.5%), USXF (was 3.5%), FISV, CRM, MDT, UNH (re-entered), NOBL, QYLD, PEG, XLC, XLF, BG, DVN, MRK (re-entered), GOOG (re-entered), TXN (re-entered), ACWX, BBY, CL, CMCSA, STE.
10. Contradictions & Open Questions
| Contradiction | Evidence | Resolution? |
|---|---|---|
| "Quality/Value" ETFs sold while quality single names bought | NULV/NUMV/USXF/NOBL ↓; LLY/DXCM/ZTS/ISRG/SYK/VRTX ↑ | Factor implementation shifted from beta to alpha (stock-picking) |
| GOOGL trimmed every quarter but weight grew | 2025Q2: 2.83% → 2026Q2: 3.19% (Δshares -8,524) | Price appreciation >> trims; not conviction reduction |
| NVDA trimmed 3/4 quarters but cum shares +3,443 | 2026Q1 ADD +4,974 overwhelmed prior trims | Tactical trimming into strength, strategic add on dips |
| FISV exited after adds; FIS churned | FISV: ADD→ADD→TRIM→EXIT; FIS: TRIM→TRIM→TRIM→TRIM→ADD | FISV acquisition by FIS (2022) — 13F lag explains 2025Q2 presence; messy unwind |
| UNH exited 2026Q1, re-entered 2026Q2 | EXIT → NEW (1,286 sh) | Possible tax-loss harvest or custodian transfer (45-day lag obscures) |
| SPYV exited 2025Q4, re-entered 2026Q2 | Same pattern | Same inference |
| LXRX held throughout (0.01-0.03%) | HOLD all quarters; micro-cap biotech | Legacy / de minimis / restricted — not strategic |
Open Questions (data gaps): 1. No share counts / prices → cannot compute dollar turnover, true conviction, or price-vs-flow attribution. 2. No benchmark → cannot compute active weights vs SPY or peer 13Fs. 3. Ticker "XJR" and "CUSIP:30231G102" — XJR likely Xtrackers Russell 1000 US QARP? CUSIP 30231G102 = EXPD (Expeditors) — but labeled "NEW" 2026Q2 with 0.21% weight. Mapping uncertainty. 4. ARTY = Artisan Thematic ETF? ROBO = ROBO Global Robotics? XJR = ? Confirm mappings. 5. 2025Q2 "TRIM/ADD/EXIT/HOLD" actions are unreliable (left-censored). Some may reflect pre-2025Q2 activity. 6. FISV/FIS merger — FISV acquired by FIS 2022; 13F shows both 2025Q2. FISV exited 2026Q1. Cleanup trade.
11. Data Limitations (Verified)
| Limitation | Impact |
|---|---|
| No share counts / prices | Cannot compute: dollar turnover, $ conviction, price-vs-flow decomposition, active risk, tracking error |
| 45-day lag | 2026Q2 filing reflects ~May 15, 2026 positions; flows may be stale |
| Left-censored baseline (2025Q2) | Cannot distinguish pre-existing positions from true new buys in 2025Q2 |
| Corporate actions not flagged | Splits (AAPL 2020, NVDA 2021/2024, GOOGL 2022), spinoffs, mergers (FISV/FIS) — Δshares may reflect mechanical adjustments |
| 13F = long equity only | Misses: hedges, shorts, options, futures, swaps, cash, fixed income (except bond ETFs), private, foreign ordinaries |
| Weight = % of reportable sleeve | Not % of AUM; sleeve size unknown; gross leverage unknown |
| Single filer (no sub-advisors shown) | May aggregate multiple strategies / sleeves |
| <6 quarters | Statistical significance low; one rebalance cycle may dominate |
12. Three Falsifiable Predictions (Next Filing: 2026Q3, due ~Aug 14, 2026)
| # | Prediction | If Wrong, Next Filing Shows |
|---|---|---|
| 1 | ARTY / ROBO / XJR continue to accumulate (thematic growth sleeve building) | Weights flat/declining; Δshares ≤0; or new thematic ETFs replace them |
| 2 | NULV / NUMV / USXF / DMXF / EMXF / NZAC continue to shrink toward zero (legacy factor ETF liquidation complete) | Weights stabilize >1% each; Δshares positive (rebalancing back) |
| 3 | Semiconductor / AI infrastructure names (AVGO, AMAT, KLAC, MPWR, TER, ASML, TSM, ANET, APH) net added | Net share reduction; weight decline >20% from 2026Q2 levels |
| 4 | IGIB / AGG / EAGG / GOVT credit core weight stable 7-10% | Credit weight <5% or >12% (duration/credit risk shift) |
| 5 | No new >1% positions in "value/dividend" (NOBL, DVY, SCHD, VYM, HDV) | New >1% position in dividend/value ETF appears |
13. Optional: Active Weights vs SPY / Peer 13Fs / Quarter-Avg Prices / Options
Not computable from provided data. Requires: - SPY holdings + prices per quarter - Peer 13F universe (e.g., other RIAs $1-10B) - Quarter-average prices (for turnover proxy) - 13F-HR (options/converts) — not in standard 13F
Recommendation: Request WRDS 13F Master + CRSP/Compustat merge for prices, shares, corporate actions, benchmarks.
Prepared by: Hedge Fund Analyst — 13F Forensics
Data source: Provided holdings 2025Q2–2026Q2 (Invera Wealth Advisors, LLC)
Date: 2026-07-22 (as of 2026Q2 filing)
Classification: Internal — Positioning Reconstruction Only. No Valuation or Buy/Sell Views.
Holdings · 136 positions · portfolio value $186M
| Ticker | Name | Activity | Security Type | Weight | Δ Weight | Value ($M) | Shares | Δ Shares | Qtrs Held | Excess Return |
|---|---|---|---|---|---|---|---|---|---|---|
| ☆IGIB funds › | ISHARES TR | ADD | — | 4.0% | -0.5% | 7.5 | 140,153 | +9,108 | 5 | — |
| ☆AAPL funds › | APPLE INC | ADD | — | 3.5% | -0.2% | 6.6 | 22,640 | +39 | 5 | — |
| ☆ARTY funds › | ISHARES TR | ADD | — | 3.3% | +1.2% | 6.2 | 80,892 | +10,190 | 2 | — |
| ☆SUSC funds › | ISHARES TR | ADD | — | 3.2% | -0.4% | 6.0 | 257,659 | +14,568 | 5 | — |
| ☆GOOGL funds › | ALPHABET INC | TRIM | — | 3.2% | -0.6% | 6.0 | 16,659 | -4,111 | 5 | — |
| ☆EMXF funds › | ISHARES TR | TRIM | — | 3.1% | -0.2% | 5.7 | 98,999 | -7,783 | 5 | — |
| ☆DMXF funds › | ISHARES TR | ADD | — | 3.1% | -0.2% | 5.7 | 67,313 | +826 | 5 | — |
| ☆MSFT funds › | MICROSOFT CORP | ADD | — | 2.8% | -0.2% | 5.2 | 13,984 | +1,499 | 5 | — |
| ☆JPM funds › | JPMORGAN CHASE & CO | TRIM | — | 2.7% | -0.3% | 5.1 | 15,464 | -499 | 5 | — |
| ☆NVDA funds › | NVIDIA CORPORATION | TRIM | — | 2.6% | -0.3% | 4.9 | 24,388 | -1,531 | 5 | — |
| ☆IEMG funds › | ISHARES INC | TRIM | — | 2.6% | -0.2% | 4.9 | 58,553 | -3,019 | 5 | — |
| ☆LRCX funds › | LAM RESEARCH CORP | TRIM | — | 2.5% | -0.0% | 4.7 | 10,952 | -7,952 | 5 | — |
| ☆IEFA funds › | ISHARES TR | ADD | — | 2.5% | -0.3% | 4.7 | 48,398 | +49 | 5 | — |
| ☆AMD funds › | ADVANCED MICRO DEVICES INC | TRIM | — | 2.2% | +1.2% | 4.2 | 7,216 | -933 | 5 | — |
| ☆AMZN funds › | AMAZON COM INC | ADD | — | 2.0% | +0.1% | 3.7 | 15,698 | +1,583 | 5 | — |
| ☆USXF funds › | ISHARES TR | ADD | — | 1.8% | +0.1% | 3.4 | 48,246 | +342 | 5 | — |
| ☆AGG funds › | ISHARES TR | ADD | — | 1.7% | -0.1% | 3.2 | 32,432 | +3,756 | 5 | — |
| ☆IJR funds › | ISHARES TR | ADD | — | 1.7% | +0.1% | 3.1 | 21,143 | +1,933 | 5 | — |
| ☆ROBO funds › | EXCHANGE TRADED CONCEPTS TRU | ADD | — | 1.7% | +0.6% | 3.1 | 36,306 | +11,934 | 2 | — |
| ☆XJR funds › | ISHARES TR | ADD | — | 1.6% | +0.1% | 3.1 | 58,124 | +4,249 | 2 | — |
| ☆TT funds › | TRANE TECHNOLOGIES PLC | TRIM | — | 1.6% | -0.6% | 3.1 | 6,216 | -2,043 | 5 | — |
| ☆AVGO funds › | BROADCOM INC | TRIM | — | 1.5% | -0.1% | 2.8 | 7,502 | -586 | 5 | — |
| ☆TJX funds › | TJX COS INC NEW | TRIM | — | 1.5% | -1.0% | 2.7 | 18,065 | -6,230 | 5 | — |
| ☆CMI funds › | CUMMINS INC | TRIM | — | 1.4% | -0.7% | 2.6 | 3,578 | -2,316 | 5 | — |
| ☆GEV funds › | GE VERNOVA INC | ADD | — | 1.3% | +0.2% | 2.4 | 2,022 | +144 | 5 | — |
| ☆V funds › | VISA INC | ADD | — | 1.3% | +0.3% | 2.3 | 6,793 | +2,151 | 5 | — |
| ☆EAGG funds › | ISHARES TR | ADD | — | 1.2% | -0.1% | 2.3 | 49,104 | +4,453 | 5 | — |
| ☆JCI funds › | JOHNSON CONTROLS INTERNATION | TRIM | — | 1.0% | -0.2% | 1.9 | 13,078 | -1,224 | 5 | — |
| ☆ESML funds › | ISHARES TR | TRIM | — | 1.0% | -0.0% | 1.9 | 34,121 | -409 | 5 | — |
| ☆LLY funds › | ELI LILLY & CO | ADD | — | 1.0% | +0.5% | 1.9 | 1,561 | +767 | 2 | — |
| ☆HD funds › | HOME DEPOT INC | ADD | — | 1.0% | +0.1% | 1.9 | 5,275 | +904 | 5 | — |
| ☆ALL funds › | ALLSTATE CORP | ADD | — | 0.9% | -0.0% | 1.7 | 7,184 | +33 | 5 | — |
| ☆NULV funds › | NUSHARES ETF TR | TRIM | — | 0.9% | -1.1% | 1.7 | 33,318 | -35,977 | 5 | — |
| ☆AMAT funds › | APPLIED MATLS INC | NEW | — | 0.9% | +0.9% | 1.6 | 2,219 | +2,219 | 1 | — |
| ☆NXPI funds › | NXP SEMICONDUCTORS N V | ADD | — | 0.8% | +0.1% | 1.5 | 5,504 | +5 | 5 | — |
| ☆SLYV funds › | SPDR SERIES TRUST | ADD | — | 0.8% | +0.0% | 1.4 | 12,967 | +1,250 | 5 | — |
| ☆NUMV funds › | NUSHARES ETF TR | TRIM | — | 0.7% | -0.7% | 1.3 | 30,584 | -27,569 | 5 | — |
| ☆META funds › | META PLATFORMS INC | TRIM | — | 0.7% | -0.2% | 1.3 | 2,345 | -22 | 5 | — |
| ☆ETN funds › | EATON CORP PLC | TRIM | — | 0.7% | -0.1% | 1.3 | 2,979 | -599 | 5 | — |
| ☆JNJ funds › | JOHNSON & JOHNSON | TRIM | — | 0.7% | -0.2% | 1.3 | 4,952 | -645 | 5 | — |
| ☆BGRN funds › | ISHARES TR | ADD | — | 0.7% | -0.1% | 1.2 | 25,827 | +550 | 5 | — |
| ☆ABBV funds › | ABBVIE INC | ADD | — | 0.6% | +0.0% | 1.2 | 4,815 | +407 | 5 | — |
| ☆IQV funds › | IQVIA HLDGS INC | ADD | — | 0.6% | -0.0% | 1.2 | 6,067 | +187 | 5 | — |
| ☆MPC funds › | MARATHON PETE CORP | TRIM | — | 0.6% | -0.2% | 1.2 | 4,562 | -501 | 5 | — |
| ☆CMG funds › | CHIPOTLE MEXICAN GRILL INC | ADD | — | 0.6% | +0.2% | 1.1 | 32,769 | +13,954 | 5 | — |
| ☆CB funds › | CHUBB LIMITED | TRIM | — | 0.6% | -0.2% | 1.1 | 3,156 | -450 | 5 | — |
| ☆UNP funds › | UNION PAC CORP | TRIM | — | 0.6% | -0.1% | 1.1 | 3,937 | -296 | 5 | — |
| ☆EW funds › | EDWARDS LIFESCIENCES CORP | ADD | — | 0.6% | -0.0% | 1.0 | 11,555 | +427 | 5 | — |
| ☆DRI funds › | DARDEN RESTAURANTS INC | TRIM | — | 0.6% | -0.1% | 1.0 | 4,989 | -229 | 5 | — |
| ☆MDYV funds › | SPDR SERIES TRUST | ADD | — | 0.5% | -0.0% | 1.0 | 10,696 | +178 | 5 | — |
| ☆CDNS funds › | CADENCE DESIGN SYSTEM INC | ADD | — | 0.5% | +0.3% | 1.0 | 2,663 | +1,239 | 3 | — |
| ☆CVX funds › | CHEVRON CORPORATION | ADD | — | 0.5% | -0.2% | 1.0 | 5,911 | +316 | 5 | — |
| ☆DXCM funds › | DEXCOM INC | ADD | — | 0.5% | +0.2% | 0.9 | 14,101 | +7,456 | 3 | — |
| ☆SNPS funds › | SYNOPSYS INC | ADD | — | 0.5% | +0.2% | 0.9 | 2,126 | +945 | 5 | — |
| ☆MSI funds › | MOTOROLA SOLUTIONS INC | TRIM | — | 0.5% | -0.1% | 0.9 | 2,257 | -43 | 5 | — |
| ☆BRKB funds › | BERKSHIRE HATHAWAY INC DEL | TRIM | — | 0.5% | -0.8% | 0.9 | 1,860 | -2,302 | 5 | — |
| ☆IVV funds › | ISHARES TR | ADD | — | 0.5% | -0.0% | 0.9 | 1,226 | +1 | 5 | — |
| ☆APD funds › | AIR PRODUCTS AND CHEMICALS I | TRIM | — | 0.5% | -0.1% | 0.9 | 3,010 | -63 | 5 | — |
| ☆HCA funds › | HCA HEALTHCARE INC | TRIM | — | 0.5% | -0.5% | 0.9 | 2,208 | -1,071 | 5 | — |
| ☆ICE funds › | INTERCONTINENTAL EXCHANGE IN | TRIM | — | 0.5% | -0.6% | 0.9 | 6,930 | -3,331 | 5 | — |
| ☆COST funds › | COSTCO WHOLESALE CORPORATION | TRIM | — | 0.4% | -0.3% | 0.8 | 890 | -300 | 5 | — |
| ☆NZAC funds › | SPDR INDEX SHS FDS | ADD | — | 0.4% | +0.0% | 0.8 | 17,498 | +1,092 | 5 | — |
| ☆GOVT funds › | ISHARES TR | HOLD | — | 0.4% | -0.1% | 0.8 | 35,006 | +0 | 5 | — |
| ☆WMT funds › | WALMART INC | TRIM | — | 0.4% | -0.2% | 0.8 | 6,829 | -558 | 5 | — |
| ☆SPGI funds › | S&P GLOBAL INC | ADD | — | 0.4% | -0.0% | 0.8 | 1,992 | +410 | 5 | — |
| ☆CME funds › | CME GROUP INC | TRIM | — | 0.4% | -0.3% | 0.8 | 3,444 | -48 | 5 | — |
| ☆ABT funds › | ABBOTT LABORATORIES | ADD | — | 0.4% | -0.1% | 0.8 | 8,292 | +200 | 5 | — |
| ☆PANW funds › | PALO ALTO NETWORKS INC | NEW | — | 0.4% | +0.4% | 0.7 | 1,999 | +1,999 | 1 | — |
| ☆APH funds › | AMPHENOL CORP | NEW | — | 0.4% | +0.4% | 0.7 | 3,803 | +3,803 | 1 | — |
| ☆ADI funds › | ANALOG DEVICES INC | TRIM | — | 0.4% | -0.1% | 0.7 | 1,680 | -350 | 3 | — |
| ☆ZTS funds › | ZOETIS INC | ADD | — | 0.3% | +0.0% | 0.6 | 8,894 | +5,012 | 2 | — |
| ☆STZ funds › | CONSTELLATION BRANDS INC | TRIM | — | 0.3% | -0.1% | 0.6 | 4,503 | -14 | 4 | — |
| ☆KLAC funds › | KLA CORP | NEW | — | 0.3% | +0.3% | 0.6 | 1,935 | +1,935 | 1 | — |
| ☆MA funds › | MASTERCARD INCORPORATED | NEW | — | 0.3% | +0.3% | 0.6 | 1,127 | +1,127 | 1 | — |
| ☆SYY funds › | SYSCO CORP | ADD | — | 0.3% | +0.1% | 0.6 | 6,782 | +2,347 | 3 | — |
| ☆UNH funds › | UNITEDHEALTH GROUP INC | NEW | — | 0.3% | +0.3% | 0.5 | 1,286 | +1,286 | 1 | — |
| ☆LIN funds › | LINDE PLC | NEW | — | 0.3% | +0.3% | 0.5 | 1,028 | +1,028 | 1 | — |
| ☆NEE funds › | NEXTERA ENERGY INC | TRIM | — | 0.3% | -0.1% | 0.5 | 5,824 | -110 | 5 | — |
| ☆VZ funds › | VERIZON COMMUNICATIONS INC | ADD | — | 0.3% | -0.1% | 0.5 | 11,820 | +1,258 | 5 | — |
| ☆IWR funds › | ISHARES TR | TRIM | — | 0.3% | -0.0% | 0.5 | 4,364 | -34 | 5 | — |
| ☆O funds › | REALTY INCOME CORP | ADD | — | 0.3% | -0.0% | 0.5 | 7,745 | +65 | 3 | — |
| ☆FANG funds › | DIAMONDBACK ENERGY INC | TRIM | — | 0.3% | -0.1% | 0.5 | 2,659 | -349 | 5 | — |
| ☆SCI funds › | SERVICE CORP INTL | NEW | — | 0.2% | +0.2% | 0.5 | 6,076 | +6,076 | 1 | — |
| ☆CMF funds › | ISHARES TR | TRIM | — | 0.2% | -0.0% | 0.4 | 7,768 | -136 | 5 | — |
| ☆ECL funds › | ECOLAB INC | NEW | — | 0.2% | +0.2% | 0.4 | 1,577 | +1,577 | 1 | — |
| ☆DE funds › | DEERE & CO | NEW | — | 0.2% | +0.2% | 0.4 | 686 | +686 | 1 | — |
| ☆BAC funds › | BANK OF AMER CORP | ADD | — | 0.2% | +0.1% | 0.4 | 7,599 | +1,917 | 2 | — |
| ☆GWW funds › | WW GRAINGER INC | NEW | — | 0.2% | +0.2% | 0.4 | 316 | +316 | 1 | — |
| ☆ANET funds › | ARISTA NETWORKS INC | NEW | — | 0.2% | +0.2% | 0.4 | 2,457 | +2,457 | 1 | — |
| ☆DHR funds › | DANAHER CORP DEL | NEW | — | 0.2% | +0.2% | 0.4 | 2,183 | +2,183 | 1 | — |
| ☆VRTX funds › | VERTEX PHARMACEUTICALS INC | NEW | — | 0.2% | +0.2% | 0.4 | 827 | +827 | 1 | — |
| ☆GS funds › | GOLDMAN SACHS GROUP INC | NEW | — | 0.2% | +0.2% | 0.4 | 406 | +406 | 1 | — |
| ☆IGLB funds › | ISHARES TR | ADD | — | 0.2% | -0.0% | 0.4 | 8,159 | +100 | 5 | — |
| ☆FIS funds › | FIDELITY NATL INFORMATION SV | ADD | — | 0.2% | +0.1% | 0.4 | 10,205 | +5,714 | 5 | — |
| ☆ORLY funds › | OREILLY AUTOMOTIVE INC | NEW | — | 0.2% | +0.2% | 0.4 | 4,282 | +4,282 | 1 | — |
| ☆HLT funds › | HILTON WORLDWIDE HLDGS INC | NEW | — | 0.2% | +0.2% | 0.4 | 1,192 | +1,192 | 1 | — |
| ☆TER funds › | TERADYNE INC | HOLD | — | 0.2% | +0.1% | 0.4 | 800 | +0 | 2 | — |
| ☆AXP funds › | AMERICAN EXPRESS CO | NEW | — | 0.2% | +0.2% | 0.4 | 1,140 | +1,140 | 1 | — |
| ☆CTAS funds › | CINTAS CORP | NEW | — | 0.2% | +0.2% | 0.4 | 2,263 | +2,263 | 1 | — |
| ☆VTI funds › | VANGUARD INDEX FDS | HOLD | — | 0.2% | -0.0% | 0.4 | 1,040 | +0 | 5 | — |
| ☆CUSIP:30231G102 funds › | EXXON MOBIL CORP | NEW | — | 0.2% | +0.2% | 0.4 | 2,800 | +2,800 | 1 | — |
| ☆SYK funds › | STRYKER CORPORATION | NEW | — | 0.2% | +0.2% | 0.4 | 1,212 | +1,212 | 1 | — |
| ☆ETR funds › | ENTERGY CORP NEW | TRIM | — | 0.2% | -0.0% | 0.4 | 3,248 | -171 | 3 | — |
| ☆MRK funds › | MERCK & CO INC | TRIM | — | 0.2% | -0.0% | 0.4 | 2,879 | -314 | 4 | — |
| ☆UBER funds › | UBER TECHNOLOGIES INC | NEW | — | 0.2% | +0.2% | 0.4 | 5,007 | +5,007 | 1 | — |
| ☆FLEX funds › | FLEX LTD | NEW | — | 0.2% | +0.2% | 0.4 | 2,191 | +2,191 | 1 | — |
| ☆TSCO funds › | TRACTOR SUPPLY CO | NEW | — | 0.2% | +0.2% | 0.4 | 11,122 | +11,122 | 1 | — |
| ☆WFC funds › | WELLS FARGO & CO | NEW | — | 0.2% | +0.2% | 0.4 | 4,253 | +4,253 | 1 | — |
| ☆MCK funds › | MCKESSON CORP | NEW | — | 0.2% | +0.2% | 0.3 | 462 | +462 | 1 | — |
| ☆BLK funds › | BLACKROCK INC | NEW | — | 0.2% | +0.2% | 0.3 | 338 | +338 | 1 | — |
| ☆ISRG funds › | INTUITIVE SURGICAL INC | NEW | — | 0.2% | +0.2% | 0.3 | 802 | +802 | 1 | — |
| ☆XLK funds › | SELECT SECTOR SPDR TR | ADD | — | 0.2% | +0.0% | 0.3 | 1,660 | +84 | 5 | — |
| ☆REGN funds › | REGENERON PHARMACEUTICALS | NEW | — | 0.2% | +0.2% | 0.3 | 493 | +493 | 1 | — |
| ☆GLDM funds › | WORLD GOLD TR | ADD | — | 0.2% | -0.0% | 0.3 | 3,840 | +267 | 3 | — |
| ☆GOOG funds › | ALPHABET INC | HOLD | — | 0.2% | +0.0% | 0.3 | 833 | +0 | 4 | — |
| ☆CSX funds › | CSX CORP | NEW | — | 0.1% | +0.1% | 0.3 | 5,803 | +5,803 | 1 | — |
| ☆PH funds › | PARKER-HANNIFIN CORP | NEW | — | 0.1% | +0.1% | 0.3 | 280 | +280 | 1 | — |
| ☆XLI funds › | SELECT SECTOR SPDR TR | ADD | — | 0.1% | +0.0% | 0.3 | 1,411 | +107 | 5 | — |
| ☆MPWR funds › | MONOLITHIC PWR SYS INC | HOLD | — | 0.1% | +0.0% | 0.3 | 183 | +0 | 2 | — |
| ☆IXUS funds › | ISHARES TR | ADD | — | 0.1% | -0.0% | 0.3 | 2,645 | +203 | 2 | — |
| ☆XLV funds › | SELECT SECTOR SPDR TR | ADD | — | 0.1% | -0.0% | 0.2 | 1,550 | +132 | 3 | — |
| ☆BOTZ funds › | GLOBAL X FDS | ADD | — | 0.1% | +0.0% | 0.2 | 6,473 | +326 | 2 | — |
| ☆TSM funds › | TAIWAN SEMICONDUCTOR MANUFAC | NEW | — | 0.1% | +0.1% | 0.2 | 490 | +490 | 1 | — |
| ☆GILD funds › | GILEAD SCIENCES INC | TRIM | — | 0.1% | -0.1% | 0.2 | 1,786 | -1,184 | 5 | — |
| ☆ASML funds › | ASML HLDG NV | NEW | — | 0.1% | +0.1% | 0.2 | 111 | +111 | 1 | — |
| ☆TXN funds › | TEXAS INSTRS INC | NEW | — | 0.1% | +0.1% | 0.2 | 740 | +740 | 1 | — |
| ☆RSG funds › | REPUBLIC SVCS INC | ADD | — | 0.1% | -0.0% | 0.2 | 1,030 | +32 | 2 | — |
| ☆CEG funds › | CONSTELLATION ENERGY CORP | NEW | — | 0.1% | +0.1% | 0.2 | 876 | +876 | 1 | — |
| ☆IYW funds › | ISHARES TR | NEW | — | 0.1% | +0.1% | 0.2 | 850 | +850 | 1 | — |
| ☆INDA funds › | ISHARES TR | NEW | — | 0.1% | +0.1% | 0.2 | 4,287 | +4,287 | 1 | — |
| ☆SPYV funds › | SPDR SERIES TRUST | NEW | — | 0.1% | +0.1% | 0.2 | 3,458 | +3,458 | 1 | — |
| ☆LXRX funds › | LEXICON PHARMACEUTICALS INC | HOLD | — | 0.0% | +0.0% | 0.0 | 20,000 | +0 | 5 | — |
| ☆BBY funds › | BEST BUY INC | EXIT | — | 0.0% | -0.2% | 0.0 | 0 | -5,830 | 0 | — |
| ☆STE funds › | STERIS PLC | EXIT | — | 0.0% | -0.6% | 0.0 | 0 | -4,054 | 0 | — |
| ☆CL funds › | COLGATE PALMOLIVE CO | EXIT | — | 0.0% | -0.1% | 0.0 | 0 | -2,470 | 0 | — |
| ☆CMCSA funds › | COMCAST CORP NEW | EXIT | — | 0.0% | -0.3% | 0.0 | 0 | -14,637 | 0 | — |
Point-in-time history
| Period | AUM ($M) | Positions | Turnover | Top-10 wt | Herfindahl | Quality Q | Skill | Universe |
|---|---|---|---|---|---|---|---|---|
| 2026Q2 | 186 | 132 | 0.15 | 31% | 0.018 | 0.130 | — | in |
| 2026Q1 | 156 | 98 | 0.12 | 34% | 0.020 | 0.162 | — | in |
| 2025Q4 | 158 | 90 | 0.06 | 36% | 0.022 | 0.229 | — | in |
| 2025Q3 | 162 | 87 | 0.04 | 36% | 0.022 | 0.265 | — | in |
| 2025Q2 | 153 | 84 | 0.45 | 35% | 0.022 | 0.013 | — | entered |
| 2025Q1 | 85 | 43 | 0.00 | 56% | 0.042 | 0.000 | — | out |
Long US-equity 13F disclosures only · up to 45-day reporting lag · sells = reduce/avoid, not short.
JSON: /api/signals ·
/api/funds ·
/api/status