Institution

TIAA Trust, National Association

13F for June 30, 2026, filed August 10, 2026 · SEC CIK 1997405 · Holdings history from September 30, 2023

Reported value: $1.7bn
Positions we cover: 204
Copy, a year: +21.9%
Copy Sharpe ratio: 1.16

Copy-performance statistics: November 3, 2023 to November 2, 2026. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Related reporting managers

SEC notices identify these reporting relationships. Each manager retains its own holdings history; changes in reporting scope can involve several managers.

Reports holdings for Tiaa-Cref Individual & Institutional Services, LLC · SEC notice for March 31, 2024

347 reported entries for June 30, 2026.

Issuer	Class / type	Reported value	Quantity
ISHARES MSCI EAFE GROWTH ETF464288885	Exchange Traded Fund	$2.4m	19,344
ISHARES MSCI EAFE SMALL-CAP464288273	Exchange Traded Fund	$16.2m	196,911
ISHARES MSCI EAFE VALUE ETF464288877	Exchange Traded Fund	$4.0m	51,994
ISHARES MSCI EMERGING MARKET464287234	Exchange Traded Fund	$443,228	6,479
ISHARES MSCI EMR MRK EX CHNA46434G764	Exchange Traded Fund	$621,779	6,078
ISHARES MSCI INTERNATIONAL Q46434V456	Exchange Traded Fund	$18.1m	365,142
ISHARES MSCI USA MOMENTUM FA46432F396	Exchange Traded Fund	$342,830	1,000
ISHARES MSCI USA QUALITY FAC46432F339	Exchange Traded Fund	$4.4m	20,029
ISHARES NATIONAL MUNI BOND E464288414	Exchange Traded Fund	$32.0m	297,276
ISHARES NEW YORK MUNI BOND E464288323	Exchange Traded Fund	$92,285	1,712
ISHARES RUSSELL 1000 ETF464287622	Exchange Traded Fund	$18.6m	45,360
ISHARES RUSSELL 1000 GROWTH464287614	Exchange Traded Fund	$21.6m	174,101
ISHARES RUSSELL 1000 VALUE E464287598	Exchange Traded Fund	$7.3m	30,146
ISHARES RUSSELL 2000 ETF464287655	Exchange Traded Fund	$12.8m	42,557
ISHARES RUSSELL 2000 GROWTH464287648	Exchange Traded Fund	$13.5m	34,294
ISHARES RUSSELL 2000 VALUE E464287630	Exchange Traded Fund	$14.7m	66,250
ISHARES RUSSELL 3000 ETF464287689	Exchange Traded Fund	$2.6m	6,208
ISHARES RUSSELL MID-CAP ETF464287499	Exchange Traded Fund	$35.8m	324,669
ISHARES RUSSELL MID-CAP GROW464287481	Exchange Traded Fund	$22.3m	152,190
ISHARES RUSSELL MID-CAP VALU464287473	Exchange Traded Fund	$35.2m	214,090
ISHARES RUSSELL TOP 200 GROW464289438	Exchange Traded Fund	$56.5m	194,546
ISHARES RUSSELL TOP 200 VALU464289420	Exchange Traded Fund	$41.5m	394,910
ISHARES S&P 100 ETF464287101	Exchange Traded Fund	$35,855	98
ISHARES S&P 500 GROWTH ETF464287309	Exchange Traded Fund	$674,860	4,907
ISHARES S&P 500 VALUE ETF464287408	Exchange Traded Fund	$149,178	657
ISHARES S&P MID-CAP 400 GROW464287606	Exchange Traded Fund	$0	0
ISHARES S&P MID-CAP 400 VALU464287705	Exchange Traded Fund	$0	0
ISHARES S&P SMALL-CAP 600 GR464287887	Exchange Traded Fund	$51,794	290
ISHARES S&P SMALL-CAP 600 VA464287879	Exchange Traded Fund	$101,143	740
ISHARES SELECT DIVIDEND ETF464287168	Exchange Traded Fund	$382,935	2,450
ISHARES SELECT U.S. REIT ETF464287564	Exchange Traded Fund	$920,445	13,610
ISHARES SHORT-TERM NATIONAL464288158	Exchange Traded Fund	$6.5m	61,305
ISHARES SILVER TRUST46428Q109	Exchange Traded Fund	$18,714	350
ISHARES TIPS BOND ETF464287176	Exchange Traded Fund	$2.3m	20,869
ISHARES TRUST ISHARES ESG AW46435G516	Exchange Traded Fund	$1.4m	13,382
ISHARES US TREASURY BOND ETF46429B267	Exchange Traded Fund	$12.5m	548,054
JOHNSON & JOHNSON478160104 · JNJ	Common / Ordinary Stock	$3.5m	13,676
JOHNSON CONTROLS INTERNATIONG51502105 · JCI	Common / Ordinary Stock	$8,620	59
JPMORGAN CHASE & CO46625H100 · JPM	Common / Ordinary Stock	$3.4m	10,367
KIMBERLY-CLARK CORP494368103 · KMB	Common / Ordinary Stock	$22,613	206
KKR & CO INC48251W104 · KKR	Common / Ordinary Stock	$2,386	26
L3HARRIS TECHNOLOGIES INC502431109 · LHX	Common / Ordinary Stock	$69,742	240
LABCORP HOLDINGS INC504922105 · LH	Common / Ordinary Stock	$70,000	250
LINDE PLCG54950103 · LIN	Common / Ordinary Stock	$167,618	323
LOCKHEED MARTIN CORP539830109 · LMT	Common / Ordinary Stock	$216,520	425
LOEWS CORP540424108 · L	Common / Ordinary Stock	$189,174	1,671
LOWE'S COS INC548661107 · LOW	Common / Ordinary Stock	$1.1m	5,088
MARSH & MCLENNAN COS571748102 · MRSH	Common / Ordinary Stock	$33,501	201
MARVELL TECHNOLOGY INC573874104 · MRVL	Common / Ordinary Stock	$16,384	55
MASTERCARD INC - A57636Q104 · MA	Common / Ordinary Stock	$486,893	948
MCDONALD'S CORP580135101 · MCD	Common / Ordinary Stock	$695,508	2,573
MCKESSON CORP58155Q103 · MCK	Common / Ordinary Stock	$83,872	111
MERCADOLIBRE INC58733R102 · MELI	Common / Ordinary Stock	$3,395	2
MERCK & CO. INC.58933Y105 · MRK	Common / Ordinary Stock	$554,734	4,317
META PLATFORMS INC-CLASS A30303M102 · META	Common / Ordinary Stock	$1.1m	1,878
METLIFE INC59156R108 · MET	Common / Ordinary Stock	$12,692	150
MICRON TECHNOLOGY INC595112103 · MU	Common / Ordinary Stock	$83,109	72
MICROSOFT CORP594918104 · MSFT	Common / Ordinary Stock	$6.1m	16,382
MONDELEZ INTERNATIONAL INC-A609207105 · MDLZ	Common / Ordinary Stock	$259,355	4,484
MONSTER BEVERAGE CORP61174X109 · MNST	Common / Ordinary Stock	$7,690	80
MORGAN STANLEY617446448 · MS	Common / Ordinary Stock	$545,385	2,609
MOTOROLA SOLUTIONS INC620076307 · MSI	Common / Ordinary Stock	$62,294	150
MPLX LP55336V100 · MPLX	Master Limited Partnership	$174,848	3,104
NETFLIX INC64110L106 · NFLX	Common / Ordinary Stock	$106,529	1,492
NEXTERA ENERGY INC65339F101 · NEE	Common / Ordinary Stock	$375,129	4,274
NIKE INC -CL B654106103 · NKE	Common / Ordinary Stock	$43,718	1,065
NORTHROP GRUMMAN CORP666807102 · NOC	Common / Ordinary Stock	$270,444	531
NOVO-NORDISK A/S-SPONS ADR670100205 · NVO	American Depository Receipts ADR	$16,443	343
NUVEEN ESG EMERGING MARKETS67092P888	Exchange Traded Fund	$775,180	18,267
NUVEEN ESG INTL DEVEL MRK EQ67092P805	Exchange Traded Fund	$623,912	15,590
NUVEEN ESG LARGE-CAP VAL ETF67092P300	Exchange Traded Fund	$6.0m	120,872
NUVEEN ESG LRG-CAP GRW ETF67092P201	Exchange Traded Fund	$8.7m	74,169
NUVEEN ESG MID-CAP GROW ETF67092P409	Exchange Traded Fund	$666,879	14,201
NUVEEN ESG MID-CAP VALUE ETF67092P508	Exchange Traded Fund	$1.2m	26,704
NUVEEN ESG SMALL-CAP ETF67092P607	Exchange Traded Fund	$1.7m	32,377
NVIDIA CORP67066G104 · NVDA	Common / Ordinary Stock	$4.4m	21,897
O'REILLY AUTOMOTIVE INC67103H107 · ORLY	Common / Ordinary Stock	$5,341	58
OGE ENERGY CORP670837103 · OGE	Common / Ordinary Stock	$107,052	2,200
ORACLE CORP68389X105 · ORCL	Common / Ordinary Stock	$1.3m	9,178
OTIS WORLDWIDE CORP68902V107 · OTIS	Common / Ordinary Stock	$87,925	1,228
PALO ALTO NETWORKS INC697435105 · PANW	Common / Ordinary Stock	$147,662	433
PARKER HANNIFIN CORP701094104 · PH	Common / Ordinary Stock	$22,497	23
PAYPAL HOLDINGS INC70450Y103 · PYPL	Common / Ordinary Stock	$26,728	619
PEMBINA PIPELINE CORP706327103 · PBA	Common / Ordinary Stock	$80,938	1,750
PEPSICO INC713448108 · PEP	Common / Ordinary Stock	$1.7m	12,206
PFIZER INC717081103 · PFE	Common / Ordinary Stock	$198,419	8,240
PHILIP MORRIS INTERNATIONAL718172109 · PM	Common / Ordinary Stock	$593,023	3,278
PHILLIPS 66718546104 · PSX	Common / Ordinary Stock	$16,905	100
PIMCO 1-5 YEAR US TIPS INDEX72201R205	Exchange Traded Fund	$6.4m	119,832
PNC FINANCIAL SERVICES GROUP693475105 · PNC	Common / Ordinary Stock	$80,514	327
PPG INDUSTRIES INC693506107 · PPG	Common / Ordinary Stock	$14,312	118
PPL CORP69351T106 · PPL	Common / Ordinary Stock	$23,737	653
PROCTER & GAMBLE CO/THE742718109 · PG	Common / Ordinary Stock	$1.7m	11,334
PROGRESSIVE CORP743315103 · PGR	Common / Ordinary Stock	$108,351	496
PROLOGIS INC74340W103 · PLD	Closed-end REIT	$22,353	165
PUBLIC SERVICE ENTERPRISE GP744573106 · PEG	Common / Ordinary Stock	$136,024	1,676
QNITY ELECTRONICS INC74743L100 · Q	Common / Ordinary Stock	$90,964	557
QUALCOMM INC747525103 · QCOM	Common / Ordinary Stock	$21,990	119
QUANTA SERVICES INC74762E102 · PWR	Common / Ordinary Stock	$22,321	31
ROCKWELL AUTOMATION INC773903109 · ROK	Common / Ordinary Stock	$81,688	165

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

CopyS&P 500 $10,000 copying TIAA Trust, National Association's usable filed holdings in companies we cover from November 3, 2023, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −17.6% (S&P 500 −16.9%); beta 0.98; alpha +0.4% a year (t = 0.22); last 12 months +13.3% against +12.1%.

Reported value by quarter

TIAA Trust, National Association: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.

View chart data

Period	Reported value
2023-09-30	$27.7B
2023-12-31	$30B
2024-03-31	$32.7B
2024-06-30	$32.4B
2024-09-30	$33.5B
2024-12-31	$32.9B
2025-03-31	$32.1B
2025-06-30	$38.4B
2025-09-30	$41.2B
2025-12-31	$41.7B
2026-03-31	$1.6B
2026-06-30	$1.7B

Latest covered holdings and moves

Covered holdings as of June 30, 2026.

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	0.82%	$13.9m	47.9K	−33.5% Reduced
GOOGLAlphabet Inc. (Class A)	0.43%	$7.3m	20.5K	−49.9% Reduced
MSFTMicrosoft Corporation	0.36%	$6.1m	16.4K	−47.9% Reduced
NVDANVIDIA Corporation	0.26%	$4.4m	21.9K	−55.5% Reduced
JNJJohnson & Johnson	0.20%	$3.5m	13.7K	−27.9% Reduced
JPMJPMorgan Chase	0.20%	$3.4m	10.4K	−46.5% Reduced
AMZNAmazon	0.17%	$2.9m	12.3K	−58.2% Reduced
ABBVAbbVie	0.14%	$2.4m	9.6K	−27.2% Reduced
AVGOBroadcom	0.11%	$1.9m	5.0K	−58.9% Reduced
TMOThermo Fisher Scientific	0.11%	$1.8m	3.6K	−46.2% Reduced
RTXRTX Corporation	0.10%	$1.8m	9.4K	−32.9% Reduced
PGProcter & Gamble	0.10%	$1.7m	11.3K	−30.0% Reduced
PEPPepsiCo	0.10%	$1.7m	12.2K	−25.9% Reduced
CSCOCisco	0.10%	$1.6m	13.8K	−34.3% Reduced
VVisa Inc.	0.09%	$1.5m	4.3K	−55.9% Reduced
GEGE Aerospace	0.08%	$1.4m	3.8K	−18.6% Reduced
ORCLOracle Corporation	0.08%	$1.3m	9.2K	−11.8% Reduced
CVXChevron Corporation	0.08%	$1.3m	7.8K	−30.1% Reduced
WMTWalmart	0.07%	$1.3m	11.2K	−37.7% Reduced
TRVThe Travelers Companies	0.07%	$1.1m	3.4K	−21.2% Reduced
LOWLowe's	0.07%	$1.1m	5.1K	−29.8% Reduced
ADPAutomatic Data Processing	0.07%	$1.1m	5.0K	−15.2% Reduced
TJXTJX Companies	0.06%	$1.1m	7.2K	−41.8% Reduced
METAMeta Platforms	0.06%	$1.1m	1.9K	−70.4% Reduced
HDThe Home Depot	0.06%	$1.0m	2.9K	−19.6% Reduced
AXPAmerican Express	0.06%	$968,410	2.9K	−16.5% Reduced
GEVGE Vernova	0.06%	$961,035	818	−42.0% Reduced
AMGNAmgen	0.05%	$918,336	2.5K	−13.4% Reduced
ITWIllinois Tool Works	0.05%	$802,484	3.0K	−19.9% Reduced
IBMIBM	0.04%	$702,181	2.5K	−48.2% Reduced
COSTCostco	0.04%	$699,732	748	−28.4% Reduced
MCDMcDonald's	0.04%	$695,508	2.6K	−8.0% Reduced
UNHUnitedHealth Group	0.04%	$672,905	1.6K	−77.2% Reduced
AMATApplied Materials	0.04%	$671,667	929	−69.1% Reduced
GILDGilead Sciences	0.04%	$642,060	5.1K	−3.3% Reduced
MMM3M	0.04%	$626,592	3.9K	−27.1% Reduced
ABTAbbott Laboratories	0.04%	$615,671	6.8K	−30.2% Reduced
LLYLilly (Eli)	0.04%	$605,712	505	−65.6% Reduced
BACBank of America	0.04%	$601,937	10.6K	−26.5% Reduced
PMPhilip Morris International	0.04%	$593,023	3.3K	−34.8% Reduced
ESLTElbit Systems LTD	0.04%	$592,560	781	+0.1%
SYKStryker Corporation	0.03%	$557,582	1.8K	−10.9% Reduced
MRKMerck & Co.	0.03%	$554,734	4.3K	−60.7% Reduced
MSMorgan Stanley	0.03%	$545,385	2.6K	−59.9% Reduced
HONHoneywell Technologies	0.03%	$508,365	2.3K	New
HONAHoneywell Aerospace	0.03%	$501,962	2.3K	New
ADBEAdobe Inc.	0.03%	$499,839	2.4K	+53.8% Added
ACNAccenture	0.03%	$496,640	4.0K	−12.7% Reduced
CATCaterpillar Inc.	0.03%	$491,984	462	0.0%
MAMastercard	0.03%	$486,893	948	−70.2% Reduced
UNPUnion Pacific Corporation	0.03%	$471,104	1.7K	−28.4% Reduced
WFCWells Fargo	0.03%	$465,759	5.6K	−72.9% Reduced
EMREmerson Electric	0.03%	$442,477	3.1K	−14.5% Reduced
WSBCWesbanco Inc	0.03%	$429,330	11.0K	0.0%
NEENextEra Energy	0.02%	$375,129	4.3K	−54.7% Reduced
BDXBecton Dickinson	0.02%	$357,139	2.4K	−4.1% Reduced
DUKDuke Energy	0.02%	$352,652	2.8K	−67.0% Reduced
GSGoldman Sachs	0.02%	$349,934	346	−30.0% Reduced
ETREntergy	0.02%	$349,289	3.0K	−25.3% Reduced
BABoeing	0.02%	$330,550	1.5K	−74.4% Reduced
ANETArista Networks	0.02%	$315,127	1.9K	−20.5% Reduced
ALLAllstate	0.02%	$302,422	1.3K	−16.4% Reduced
CICigna	0.02%	$290,567	1.1K	−28.3% Reduced
VZVerizon	0.02%	$277,031	6.5K	+4.6% Added
DISThe Walt Disney Company	0.02%	$273,928	2.8K	−8.3% Reduced
NOCNorthrop Grumman	0.02%	$270,444	531	−23.4% Reduced
MDLZMondelez International	0.01%	$259,355	4.5K	−68.4% Reduced
SPGIS&P Global	0.01%	$258,203	634	−68.2% Reduced
INTCIntel	0.01%	$255,104	1.8K	−46.2% Reduced
COFCapital One	0.01%	$250,976	1.3K	−20.7% Reduced
EPDEnterprise Products Partners L.p.	0.01%	$238,940	6.5K	0.0%
SOSouthern Company	0.01%	$236,117	2.5K	−17.7% Reduced
CMCSAComcast	0.01%	$227,505	9.3K	−7.0% Reduced
TAT&T	0.01%	$219,896	10.6K	−31.5% Reduced
LMTLockheed Martin	0.01%	$216,520	425	+20.7% Added
PFEPfizer	0.01%	$198,419	8.2K	−28.8% Reduced
LLoews Corporation	0.01%	$189,174	1.7K	0.0%
AEPAmerican Electric Power	0.01%	$186,882	1.4K	+11.0% Added
BLKBlackRock	0.01%	$186,543	194	−36.8% Reduced
MPLXMplx LP	0.01%	$174,848	3.1K	0.0%
ADIAnalog Devices	0.01%	$173,166	436	−15.5% Reduced
KOThe Coca-Cola Company	0.01%	$170,179	2.1K	−6.2% Reduced
LINLinde plc	0.01%	$167,618	323	−74.1% Reduced
TGTTarget Corporation	0.01%	$150,724	1.2K	−84.3% Reduced
PANWPalo Alto Networks	0.01%	$147,662	433	−90.1% Reduced
ENBEnbridge Inc	0.01%	$138,669	2.6K	−9.2% Reduced
ATOAtmos Energy	0.01%	$137,816	800	0.0%
SBUXStarbucks	0.01%	$137,650	1.3K	0.0%
AMDAdvanced Micro Devices	0.01%	$136,514	235	−93.5% Reduced
PEGPublic Service Enterprise Group	0.01%	$136,024	1.7K	0.0%
NOWServiceNow	0.01%	$128,965	1.3K	−87.2% Reduced
BMYBristol Myers Squibb	0.01%	$128,665	2.2K	0.0%
HSYThe Hershey Company	0.01%	$126,149	719	New
MOAltria	0.01%	$125,769	1.7K	−20.8% Reduced
BBDCBarings BDC, Inc.	0.01%	$125,474	14.7K	New
BKNGBooking Holdings	0.01%	$115,856	650	+291.6% Added
TMUST-Mobile US	0.01%	$111,037	662	−1.8% Reduced
PGRProgressive Corporation	0.01%	$108,351	496	+1.0% Added
OGEOGE Energy Corp.	0.01%	$107,052	2.2K	+10.0% Added
INTUIntuit	0.01%	$107,010	410	−80.2% Reduced
NFLXNetflix	0.01%	$106,529	1.5K	−85.3% Reduced
WATWaters Corporation	0.01%	$106,511	284	−35.2% Reduced
CLColgate-Palmolive	0.01%	$103,323	1.1K	−40.6% Reduced
CARRCarrier Global	0.01%	$96,015	1.3K	−87.3% Reduced
WELLWelltower	0.01%	$93,058	410	−7.4% Reduced
SRESempra	0.01%	$92,339	996	0.0%
QQnity Electronics, Inc.	0.01%	$90,964	557	−25.2% Reduced
OTISOtis Worldwide	0.01%	$87,925	1.2K	−43.5% Reduced
AIGAmerican International Group	0.01%	$85,337	1.1K	−9.8% Reduced
MCKMcKesson	0.01%	$83,872	111	−81.9% Reduced
MUMicron Technology	0.01%	$83,109	72	−75.5% Reduced
ROKRockwell Automation	0.01%	$81,688	165	−88.3% Reduced
PBAPembina Pipeline Corp	0.01%	$80,938	1.8K	−53.5% Reduced
PNCPNC Financial Services	0.01%	$80,514	327	−89.7% Reduced
DEDeere & Company	0.01%	$77,388	122	−89.5% Reduced
AFLAflac	0.01%	$77,033	657	−9.6% Reduced
CBChubb Limited	0.00%	$72,578	213	−18.4% Reduced
SHWSherwin-Williams	0.00%	$70,241	204	−26.1% Reduced
LHLabcorp	0.00%	$70,000	250	−50.4% Reduced
LHXL3Harris	0.00%	$69,742	240	0.0%
ETNEaton Corporation	0.00%	$66,901	157	−91.6% Reduced
USBU.S. Bancorp	0.00%	$65,776	1.1K	−18.9% Reduced
DOWDow Inc.	0.00%	$64,816	2.4K	−13.3% Reduced
CVSCVS Health	0.00%	$63,829	617	−1.0% Reduced
MSIMotorola Solutions	0.00%	$62,294	150	−3.2% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD	0.00%	$62,084	130	−94.8% Reduced
FDXFedEx	0.00%	$61,687	197	−40.5% Reduced
ELVElevance Health	0.00%	$59,943	155	−66.3% Reduced
CCKCrown Holdings, Inc.	0.00%	$56,245	503	−6.0% Reduced
DELLDell Technologies	0.00%	$55,227	128	+172.3% Added
CMICummins	0.00%	$51,351	72	−93.0% Reduced
DDDuPont	0.00%	$50,503	372	New
ADSKAutodesk, Inc.	0.00%	$49,966	257	0.0%
DDominion Energy	0.00%	$47,803	700	+90.7% Added
CRMSalesforce	0.00%	$46,058	294	−41.9% Reduced
EOGEOG Resources	0.00%	$43,978	339	−14.0% Reduced
NKENike, Inc.	0.00%	$43,718	1.1K	−47.8% Reduced
CRWDCrowdStrike	0.00%	$43,499	57	−96.2% Reduced
DHRDanaher Corporation	0.00%	$41,144	216	−72.3% Reduced
ASMLAsml Holding NV	0.00%	$39,789	20	−72.2% Reduced
TTTrane Technologies	0.00%	$39,784	81	0.0%
SNOWSnowflake Inc.	0.00%	$39,193	154	−21.4% Reduced
SOLSSolstice Advanced Materials Inc.	0.00%	$37,478	423	−15.1% Reduced
GEHCGE HealthCare	0.00%	$37,254	582	−30.7% Reduced
CCitigroup	0.00%	$37,089	265	−13.7% Reduced
APDAir Products	0.00%	$35,182	120	−41.5% Reduced
MRSHMarsh McLennan	0.00%	$33,501	201	−51.7% Reduced
VLOValero Energy	0.00%	$31,253	120	0.0%
BSXBoston Scientific	0.00%	$29,492	691	−65.1% Reduced
AMTAmerican Tower	0.00%	$27,643	169	−6.6% Reduced

Company	Bought (value)	Shares
HONHoneywell Technologies	$508,365	2.3K
HONAHoneywell Aerospace	$501,962	2.3K
ADBEAdobe Inc.	$174,882	853
HSYThe Hershey Company	$126,149	719
BBDCBarings BDC, Inc.	$125,474	14.7K
BKNGBooking Holdings	$86,268	484
DDDuPont	$50,503	372
LMTLockheed Martin	$37,190	73
DELLDell Technologies	$34,948	81
DDominion Energy	$22,741	333
AEPAmerican Electric Power	$18,469	135
GLWCorning Inc.	$16,603	65
VZVerizon	$12,109	286
FDXFFedEx Freight	$12,080	80
OGEOGE Energy Corp.	$9,732	200

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
GOOGLAlphabet Inc. (Class A)	−$7.3m	−20.4K
AAPLApple Inc.	−$7.0m	−24.1K
MSFTMicrosoft Corporation	−$5.6m	−15.1K
NVDANVIDIA Corporation	−$5.5m	−27.3K
AMZNAmazon	−$4.1m	−17.1K
JPMJPMorgan Chase	−$3.0m	−9.0K
AVGOBroadcom	−$2.7m	−7.2K
METAMeta Platforms	−$2.5m	−4.5K
UNHUnitedHealth Group	−$2.3m	−5.5K
AMDAdvanced Micro Devices	−$2.0m	−3.4K
VVisa Inc.	−$1.9m	−5.4K
TMOThermo Fisher Scientific	−$1.6m	−3.1K
AMATApplied Materials	−$1.5m	−2.1K
PANWPalo Alto Networks	−$1.3m	−3.9K
JNJJohnson & Johnson	−$1.3m	−5.3K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
APPApplovin Corp	$791,622	2.0K
PLTRPalantir Technologies Inc.	$605,160	4.1K
SCCOSouthern Copper Corp/	$494,329	2.9K
SPOTSpotify Technology S.a.	$417,992	862
ISRGIntuitive Surgical	$213,439	463
EXRExtra Space Storage	$144,768	1.1K
MARMarriott International	$115,783	354
MPCMarathon Petroleum	$114,032	467
SPGSimon Property Group	$111,172	596
GWWW. W. Grainger	$103,627	95
YUMYum! Brands	$103,239	664
LRCXLam Research	$100,634	471
XPOXPO, Inc.	$100,582	517
HPEHewlett Packard Enterprise	$95,240	4.0K
DGXQuest Diagnostics	$56,246	287
VMCVulcan Materials Company	$56,094	206
HPQHP Inc.	$50,753	2.6K
TFCTruist Financial	$50,153	1.1K
NETCloudflare, Inc.	$49,315	239
GISGeneral Mills	$45,669	1.2K
CHKPCheck Point Software Technologies LTD	$42,855	300
OXYOccidental Petroleum	$42,250	650
SWSmurfit Westrock	$35,825	899
TROWT. Rowe Price	$34,614	384
EBAYeBay Inc.	$29,582	325
NSCNorfolk Southern	$28,700	100
GXOGXO Logistics, Inc.	$26,806	517
CEGConstellation Energy	$24,853	89
OKEOneok	$24,134	267
YUMCYum China Holdings, Inc.	$22,390	459

Technology33.9%
Health Care13.9%
Financials11.9%
Industrials11.5%
Communication Services9.7%
Consumer Discretionary7.3%
Consumer Staples6.9%
Utilities2.1%
Energy2.1%
Materials0.5%
Real Estate0.1%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestNovember 3, 2023 to November 2, 2026	+21.9%	+21.8%	1.16	1.16	−17.6%	0.98
Last three yearsNovember 3, 2023 to November 2, 2026	+21.9%	+21.8%	1.16	1.16	−17.6%	0.98
Last yearNovember 7, 2025 to November 2, 2026	+15.5%	+14.2%	0.95	0.84	−10.6%	0.90

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.