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
3M CO88579Y101 · MMM	Common / Ordinary Stock	$626,592	3,870
ABBOTT LABORATORIES002824100 · ABT	Common / Ordinary Stock	$615,671	6,785
ABBVIE INC00287Y109 · ABBV	Common / Ordinary Stock	$2.4m	9,611
ACCENTURE PLC-CL AG1151C101 · ACN	Common / Ordinary Stock	$496,640	3,991
ADOBE INC00724F101 · ADBE	Common / Ordinary Stock	$499,839	2,438
ADVANCED MICRO DEVICES007903107 · AMD	Common / Ordinary Stock	$136,514	235
AFLAC INC001055102 · AFL	Common / Ordinary Stock	$77,033	657
AIR PRODUCTS & CHEMICALS INC009158106 · APD	Common / Ordinary Stock	$35,182	120
AKRE FOCUS ETF74316P579	Exchange Traded Fund	$77,498	1,457
ALERIAN MLP ETF00162Q452	Exchange Traded Fund	$1.7m	32,047
ALLSTATE CORP020002101 · ALL	Common / Ordinary Stock	$302,422	1,271
ALPHABET INC-CL A02079K305 · GOOGL	Common / Ordinary Stock	$7.3m	20,461
ALPHABET INC-CL C02079K107	Common / Ordinary Stock	$5.7m	16,119
ALTRIA GROUP INC02209S103 · MO	Common / Ordinary Stock	$125,769	1,748
AMAZON.COM INC023135106 · AMZN	Common / Ordinary Stock	$2.9m	12,332
AMERICAN ELECTRIC POWER025537101 · AEP	Common / Ordinary Stock	$186,882	1,366
AMERICAN EXPRESS CO025816109 · AXP	Common / Ordinary Stock	$968,410	2,863
AMERICAN INTERNATIONAL GROUP026874784 · AIG	Common / Ordinary Stock	$85,337	1,145
AMERICAN TOWER CORP03027X100 · AMT	Closed-end REIT	$27,643	169
AMETEK INC031100100 · AME	Common / Ordinary Stock	$242	1
AMGEN INC031162100 · AMGN	Common / Ordinary Stock	$918,336	2,536
AMPHENOL CORP-CL A032095101 · APH	Common / Ordinary Stock	$17,985	102
ANALOG DEVICES INC032654105 · ADI	Common / Ordinary Stock	$173,166	436
APPLE INC037833100 · AAPL	Common / Ordinary Stock	$13.9m	47,935
APPLIED MATERIALS INC038222105 · AMAT	Common / Ordinary Stock	$671,667	929
ARISTA NETWORKS INC040413205 · ANET	Common / Ordinary Stock	$315,127	1,855
ASML HOLDING NV-NY REG SHSN07059210 · ASML	American Depository Receipts ADR	$39,789	20
AT&T INC00206R102 · T	Common / Ordinary Stock	$219,896	10,623
ATMOS ENERGY CORP049560105 · ATO	Common / Ordinary Stock	$137,816	800
AUTODESK INC052769106 · ADSK	Common / Ordinary Stock	$49,966	257
AUTOMATIC DATA PROCESSING053015103 · ADP	Common / Ordinary Stock	$1.1m	4,972
AVANTIS US SMALL CAP VALUE025072877	Exchange Traded Fund	$7.6m	60,837
BANK OF AMERICA CORP060505104 · BAC	Common / Ordinary Stock	$601,937	10,564
BANK OF NEW YORK MELLON CORP064058100 · BNY	Common / Ordinary Stock	$25,307	175
BARINGS BDC INC06759L103 · BBDC	Closed-end Fund	$125,474	14,727
BECTON DICKINSON AND CO075887109 · BDX	Common / Ordinary Stock	$357,139	2,360
BERKSHIRE HATHAWAY INC-CL A084670108	Common / Ordinary Stock	$1.5m	2
BERKSHIRE HATHAWAY INC-CL B084670702	Common / Ordinary Stock	$3.3m	6,687
BHP GROUP LTD-SPON ADR088606108 · BHP	American Depository Receipts ADR	$0	0
BLACKROCK INC09290D101 · BLK	Common / Ordinary Stock	$186,543	194
BLACKSTONE INC09260D107 · BX	Common / Ordinary Stock	$23,299	198
BOEING CO/THE097023105 · BA	Common / Ordinary Stock	$330,550	1,527
BOOKING HOLDINGS INC09857L108 · BKNG	Common / Ordinary Stock	$115,856	650
BOSTON SCIENTIFIC CORP101137107 · BSX	Common / Ordinary Stock	$29,492	691
BRISTOL-MYERS SQUIBB CO110122108 · BMY	Common / Ordinary Stock	$128,665	2,233
BROADCOM INC11135F101 · AVGO	Common / Ordinary Stock	$1.9m	5,007
CAPITAL ONE FINANCIAL CORP14040H105 · COF	Common / Ordinary Stock	$250,976	1,251
CARRIER GLOBAL CORP14448C104 · CARR	Common / Ordinary Stock	$96,015	1,309
CATERPILLAR INC149123101 · CAT	Common / Ordinary Stock	$491,984	462
CHEVRON CORP166764100 · CVX	Common / Ordinary Stock	$1.3m	7,797
CHIPOTLE MEXICAN GRILL INC169656105 · CMG	Common / Ordinary Stock	$1,700	50
CHUBB LTDH1467J104 · CB	Common / Ordinary Stock	$72,578	213
CISCO SYSTEMS INC17275R102 · CSCO	Common / Ordinary Stock	$1.6m	13,770
CITIGROUP INC172967424 · C	Common / Ordinary Stock	$37,089	265
CME GROUP INC12572Q105 · CME	Common / Ordinary Stock	$5,079	23
COCA-COLA CO/THE191216100 · KO	Common / Ordinary Stock	$170,179	2,094
COLGATE-PALMOLIVE CO194162103 · CL	Common / Ordinary Stock	$103,323	1,127
COMCAST CORP-CLASS A20030N101 · CMCSA	Common / Ordinary Stock	$227,505	9,267
CONOCOPHILLIPS20825C104 · COP	Common / Ordinary Stock	$10,396	100
CONSTELLATION BRANDS INC-A21036P108 · STZ	Common / Ordinary Stock	$4,034	29
COPART INC217204106 · CPRT	Common / Ordinary Stock	$56	2
CORNING INC219350105 · GLW	Common / Ordinary Stock	$16,603	65
CORTEVA INC22052L104 · CTVA	Common / Ordinary Stock	$14,059	166
COSTCO WHOLESALE CORP22160K105 · COST	Common / Ordinary Stock	$699,732	748
CROWDSTRIKE HOLDINGS INC - A22788C105 · CRWD	Common / Ordinary Stock	$43,499	57
CROWN HOLDINGS INC228368106 · CCK	Common / Ordinary Stock	$56,245	503
CSX CORP126408103 · CSX	Common / Ordinary Stock	$5,038	106
SS SPDR P ST C CORP ETF78464A474	Exchange Traded Fund	$1.1m	38,009
SS SPDR P TIPS ETF78464A656	Exchange Traded Fund	$2.6m	101,072
SS SPDR S&P 400 MC GR ETF78464A821	Exchange Traded Fund	$201,089	1,794
SS SPDR S&P 400 MC VAL ETF78464A839	Exchange Traded Fund	$2.0m	21,570
SS SPDR S&P 500 ETF TRUST-US78462F103	Exchange Traded Fund	$6.3m	8,380
SS SPDR S&P 600 SC GR ETF78464A201	Exchange Traded Fund	$503,920	4,230
SS SPDR S&P 600 SC VAL ETF78464A300	Exchange Traded Fund	$923,943	8,468
SS SPDR S&P DIVIDEND ETF78464A763	Exchange Traded Fund	$48,393	318
SS TECHNOLOGY SELECT SECTOR81369Y803	Exchange Traded Fund	$145,557	764
ST SR UTL SL SE SPDR ETF-USD81369Y886	Exchange Traded Fund	$113,350	2,500
STARBUCKS CORP855244109 · SBUX	Common / Ordinary Stock	$137,650	1,347
STATE STREET SP PTF EM ETF78463X509	Exchange Traded Fund	$17.0m	329,001
STATE STREET SPDR S&P INTERN78463X871	Exchange Traded Fund	$383,337	8,760
STATE STREET SPDR S&P MIDCAP78467Y107	Exchange Traded Fund	$1.5m	2,170
STE STR SPDR PT DW EU ETF78463X889	Exchange Traded Fund	$48.0m	952,341
STRYKER CORP863667101 · SYK	Common / Ordinary Stock	$557,582	1,771
SYNOPSYS INC871607107 · SNPS	Common / Ordinary Stock	$4,015	9
T-MOBILE US INC872590104 · TMUS	Common / Ordinary Stock	$111,037	662
TAIWAN SEMICONDUCTOR-SP ADR874039100 · TSM	American Depository Receipts ADR	$62,084	130
TARGET CORP87612E106 · TGT	Common / Ordinary Stock	$150,724	1,154
TE CONNECTIVITY PLCG87052109 · TEL	Common / Ordinary Stock	$12,500	62
TESLA INC88160R101 · TSLA	Common / Ordinary Stock	$7,571	18
TEXAS INSTRUMENTS INC882508104 · TXN	Common / Ordinary Stock	$11,923	40
TEXAS PACIFIC LAND CORP88262P102 · TPL	Common / Ordinary Stock	$24,945	57
THE CIGNA GROUP125523100 · CI	Common / Ordinary Stock	$290,567	1,054
THERMO FISHER SCIENTIFIC INC883556102 · TMO	Common / Ordinary Stock	$1.8m	3,611
TJX COMPANIES INC872540109 · TJX	Common / Ordinary Stock	$1.1m	7,194
TRANE TECHNOLOGIES PLCG8994E103 · TT	Common / Ordinary Stock	$39,784	81
TRAVELERS COS INC/THE89417E109 · TRV	Common / Ordinary Stock	$1.1m	3,403
UBER TECHNOLOGIES INC90353T100 · UBER	Common / Ordinary Stock	$2,020	28
UNION PACIFIC CORP907818108 · UNP	Common / Ordinary Stock	$471,104	1,732
UNITED PARCEL SERVICE-CL B911312106 · UPS	Common / Ordinary Stock	$22,790	212
UNITEDHEALTH GROUP INC91324P102 · UNH	Common / Ordinary Stock	$672,905	1,619

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.