FELL CAPITAL MANAGEMENT /ADV — Q4 2025 13F Holdings

Holdings as of December 31, 2025

Portfolio value

$102.56B

Holdings count

90 positions reported

Accession #

0001085146-26-000287

Form 13F-HR

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All Reported Positions

90 positions sorted by value

90 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
SPDR S&P 500 ETF TRTR UNIT	78462F103	$5.99B	5.84%	8,780shares	SOLE	0 / 0 / 8,780
APPLE INCCOM	037833100	$5.90B	5.76%	21,717shares	SOLE	0 / 0 / 21,717
ALPHABET INCCAP STK CL C	02079K107	$4.76B	4.64%	15,153shares	SOLE	0 / 0 / 15,153
ISHARES TRRUS 2000 GRW ETF	464287648	$4.18B	4.08%	12,955shares	SOLE	0 / 0 / 12,955
ISHARES TRRUS 2000 VAL ETF	464287630	$3.72B	3.63%	20,547shares	SOLE	0 / 0 / 20,547
SPDR SERIES TRUSTSTATE STREET SPD	78464A763	$3.34B	3.26%	24,027shares	SOLE	0 / 0 / 24,027
MICROSOFT CORPCOM	594918104	$3.28B	3.19%	6,775shares	SOLE	0 / 0 / 6,775
AMAZON COM INCCOM	023135106	$2.49B	2.43%	10,781shares	SOLE	0 / 0 / 10,781
VANGUARD WORLD FDMATERIALS ETF	92204A801	$2.43B	2.37%	11,695shares	SOLE	0 / 0 / 11,695
VANGUARD INDEX FDSMID CAP ETF	922908629	$2.31B	2.25%	7,944shares	SOLE	0 / 0 / 7,944
SPDR GOLD TRGOLD SHS	78463V107	$2.26B	2.20%	5,690shares	SOLE	0 / 0 / 5,690
VANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF	922042858	$2.11B	2.06%	39,322shares	SOLE	0 / 0 / 39,322
ISHARES TRPFD AND INCM SEC	464288687	$2.07B	2.02%	66,984shares	SOLE	0 / 0 / 66,984
SPDR SERIES TRUSTSTATE STREET SPD	78464A300	$1.90B	1.85%	20,912shares	SOLE	0 / 0 / 20,912
JPMORGAN CHASE & CO.COM	46625H100	$1.87B	1.82%	5,795shares	SOLE	0 / 0 / 5,795
GOLDMAN SACHS GROUP INCCOM	38141G104	$1.70B	1.66%	1,932shares	SOLE	0 / 0 / 1,932
ISHARES TRIBOXX HI YD ETF	464288513	$1.66B	1.62%	20,635shares	SOLE	0 / 0 / 20,635
NVIDIA CORPORATIONCOM	67066G104	$1.56B	1.52%	8,373shares	SOLE	0 / 0 / 8,373
ALPHABET INCCAP STK CL A	02079K305	$1.56B	1.52%	4,980shares	SOLE	0 / 0 / 4,980
SPDR SERIES TRUSTSTATE STREET SPD	78464A201	$1.45B	1.41%	15,404shares	SOLE	0 / 0 / 15,404
BERKSHIRE HATHAWAY INC DELCL B NEW	084670702	$1.44B	1.40%	2,862shares	SOLE	0 / 0 / 2,862
SPDR SERIES TRUSTSTATE STREET SPD	78464A508	$1.40B	1.36%	24,612shares	SOLE	0 / 0 / 24,612
AMGEN INCCOM	031162100	$1.36B	1.33%	4,165shares	SOLE	0 / 0 / 4,165
SPDR SERIES TRUSTSTATE STREET SPD	78464A409	$1.36B	1.32%	12,719shares	SOLE	0 / 0 / 12,719
ISHARES TRCORE S&P MCP ETF	464287507	$1.34B	1.30%	20,255shares	SOLE	0 / 0 / 20,255
EXXON MOBIL CORPCOM	30231G102	$1.34B	1.30%	11,105shares	SOLE	0 / 0 / 11,105
SELECT SECTOR SPDR TRSTATE STREET HEA	81369Y209	$1.29B	1.26%	8,335shares	SOLE	0 / 0 / 8,335
CHEVRON CORP NEWCOM	166764100	$1.25B	1.22%	8,199shares	SOLE	0 / 0 / 8,199
INVESCO QQQ TRUNIT SER 1	46090E103	$1.18B	1.15%	1,922shares	SOLE	0 / 0 / 1,922
ORACLE CORPCOM	68389X105	$1.07B	1.04%	5,466shares	SOLE	0 / 0 / 5,466
HOME DEPOT INCCOM	437076102	$1.06B	1.03%	3,067shares	SOLE	0 / 0 / 3,067
BITWISE BITCOIN ETF TRSHS BEN INT	09174C104	$1.00B	0.98%	21,040shares	SOLE	0 / 0 / 21,040
MCKESSON CORPCOM	58155Q103	$972.04M	0.95%	1,185shares	SOLE	0 / 0 / 1,185
JOHNSON & JOHNSONCOM	478160104	$939.97M	0.92%	4,542shares	SOLE	0 / 0 / 4,542
ISHARES TRTIPS BD ETF	464287176	$936.43M	0.91%	8,520shares	SOLE	0 / 0 / 8,520
BLACKROCK CR ALLOCATION INCOCOM	092508100	$917.13M	0.89%	84,684shares	SOLE	0 / 0 / 84,684
SPDR SERIES TRUSTSTATE STREET SPD	78464A847	$892.68M	0.87%	15,415shares	SOLE	0 / 0 / 15,415
VERIZON COMMUNICATIONS INCCOM	92343V104	$887.30M	0.87%	21,785shares	SOLE	0 / 0 / 21,785
VISA INCCOM CL A	92826C839	$872.92M	0.85%	2,489shares	SOLE	0 / 0 / 2,489
AMERICAN EXPRESS COCOM	025816109	$847.19M	0.83%	2,290shares	SOLE	0 / 0 / 2,290
KINDER MORGAN INC DELCOM	49456B101	$835.70M	0.81%	30,400shares	SOLE	0 / 0 / 30,400
FEDEX CORPCOM	31428X106	$824.70M	0.80%	2,855shares	SOLE	0 / 0 / 2,855
STARBUCKS CORPCOM	855244109	$776.00M	0.76%	9,215shares	SOLE	0 / 0 / 9,215
PIMCO CORPORATE & INCOME OPPCOM	72201B101	$773.36M	0.75%	59,950shares	SOLE	0 / 0 / 59,950
GE AEROSPACECOM NEW	369604301	$746.97M	0.73%	2,425shares	SOLE	0 / 0 / 2,425
SPDR SERIES TRUSTSTATE STREET SPD	78464A870	$743.77M	0.73%	6,100shares	SOLE	0 / 0 / 6,100
RBB FD INCUS TREAS 3 MNTH	74933W452	$740.72M	0.72%	14,850shares	SOLE	0 / 0 / 14,850
FREEPORT-MCMORAN INCCL B	35671D857	$725.03M	0.71%	14,275shares	SOLE	0 / 0 / 14,275
HONEYWELL INTL INCCOM	438516106	$724.76M	0.71%	3,715shares	SOLE	0 / 0 / 3,715
FIDELITY MERRIMACK STR TRTOTAL BD ETF	316188309	$720.99M	0.70%	15,660shares	SOLE	0 / 0 / 15,660
ISHARES TRRUSSELL 2000 ETF	464287655	$700.33M	0.68%	2,845shares	SOLE	0 / 0 / 2,845
DISNEY WALT COCOM	254687106	$693.66M	0.68%	6,097shares	SOLE	0 / 0 / 6,097
CISCO SYS INCCOM	17275R102	$670.78M	0.65%	8,708shares	SOLE	0 / 0 / 8,708
NETFLIX INCCOM	64110L106	$654.45M	0.64%	6,980shares	SOLE	0 / 0 / 6,980
RTX CORPORATIONCOM	75513E101	$651.07M	0.63%	3,550shares	SOLE	0 / 0 / 3,550
ISHARES TR0-3 MNTH TREASRY	46436E718	$627.38M	0.61%	6,250shares	SOLE	0 / 0 / 6,250
BOEING COCOM	097023105	$622.05M	0.61%	2,865shares	SOLE	0 / 0 / 2,865
ILLINOIS TOOL WKS INCCOM	452308109	$543.09M	0.53%	2,205shares	SOLE	0 / 0 / 2,205
MORGAN STANLEYCOM NEW	617446448	$534.37M	0.52%	3,010shares	SOLE	0 / 0 / 3,010
UNITEDHEALTH GROUP INCCOM	91324P102	$530.82M	0.52%	1,608shares	SOLE	0 / 0 / 1,608
MCDONALDS CORPCOM	580135101	$481.37M	0.47%	1,575shares	SOLE	0 / 0 / 1,575
MERCK & CO INCCOM	58933Y105	$475.25M	0.46%	4,515shares	SOLE	0 / 0 / 4,515
VANGUARD TAX-MANAGED FDSVAN FTSE DEV MKT	921943858	$464.65M	0.45%	7,438shares	SOLE	0 / 0 / 7,438
ALTRIA GROUP INCCOM	02209S103	$464.16M	0.45%	8,050shares	SOLE	0 / 0 / 8,050
GLOBAL X FDSARTIFICIAL ETF	37954Y632	$431.34M	0.42%	8,481shares	SOLE	0 / 0 / 8,481
SPDR INDEX SHS FDSPORTFOLIO DEVLPD	78463X889	$428.69M	0.42%	9,653shares	SOLE	0 / 0 / 9,653
SPDR SERIES TRUSTSTATE STREET SPD	78464A649	$413.44M	0.40%	16,056shares	SOLE	0 / 0 / 16,056
UNION PAC CORPCOM	907818108	$410.59M	0.40%	1,775shares	SOLE	0 / 0 / 1,775
TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS	874039100	$408.73M	0.40%	1,345shares	SOLE	0 / 0 / 1,345
BROADCOM INCCOM	11135F101	$353.71M	0.34%	1,022shares	SOLE	0 / 0 / 1,022
CVS HEALTH CORPCOM	126650100	$349.18M	0.34%	4,400shares	SOLE	0 / 0 / 4,400
PROCTER AND GAMBLE COCOM	742718109	$345.52M	0.34%	2,411shares	SOLE	0 / 0 / 2,411
COMCAST CORP NEWCL A	20030N101	$338.42M	0.33%	11,322shares	SOLE	0 / 0 / 11,322
META PLATFORMS INCCL A	30303M102	$334.67M	0.33%	507shares	SOLE	0 / 0 / 507
VANECK ETF TRUSTRARE EARTH AND S	92189H805	$333.38M	0.33%	4,510shares	SOLE	0 / 0 / 4,510
WELLTOWER INCCOM	95040Q104	$315.54M	0.31%	1,700shares	SOLE	0 / 0 / 1,700
BANK NEW YORK MELLON CORPCOM	064058100	$284.42M	0.28%	2,450shares	SOLE	0 / 0 / 2,450
SELECT SECTOR SPDR TRSTATE STREET FIN	81369Y605	$275.22M	0.27%	5,025shares	SOLE	0 / 0 / 5,025
GE VERNOVA INCCOM	36828A101	$273.19M	0.27%	418shares	SOLE	0 / 0 / 418
ISHARES SILVER TRISHARES	46428Q109	$270.56M	0.26%	4,200shares	SOLE	0 / 0 / 4,200
VANGUARD INDEX FDSTOTAL STK MKT	922908769	$270.23M	0.26%	806shares	SOLE	0 / 0 / 806
RBB FD INCUS TREASY 2 YR	74933W486	$263.46M	0.26%	5,425shares	SOLE	0 / 0 / 5,425
APPLIED MATLS INCCOM	038222105	$256.99M	0.25%	1,000shares	SOLE	0 / 0 / 1,000
JACOBS SOLUTIONS INCCOM	46982L108	$256.97M	0.25%	1,940shares	SOLE	0 / 0 / 1,940
VANGUARD INDEX FDSSM CP VAL ETF	922908611	$255.84M	0.25%	1,208shares	SOLE	0 / 0 / 1,208
GRAYSCALE BITCOIN TRUST ETFSHS REP COM UT	389637109	$231.74M	0.23%	3,390shares	SOLE	0 / 0 / 3,390
SCHWAB CHARLES CORPCOM	808513105	$224.80M	0.22%	2,250shares	SOLE	0 / 0 / 2,250
EATON CORP PLCSHS	G29183103	$214.99M	0.21%	675shares	SOLE	0 / 0 / 675
SPDR INDEX SHS FDSPORTFOLIO EMG MK	78463X509	$207.60M	0.20%	4,435shares	SOLE	0 / 0 / 4,435
SCHWAB STRATEGIC TREMRG MKTEQ ETF	808524706	$203.05M	0.20%	6,200shares	SOLE	0 / 0 / 6,200

Filing Metadata

Form type

13F-HR

Filing date

Mar 27, 2026

Holdings as of

December 31, 2025

Accession

0001085146-26-000287

CIK

0000850601

View on SEC

Portfolio Snapshot

Total Portfolio Value

$102.56B

Number of Positions

90 reported by filer

Top 10 Concentration

37.4%

Top 20 Concentration

55.1%

Unique Issuers

By CUSIP

Avg. Position Size

$1.14B

Across 90 holdings

Top 5 Holdings

SPDR S&P 500 ETF TR5.8%

APPLE INC5.8%

ALPHABET INC4.6%

ISHARES TR4.1%

ISHARES TR3.6%