FORBES J M & CO LLP

CIK 0001067532 · Q1 2026

13F Equity AUM

$1.2B

-4.3% QoQ

Positions

150

+9 QoQ

AUM Rank

#2,531

Top 20%

Skill Alpha (FF)

-1.2%/yr^ns

No Clear Edge

Rank #4,027 · Top 49%

vs S&P -3.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 28.8%Top 10: 44.2%Top 20: 61.8%

IAU*6.8%

NVDA6.1%

GOOG5.6%

AAPL5.3%

MSFT4.9%

SS ENERGY SELECT SECTOR4.0%

AMZN3.4%

AVGO3.1%

JP MORGAN CHASE & CO2.5%

JNJ2.4%

Others (140)55.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services27.8%

Technology23.7%

Healthcare8.6%

Communication Services7.5%

Consumer Cyclical7.1%

Financials6.9%

Consumer Defensive6.6%

Industrials5.2%

Other6.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 150Median: 0.10%Avg: 0.67%

0–0.5%

94(7.4%)

0.5–1%

25(17.7%)

1–3%

23(35.6%)

3–5%

4(15.4%)

5%+

4(23.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 81Unique: 69vs 20 funds

1.1%Low

150

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

FMR LLC

2.7%

MORGAN STANLEY

1.5%

JPMORGAN CHASE & CO

1.7%

BANK OF AMERICA CORP /DE/

1.7%

BlackRock, Inc.

STATE STREET CORP

1.9%

VANGUARD CAPITAL MANAGEMENT LLC

1.9%

GEODE CAPITAL MANAGEMENT, LLC

1.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New12Increased61Decreased29Exited3

New Positions

APH0.7%

+63K

IWF0.0%

+1K

VEA0.0%

+6K

VO0.0%

+1K

GLW0.0%

+2K

VB0.0%

+765

IWD0.0%

+1K

GEV0.0%

+270

BWXT0.0%

+1K

LMT0.0%

+413

Increased

STATE STREET SPDR PO…1.2%

+5K(+2%)

SS ENERGY SELECT SEC…4.0%

+3K(+0%)

BAC1.9%

+3K(+1%)

NVDA6.1%

+3K(+1%)

VIG1.6%

+3K(+3%)

VZ0.9%

+3K(+1%)

ISHARES CORE INTL ST…0.9%

+3K(+2%)

IJH1.3%

+2K(+1%)

AAPL5.3%

+2K(+1%)

KO1.6%

+2K(+1%)

Decreased

IAU*6.8%

-264,360(-22%)

IBM0.8%

-31,741(-44%)

BBH SELECT LARGE CAP…0.1%

-15,476(-26%)

GINKGO BIOWORKS HOLD…0.5%

-12,050(-1%)

AKRE FOCUS ETF0.1%

-3,654(-18%)

DIS0.1%

-1,814(-18%)

ADBE0.1%

-1,275(-19%)

WY0.0%

-946(-6%)

MSFT4.9%

-660(-0%)

NSRGY0.1%

-513(-8%)

Exited

NOW

-54,739

DWD

-1,186

PRGS

-7,120

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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