Cavalier Investments, LLC

CIK 0001655543 · Q2 2026

13F Equity AUM

$2.4B

-34.8% QoQ

Positions

-24 QoQ

AUM Rank

#1,375

Top 16%

Skill Alpha (FF)

-1.3%/yr^ns

No Clear Edge

Rank #4,821 · Top 58%

vs S&P -0.1%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 84.8%Top 10: 90.1%Top 20: 96.4%

NDQ28.8%

SPY27.6%

SMH19.5%

XLK6.0%

NVDA2.9%

XLI1.5%

TSLA1.1%

XLV1.0%

HWM0.9%

XLB0.9%

Others (39)9.9%

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

Sector Allocation

Financial Services93.7%

Technology4.0%

Other2.3%

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

Position Sizing

Positions: 49Median: 0.24%Avg: 2.04%

0–0.5%

32(4.9%)

0.5–1%

9(6.7%)

1–3%

4(6.5%)

3–5%

0(0.0%)

5%+

4(81.9%)

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

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Portfolio Overlap

Shared: 0Unique: 49vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New7Increased18Decreased20Exited31

New Positions

XLK6.0%

+756K

VWO0.7%

+297K

MTUM0.4%

+30K

EFV0.3%

+100K

VNQ0.2%

+56K

VLUE0.2%

+25K

IGV0.1%

+20K

Increased

SMH19.5%

+187K(+36%)

IGF0.5%

+148K(+749%)

XLI1.5%

+92K(+92%)

XLV1.0%

+78K(+98%)

TLT0.6%

+37K(+28%)

HWM0.9%

+28K(+52%)

XLF0.1%

+20K(+361%)

GOOY0.0%

+16K(+34%)

APLY0.0%

+14K(+34%)

MIGA0.2%

+13K(+26%)

Decreased

NDQ28.8%

-1,714,614(-65%)

SPY27.6%

-693,041(-44%)

IBIT0.3%

-631,958(-73%)

SLV0.0%

-361,426(-97%)

RGTI0.0%

-350,000(-88%)

USO0.1%

-344,631(-93%)

6RJ00.0%

-323,012(-99%)

XLE0.4%

-300,000(-60%)

XLU0.1%

-254,919(-91%)

IWM0.0%

-201,246(-99%)

Exited

-258,249

-295,558

-19,704

-132,878

-103,310

-55,000

-150,000

-300,000

-62,334

-45,960

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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