Gray Foundation

CIK 0002011602 · Q1 2026

13F Equity AUM

$396.8M

-0.5% QoQ

Positions

0 QoQ

AUM Rank

#4,983

Top 40%

Skill Alpha (FF)

-2.0%/yr^ns

No Clear Edge

Rank #5,211 · Top 63%

vs S&P +1.0%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 89.4%Top 10: 99.1%Top 20: 100.0%

HLT56.1%

IGM16.7%

GOOG8.1%

INDA5.0%

ROBO3.5%

SOXX2.9%

INVH2.1%

HGV2.1%

BA1.3%

NBIX1.3%

Others (1)0.9%

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

Sector Allocation

Consumer Cyclical58.2%

Financial Services28.1%

Communication Services8.1%

Healthcare2.2%

Real Estate2.1%

Other1.3%

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

Position Sizing

Positions: 11Median: 2.85%Avg: 9.09%

0–0.5%

0(0.0%)

0.5–1%

1(0.9%)

1–3%

5(9.7%)

3–5%

1(3.5%)

5%+

4(85.9%)

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

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Portfolio Overlap

Shared: 11Unique: 0vs 20 funds

0.2%Low

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)

MORGAN STANLEY

0.2%

FMR LLC

0.3%

JPMORGAN CHASE & CO

0.2%

BANK OF AMERICA CORP /DE/

0.2%

BlackRock, Inc.

0.2%

STATE STREET CORP

0.2%

VANGUARD CAPITAL MANAGEMENT LLC

0.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.2%

GEODE CAPITAL MANAGEMENT, LLC

0.2%

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

New1Increased0Decreased0Exited1

New Positions

AZN0.9%

+18K

Exited

AZN

-36,537

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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