TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

CIK 0000351083 · Q1 2026

13F Equity AUM

$296.8M

+45.8% QoQ

Positions

+1 QoQ

AUM Rank

#5,913

Top 48%

Skill Alpha (FF)

-1.6%/yr^ns

No Clear Edge

vs S&P -8.0%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 100.0%Top 10: 100.0%Top 20: 100.0%

KRMN52.6%

USAR24.8%

LUNR20.3%

DNUT2.3%

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

Sector Allocation

Industrials73.0%

Basic Materials24.8%

Consumer Defensive2.3%

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

Position Sizing

Positions: 4Median: 22.53%Avg: 25.00%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

1(2.3%)

3–5%

0(0.0%)

5%+

3(97.7%)

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

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Portfolio Overlap

Shared: 4Unique: 0vs 20 funds

0.1%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)

BlackRock, Inc.

0.1%

VANGUARD CAPITAL MANAGEMENT LLC

0.1%

STATE STREET CORP

0.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.1%

MORGAN STANLEY

0.1%

GEODE CAPITAL MANAGEMENT, LLC

0.1%

JPMORGAN CHASE & CO

0.1%

BANK OF AMERICA CORP /DE/

0.1%

FMR LLC

0.1%

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

New1Increased0Decreased0Exited0

New Positions

USAR24.8%

+4.9M

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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