JOHN G ULLMAN & ASSOCIATES INC

CIK 0000919530 · Q1 2026

13F Equity AUM

$754.3M

+0.6% QoQ

Positions

174

-5 QoQ

AUM Rank

#3,360

Top 27%

Skill Alpha (FF)

-0.3%/yr^ns

No Clear Edge

Rank #2,698 · Top 33%

vs S&P -4.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 21.9%Top 10: 33.7%Top 20: 49.9%

GLW5.8%

TSM5.4%

EMR4.4%

CSCO3.3%

OGE3.1%

TEL2.6%

AVGO2.4%

XOM2.4%

BE2.3%

ESSENTIAL UTILS INC2.1%

Others (164)66.3%

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

Sector Allocation

Technology30.6%

Industrials18.3%

Utilities16.2%

Healthcare9.5%

Energy7.1%

Communication Services5.0%

Financial Services4.3%

Consumer Cyclical3.9%

Other5.1%

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

Position Sizing

Positions: 174Median: 0.19%Avg: 0.57%

0–0.5%

112(15.1%)

0.5–1%

31(21.9%)

1–3%

26(41.1%)

3–5%

3(10.7%)

5%+

2(11.2%)

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

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Portfolio Overlap

Shared: 104Unique: 70vs 20 funds

1.4%Low

174

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

BlackRock, Inc.

2.5%

BANK OF AMERICA CORP /DE/

2.1%

JPMORGAN CHASE & CO

VANGUARD CAPITAL MANAGEMENT LLC

2.8%

STATE STREET CORP

2.7%

FMR LLC

3.2%

GEODE CAPITAL MANAGEMENT, LLC

2.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.2%

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

New10Increased27Decreased102Exited15

New Positions

MLB10.4%

+2K

MHK0.1%

+11K

CHWY0.1%

+19K

THE MOSAIC CO0.1%

+16K

CAT0.0%

+396

BAX0.0%

+18K

PCYO0.0%

+26K

XRAY0.0%

+23K

VZ0.0%

+4K

PURECYCLE TECHNOLOGI…0.0%

+16K

Increased

AZTA0.3%

+51K(+88%)

ITRI1.0%

+22K(+37%)

TWLO0.6%

+15K(+79%)

EHC0.5%

+13K(+47%)

KDP0.6%

+11K(+7%)

DIS1.1%

+9K(+12%)

BCPPF0.8%

+9K(+4%)

PFE0.8%

+8K(+4%)

LNN1.4%

+6K(+7%)

FISV0.1%

+6K(+76%)

Decreased

GLW5.8%

-63,789(-17%)

INTC0.8%

-45,125(-25%)

PYPL0.0%

-31,650(-82%)

WDC1.2%

-31,350(-49%)

EMR4.4%

-26,722(-10%)

ASTE1.1%

-23,567(-13%)

GVA0.9%

-17,350(-23%)

TMP0.7%

-14,551(-17%)

OGE3.1%

-13,664(-3%)

FLS1.2%

-13,475(-10%)

Exited

SNDK

-16,655

TXN

-3,491

-2,210

IQV

-1,900

PANW

-2,082

GENERAL MTRS CO

-5,050

-2,100

-8,190

-1,530

-633

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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