Cannell & Spears LLC

CIK 0001426319 · Q1 2026

13F Equity AUM

$5.1B

-4.6% QoQ

Positions

420

+9 QoQ

AUM Rank

#1,000

Top 8%

Skill Alpha (FF)

-0.7%/yr^ns

No Clear Edge

Rank #3,260 · Top 40%

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

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 19.0%Top 10: 30.4%Top 20: 45.9%

MSFT4.8%

GOOG4.6%

AAPL3.6%

BRK/B3.2%

AMZN2.8%

CB2.6%

VRT2.5%

BN2.1%

GOOGL2.0%

MRP2.0%

Others (410)69.7%

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

Sector Allocation

Financial Services17.3%

Technology16.8%

Industrials13.3%

Healthcare11.0%

Consumer Cyclical9.8%

Basic Materials9.2%

Communication Services8.6%

Consumer Defensive3.9%

Other10.2%

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

Position Sizing

Positions: 420Median: 0.03%Avg: 0.24%

0–0.5%

364(25.1%)

0.5–1%

26(18.1%)

1–3%

26(40.6%)

3–5%

4(16.2%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 410Unique: 10vs 20 funds

5.6%Low

420

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

7.7%

BANK OF AMERICA CORP /DE/

8.3%

9.6%

7.9%

12.5%

9.7%

GEODE CAPITAL MANAGEMENT, LLC

9.6%

VANGUARD CAPITAL MANAGEMENT LLC

9.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

10.5%

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

New38Increased116Decreased191Exited29

New Positions

AMCOR PLC0.4%

+529K

OII0.1%

+164K

BAC 7.25 PERP L0.1%

+5K

CMC0.1%

+61K

LNG0.1%

+13K

RIVN0.1%

+198K

ITRN0.1%

+49K

LXP 6.5 PERP C0.1%

+58K

WFC 7.5 PERP L0.0%

+2K

QC100.0%

+136K

Increased

RIVN 3.625 10/15/300.7%

+12.9M(+49%)

RKT0.3%

+984K(+1110%)

LOKVW0.0%

+530K(+214%)

MRK1.9%

+452K(+131%)

SHAK0.8%

+97K(+27%)

NVDA1.6%

+93K(+24%)

FTAIN1.7%

+65K(+23%)

JMIA0.0%

+57K(+143%)

GIL1.4%

+56K(+5%)

GRABW0.0%

+53K(+44%)

Decreased

BEPC0.1%

-386,075(-69%)

EQT0.0%

-347,715(-92%)

BORR0.0%

-193,000(-63%)

ELF0.1%

-152,253(-78%)

UBER0.0%

-134,254(-89%)

FIS0.5%

-133,551(-20%)

AEM1.6%

-119,928(-24%)

CRH.L1.2%

-113,589(-16%)

AL0.0%

-112,429(-95%)

CMCSA0.4%

-98,867(-13%)

Exited

-2,280,229

-47,347

-55,586

-42,190

-18,410

-10,693

-4,376

-18,473

-31,000

-3,333

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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