Tower Research Capital LLC (TRC)

CIK 0001533421 · Q1 2026

13F Equity AUM

$3.8B

-6.9% QoQ

Positions

4,576

-14 QoQ

AUM Rank

#1,175

Top 9%

Skill Alpha (FF)

+13.3%/yr^ns

No Clear Edge

Rank #196 · Top 2%

vs S&P +7.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 14.3%Top 10: 21.5%Top 20: 28.9%

NDQ3.6%

SOXL3.0%

AAPL2.9%

MSFT2.4%

MU2.4%

TSLA1.8%

NVDA1.7%

AVGO1.4%

GOOGL1.3%

AGG1.0%

Others (4566)78.5%

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

Sector Allocation

Financial Services36.5%

Technology21.6%

Healthcare7.1%

Consumer Cyclical6.3%

Industrials5.8%

Communication Services5.6%

Energy4.7%

Consumer Defensive3.9%

Other8.5%

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

Position Sizing

Positions: 4576Median: 0.00%Avg: 0.02%

0–0.5%

4549(67.3%)

0.5–1%

17(11.2%)

1–3%

9(17.9%)

3–5%

1(3.6%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 3,962Unique: 614vs 20 funds

50.1%High

4,576

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

55.9%

BlackRock, Inc.

64.9%

GEODE CAPITAL MANAGEMENT, LLC

67.7%

BANK OF AMERICA CORP /DE/

52.6%

VANGUARD CAPITAL MANAGEMENT LLC

65.6%

STATE STREET CORP

62.6%

JPMORGAN CHASE & CO

44.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

59.9%

FMR LLC

45.6%

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

New712Increased2698Decreased1639Exited747

New Positions

AGG1.0%

+400K

SPIB0.7%

+756K

JAAA0.6%

+473K

AZN0.4%

+81K

XLI0.4%

+86K

VIG0.3%

+52K

FLOT0.3%

+206K

SPSB0.2%

+276K

RWR0.2%

+73K

VNQ0.2%

+83K

Increased

SOXL3.0%

+2.4M(+888393%)

GOVZ0.1%

+478K(+436%)

COTY0.0%

+373K(+1644%)

AMC0.0%

+297K(+1298%)

PPH0.8%

+296K(+3380%)

VOD0.6%

+275K(+21%)

NDQ3.6%

+242K(+2685489%)

SCHO0.1%

+215K(+38987%)

SHEL0.6%

+208K(+481%)

AEG0.2%

+194K(+28%)

Decreased

GSY0.1%

-705,750(-91%)

NVDA1.7%

-568,208(-60%)

ERIC0.0%

-563,302(-89%)

USFR0.3%

-382,886(-60%)

EQNR0.0%

-378,610(-100%)

AAPL2.9%

-353,388(-44%)

AMZN0.8%

-347,510(-70%)

VCSH0.0%

-324,617(-100%)

INTC0.2%

-269,235(-61%)

ING0.0%

-253,717(-99%)

Exited

-2,294,726

-243,237

-224,965

-328,151

-2,292,943

-269,231

-55,506

-39,309

-89,439

-77,642

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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