Nepsis Inc.

CIK 0001587643 · Q1 2026

13F Equity AUM

$298.6M

-7.7% QoQ

Positions

-1 QoQ

AUM Rank

#5,881

Top 47%

Skill Alpha (FF)

+0.8%/yr^ns

No Clear Edge

Rank #1,726 · Top 21%

vs S&P -2.9%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 33.1%Top 10: 58.4%Top 20: 92.6%

UTH8.4%

DVN7.6%

CB5.7%

RNR-PG5.7%

AMGN5.7%

RLI5.4%

BMY5.3%

AMD5.3%

EOG4.8%

V4.5%

Others (19)41.6%

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

Sector Allocation

Financial Services30.1%

Healthcare26.3%

Technology21.5%

Energy15.8%

Real Estate2.6%

Communication Services2.5%

Other1.2%

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

Position Sizing

Positions: 29Median: 3.45%Avg: 3.45%

0–0.5%

3(0.7%)

0.5–1%

4(3.1%)

1–3%

5(11.7%)

3–5%

9(35.4%)

5%+

8(49.1%)

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

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Portfolio Overlap

Shared: 29Unique: 0vs 20 funds

0.4%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

0.5%

JPMORGAN CHASE & CO

0.6%

BANK OF AMERICA CORP /DE/

0.6%

BlackRock, Inc.

0.7%

VANGUARD CAPITAL MANAGEMENT LLC

0.8%

STATE STREET CORP

0.8%

GEODE CAPITAL MANAGEMENT, LLC

0.8%

FMR LLC

0.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.9%

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

New2Increased4Decreased23Exited3

New Positions

EOG4.8%

+99K

PBR3.4%

+481K

Increased

SHOP4.1%

+3K(+3%)

JPST0.3%

+961(+7%)

MDT2.6%

+743(+1%)

SNOW2.8%

+279(+1%)

Decreased

HCAT0.8%

-39,505(-2%)

DVN7.6%

-14,939(-3%)

BMY5.3%

-11,967(-4%)

PDM0.7%

-9,878(-3%)

RLI5.4%

-6,538(-2%)

SMCI2.7%

-3,877(-1%)

UBER3.5%

-3,813(-3%)

CI3.5%

-3,259(-8%)

AIG4.0%

-2,775(-2%)

ANET3.2%

-2,716(-3%)

Exited

CAVA

-176,694

COIN

-42,634

AAON

-117,707

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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