L2 Asset Management, LLC

CIK 0001686988 · Q1 2026

13F Equity AUM

$1.1B

+40.5% QoQ

Positions

397

+31 QoQ

AUM Rank

#2,695

Top 22%

Skill Alpha (FF)

-1.3%/yr^ns

No Clear Edge

Rank #4,105 · Top 50%

vs S&P -2.0%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 15.9%Top 10: 25.8%Top 20: 39.5%

SGOV4.8%

SCHX3.2%

SCHI2.8%

MTBA2.6%

AVUV2.5%

VTEB2.4%

NVDA2.1%

AAPL2.1%

EEM1.7%

SCHF1.6%

Others (387)74.2%

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

Sector Allocation

Financial Services47.6%

Technology17.6%

Healthcare7.0%

Consumer Cyclical5.9%

Communication Services5.1%

Energy4.2%

Consumer Defensive3.7%

Industrials3.4%

Other5.4%

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

Position Sizing

Positions: 397Median: 0.06%Avg: 0.25%

0–0.5%

335(29.5%)

0.5–1%

39(27.8%)

1–3%

21(34.8%)

3–5%

2(8.0%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 391Unique: 6vs 20 funds

5.4%Low

397

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

7.4%

BANK OF AMERICA CORP /DE/

8.1%

7.8%

9.3%

12.2%

10.1%

VANGUARD CAPITAL MANAGEMENT LLC

10.2%

GEODE CAPITAL MANAGEMENT, LLC

9.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

12%

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

New56Increased301Decreased40Exited25

New Positions

EEM1.7%

+225K

JHG1.4%

+290K

SCHA1.0%

+360K

KHC0.5%

+218K

DVN0.4%

+75K

IWD0.3%

+16K

IT0.2%

+13K

HUBB0.2%

+3K

ILMN0.1%

+11K

FFIV0.1%

+5K

Increased

SCHX3.2%

+736K(+128%)

SCHI2.8%

+658K(+101%)

PREF1.5%

+534K(+169%)

PFLD1.3%

+422K(+142%)

SCHF1.6%

+403K(+151%)

SPY1.4%

+336K(+35990%)

SCHE1.6%

+292K(+143%)

IBTH0.7%

+290K(+1121%)

MTBA2.6%

+286K(+105%)

VTEB2.4%

+255K(+102%)

Decreased

GEN0.0%

-72,470(-84%)

EBA0.1%

-49,156(-87%)

WFC0.1%

-22,146(-57%)

AKAM0.3%

-16,984(-41%)

CAH0.5%

-14,761(-37%)

CSCO0.8%

-13,555(-11%)

CHKP0.2%

-13,261(-53%)

LVS0.2%

-8,024(-16%)

CPAY0.3%

-7,591(-39%)

JBL0.7%

-4,785(-15%)

Exited

-31,466

-5,082

-15,035

-5,630

-29,418

-13,594

-6,170

-10,343

-23,899

-7,622

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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