Summit Trail Advisors, LLC

CIK 0001698478 · Q1 2026

13F Equity AUM

$7.0B

+20.7% QoQ

Positions

1,439

+137 QoQ

AUM Rank

#813

Top 7%

Skill Alpha (FF)

-1.9%/yr^ns

No Clear Edge

Rank #4,996 · Top 61%

vs S&P -6.9%/yr (unadj.)

Quarters Tracked

~8 years

Portfolio Concentration

Top 5: 24.5%Top 10: 34.2%Top 20: 45.7%

VOO9.0%

USFR7.2%

AVGO3.4%

AAPL2.6%

VEA2.3%

OLLI2.1%

NVDA2.1%

RSP2.0%

GOOGL1.9%

GOOG1.6%

Others (1429)65.8%

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

Sector Allocation

Financial Services43.7%

Technology20.6%

Industrials7.3%

Communication Services6.1%

Consumer Cyclical5.5%

Consumer Defensive4.6%

Healthcare4.5%

Energy2.3%

Other5.4%

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

Position Sizing

Positions: 1439Median: 0.02%Avg: 0.07%

0–0.5%

1411(49.0%)

0.5–1%

12(8.8%)

1–3%

13(22.6%)

3–5%

1(3.4%)

5%+

2(16.2%)

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

Loading summary cards...

Portfolio Overlap

Shared: 1,428Unique: 11vs 20 funds

19.5%Moderate

1,439

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

26.8%

BANK OF AMERICA CORP /DE/

29.2%

27.2%

32.5%

40.1%

32.9%

GEODE CAPITAL MANAGEMENT, LLC

31.5%

VANGUARD CAPITAL MANAGEMENT LLC

31.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

36.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

Loading overlap analysis...

Position Changes This Quarter

New199Increased954Decreased246Exited60

New Positions

SGU0.4%

+2.0M

FERG0.1%

+23K

AZN0.1%

+20K

AVGO0.0%

+300

SIFY0.0%

+244K

MHD0.0%

+192K

CCC0.0%

+357K

BHP0.0%

+25K

PNFP0.0%

+22K

TM0.0%

+8K

Increased

DLO1.4%

+6.7M(+716%)

OLLI2.1%

+1.6M(+6175%)

USFR7.2%

+1.3M(+15%)

VEA2.3%

+509K(+25%)

EXPD0.8%

+476K(+4712%)

VWO1.4%

+316K(+20%)

NVDA2.1%

+248K(+42%)

GOOGL1.9%

+213K(+84%)

KCCA0.3%

+194K(+16%)

GTM0.0%

+176K(+137%)

Decreased

UAA0.0%

-237,062(-61%)

UA0.0%

-166,217(-64%)

VGSH0.1%

-163,288(-65%)

AKRE0.1%

-163,124(-59%)

SCHB0.2%

-108,727(-19%)

SCHD0.0%

-105,469(-81%)

IJH0.1%

-80,129(-58%)

ISHG1.1%

-69,142(-6%)

IEFA0.2%

-57,206(-26%)

UWMC0.0%

-56,493(-49%)

Exited

-138,362

-69,571

-167,803

-21,079

-17,157

-24,865

-13,840

-21,301

-30,348

-17,382

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

Loading position changes...

Holdings

Loading holdings...