Gladstone Institutional Advisory LLC

CIK 0001766530 · Q1 2026

13F Equity AUM

$2.7B

+1.9% QoQ

Positions

829

+41 QoQ

AUM Rank

#1,503

Top 12%

Skill Alpha (FF)

-3.2%/yr

Underperformer

Rank #6,450 · Top 78%

vs S&P -7.6%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 11.9%Top 10: 20.1%Top 20: 31.1%

NVDA2.7%

AAPL2.6%

IVV2.5%

VOO2.1%

BUFR2.0%

SPY1.8%

SPTI1.7%

SPYM1.7%

AMZN1.6%

SPYV1.4%

Others (819)79.9%

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

Sector Allocation

Financial Services69.3%

Technology11.0%

Industrials3.7%

Consumer Cyclical3.3%

Communication Services3.2%

Healthcare3.1%

Energy2.1%

Other4.2%

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

Position Sizing

Positions: 829Median: 0.03%Avg: 0.12%

0–0.5%

782(50.8%)

0.5–1%

30(20.8%)

1–3%

17(28.4%)

3–5%

0(0.0%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 778Unique: 51vs 20 funds

10.6%Low

829

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

14.1%

BANK OF AMERICA CORP /DE/

15.2%

13.2%

16.6%

10.7%

8.8%

GEODE CAPITAL MANAGEMENT, LLC

7.7%

VANGUARD CAPITAL MANAGEMENT LLC

7.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

8.5%

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

New108Increased381Decreased300Exited67

New Positions

OSEA0.3%

+240K

PHYS/U0.2%

+171K

EMXC0.2%

+74K

BSCU0.2%

+287K

GDEC0.2%

+120K

JHMB0.1%

+129K

IBKR0.1%

+32K

NLR0.1%

+14K

IROC0.1%

+39K

IHAK0.1%

+39K

Increased

SPTI1.7%

+1.5M(+950%)

SPMB0.7%

+671K(+444%)

SPIB0.7%

+457K(+403%)

TE0.3%

+267K(+15%)

FBND0.6%

+158K(+80%)

BUFR2.0%

+139K(+10%)

BIL0.6%

+138K(+404%)

FPE0.3%

+67K(+18%)

IEFA0.8%

+62K(+39%)

DYNF0.2%

+60K(+147%)

Decreased

USFR1.0%

-504,303(-48%)

XLG0.6%

-233,255(-45%)

XLU0.2%

-133,688(-56%)

GOVI0.0%

-120,021(-78%)

XCEM0.0%

-109,075(-85%)

FTSM0.2%

-99,452(-55%)

BITF0.0%

-95,750(-69%)

TLT0.1%

-94,563(-67%)

FTSL0.0%

-50,826(-74%)

XLE0.2%

-45,543(-32%)

Exited

-127,673

-117,640

-16,295

-5,229

-104,482

-13,333

-51,945

-134,554

-48,538

-61,517

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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