State of Wyoming

CIK 0001821626 · Q1 2026

13F Equity AUM

$843.7M

-7.6% QoQ

Positions

1,773

-2 QoQ

AUM Rank

#3,138

Top 25%

Skill Alpha (FF)

-1.5%/yr^ns

No Clear Edge

Rank #4,485 · Top 55%

vs S&P -4.7%/yr (unadj.)

Quarters Tracked

~5 years

Portfolio Concentration

Top 5: 28.0%Top 10: 32.1%Top 20: 36.3%

SPY20.4%

EFA2.5%

NVDA2.2%

AAPL2.0%

GOOGL1.0%

IESC1.0%

EMXC0.9%

EWT0.9%

GOOG0.6%

MSFT0.6%

Others (1763)67.9%

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

Sector Allocation

Financial Services34.3%

Technology18.4%

Industrials12.0%

Healthcare8.0%

Consumer Cyclical7.8%

Energy4.9%

Communication Services4.2%

Basic Materials3.5%

Other7.0%

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

Position Sizing

Positions: 1773Median: 0.03%Avg: 0.06%

0–0.5%

1763(67.9%)

0.5–1%

4(3.1%)

1–3%

5(8.6%)

3–5%

0(0.0%)

5%+

1(20.4%)

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

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Portfolio Overlap

Shared: 1,761Unique: 12vs 20 funds

24.1%Moderate

1,773

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

31.9%

BlackRock, Inc.

41.4%

GEODE CAPITAL MANAGEMENT, LLC

46.8%

BANK OF AMERICA CORP /DE/

33.2%

STATE STREET CORP

45.2%

VANGUARD CAPITAL MANAGEMENT LLC

45.3%

JPMORGAN CHASE & CO

29.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

49.4%

FMR LLC

38.1%

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

New316Increased650Decreased803Exited316

New Positions

RY0.2%

+11K

PLTR0.2%

+10K

BMO0.1%

+9K

ON0.1%

+19K

LYV0.1%

+7K

FICO0.1%

+794

HQY0.1%

+10K

BDC0.1%

+6K

Q0.1%

+6K

NATR0.1%

+25K

Increased

SNDL0.1%

+219K(+51%)

CMRC0.1%

+129K(+888%)

ACH0.1%

+113K(+201%)

GEVO0.1%

+111K(+390%)

HLLY0.1%

+93K(+293%)

WOOF0.1%

+91K(+143%)

LFMD0.1%

+85K(+147%)

TMCI0.0%

+72K(+317%)

TBLAW0.0%

+67K(+185%)

DRH0.1%

+63K(+256%)

Decreased

EFA2.5%

-155,016(-42%)

AMC0.0%

-148,265(-98%)

WEED0.0%

-103,092(-98%)

LPRO0.0%

-99,713(-98%)

KWE10.1%

-81,617(-24%)

GNW0.0%

-80,566(-65%)

KOPN0.0%

-77,098(-88%)

EMXC0.9%

-72,608(-42%)

MNKD0.0%

-64,255(-73%)

HUN0.1%

-62,023(-62%)

Exited

-97,992

-55,591

-23,326

-7,331

-25,667

INDIVIOR PLC

-20,637

EWCZ

-206,513

BSX

-7,260

-2,001

4I1

-4,076

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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