Pathstone Holdings, LLC
Reported US equity positions for Q1 2026 — $25.1B across 4,642 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| IVV iShares Core S&P 500 ETF | $1.5B | 6.0% | 2,299,769 |
| SPY State Street SPDR S&P 500 ETF Trust | $1.4B | 5.6% | 2,176,821 |
| VOO Vanguard S&P 500 ETF | $995.2M | 4.0% | 1,665,413 |
| AAPL Apple Inc. | $738.7M | 2.9% | 2,910,646 |
| MSFT Microsoft Corporation | $641.3M | 2.6% | 1,732,145 |
| NVDA NVIDIA Corporation | $597.3M | 2.4% | 3,424,938 |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | $518.2M | 2.1% | 840,196 |
| IJH iShares Core S&P Mid-Cap ETF | $478.5M | 1.9% | 7,085,087 |
| IWB iShares Russell 1000 ETF | $396.5M | 1.6% | 1,112,041 |
| VEA Vanguard FTSE Developed Markets ETF | $342.1M | 1.4% | 5,338,767 |
| AMZN Amazon.com, Inc. | $309.5M | 1.2% | 1,486,103 |
| IJR iShares Core S&P Small-Cap ETF | $291.0M | 1.2% | 2,341,216 |
| VTI Vanguard Morningstar Total Stock Market ETF | $267.2M | 1.1% | 833,032 |
| GOOGL Alphabet Inc. | $260.4M | 1.0% | 905,590 |
| VV Vanguard Morningstar Large-Cap ETF | $250.0M | 1.0% | 836,558 |
| IGF iShares Global Infrastructure ETF | $249.4M | 1.0% | 3,722,667 |
| KO The Coca-Cola Company | $249.0M | 1.0% | 3,273,789 |
| GOOG Alphabet Inc. - Class C Capital Stock | $244.7M | 1.0% | 853,041 |
| VYM Vanguard High Dividend Yield ETF | $207.2M | 0.8% | 1,399,111 |
| BRK.A Berkshire Hathaway Inc. | $204.7M | 0.8% | 285 |
| IWM iShares Russell 2000 Index Fund | $195.1M | 0.8% | 786,519 |
| BRK.B Berkshire Hathaway Inc. | $193.5M | 0.8% | 403,832 |
| TSLA Tesla, Inc. | $187.6M | 0.7% | 504,698 |
| IWR iShares Russell Mid-Cap ETF | $185.2M | 0.7% | 1,904,995 |
| AVGO Broadcom Inc. | $174.0M | 0.7% | 562,073 |
| VO Vanguard Morningstar Mid-Cap ETF | $171.7M | 0.7% | 597,960 |
| META Meta Platforms, Inc. | $167.9M | 0.7% | 293,510 |
| JPM JP Morgan Chase & Co. | $145.2M | 0.6% | 493,552 |
| VONG Vanguard Russell 1000 Growth ETF | $137.3M | 0.5% | 1,251,581 |
| DIS The Walt Disney Company | $132.6M | 0.5% | 1,375,321 |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | $131.3M | 0.5% | 2,875,556 |
| VB Vanguard Morningstar Small-Cap ETF | $125.6M | 0.5% | 479,636 |
| VTEB Vanguard Tax-Exempt Bond ETF | $118.1M | 0.5% | 2,367,474 |
| IWF iShares Russell 1000 Growth Fund | $116.7M | 0.5% | 273,685 |
| SDY State Street SPDR S&P Dividend ETF | $114.2M | 0.5% | 782,740 |
| VONV Vanguard Russell 1000 Value ETF | $111.9M | 0.4% | 1,193,702 |
| IEMG iShares Core MSCI Emerging Markets ETF | $109.0M | 0.4% | 1,562,950 |
| VWO Vanguard FTSE Emerging Markets ETF | $106.6M | 0.4% | 1,973,093 |
| LLY Eli Lilly and Company | $106.2M | 0.4% | 115,489 |
| IWD iShares Russell 1000 Value ETF | $100.3M | 0.4% | 469,622 |
| BND Vanguard Total Bond Market ETF | $96.9M | 0.4% | 1,316,285 |
| DFSV Dimensional US Small Cap Value ETF | $96.5M | 0.4% | 2,754,739 |
| JNJ Johnson & Johnson | $95.8M | 0.4% | 391,963 |
| EFA iShares MSCI EAFE ETF | $94.1M | 0.4% | 969,116 |
| COST Costco Wholesale Corporation | $93.8M | 0.4% | 94,179 |
| DFIC Dimensional International Core Equity 2 ETF | $92.5M | 0.4% | 2,603,022 |
| DFLV Dimensional US Large Cap Value ETF | $91.2M | 0.4% | 2,553,519 |
| XOM ExxonMobil Holdings Corporation | $91.0M | 0.4% | 536,617 |
| SLAB Silicon Laboratories, Inc. | $88.5M | 0.4% | 425,003 |
| V Visa Inc. | $87.8M | 0.3% | 290,453 |
| DFAX Dimensional World ex U.S. Core Equity 2 ETF | $86.3M | 0.3% | 2,541,201 |
| NFLX Netflix, Inc. | $85.8M | 0.3% | 892,241 |
| IWN iShares Russell 2000 Value ETF | $78.7M | 0.3% | 414,852 |
| MA Mastercard Incorporated | $77.8M | 0.3% | 155,625 |
| TJX The TJX Companies, Inc. | $74.3M | 0.3% | 465,263 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $68.8M | 0.3% | 203,430 |
| WMT Walmart Inc. | $68.6M | 0.3% | 551,900 |
| VUG Vanguard Morningstar Growth ETF | $67.4M | 0.3% | 154,218 |
| MAR Marriott International | $66.1M | 0.3% | 202,156 |
| DUHP Dimensional US High Profitability ETF | $65.8M | 0.3% | 1,789,343 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| IVV iShares Core S&P 500 ETF | Add | $1.5B | $1.5B | +2% |
| SPY State Street SPDR S&P 500 ETF Trust | Trim | $1.4B | $1.5B | -2% |
| VOO Vanguard S&P 500 ETF | Add | $995.2M | $1.0B | +2% |
| AAPL Apple Inc. | Add | $738.7M | $751.1M | +5% |
| MSFT Microsoft Corporation | Trim | $641.3M | $861.2M | -3% |
| IJH iShares Core S&P Mid-Cap ETF | Add | $478.5M | $462.5M | +1% |
| VEA Vanguard FTSE Developed Markets ETF | Add | $342.1M | $293.3M | +14% |
| IJR iShares Core S&P Small-Cap ETF | Add | $291.0M | $275.3M | +2% |
| VTI Vanguard Morningstar Total Stock Market ETF | Add | $267.2M | $270.7M | +3% |
| VV Vanguard Morningstar Large-Cap ETF | Add | $250.0M | $237.9M | +11% |
| IGF iShares Global Infrastructure ETF | Add | $249.4M | $225.7M | +1% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $244.7M | $270.8M | -1% |
| BRK.A Berkshire Hathaway Inc. | Add | $204.7M | $211.3M | +2% |
| IWM iShares Russell 2000 Index Fund | Trim | $195.1M | $198.4M | -2% |
| TSLA Tesla, Inc. | Add | $187.6M | $217.0M | +5% |
| AVGO Broadcom Inc. | Add | $174.0M | $183.1M | +6% |
| META Meta Platforms, Inc. | Add | $167.9M | $189.7M | +2% |
| VONG Vanguard Russell 1000 Growth ETF | Add | $137.3M | $139.9M | +9% |
| DIS The Walt Disney Company | Trim | $132.6M | $158.4M | -1% |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | Trim | $131.3M | $129.8M | -2% |
| VB Vanguard Morningstar Small-Cap ETF | Trim | $125.6M | $127.3M | -3% |
| IWF iShares Russell 1000 Growth Fund | Add | $116.7M | $128.0M | +1% |
| SDY State Street SPDR S&P Dividend ETF | Add | $114.2M | $107.5M | +1% |
| VONV Vanguard Russell 1000 Value ETF | Trim | $111.9M | $111.9M | -2% |
| IEMG iShares Core MSCI Emerging Markets ETF | Add | $109.0M | $91.2M | +15% |
| VWO Vanguard FTSE Emerging Markets ETF | Add | $106.6M | $103.1M | +3% |
| LLY Eli Lilly and Company | Add | $106.2M | $122.0M | +2% |
| IWD iShares Russell 1000 Value ETF | Trim | $100.3M | $102.8M | -4% |
| BND Vanguard Total Bond Market ETF | Add | $96.9M | $96.1M | +2% |
| JNJ Johnson & Johnson | Add | $95.8M | $76.2M | +6% |
| EFA iShares MSCI EAFE ETF | Add | $94.1M | $89.1M | +4% |
| COST Costco Wholesale Corporation | Trim | $93.8M | $83.1M | -2% |
| DFIC Dimensional International Core Equity 2 ETF | Trim | $92.5M | $93.0M | -4% |
| V Visa Inc. | Trim | $87.8M | $103.1M | -1% |
| DFAX Dimensional World ex U.S. Core Equity 2 ETF | Trim | $86.3M | $86.8M | -4% |
| NFLX Netflix, Inc. | Add | $85.8M | $78.1M | +7% |
| IWN iShares Russell 2000 Value ETF | Add | $78.7M | $71.9M | +5% |
| MA Mastercard Incorporated | Add | $77.8M | $87.2M | +2% |
| TJX The TJX Companies, Inc. | Trim | $74.3M | $74.1M | -4% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Add | $68.8M | $58.0M | +7% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.