ACADEMY CAPITAL MANAGEMENT

CIK 0001031972 · Q2 2026

13F Equity AUM

$756.3M

+8.1% QoQ

Positions

-1 QoQ

AUM Rank

#3,945

Top 31%

Skill Alpha (FF)

-0.0%/yr^ns

No Clear Edge

Rank #2,802 · Top 34%

vs S&P -0.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 44.3%Top 10: 75.2%Top 20: 98.1%

AAPL10.5%

TSM9.4%

GOOG9.3%

AMZN7.8%

GOOG7.4%

BRK/B7.0%

MA6.8%

META PLATFORMS6.3%

MSFT6.1%

PRI4.9%

Others (26)24.8%

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

Sector Allocation

Technology26.1%

Communication Services24.8%

Financial Services22.1%

Healthcare15.0%

Consumer Cyclical8.2%

Other3.8%

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

Position Sizing

Positions: 36Median: 0.92%Avg: 2.78%

0–0.5%

17(2.3%)

0.5–1%

1(0.8%)

1–3%

5(9.2%)

3–5%

4(17.3%)

5%+

9(70.3%)

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

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Portfolio Overlap

Shared: 0Unique: 36vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New5Increased8Decreased13Exited6

New Positions

CME0.3%

+12K

ETF SPDR SP 5000.1%

+1K

LUV0.0%

+7K

TSLA0.0%

+631

EMR0.0%

+2K

Increased

ZTS4.7%

+270K(+118%)

NFLX1.9%

+190K(+3271%)

STEL0.2%

+28K(+394%)

ALIBABA GRP0.4%

+5K(+19%)

MA6.8%

+985(+1%)

IDEXX LABS INC2.4%

+482(+1%)

UNH4.7%

+132(+0%)

V0.1%

+17(+1%)

Decreased

NVO3.0%

-240,046(-33%)

POOL1.7%

-62,551(-51%)

AMZN7.8%

-10,943(-4%)

GOOG7.4%

-6,639(-4%)

MSFT6.1%

-4,566(-4%)

AAPL10.5%

-2,914(-1%)

META PLATFORMS6.3%

-2,862(-3%)

GOOG9.3%

-1,678(-1%)

TSM9.4%

-1,503(-1%)

XOM0.8%

-633(-1%)

Exited

-1,265,437

-103,466

-30,523

-4,481

-1,551

PROVECTUS BIO

-20,000

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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