FORBES J M & CO LLP

CIK 0001067532 · Q2 2026

13F Equity AUM

$1.3B

+7.6% QoQ

Positions

159

+9 QoQ

AUM Rank

#2,066

Top 24%

Skill Alpha (FF)

-1.1%/yr^ns

No Clear Edge

Rank #4,445 · Top 54%

vs S&P -1.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 27.9%Top 10: 43.3%Top 20: 60.8%

NVDA6.5%

GOOG5.8%

AAPL5.7%

IAU*5.4%

MSFT4.6%

AMZN3.6%

AVGO3.5%

SS ENERGY SELECT SECTOR3.2%

STE ST TECH SELECT SECTOR SPDR ETF2.6%

JP MORGAN CHASE & CO2.6%

Others (149)56.7%

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

Sector Allocation

Financial Services28.0%

Technology26.3%

Healthcare8.2%

Communication Services7.5%

Consumer Cyclical7.0%

Consumer Defensive5.9%

Financials5.5%

Industrials5.2%

Other6.5%

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

Position Sizing

Positions: 159Median: 0.07%Avg: 0.63%

0–0.5%

106(9.0%)

0.5–1%

20(14.8%)

1–3%

25(38.1%)

3–5%

4(14.8%)

5%+

4(23.3%)

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

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Portfolio Overlap

Shared: 0Unique: 159vs 20 funds

0%Low

159

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

New10Increased29Decreased63Exited1

New Positions

SPACE EXPLORATION TE…0.2%

+16K

HONEYWELL INTERNATIO…0.1%

+4K

HONEYWELL AEROSPACE …0.1%

+4K

ISHARES BITCOIN TRUS…0.1%

+21K

WDC0.0%

+500

AMERICAN TOWER CORP …0.0%

+1K

TSM0.0%

+614

PRGS0.0%

+7K

TD0.0%

+2K

DWD0.0%

+1K

Increased

ANET1.2%

+20K(+28%)

VO0.0%

+4K(+300%)

IWF0.1%

+3K(+300%)

COMCAST CORP CL A0.0%

+2K(+11%)

NKE0.0%

+1K(+13%)

PANW1.1%

+953(+2%)

CAT0.2%

+495(+36%)

XOM0.5%

+426(+1%)

GLW0.1%

+416(+19%)

CSCO1.1%

+369(+0%)

Decreased

ZTS0.0%

-48,192(-86%)

GINKGO BIOWORKS HOLD…0.8%

-28,480(-3%)

GOOG5.8%

-23,821(-10%)

IAU*5.4%

-7,129(-1%)

SS ENERGY SELECT SEC…3.2%

-3,625(-0%)

DD0.0%

-3,284(-66%)

BAC2.1%

-2,612(-1%)

NVDA6.5%

-2,608(-1%)

STATE STREET SPDR PO…1.2%

-2,049(-1%)

IJH1.3%

-1,781(-1%)

Exited

HON

-7,556

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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