Carnegie Investment Counsel

CIK 0001511506 · Q1 2026

13F Equity AUM

$5.1B

-5.3% QoQ

Positions

559

-5 QoQ

AUM Rank

#995

Top 8%

Skill Alpha (FF)

-0.8%/yr^ns

No Clear Edge

Rank #3,440 · Top 42%

vs S&P -3.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 14.2%Top 10: 23.5%Top 20: 35.2%

GOOGL3.3%

AAPL3.3%

MSFT3.0%

JPM2.4%

NVDA2.2%

AVGO2.1%

AMZN2.0%

BRK/B1.8%

META1.8%

SYK1.5%

Others (549)76.5%

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

Sector Allocation

Financial Services34.3%

Technology19.0%

Industrials10.8%

Consumer Cyclical8.2%

Communication Services8.1%

Healthcare7.8%

Utilities3.1%

Consumer Defensive2.8%

Other6.0%

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

Position Sizing

Positions: 559Median: 0.03%Avg: 0.18%

0–0.5%

500(37.6%)

0.5–1%

41(29.1%)

1–3%

15(23.6%)

3–5%

3(9.7%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 553Unique: 6vs 20 funds

7.6%Low

559

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

10.5%

BANK OF AMERICA CORP /DE/

11.5%

10.7%

16.3%

11.6%

10.8%

VANGUARD CAPITAL MANAGEMENT LLC

9.9%

GEODE CAPITAL MANAGEMENT, LLC

9.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

11.2%

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

New35Increased205Decreased255Exited39

New Positions

DECK0.6%

+323K

SOLS0.1%

+35K

BRO0.0%

+30K

COPP0.0%

+38K

AZN0.0%

+7K

TEAM1EUR0.0%

+19K

BSJV0.0%

+45K

BOOT0.0%

+5K

BSMR0.0%

+16K

BSMS0.0%

+23K

Increased

IGV0.4%

+210K(+1141%)

IBTH0.3%

+125K(+21%)

HOOD0.2%

+121K(+6386%)

PYPL0.1%

+114K(+186%)

IQLT0.8%

+114K(+14%)

PFFD0.2%

+102K(+26%)

QXO0.1%

+86K(+39%)

BAC0.6%

+76K(+14%)

BSCT0.1%

+64K(+26%)

BSCU0.1%

+64K(+36%)

Decreased

RELX0.0%

-346,620(-92%)

HOLX0.0%

-223,038(-96%)

IONQ0.1%

-131,994(-44%)

ARHS0.0%

-100,490(-72%)

CRDO0.3%

-92,592(-38%)

SDHY0.0%

-80,683(-47%)

XAIX0.0%

-71,036(-78%)

NVO0.1%

-67,020(-27%)

NUW0.0%

-58,013(-72%)

NVDA2.2%

-46,915(-7%)

Exited

-557,350

-1,311,710

-238,163

-93,334

-73,282

-12,930

-4,083

-10,356

MAGS

-4,897

DGRW

-3,377

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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