Ground Swell Capital, LLC

CIK 0001534450 · Q2 2026

13F Equity AUM

$92.6M

+82.7% QoQ

Positions

145

+23 QoQ

AUM Rank

#8,053

Top 92%

Skill Alpha (FF)

+22.2%/yr^ns

No Clear Edge

Rank #123 · Top 2%

vs S&P +15.3%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 71.2%Top 10: 76.6%Top 20: 82.5%

IVV36.9%

SPACE EXPLORATION TECHN CORP15.7%

IWM12.9%

ASML3.5%

CEREBRAS SYSTEMS INC2.1%

ENQ1.4%

MRVL1.2%

LITE1.0%

DYNF0.9%

IWD0.9%

Others (135)23.4%

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

Sector Allocation

Financial Services59.5%

Unclassified20.7%

Technology11.1%

Consumer Cyclical2.6%

Other6.0%

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

Position Sizing

Positions: 145Median: 0.13%Avg: 0.69%

0–0.5%

126(18.0%)

0.5–1%

11(7.2%)

1–3%

4(5.7%)

3–5%

1(3.5%)

5%+

3(65.5%)

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

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Portfolio Overlap

Shared: 0Unique: 145vs 20 funds

0%Low

145

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

New134Increased8Decreased3Exited110

New Positions

IVV36.9%

+46K

SPACE EXPLORATION TE…15.7%

+85K

IWM12.9%

+40K

ASML3.5%

+2K

CEREBRAS SYSTEMS INC2.1%

+9K

MRVL1.2%

+4K

LITE1.0%

+1K

IWD0.9%

+3K

DYNF0.9%

+12K

MKSI0.7%

+1K

Increased

PMI0.0%

+52K(+348%)

AXIA/PC0.6%

+30K(+119%)

ZEN0.0%

+8K(+67%)

PFF0.5%

+7K(+89%)

FOXXW0.0%

+4K(+27%)

ENQ1.4%

+3K(+72%)

TLNCU0.2%

+769(+6%)

TSLA0.7%

+76(+5%)

Decreased

NFE0.0%

-6,454(-34%)

GOSS0.0%

-5,356(-35%)

LSCC0.4%

-747(-23%)

Exited

-29,813

-3,057

-15,445

-8,922

-6,010

-3,261

-10,000

-2,049

-10,065

-9,741

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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