Swan Global Investments, LLC

CIK 0001591505 · Q1 2026

13F Equity AUM

$3.0B

-11.3% QoQ

Positions

-3 QoQ

AUM Rank

#1,400

Top 11%

Skill Alpha (FF)

-1.0%/yr^ns

No Clear Edge

Rank #3,757 · Top 46%

vs S&P -3.7%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 77.0%Top 10: 87.2%Top 20: 96.2%

SPDR S&P 500 ETF TR37.0%

SPY21.6%

IVV13.2%

PSMO2.7%

PSMD2.5%

XLK2.5%

PSMJ2.4%

PSMR2.3%

PSCW1.7%

PSCQ1.3%

Others (66)12.8%

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

Sector Allocation

Financial Services61.8%

Fund37.3%

Other0.9%

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

Position Sizing

Positions: 76Median: 0.03%Avg: 1.32%

0–0.5%

55(3.1%)

0.5–1%

8(6.2%)

1–3%

10(18.9%)

3–5%

0(0.0%)

5%+

3(71.8%)

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

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Portfolio Overlap

Shared: 61Unique: 15vs 20 funds

0.8%Low

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)

JPMORGAN CHASE & CO

1.3%

MORGAN STANLEY

0.9%

BANK OF AMERICA CORP /DE/

BlackRock, Inc.

1.2%

FMR LLC

1.6%

STATE STREET CORP

1.3%

VANGUARD CAPITAL MANAGEMENT LLC

0.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

GEODE CAPITAL MANAGEMENT, LLC

0.8%

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

New2Increased28Decreased42Exited5

New Positions

MU0.0%

+2K

CAT0.0%

+333

Increased

PSMD2.5%

+270K(+13%)

PSFD1.0%

+180K(+28%)

NVDA0.2%

+10K(+36%)

NVDA0.0%

+1K(+24%)

AVGO0.0%

+780(+42%)

CSCO0.0%

+477(+10%)

MSFT0.0%

+473(+27%)

AMZN0.0%

+406(+14%)

AAPL0.0%

+391(+10%)

BRK/B0.0%

+299(+33%)

Decreased

HEGD1.3%

-1,220,057(-43%)

SPDR S&P 500 ETF…37.0%

-240,500(-12%)

XLF0.9%

-170,695(-23%)

XLK2.5%

-163,914(-23%)

PSMO2.7%

-116,057(-4%)

PSMR2.3%

-98,335(-4%)

PSMJ2.4%

-96,789(-4%)

SPY21.6%

-92,320(-8%)

PSCW1.7%

-76,999(-4%)

XLC0.7%

-60,574(-24%)

Exited

-25,000

-1,291

-1,885

-1,453

-7,550

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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