FINANCIAL CONSULATE, INC

CIK 0001624510 · Q1 2026

13F Equity AUM

$802.6M

+9.7% QoQ

Positions

1,313

+62 QoQ

AUM Rank

#3,231

Top 26%

Skill Alpha (FF)

-3.2%/yr

Underperformer

Rank #6,472 · Top 79%

vs S&P -6.3%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 45.0%Top 10: 64.5%Top 20: 83.3%

SCHX16.6%

DUHP9.3%

MFDX8.4%

SCHF5.7%

DIHP5.0%

SHV4.5%

VTIP4.4%

DFAS3.8%

FNDB3.5%

SHY3.3%

Others (1303)35.5%

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

Sector Allocation

Financial Services87.2%

Technology4.6%

Other8.2%

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

Position Sizing

Positions: 1313Median: 0.00%Avg: 0.08%

0–0.5%

1290(14.7%)

0.5–1%

3(2.0%)

1–3%

10(18.9%)

3–5%

6(24.5%)

5%+

4(40.0%)

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

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Portfolio Overlap

Shared: 1,291Unique: 22vs 20 funds

17.6%Moderate

1,313

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

24%

BANK OF AMERICA CORP /DE/

25.8%

24%

27.3%

33.5%

25.8%

VANGUARD CAPITAL MANAGEMENT LLC

24.6%

GEODE CAPITAL MANAGEMENT, LLC

23.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

25.7%

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

New173Increased497Decreased201Exited110

New Positions

SHV4.5%

+329K

SHY3.3%

+323K

SRPT 1.25 09/15/270.1%

+999K

AZN0.0%

+873

EMXC0.0%

+583

PRM0.0%

+3K

WAT0.0%

+150

ESGU0.0%

+704

EFV0.0%

+905

HLT0.0%

Increased

MFUS1.9%

+187K(+246%)

PULS2.4%

+166K(+72%)

VTIP4.4%

+148K(+27%)

DUHP9.3%

+51K(+3%)

DIHP5.0%

+41K(+3%)

SCHF5.7%

+31K(+2%)

SPGM0.6%

+22K(+50%)

FNDB3.5%

+20K(+2%)

SCHA0.1%

+19K(+194%)

MFDX8.4%

+17K(+1%)

Decreased

BAND 0.5 04/01/280.1%

-500,000(-45%)

SCHD1.6%

-381,373(-48%)

RDFN 0.5 04/01/270.1%

-20,000(-3%)

MLCI0.1%

-12,951(-7%)

SCHX16.6%

-9,771(-0%)

SCHG0.2%

-5,195(-9%)

ADX0.0%

-4,728(-38%)

T0.1%

-4,483(-20%)

FLQM2.6%

-4,164(-1%)

CPRT0.0%

-3,938(-60%)

Exited

-932,000

-599,000

-1,014

-170,000

-1,621

-1,344

-1,241

-100

-6,146

-636

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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