USA FINANCIAL FORMULAS

CIK 0001633716 · Q1 2026

13F Equity AUM

$530.5M

-3.5% QoQ

Positions

433

+19 QoQ

AUM Rank

#4,166

Top 34%

Skill Alpha (FF)

-0.9%/yr^ns

No Clear Edge

Rank #3,514 · Top 43%

vs S&P -2.7%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 72.4%Top 10: 82.3%Top 20: 86.6%

IJS20.7%

IWM20.4%

IJK19.8%

IVV7.2%

BIL4.4%

GSG3.5%

LQD2.6%

IEF2.3%

NDQ0.7%

SIXJ0.7%

Others (423)17.7%

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

Sector Allocation

Financial Services87.4%

Technology3.3%

Industrials2.3%

Other7.1%

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

Position Sizing

Positions: 433Median: 0.01%Avg: 0.23%

0–0.5%

420(15.7%)

0.5–1%

5(3.4%)

1–3%

2(5.0%)

3–5%

2(7.9%)

5%+

4(68.0%)

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

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Portfolio Overlap

Shared: 427Unique: 6vs 20 funds

5.8%Low

433

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

8.1%

BANK OF AMERICA CORP /DE/

8.9%

8.6%

10.5%

13.3%

10.9%

VANGUARD CAPITAL MANAGEMENT LLC

10.4%

GEODE CAPITAL MANAGEMENT, LLC

10.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

12.3%

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

New112Increased72Decreased176Exited90

New Positions

IJS20.7%

+928K

IJK19.8%

+1.0M

BIL4.4%

+254K

IEF2.3%

+129K

STX0.3%

+3K

ROST0.3%

+6K

REGN0.2%

+1K

MRK0.2%

+7K

HAL0.1%

+21K

RSP0.1%

+4K

Increased

GSG3.5%

+562K(+3534%)

IWM20.4%

+433K(+15520%)

AES0.2%

+46K(+320%)

CSCO0.3%

+5K(+37%)

HAS0.1%

+5K(+125%)

AMAT0.3%

+5K(+12489%)

EWC0.1%

+4K(+322%)

XOM0.1%

+4K(+89560%)

AAPL0.2%

+3K(+48957%)

TPR0.1%

+3K(+83150%)

Decreased

EEM0.6%

-1,135,587(-95%)

EFA0.0%

-669,116(-100%)

IVW0.6%

-495,268(-94%)

LQD2.6%

-105,222(-45%)

NDQ0.7%

-99,541(-94%)

SPY0.0%

-94,583(-100%)

HYG0.0%

-81,172(-100%)

IVV7.2%

-60,431(-51%)

PEO0.0%

-20,031(-99%)

FE0.0%

-18,750(-93%)

Exited

-80,884

-13,126

-23,319

-39,109

-10,063

-9,747

DDOG

-5,627

ULTA

-1,144

-7,134

SRE

-7,511

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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