Morningstar Investment Management LLC

CIK 0001673385 · Q2 2026

13F Equity AUM

$1.6B

+0.4% QoQ

Positions

317

+2 QoQ

AUM Rank

#2,621

Top 21%

Skill Alpha (FF)

+3.0%/yr^ns

No Clear Edge

Rank #1,046 · Top 13%

vs S&P -5.2%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 27.2%Top 10: 38.4%Top 20: 49.2%

GOVT14.8%

MSFT3.3%

VTI3.3%

AAPL3.2%

GOOGL2.6%

NVDA2.5%

SCHO2.4%

BNDX2.4%

SPSM2.3%

FNDE1.7%

Others (307)61.6%

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

Sector Allocation

Financial Services46.5%

Technology17.4%

Healthcare7.0%

Industrials6.5%

Communication Services5.5%

Consumer Defensive4.4%

Energy4.0%

Consumer Cyclical3.1%

Other5.5%

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

Position Sizing

Positions: 317Median: 0.14%Avg: 0.32%

0–0.5%

278(39.5%)

0.5–1%

24(15.6%)

1–3%

11(20.3%)

3–5%

3(9.7%)

5%+

1(14.8%)

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

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Portfolio Overlap

Shared: 0Unique: 317vs 20 funds

0%Low

317

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

New2Increased0Decreased0Exited0

New Positions

EW0.2%

+41K

VRSN0.2%

+12K

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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