State of Wyoming

CIK 0001821626 · Q2 2026

13F Equity AUM

$989.1M

+17.2% QoQ

Positions

1,867

+94 QoQ

AUM Rank

#2,450

Top 28%

Skill Alpha (FF)

-1.1%/yr^ns

No Clear Edge

Rank #4,490 · Top 54%

vs S&P -1.8%/yr (unadj.)

Quarters Tracked

~5 years

Portfolio Concentration

Top 5: 26.9%Top 10: 31.1%Top 20: 35.1%

SPY20.0%

EFA2.2%

NVDA2.1%

AAPL1.4%

MSFT1.1%

EMXC1.1%

GOOGL1.0%

EWT1.0%

GOOG0.7%

MRVL0.5%

Others (1857)68.9%

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

Sector Allocation

Financial Services33.8%

Technology19.8%

Industrials11.1%

Healthcare9.8%

Consumer Cyclical7.1%

Communication Services4.5%

Energy4.0%

Basic Materials2.7%

Other7.3%

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

Position Sizing

Positions: 1867Median: 0.02%Avg: 0.05%

0–0.5%

1858(69.4%)

0.5–1%

1(0.7%)

1–3%

7(9.9%)

3–5%

0(0.0%)

5%+

1(20.0%)

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

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Portfolio Overlap

Shared: 0Unique: 1,867vs 20 funds

0%Low

1,867

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

New539Increased618Decreased707Exited450

New Positions

ONC0.3%

+9K

KRYS0.2%

+5K

RVMD0.2%

+9K

ELV0.2%

+5K

KYMR0.1%

+12K

SLM0.1%

+53K

MDGL0.1%

+2K

ASTS0.1%

+12K

AN0.1%

+6K

SPT0.1%

+144K

Increased

EGHT0.0%

+131K(+201%)

LXRX0.0%

+108K(+1005%)

LION0.2%

+100K(+663%)

ORBS0.0%

+98K(+484%)

IAU0.0%

+93K(+241%)

REAX0.0%

+92K(+73%)

THRY0.1%

+91K(+195%)

ARLO0.1%

+84K(+489%)

VTEX0.0%

+73K(+419%)

FLB0.0%

+73K(+2694%)

Decreased

SNDL0.0%

-479,513(-73%)

GRFS0.0%

-187,079(-77%)

KWE10.0%

-166,161(-64%)

PCG0.0%

-113,007(-89%)

NCNO0.1%

-107,561(-75%)

CPNG0.0%

-98,023(-81%)

MDXG0.0%

-90,555(-56%)

SHC0.1%

-83,828(-60%)

EXPI0.0%

-79,312(-88%)

LFMD0.0%

-76,769(-54%)

Exited

-17,722

-26,833

-244,979

-25,898

-4,259

-9,010

KLAR

-75,088

-40,702

BKE

-17,859

RKT

-67,562

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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