STUDIO INVESTMENT MANAGEMENT LLC

CIK 0001893893 · Q2 2026

13F Equity AUM

$591.7M

+6.3% QoQ

Positions

181

-4 QoQ

AUM Rank

#4,494

Top 36%

Skill Alpha (FF)

-2.4%/yr^ns

No Clear Edge

Rank #6,264 · Top 75%

vs S&P -4.0%/yr (unadj.)

Quarters Tracked

~5 years

Portfolio Concentration

Top 5: 34.3%Top 10: 48.2%Top 20: 62.0%

VTIP15.9%

VIG5.7%

VTV5.7%

DFIC3.6%

FNDF3.4%

VBR3.1%

GOOGL2.9%

VGSH2.9%

DFSD2.6%

BRK/B2.4%

Others (171)51.8%

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

Sector Allocation

Financial Services68.1%

Industrials7.5%

Technology7.2%

Healthcare4.6%

Communication Services3.9%

Consumer Defensive2.6%

Other6.1%

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

Position Sizing

Positions: 181Median: 0.15%Avg: 0.55%

0–0.5%

141(21.6%)

0.5–1%

14(10.0%)

1–3%

20(31.1%)

3–5%

3(10.1%)

5%+

3(27.3%)

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

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Portfolio Overlap

Shared: 0Unique: 181vs 20 funds

0%Low

181

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

New9Increased73Decreased94Exited16

New Positions

Honeywell Internatio…0.4%

+10K

Honeywell Aerospace …0.4%

+10K

NKE0.1%

+16K

GPC0.1%

+5K

VB0.1%

+2K

VEA0.1%

+5K

VO0.1%

+3K

XLE0.0%

+5K

IVLU0.0%

+5K

Increased

VGSH2.9%

+29K(+11%)

VTIP15.9%

+17K(+1%)

DUSB0.5%

+10K(+23%)

CGCP1.0%

+10K(+4%)

SCHR0.2%

+10K(+21%)

DFLV1.2%

+9K(+5%)

DFSD2.6%

+9K(+3%)

DFIV0.2%

+9K(+54%)

DFEM1.6%

+8K(+4%)

PYLD0.1%

+7K(+35%)

Decreased

FNDF3.4%

-7,105(-2%)

DFIC3.6%

-6,797(-1%)

CSCO1.1%

-6,179(-10%)

SGOV1.3%

-5,958(-7%)

GIS0.0%

-5,805(-48%)

VBR3.1%

-4,134(-5%)

VT0.9%

-3,026(-8%)

VTI0.9%

-2,683(-16%)

USB0.1%

-2,355(-18%)

VIGI0.9%

-1,900(-3%)

Exited

-20,477

-7,694

-11,162

-59,511

Bank Of New York Mel…

-5,126

-4,514

-3,164

-855

-702

-1,837

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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