Gray Foundation

CIK 0002011602 · Q2 2026

13F Equity AUM

$453.7M

+14.4% QoQ

Positions

-2 QoQ

AUM Rank

#5,237

Top 42%

Skill Alpha (FF)

+5.9%/yr^ns

No Clear Edge

Rank #644 · Top 8%

vs S&P +4.7%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 91.2%Top 10: 100.0%Top 20: 100.0%

HLT53.3%

IGM20.2%

GOOG8.7%

SOXX4.8%

INDA4.2%

ROBO3.9%

INVH2.3%

NBIX1.4%

BA1.3%

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

Sector Allocation

Consumer Cyclical53.3%

Financial Services33.1%

Communication Services8.7%

Real Estate2.3%

Other2.7%

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

Position Sizing

Positions: 9Median: 4.18%Avg: 11.11%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

3(4.9%)

3–5%

3(12.9%)

5%+

3(82.2%)

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

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Portfolio Overlap

Shared: 0Unique: 9vs 20 funds

0%Low

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

New0Increased0Decreased1Exited2

Decreased

INDA4.2%

-41,837(-10%)

Exited

HGV

-212,520

AZN

-18,268

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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