Cipher Capital LP — Full 13F Portfolio Breakdown

CIK: 0001542420

Diversified strategyQuality / disciplined sizingLong-term holder

Total reported value

$216.1M

Reporting period: 2024-03-31 · Number of holdings: 411

Cipher Capital LP disclosed 411 holdings in its latest 13F filing for the period ending 2024-03-31, with total reported value of $216.1M and a quarterly turnover rate of 0.0%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "C"

Personality snowflake

Concentration: 1.61
Portfolio Stability: 0
Momentum/Contrarian: 50
Sector conviction: 37.23
Diversification: 100
Sizing Uniformity: 91.88

Cipher Capital LP's disclosed holdings carry a Herfindahl concentration index of 0.004 — mathematically equivalent to about 248 equally-sized positions, close to its 411 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.81), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

No holding changes this quarter

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 200 holdings (of 411 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AAPL	Apple INC	Stock-Tech	1.69%	—	+183.41%
2	PGR	Progressive CORP	Stock-Financials	1.14%	—	+29.12%
3	LEN	Lennar Corp-a	Stock-Consumer Disc	1.08%	—	+42.75%
4	AMAT	Applied Materials INC	Stock-Tech	1.07%	—	—
5	HPQ	Hp INC	Stock-Tech	1.04%	—	+323.96%
6	SRE	Sempra	Stock-Utilities	1.01%	—	-33.14%
7	PPG	Ppg Industries INC	Stock-Materials	0.92%	—	+15.67%
8	DHI	Dr Horton INC	Stock-Consumer Disc	0.90%	—	+399.37%
9	WEC	Wec Energy Group INC	Stock-Utilities	0.89%	—	—
10	CNM	Core & Main Inc-class A	Stock-Industrials	0.82%	—	+362.89%
11	KMB	Kimberly-clark CORP	Stock-Consumer Staples	0.80%	—	+31.24%
12	NDAQ	Nasdaq INC	Stock-Financials	0.77%	—	-34.20%
13	ALL	Allstate CORP	Stock-Financials	0.75%	—	-10.01%
14	HCA	Hca Healthcare INC	Stock-Healthcare	0.75%	—	-12.97%
15	LRCXEUR	Lam Research CORP	Stock-Tech	0.75%	—	—
16	MGY	Magnolia Oil & Gas CORP - A	Stock-Energy	0.73%	—	—
17	MA	Mastercard INC - A	Stock-Financials	0.71%	—	+54.36%
18	L	Loews CORP	Stock-Financials	0.71%	—	+51.77%
19	NVDA	Nvidia CORP	Stock-Tech	0.70%	—	-68.25%
20	TEL	TE Connectivity plc	Stock-Tech	0.69%	—	+204.75%
21	ABBV	Abbvie INC	Stock-Healthcare	0.62%	—	-67.88%
22	HD	Home Depot INC	Stock-Consumer Disc	0.60%	—	-29.59%
23	MDU	Mdu Resources Group INC	Stock-Utilities	0.59%	—	—
24	KLAC	Kla CORP	Stock-Tech	0.59%	—	-15.12%
25	ITW	Illinois Tool Works	Stock-Industrials	0.57%	—	—
26	NTAP	Netapp INC	Stock-Tech	0.57%	—	—
27	ETR	Entergy CORP	Stock-Utilities	0.56%	—	-52.05%
28	SHW	Sherwin-williams Co/the	Stock-Materials	0.56%	—	-4.92%
29	BKNG	Booking Holdings INC	Stock-Consumer Disc	0.56%	—	-58.40%
30	PFG	Principal Financial Group	Stock-Financials	0.53%	—	-50.04%
31	NFLX	Netflix INC	Stock-Comm Services	0.51%	—	-57.14%
32	EVRG	Evergy INC	Stock-Utilities	0.50%	—	-28.03%
33	ODFL	Old Dominion Freight Line	Stock-Industrials	0.50%	—	+62.20%
34	AOS	Smith (a.o.) CORP	Stock-Industrials	0.49%	—	—
35	FLS	Flowserve CORP	Stock-Industrials	0.49%	—	—
36	WERN	Werner Enterprises INC	Stock-Other	0.48%	—	—
37	EIX	Edison International	Stock-Utilities	0.48%	—	+396.30%
38	HSY	Hershey Co/the	Stock-Consumer Staples	0.46%	—	-47.93%
39	IDA	Idacorp INC	Stock-Utilities	0.45%	—	—
40	MCO	Moody's CORP	Stock-Financials	0.44%	—	+142.25%
41	WWD	Woodward INC	Stock-Industrials	0.44%	—	+33.49%
42	TRMB	Trimble INC	Stock-Tech	0.44%	—	+282.06%
43	STZ	Constellation Brands Inc-a	Stock-Consumer Staples	0.44%	—	—
44	PRGS	Progress Software CORP	Stock-Other	0.43%	—	—
45	STX	Seagate Technology Holdings plc	Stock-Tech	0.43%	—	—
46	RY	Royal Bank Of Canada	Stock-Financials	0.43%	—	-12.06%
47	DOV	Dover CORP	Stock-Industrials	0.43%	—	—
48	AMZN	Amazon.com INC	Stock-Consumer Disc	0.43%	—	-58.71%
49	MU	Micron Technology INC	Stock-Tech	0.43%	—	—
50	MSCI	Msci INC	Stock-Financials	0.43%	—	—

1–50 of 200

Portfolio Performance

Performance for Q3 2026

+8%

Performance Last 4 Quarters

+21.8%

Based on 72% of reported portfolio value with available pricing

Stdev: +14.5%
Beta: +0.92
Alpha: -3.1%
Max Drawdown: -12.6%
Annualized Perf: +13.6%
Batting Avg vs S&P: +36.1%
Sortino: +1.69
Stutzer: +0.28
Treynor: +0.15
Sterling: +0.72
Calmar: +1.08
Information Ratio: -0.56
Tracking Error: +8.2%
Stdev Down: +8.2%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +31.8%
Worst 12 Months: +1.6%
Efficiency Ratio: +0.36
Sharpe: +0.95
Stdev Sectors: +5.5%
Skewness: -0.12
Kurtosis: -0.81
Upside Potential: +3.51

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2024-03-31	411	$216.1M	0	1AAPL 2PGR 3LEN Top holdings2024-03-31 1.AAPL 2.PGR 3.LEN 4.AMAT 5.HPQ 6.SRE 7.PPG 8.DHI 9.WEC 10.CNM
2023-12-31	483	$308.7M	0	1MET 2PRU 3ABBV Top holdings2023-12-31 1.MET 2.PRU 3.ABBV 4.SRE 5.OKE 6.LMT 7.BKNG 8.UPS 9.SEIC 10.NVDA
2023-09-30	291	$141.0M	0	1AAPL 2PRU 3MET Top holdings2023-09-30 1.AAPL 2.PRU 3.MET 4.NVDA 5.SEIC 6.SRE 7.ETR 8.ABBV 9.OKE 10.MRO*
2023-06-30	489	$585.1M	0	1TOL 2CL 3ETR Top holdings2023-06-30 1.TOL 2.CL 3.ETR 4.KEYS 5.J 6.NDAQ 7.HPQ 8.KO 9.EVRG 10.GIS
2023-03-31	487	$541.6M	0	1WMT 2BRK-B 3HSY Top holdings2023-03-31 1.WMT 2.BRK-B 3.HSY 4.IR 5.HIG 6.MMM 7.HLT 8.ES 9.SNPS 10.GD
2022-12-31	465	$530.0M	0	1BDX 2PG 3BRK-B Top holdings2022-12-31 1.BDX 2.PG 3.BRK-B 4.CCI 5.C 6.TFC 7.VZ 8.PNW 9.CMS 10.CAG
2022-09-30	415	$616.3M	0	1BRK-B 2HD 3CAT Top holdings2022-09-30 1.BRK-B 2.HD 3.CAT 4.CL 5.AXP 6.JPM 7.INTU 8.TMUS 9.MSFT 10.AEP
2022-06-30	369	$442.4M	0	1GM 2MRVL 3CDNS Top holdings2022-06-30 1.GM 2.MRVL 3.CDNS 4.YUM 5.ACN 6.WFC 7.HSY 8.BAC 9.ES 10.CMS
2021-06-30	284	$181.3M	100	1BRK-B 2WMT 3CL Top holdings2021-06-30 1.BRK-B 2.WMT 3.CL 4.BX 5.BSX 6.WCN 7.DOX 8.CFG 9.BALL 10.ITW
2021-03-31	486	$854.4M	100	1CB 2ATVIEUR 3CMS Top holdings2021-03-31 1.CB 2.ATVIEUR 3.CMS 4.MRK 5.NKE 6.ZBH 7.MKC 8.MS 9.ICE 10.VZ
2020-12-31	450	$829.6M	100	1AAPL 2DHR 3CAG Top holdings2020-12-31 1.AAPL 2.DHR 3.CAG 4.SO 5.MA 6.DE 7.CHD 8.BRK-B 9.VZ 10.PLD
2020-09-30	453	$759.7M	100	1WMT 2AMT 3NSC Top holdings2020-09-30 1.WMT 2.AMT 3.NSC 4.WDAY 5.APH 6.QRVO 7.CMCSA 8.CMI 9.UNP 10.FDX
2020-06-30	456	$632.1M	100	1JPM 2MA 3LULU Top holdings2020-06-30 1.JPM 2.MA 3.LULU 4.GOOGL 5.DIS 6.AAPL 7.BAC 8.V 9.LHX 10.T
2020-03-31	364	$275.6M	100	1KO 2ORCL 3DIS Top holdings2020-03-31 1.KO 2.ORCL 3.DIS 4.APH 5.AEP 6.WFC 7.CRM 8.PSX 9.NLYEUR 10.DHI
2019-12-31	950	$1.4B	100	1LEN 2UTXZ 3MRK Top holdings2019-12-31 1.LEN 2.UTXZ 3.MRK 4.AMT 5.GS 6.FIS 7.LHX 8.AEP 9.DIS 10.CUZ
2019-09-30	977	$1.3B	100	1G 2LOW 3SBUX Top holdings2019-09-30 1.G 2.LOW 3.SBUX 4.UNP 5.DG 6.GS 7.MMM 8.SPGI 9.PLD 10.STZ
2019-06-30	959	$1.2B	100	1MDT 2MRK 3G Top holdings2019-06-30 1.MDT 2.MRK 3.G 4.PGR 5.SBUX 6.CSCO 7.SWK 8.COP 9.AIG 10.PPG
2019-03-31	972	$1.3B	100	1COP 2WMT 3MDT Top holdings2019-03-31 1.COP 2.WMT 3.MDT 4.WFC 5.MCD 6.LLY 7.ED 8.LMT 9.CVX 10.SCHW
2018-12-31	977	$713.6M	100	1APTV 2ZION 3STZ Top holdings2018-12-31 1.APTV 2.ZION 3.STZ 4.AXP 5.PSX 6.LEN 7.PGR 8.USB 9.COF 10.PNR
2018-09-30	899	$534.2M	100	1HIG 2LLY 3DLR Top holdings2018-09-30 1.HIG 2.LLY 3.DLR 4.JPM 5.ETN 6.KHC 7.PSX 8.CLX 9.HRSEUR 10.PXDEUR
2018-06-30	883	$483.7M	100	1HON 2LEN 3MKC Top holdings2018-06-30 1.HON 2.LEN 3.MKC 4.AXP 5.MTB 6.NOC 7.IHS 8.ACN 9.IR 10.PGR
2018-03-31	1041	$825.7M	100	1STZ 2OXY 3CAG Top holdings2018-03-31 1.STZ 2.OXY 3.CAG 4.WBA 5.MDT 6.MRK 7.CFG 8.DHR 9.AEE 10.29265N
2017-12-31	1095	$1.3B	84	1DOC 2ETR 3PEP Top holdings2017-12-31 1.DOC 2.ETR 3.PEP 4.BDX 5.PPL 6.HON 7.IBM 8.GS 9.SNPS 10.WAL
2017-09-30	1079	$1.3B	86	1PEP 2PNW 3ETR Top holdings2017-09-30 1.PEP 2.PNW 3.ETR 4.MPC 5.SNPS 6.HON 7.PM 8.ACN 9.C 10.PRU
2017-06-30	1059	$1.3B	91	1HD 2DHR 3KDP Top holdings2017-06-30 1.HD 2.DHR 3.KDP 4.DIS 5.WBA 6.SNPS 7.DGX 8.SPGI 9.TJX 10.PNC
2017-03-31	1095	$1.3B	94	1MRSH 2MO 3CAG Top holdings2017-03-31 1.MRSH 2.MO 3.CAG 4.PGR 5.SNPS 6.DIS 7.BCRUSD 8.ALL 9.HP5A 10.ORCL
2016-12-31	1107	$1.5B	75	1IVZ 2SNPS 3XECEUR Top holdings2016-12-31 1.IVZ 2.SNPS 3.XECEUR 4.DGX 5.MRK 6.MDT 7.PE1EUR 8.SLCAUSD 9.BNY 10.HP5A
2016-09-30	1177	$1.6B	80	1SNPS 2HD 3ETR Top holdings2016-09-30 1.SNPS 2.HD 3.ETR 4.BR 5.CAG 6.FIS 7.COST 8.PE1EUR 9.ACN 10.KEL
2016-06-30	1219	$1.4B	91	1PEP 2CVS 3PXDEUR Top holdings2016-06-30 1.PEP 2.CVS 3.PXDEUR 4.DHR 5.IVZ 6.PNC 7.MHK 8.SNPS 9.STZ 10.KO
2016-03-31	1220	$1.1B	100	1PEP 2XYL 3LYB Top holdings2016-03-31 1.PEP 2.XYL 3.LYB 4.AEP 5.T 6.G9319H 7.STZ 8.KBH 9.REYN 10.MDT
2015-12-31	1010	$703.5M	100	18679142IVZ 3NKE Top holdings2015-12-31 1.867914 2.IVZ 3.NKE 4.LEA 5.TWXCHF 6.STZ 7.HIG 8.HPE 9.GD 10.PPG
2015-09-30	1023	$707.9M	100	1DHR 2EXC 3KMI Top holdings2015-09-30 1.DHR 2.EXC 3.KMI 4.FDX 5.HON 6.AEP 7.NKE 8.DOC 9.VTR 10.CFG
2015-06-30	925	$732.0M	100	1WMT 2UTXZ 3HLT Top holdings2015-06-30 1.WMT 2.UTXZ 3.HLT 4.124857 5.VTR 6.IVZ 7.STZ 8.AAPL 9.PG 10.DUK
2015-03-31	960	$604.5M	100	161166W2DG 3OXY Top holdings2015-03-31 1.61166W 2.DG 3.OXY 4.DRI 5.DHR 6.SO 7.BDX 8.VMC 9.JNJ 10.VOYA
2014-12-31	717	$387.4M	100	1GD 2PEP 3BRK-B Top holdings2014-12-31 1.GD 2.PEP 3.BRK-B 4.CB 5.BDX 6.PGR 7.ADBE 8.SPG 9.ECL 10.DOC
2014-09-30	379	$391.0M	100	1CVS2G278233LOW Top holdings2014-09-30 1.CVS 2.G27823 3.LOW 4.COF 5.NKE 6.LYB 7.DG 8.DOC 9.CTSH 10.UNP
2014-06-30	387	$309.9M	100	1UNP 2KR 3DIS Top holdings2014-06-30 1.UNP 2.KR 3.DIS 4.KEL 5.DVN 6.NSC 7.DHR 8.WELL 9.SO 10.MCK
2014-03-31	383	$226.5M	100	1AEP25806453EL Top holdings2014-03-31 1.AEP 2.580645 3.EL 4.EIX 5.SRE 6.AXP 7.DOC 8.KMI 9.RF 10.CAH
2013-12-31	325	$145.7M	100	1DOX 2LYB 3VZ Top holdings2013-12-31 1.DOX 2.LYB 3.VZ 4.SBUX 5.VIAB 6.GD 7.FE 8.EMN 9.NKE 10.PPL
2013-09-30	201	$71.7M	100	1ADP 2ALL 3GD Top holdings2013-09-30 1.ADP 2.ALL 3.GD 4.CVS 5.STWD 6.CITUSD 7.WFC 8.BAX 9.APD 10.61166W
2013-06-30	160	$40.8M	0	1SO 2BNY 3WFC Top holdings2013-06-30 1.SO 2.BNY 3.WFC 4.ETR 5.CME 6.BBBYEUR 7.BFH 8.JWNUSD 9.EXPD 10.PNC

Holding changes this quarter

Position changes disclosed by Cipher Capital LP for the quarter ending 2024-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action

Filing History

Period	Filed	Type	EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-13	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-12	13F-HR	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-12	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-13	13F-HR	View on EDGAR
2019-09-30	2019-11-13	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-13	13F-HR	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-14	13F-HR	View on EDGAR
2017-12-31	2018-02-12	13F-HR	View on EDGAR
2017-09-30	2017-11-08	13F-HR	View on EDGAR
2017-06-30	2017-08-09	13F-HR	View on EDGAR
2017-03-31	2017-05-10	13F-HR	View on EDGAR
2016-12-31	2017-02-08	13F-HR	View on EDGAR
2016-09-30	2016-11-10	13F-HR	View on EDGAR
2016-06-30	2016-08-11	13F-HR	View on EDGAR
2016-03-31	2016-05-11	13F-HR	View on EDGAR
2015-12-31	2016-02-11	13F-HR	View on EDGAR
2015-09-30	2015-11-09	13F-HR	View on EDGAR
2015-06-30	2015-08-07	13F-HR	View on EDGAR
2015-03-31	2015-05-08	13F-HR	View on EDGAR
2014-12-31	2015-02-11	13F-HR	View on EDGAR
2014-09-30	2014-11-10	13F-HR	View on EDGAR
2014-06-30	2014-08-11	13F-HR	View on EDGAR
2014-03-31	2014-05-06	13F-HR	View on EDGAR
2013-12-31	2014-02-04	13F-HR	View on EDGAR
2013-09-30	2013-11-07	13F-HR	View on EDGAR
2013-06-30	2013-08-13	13F-HR	View on EDGAR

FAQ

What is Cipher Capital LP and what type of investor is it?

Cipher Capital LP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2024-03-31), the firm manages a tracked equity portfolio valued at approximately $216.1M, spread across 411 disclosed positions.

What are Cipher Capital LP's largest equity positions?

Based on the latest 13F filing, Cipher Capital LP's top holdings by market value are: 1. Apple INC (AAPL) — $3.7M (1.7%) 2. Progressive CORP (PGR) — $2.5M (1.1%) 3. Lennar Corp-a (LEN) — $2.3M (1.1%) 4. Applied Materials INC (AMAT) — $2.3M (1.1%) 5. Hp INC (HPQ) — $2.2M (1.0%)

What changes did Cipher Capital LP make in its most recent portfolio filing?

No notable portfolio changes were recorded for Cipher Capital LP in the most recent quarter. Holdings appear to have remained relatively stable.

What sectors does Cipher Capital LP focus on?

Cipher Capital LP is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 19.5% • Information Technology: 18.8% • Industrials: 12.6% • Consumer Discretionary: 9.9% • Health Care: 9.1% • Utilities: 7.7%

Peer Institutions

Institutions with a similar AUM

Mader & Shannon Wealth Management, Inc.

CIK 0001535862

Total reported value

$216.1M

20 stks

2026-03-31

Concentration35.7

Portfolio Stability50.0

Sector conviction63.0

AUM within 0.0% of this institution

View detail

Postrock Partners LLC

CIK 0002053668

Total reported value

$216.2M

82 stks

2026-03-31

Concentration28.3

Portfolio Stability11.5

Sector conviction66.8

AUM within 0.0% of this institution

View detail

Old North State Wealth Management, LLC

CIK 0002041262

Total reported value

$216.2M

112 stks

2026-03-31

Concentration8.4

Portfolio Stability27.2

Sector conviction55.2

AUM within 0.0% of this institution

View detail

Similar Holdings Style

Institutions with overlapping top holdings

Bonness Enterprises INC

CIK 0001105471

Total reported value

$310.1M

56 stks

2026-06-30

Concentration60.2

Portfolio Stability16.4

Sector conviction88.5

3 of the top 5 holdings overlap, including Progressive CORP

View detail

Rowlandmiller & Partners.adv

CIK 0000225816

Total reported value

$493.3M

189 stks

2026-03-31

Concentration9.1

Portfolio Stability14.9

Sector conviction39.6

2 of the top 5 holdings overlap, including Apple INC

View detail

Trustco Bank CORP N Y

CIK 0000357301

Total reported value

$112.6M

135 stks

2026-03-31

Concentration13.5

Portfolio Stability15.2

Sector conviction47.3

2 of the top 5 holdings overlap, including Applied Materials INC

View detail

Cipher Capital LP — Full 13F Portfolio Breakdown

CIK: 0001542420

Diversified strategyQuality / disciplined sizingLong-term holder

Total reported value

$216.1M

Reporting period: 2024-03-31 · Number of holdings: 411

Cipher Capital LP disclosed 411 holdings in its latest 13F filing for the period ending 2024-03-31, with total reported value of $216.1M and a quarterly turnover rate of 0.0%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "C"

Personality snowflake

Concentration: 1.61
Portfolio Stability: 0
Momentum/Contrarian: 50
Sector conviction: 37.23
Diversification: 100
Sizing Uniformity: 91.88

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.81), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

No holding changes this quarter

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 200 holdings (of 411 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AAPL	Apple INC	Stock-Tech	1.69%	—	+183.41%
2	PGR	Progressive CORP	Stock-Financials	1.14%	—	+29.12%
3	LEN	Lennar Corp-a	Stock-Consumer Disc	1.08%	—	+42.75%
4	AMAT	Applied Materials INC	Stock-Tech	1.07%	—	—
5	HPQ	Hp INC	Stock-Tech	1.04%	—	+323.96%
6	SRE	Sempra	Stock-Utilities	1.01%	—	-33.14%
7	PPG	Ppg Industries INC	Stock-Materials	0.92%	—	+15.67%
8	DHI	Dr Horton INC	Stock-Consumer Disc	0.90%	—	+399.37%
9	WEC	Wec Energy Group INC	Stock-Utilities	0.89%	—	—
10	CNM	Core & Main Inc-class A	Stock-Industrials	0.82%	—	+362.89%
11	KMB	Kimberly-clark CORP	Stock-Consumer Staples	0.80%	—	+31.24%
12	NDAQ	Nasdaq INC	Stock-Financials	0.77%	—	-34.20%
13	ALL	Allstate CORP	Stock-Financials	0.75%	—	-10.01%
14	HCA	Hca Healthcare INC	Stock-Healthcare	0.75%	—	-12.97%
15	LRCXEUR	Lam Research CORP	Stock-Tech	0.75%	—	—
16	MGY	Magnolia Oil & Gas CORP - A	Stock-Energy	0.73%	—	—
17	MA	Mastercard INC - A	Stock-Financials	0.71%	—	+54.36%
18	L	Loews CORP	Stock-Financials	0.71%	—	+51.77%
19	NVDA	Nvidia CORP	Stock-Tech	0.70%	—	-68.25%
20	TEL	TE Connectivity plc	Stock-Tech	0.69%	—	+204.75%
21	ABBV	Abbvie INC	Stock-Healthcare	0.62%	—	-67.88%
22	HD	Home Depot INC	Stock-Consumer Disc	0.60%	—	-29.59%
23	MDU	Mdu Resources Group INC	Stock-Utilities	0.59%	—	—
24	KLAC	Kla CORP	Stock-Tech	0.59%	—	-15.12%
25	ITW	Illinois Tool Works	Stock-Industrials	0.57%	—	—
26	NTAP	Netapp INC	Stock-Tech	0.57%	—	—
27	ETR	Entergy CORP	Stock-Utilities	0.56%	—	-52.05%
28	SHW	Sherwin-williams Co/the	Stock-Materials	0.56%	—	-4.92%
29	BKNG	Booking Holdings INC	Stock-Consumer Disc	0.56%	—	-58.40%
30	PFG	Principal Financial Group	Stock-Financials	0.53%	—	-50.04%
31	NFLX	Netflix INC	Stock-Comm Services	0.51%	—	-57.14%
32	EVRG	Evergy INC	Stock-Utilities	0.50%	—	-28.03%
33	ODFL	Old Dominion Freight Line	Stock-Industrials	0.50%	—	+62.20%
34	AOS	Smith (a.o.) CORP	Stock-Industrials	0.49%	—	—
35	FLS	Flowserve CORP	Stock-Industrials	0.49%	—	—
36	WERN	Werner Enterprises INC	Stock-Other	0.48%	—	—
37	EIX	Edison International	Stock-Utilities	0.48%	—	+396.30%
38	HSY	Hershey Co/the	Stock-Consumer Staples	0.46%	—	-47.93%
39	IDA	Idacorp INC	Stock-Utilities	0.45%	—	—
40	MCO	Moody's CORP	Stock-Financials	0.44%	—	+142.25%
41	WWD	Woodward INC	Stock-Industrials	0.44%	—	+33.49%
42	TRMB	Trimble INC	Stock-Tech	0.44%	—	+282.06%
43	STZ	Constellation Brands Inc-a	Stock-Consumer Staples	0.44%	—	—
44	PRGS	Progress Software CORP	Stock-Other	0.43%	—	—
45	STX	Seagate Technology Holdings plc	Stock-Tech	0.43%	—	—
46	RY	Royal Bank Of Canada	Stock-Financials	0.43%	—	-12.06%
47	DOV	Dover CORP	Stock-Industrials	0.43%	—	—
48	AMZN	Amazon.com INC	Stock-Consumer Disc	0.43%	—	-58.71%
49	MU	Micron Technology INC	Stock-Tech	0.43%	—	—
50	MSCI	Msci INC	Stock-Financials	0.43%	—	—

1–50 of 200

Portfolio Performance

Performance for Q3 2026

+8%

Performance Last 4 Quarters

+21.8%

Based on 72% of reported portfolio value with available pricing

Stdev: +14.5%
Beta: +0.92
Alpha: -3.1%
Max Drawdown: -12.6%
Annualized Perf: +13.6%
Batting Avg vs S&P: +36.1%
Sortino: +1.69
Stutzer: +0.28
Treynor: +0.15
Sterling: +0.72
Calmar: +1.08
Information Ratio: -0.56
Tracking Error: +8.2%
Stdev Down: +8.2%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +31.8%
Worst 12 Months: +1.6%
Efficiency Ratio: +0.36
Sharpe: +0.95
Stdev Sectors: +5.5%
Skewness: -0.12
Kurtosis: -0.81
Upside Potential: +3.51

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2024-03-31	411	$216.1M	0	1AAPL 2PGR 3LEN Top holdings2024-03-31 1.AAPL 2.PGR 3.LEN 4.AMAT 5.HPQ 6.SRE 7.PPG 8.DHI 9.WEC 10.CNM
2023-12-31	483	$308.7M	0	1MET 2PRU 3ABBV Top holdings2023-12-31 1.MET 2.PRU 3.ABBV 4.SRE 5.OKE 6.LMT 7.BKNG 8.UPS 9.SEIC 10.NVDA
2023-09-30	291	$141.0M	0	1AAPL 2PRU 3MET Top holdings2023-09-30 1.AAPL 2.PRU 3.MET 4.NVDA 5.SEIC 6.SRE 7.ETR 8.ABBV 9.OKE 10.MRO*
2023-06-30	489	$585.1M	0	1TOL 2CL 3ETR Top holdings2023-06-30 1.TOL 2.CL 3.ETR 4.KEYS 5.J 6.NDAQ 7.HPQ 8.KO 9.EVRG 10.GIS
2023-03-31	487	$541.6M	0	1WMT 2BRK-B 3HSY Top holdings2023-03-31 1.WMT 2.BRK-B 3.HSY 4.IR 5.HIG 6.MMM 7.HLT 8.ES 9.SNPS 10.GD
2022-12-31	465	$530.0M	0	1BDX 2PG 3BRK-B Top holdings2022-12-31 1.BDX 2.PG 3.BRK-B 4.CCI 5.C 6.TFC 7.VZ 8.PNW 9.CMS 10.CAG
2022-09-30	415	$616.3M	0	1BRK-B 2HD 3CAT Top holdings2022-09-30 1.BRK-B 2.HD 3.CAT 4.CL 5.AXP 6.JPM 7.INTU 8.TMUS 9.MSFT 10.AEP
2022-06-30	369	$442.4M	0	1GM 2MRVL 3CDNS Top holdings2022-06-30 1.GM 2.MRVL 3.CDNS 4.YUM 5.ACN 6.WFC 7.HSY 8.BAC 9.ES 10.CMS
2021-06-30	284	$181.3M	100	1BRK-B 2WMT 3CL Top holdings2021-06-30 1.BRK-B 2.WMT 3.CL 4.BX 5.BSX 6.WCN 7.DOX 8.CFG 9.BALL 10.ITW
2021-03-31	486	$854.4M	100	1CB 2ATVIEUR 3CMS Top holdings2021-03-31 1.CB 2.ATVIEUR 3.CMS 4.MRK 5.NKE 6.ZBH 7.MKC 8.MS 9.ICE 10.VZ
2020-12-31	450	$829.6M	100	1AAPL 2DHR 3CAG Top holdings2020-12-31 1.AAPL 2.DHR 3.CAG 4.SO 5.MA 6.DE 7.CHD 8.BRK-B 9.VZ 10.PLD
2020-09-30	453	$759.7M	100	1WMT 2AMT 3NSC Top holdings2020-09-30 1.WMT 2.AMT 3.NSC 4.WDAY 5.APH 6.QRVO 7.CMCSA 8.CMI 9.UNP 10.FDX
2020-06-30	456	$632.1M	100	1JPM 2MA 3LULU Top holdings2020-06-30 1.JPM 2.MA 3.LULU 4.GOOGL 5.DIS 6.AAPL 7.BAC 8.V 9.LHX 10.T
2020-03-31	364	$275.6M	100	1KO 2ORCL 3DIS Top holdings2020-03-31 1.KO 2.ORCL 3.DIS 4.APH 5.AEP 6.WFC 7.CRM 8.PSX 9.NLYEUR 10.DHI
2019-12-31	950	$1.4B	100	1LEN 2UTXZ 3MRK Top holdings2019-12-31 1.LEN 2.UTXZ 3.MRK 4.AMT 5.GS 6.FIS 7.LHX 8.AEP 9.DIS 10.CUZ
2019-09-30	977	$1.3B	100	1G 2LOW 3SBUX Top holdings2019-09-30 1.G 2.LOW 3.SBUX 4.UNP 5.DG 6.GS 7.MMM 8.SPGI 9.PLD 10.STZ
2019-06-30	959	$1.2B	100	1MDT 2MRK 3G Top holdings2019-06-30 1.MDT 2.MRK 3.G 4.PGR 5.SBUX 6.CSCO 7.SWK 8.COP 9.AIG 10.PPG
2019-03-31	972	$1.3B	100	1COP 2WMT 3MDT Top holdings2019-03-31 1.COP 2.WMT 3.MDT 4.WFC 5.MCD 6.LLY 7.ED 8.LMT 9.CVX 10.SCHW
2018-12-31	977	$713.6M	100	1APTV 2ZION 3STZ Top holdings2018-12-31 1.APTV 2.ZION 3.STZ 4.AXP 5.PSX 6.LEN 7.PGR 8.USB 9.COF 10.PNR
2018-09-30	899	$534.2M	100	1HIG 2LLY 3DLR Top holdings2018-09-30 1.HIG 2.LLY 3.DLR 4.JPM 5.ETN 6.KHC 7.PSX 8.CLX 9.HRSEUR 10.PXDEUR
2018-06-30	883	$483.7M	100	1HON 2LEN 3MKC Top holdings2018-06-30 1.HON 2.LEN 3.MKC 4.AXP 5.MTB 6.NOC 7.IHS 8.ACN 9.IR 10.PGR
2018-03-31	1041	$825.7M	100	1STZ 2OXY 3CAG Top holdings2018-03-31 1.STZ 2.OXY 3.CAG 4.WBA 5.MDT 6.MRK 7.CFG 8.DHR 9.AEE 10.29265N
2017-12-31	1095	$1.3B	84	1DOC 2ETR 3PEP Top holdings2017-12-31 1.DOC 2.ETR 3.PEP 4.BDX 5.PPL 6.HON 7.IBM 8.GS 9.SNPS 10.WAL
2017-09-30	1079	$1.3B	86	1PEP 2PNW 3ETR Top holdings2017-09-30 1.PEP 2.PNW 3.ETR 4.MPC 5.SNPS 6.HON 7.PM 8.ACN 9.C 10.PRU
2017-06-30	1059	$1.3B	91	1HD 2DHR 3KDP Top holdings2017-06-30 1.HD 2.DHR 3.KDP 4.DIS 5.WBA 6.SNPS 7.DGX 8.SPGI 9.TJX 10.PNC
2017-03-31	1095	$1.3B	94	1MRSH 2MO 3CAG Top holdings2017-03-31 1.MRSH 2.MO 3.CAG 4.PGR 5.SNPS 6.DIS 7.BCRUSD 8.ALL 9.HP5A 10.ORCL
2016-12-31	1107	$1.5B	75	1IVZ 2SNPS 3XECEUR Top holdings2016-12-31 1.IVZ 2.SNPS 3.XECEUR 4.DGX 5.MRK 6.MDT 7.PE1EUR 8.SLCAUSD 9.BNY 10.HP5A
2016-09-30	1177	$1.6B	80	1SNPS 2HD 3ETR Top holdings2016-09-30 1.SNPS 2.HD 3.ETR 4.BR 5.CAG 6.FIS 7.COST 8.PE1EUR 9.ACN 10.KEL
2016-06-30	1219	$1.4B	91	1PEP 2CVS 3PXDEUR Top holdings2016-06-30 1.PEP 2.CVS 3.PXDEUR 4.DHR 5.IVZ 6.PNC 7.MHK 8.SNPS 9.STZ 10.KO
2016-03-31	1220	$1.1B	100	1PEP 2XYL 3LYB Top holdings2016-03-31 1.PEP 2.XYL 3.LYB 4.AEP 5.T 6.G9319H 7.STZ 8.KBH 9.REYN 10.MDT
2015-12-31	1010	$703.5M	100	18679142IVZ 3NKE Top holdings2015-12-31 1.867914 2.IVZ 3.NKE 4.LEA 5.TWXCHF 6.STZ 7.HIG 8.HPE 9.GD 10.PPG
2015-09-30	1023	$707.9M	100	1DHR 2EXC 3KMI Top holdings2015-09-30 1.DHR 2.EXC 3.KMI 4.FDX 5.HON 6.AEP 7.NKE 8.DOC 9.VTR 10.CFG
2015-06-30	925	$732.0M	100	1WMT 2UTXZ 3HLT Top holdings2015-06-30 1.WMT 2.UTXZ 3.HLT 4.124857 5.VTR 6.IVZ 7.STZ 8.AAPL 9.PG 10.DUK
2015-03-31	960	$604.5M	100	161166W2DG 3OXY Top holdings2015-03-31 1.61166W 2.DG 3.OXY 4.DRI 5.DHR 6.SO 7.BDX 8.VMC 9.JNJ 10.VOYA
2014-12-31	717	$387.4M	100	1GD 2PEP 3BRK-B Top holdings2014-12-31 1.GD 2.PEP 3.BRK-B 4.CB 5.BDX 6.PGR 7.ADBE 8.SPG 9.ECL 10.DOC
2014-09-30	379	$391.0M	100	1CVS2G278233LOW Top holdings2014-09-30 1.CVS 2.G27823 3.LOW 4.COF 5.NKE 6.LYB 7.DG 8.DOC 9.CTSH 10.UNP
2014-06-30	387	$309.9M	100	1UNP 2KR 3DIS Top holdings2014-06-30 1.UNP 2.KR 3.DIS 4.KEL 5.DVN 6.NSC 7.DHR 8.WELL 9.SO 10.MCK
2014-03-31	383	$226.5M	100	1AEP25806453EL Top holdings2014-03-31 1.AEP 2.580645 3.EL 4.EIX 5.SRE 6.AXP 7.DOC 8.KMI 9.RF 10.CAH
2013-12-31	325	$145.7M	100	1DOX 2LYB 3VZ Top holdings2013-12-31 1.DOX 2.LYB 3.VZ 4.SBUX 5.VIAB 6.GD 7.FE 8.EMN 9.NKE 10.PPL
2013-09-30	201	$71.7M	100	1ADP 2ALL 3GD Top holdings2013-09-30 1.ADP 2.ALL 3.GD 4.CVS 5.STWD 6.CITUSD 7.WFC 8.BAX 9.APD 10.61166W
2013-06-30	160	$40.8M	0	1SO 2BNY 3WFC Top holdings2013-06-30 1.SO 2.BNY 3.WFC 4.ETR 5.CME 6.BBBYEUR 7.BFH 8.JWNUSD 9.EXPD 10.PNC

Holding changes this quarter

Position changes disclosed by Cipher Capital LP for the quarter ending 2024-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action

Filing History

Period	Filed	Type	EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-13	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-12	13F-HR	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-12	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-13	13F-HR	View on EDGAR
2019-09-30	2019-11-13	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-13	13F-HR	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-14	13F-HR	View on EDGAR
2017-12-31	2018-02-12	13F-HR	View on EDGAR
2017-09-30	2017-11-08	13F-HR	View on EDGAR
2017-06-30	2017-08-09	13F-HR	View on EDGAR
2017-03-31	2017-05-10	13F-HR	View on EDGAR
2016-12-31	2017-02-08	13F-HR	View on EDGAR
2016-09-30	2016-11-10	13F-HR	View on EDGAR
2016-06-30	2016-08-11	13F-HR	View on EDGAR
2016-03-31	2016-05-11	13F-HR	View on EDGAR
2015-12-31	2016-02-11	13F-HR	View on EDGAR
2015-09-30	2015-11-09	13F-HR	View on EDGAR
2015-06-30	2015-08-07	13F-HR	View on EDGAR
2015-03-31	2015-05-08	13F-HR	View on EDGAR
2014-12-31	2015-02-11	13F-HR	View on EDGAR
2014-09-30	2014-11-10	13F-HR	View on EDGAR
2014-06-30	2014-08-11	13F-HR	View on EDGAR
2014-03-31	2014-05-06	13F-HR	View on EDGAR
2013-12-31	2014-02-04	13F-HR	View on EDGAR
2013-09-30	2013-11-07	13F-HR	View on EDGAR
2013-06-30	2013-08-13	13F-HR	View on EDGAR