CIK: 0000850601
Total reported value
$104.8M
Reporting period: 2026-03-31 · Number of holdings: 91
FELL CAPITAL MANAGEMENT /ADV disclosed 91 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $104.8M and a quarterly turnover rate of 13.8%.
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Fell Capital Management /adv's disclosed holdings carry a Herfindahl concentration index of 0.022 — mathematically equivalent to about 46 equally-sized positions, well below its 91 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.00), 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.
Sector classification currently covers about 44% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add IWN
+25.2% $1.2M
Trim MSFT
-0.9% -$791.9K
Add SPYV
+62.8% $868.3K
Trim SPY
-7.0% -$677.2K
Add FBND
+95.1% $672.9K
Trim AAPL
-1.7% -$487.6K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | Stock-Tech | 5.17% | -0.59% | -1.73% | |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 5.07% | -0.77% | -7.00% | |
| 3 | IWN | Ishares Russell 2000 Value E | ETF-Small Cap | 4.66% | +1.03% | +25.22% | |
| 4 | IWO | Ishares Russell 2000 Growth | ETF-Small Cap | 4.22% | +0.14% | +8.87% | |
| 5 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 4.06% | -0.58% | -2.12% | |
| 6 | SDY | Ss Spdr S&p Dividend ETF | ETF-Other | 3.71% | +0.45% | +10.76% | |
| 7 | VAW | Vanguard Materials ETF | ETF-Other | 2.47% | +0.10% | -1.71% | |
| 8 | MSFT | Microsoft CORP | Stock-Tech | 2.37% | -0.82% | -0.93% | |
| 9 | SLYV | Ss Spdr S&p 600 Sc Val ETF | ETF-Other | 2.34% | +0.49% | +23.76% | |
| 10 | GLD | Spdr Gold Shares | ETF-Commodities | 2.21% | — | -5.62% | |
| 11 | VO | Vanguard Mid-cap ETF | ETF-Other | 2.20% | — | +1.26% | |
| 12 | SPYV | Ss Spdr P S&p 500 Value ETF | ETF-Large Cap & Growth | 2.16% | +0.80% | +62.76% | |
| 13 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.10% | -0.33% | -1.90% | |
| 14 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 2.01% | — | -0.77% | |
| 15 | PFF | Ishares Preferred & Income S | ETF-Other | 1.82% | -0.20% | -6.27% | |
| 16 | XOM | Exxon Mobil CORP | Stock-Energy | 1.80% | +0.50% | — | |
| 17 | SLYG | Ss Spdr S&p 600 Sc Gr ETF | ETF-Other | 1.64% | +0.23% | +15.27% | |
| 18 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.58% | -0.24% | -2.59% | |
| 19 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 1.57% | — | +0.45% | |
| 20 | CVX | Chevron CORP | Stock-Energy | 1.57% | +0.35% | -3.05% | |
| 21 | SPYG | Ss Spdr P S&p 500 Growth ETF | ETF-Large Cap & Growth | 1.56% | +0.24% | +31.29% | |
| 22 | GS | Goldman Sachs Group INC | Stock-Financials | 1.56% | -0.10% | -0.26% | |
| 23 | NVDA | Nvidia CORP | Stock-Tech | 1.43% | — | +2.38% | |
| 24 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.37% | -0.15% | — | |
| 25 | AMGN | Amgen INC | Stock-Healthcare | 1.36% | — | -2.40% | |
| 26 | FBND | Fidelity Total Bond ETF | ETF-Other | 1.33% | +0.63% | +95.11% | |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.25% | -0.15% | -4.37% | |
| 28 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 1.24% | — | -5.18% | |
| 29 | XLV | Ss Health Care Select Sector | ETF-Other | 1.17% | -0.09% | — | |
| 30 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.10% | — | +3.54% | |
| 31 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.04% | +0.12% | -2.20% | |
| 32 | SPMD | Ss Spdr P S&p 400 Midcap ETF | ETF-Other | 1.02% | +0.15% | +17.61% | |
| 33 | VZ | Verizon Communications INC | Stock-Comm Services | 1.01% | +0.14% | -3.67% | |
| 34 | MCK | Mckesson CORP | Stock-Healthcare | 0.98% | — | — | |
| 35 | KMI | Kinder Morgan INC | Stock-Energy | 0.97% | +0.16% | — | |
| 36 | FDX | Fedex CORP | Stock-Industrials | 0.97% | +0.17% | — | |
| 37 | TIP | Ishares Tips Bond ETF | ETF-Other | 0.94% | — | +4.69% | |
| 38 | HD | Home Depot INC | Stock-Consumer Disc | 0.93% | -0.10% | -3.26% | |
| 39 | FCX | Freeport-mcmoran INC | Stock-Materials | 0.80% | +0.09% | — | |
| 40 | HON | Honeywell International INC | Stock-Industrials | 0.79% | +0.08% | -2.02% | |
| 41 | BTZ | Blackrock Credit Allocation | Stock-Other | 0.78% | -0.11% | -4.13% | |
| 42 | SBUX | Starbucks CORP | Stock-Consumer Disc | 0.75% | — | -5.43% | |
| 43 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 0.74% | — | — | |
| 44 | ORCL | Oracle CORP | Stock-Tech | 0.73% | -0.31% | -4.57% | |
| 45 | BITB | Bitwise Bitcoin ETF | ETF-Crypto | 0.72% | -0.26% | -2.59% | |
| 46 | TBIL | F/m US Treasury 3 Month Bill | ETF-Gov Bonds | 0.71% | — | — | |
| 47 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.67% | — | — | |
| 48 | V | Visa Inc-class A Shares | Stock-Financials | 0.66% | -0.19% | -8.04% | |
| 49 | GE | General Electric | Stock-Industrials | 0.66% | — | — | |
| 50 | PTY | Pimco Corporate & Income Opp | Stock-Other | 0.64% | -0.11% | -6.67% |
Performance for Q3 2026
+2.2%
Performance Last 4 Quarters
+6.1%
Based on 5 months of available history
Based on 73% of reported portfolio value with available pricing
Fell Capital Management /adv's most significant position changes for 2026-03-31: Sold out: Grayscale Bitcoin Trust ETF (GBTC); New buy: Lockheed Martin CORP (LMT); New buy: Target CORP (TGT); Add: Ishares Russell 2000 Value E (IWN) — shares +25.22%; Trim: Microsoft CORP (MSFT) — shares -0.93%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IWN | Ishares Russell 2000 Value E | +1% | +25.22% | Add |
| 2 | SPYV | Ss Spdr P S&p 500 Value ETF | +0.8% | +62.76% | Add |
| 3 | FBND | Fidelity Total Bond ETF | +0.6% | +95.11% | Add |
| 4 | XOM | Exxon Mobil CORP | +0.5% | — | Unchanged |
| 5 | SLYV | Ss Spdr S&p 600 Sc Val ETF | +0.5% | +23.76% | Add |
| 6 | SDY | Ss Spdr S&p Dividend ETF | +0.5% | +10.76% | Add |
| 7 | CVX | Chevron CORP | +0.4% | -3.05% | Trim |
| 8 | SPYG | Ss Spdr P S&p 500 Growth ETF | +0.2% | +31.29% | Add |
| 9 | SLYG | Ss Spdr S&p 600 Sc Gr ETF | +0.2% | +15.27% | Add |
| 10 | FDX | Fedex CORP | +0.2% | — | Unchanged |
| 11 | KMI | Kinder Morgan INC | +0.2% | — | Unchanged |
| 12 | SPMD | Ss Spdr P S&p 400 Midcap ETF | +0.2% | +17.61% | Add |
| 13 | IWO | Ishares Russell 2000 Growth | +0.1% | +8.87% | Add |
| 14 | VZ | Verizon Communications INC | +0.1% | -3.67% | Trim |
| 15 | AIQ | Global X Art Intel & Tech | +0.1% | +47.64% | Add |
| 16 | JNJ | Johnson & Johnson | +0.1% | -2.20% | Trim |
| 17 | VAW | Vanguard Materials ETF | +0.1% | -1.71% | Trim |
| 18 | FCX | Freeport-mcmoran INC | +0.1% | — | Unchanged |
| 19 | SPDW | Ste Str Spdr Pt Dw EU ETF | +0.1% | +20.17% | Add |
| 20 | HON | Honeywell International INC | +0.1% | -2.02% | Trim |
| 21 | GEV | GE Vernova INC | +0.1% | — | Unchanged |
| 22 | AMAT | Applied Materials INC | +0.1% | — | Unchanged |
| 23 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | +6.25% | Add |
| 24 | CVS | Cvs Health CORP | -0.1% | -11.36% | Trim |
| 25 | BNY | Bank Of New York Mellon CORP | -0.1% | -26.53% | Trim |
| 26 | MS | Morgan Stanley | -0.1% | -9.97% | Trim |
| 27 | XLV | Ss Health Care Select Sector | -0.1% | — | Unchanged |
| 28 | AVGO | Broadcom INC | -0.1% | -19.57% | Trim |
| 29 | HD | Home Depot INC | -0.1% | -3.26% | Trim |
| 30 | GS | Goldman Sachs Group INC | -0.1% | -0.26% | Trim |
| 31 | PTY | Pimco Corporate & Income Opp | -0.1% | -6.67% | Trim |
| 32 | BTZ | Blackrock Credit Allocation | -0.1% | -4.13% | Trim |
| 33 | DIS | Walt Disney Co/the | -0.1% | -2.46% | Trim |
| 34 | UNH | Unitedhealth Group INC | -0.1% | -9.33% | Trim |
| 35 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -4.37% | Trim |
| 36 | GOOGL | Alphabet Inc-cl A | -0.2% | — | Unchanged |
| 37 | V | Visa Inc-class A Shares | -0.2% | -8.04% | Trim |
| 38 | AXP | American Express Co | -0.2% | -4.37% | Trim |
| 39 | PFF | Ishares Preferred & Income S | -0.2% | -6.27% | Trim |
| 40 | JPM | Jpmorgan Chase & Co | -0.2% | -2.59% | Trim |
| 41 | BITB | Bitwise Bitcoin ETF | -0.3% | -2.59% | Trim |
| 42 | ORCL | Oracle CORP | -0.3% | -4.57% | Trim |
| 43 | AMZN | Amazon.com INC | -0.3% | -1.90% | Trim |
| 44 | GOOG | Alphabet Inc-cl C | -0.6% | -2.12% | Trim |
| 45 | AAPL | Apple INC | -0.6% | -1.73% | Trim |
| 46 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.8% | -7.00% | Trim |
| 47 | MSFT | Microsoft CORP | -0.8% | -0.93% | Trim |
| 48 | GBTC | Grayscale Bitcoin Trust ETF | — | EXIT | Sold out |
| 49 | LMT | Lockheed Martin CORP | — | NEW | New buy |
| 50 | TGT | Target CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-04 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-03-27 | 13F-HR | View on EDGAR |
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