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Second Line Capital, LLC — 13F Portfolio Breakdown & Top Holdings (Q2 2026)
Second Line Capital, LLCCIK: 0001992879
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$537.0M
Reporting period: 2026-06-30 · Number of holdings: 178
Second Line Capital, LLC disclosed 178 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $537.0M and a quarterly turnover rate of 18.4%.
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Personality snowflake
- Concentration
- 17.22
- Portfolio Stability
- 18.42
- Momentum
- 100
- Sector conviction
- 59.96
- Diversification
- 100
- Sizing Uniformity
- 74.28
Second Line Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.043 — mathematically equivalent to about 23 equally-sized positions, well below its 178 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.57), with a handful of outsized bets alongside many smaller positions.
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 26% 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd FTSM
+1588.1% $19.8M
Sold out CRWV
Sold out CRDO
Trim META
-81.7% -$3.9M
Sold out APLD
Add AVGO
+239.5% $2.5M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 176 holdings (of 178 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ACIO | Aptus Collared Invest Opp | ETF-Other | 11.10% | +0.25% | +2.02% | |
| 2 | DRSK | Aptus Defined Risk ETF | ETF-Other | 8.01% | +0.11% | +2.26% | |
| 3 | IDUB | Aptus Intl Enhan Yld ETF | ETF-Other | 7.26% | +0.22% | +2.04% | |
| 4 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 5.79% | +0.33% | +3.59% | |
| 5 | SPDW | Ste Str Spdr Pt Dw EU ETF | ETF-Other | 5.63% | +0.21% | +2.71% | |
| 6 | OSCV | Opus Small Cap Value ETF | ETF-Small Cap | 4.82% | +0.18% | +3.39% | |
| 7 | ADME | Aptus Drwdwn Mgd Eqty ETF | ETF-Other | 4.64% | +0.17% | +2.48% | |
| 8 | DUBS | Aptus Lrg Cap Enh Yld ETF | ETF-Other | 4.00% | +0.23% | +3.65% | |
| 9 | FTSM | First Trust Enh Short Mat Fd | ETF-Other | 3.92% | +3.68% | +1588.11% | |
| 10 | JUCY | Aptus Enhanced Yield ETF | ETF-Other | 3.78% | +0.01% | +2.70% | |
| 11 | SPEM | State Street Sp Ptf Em ETF | ETF-Other | 2.43% | +0.06% | +3.22% | |
| 12 | APP | Applovin Corp-class A | Stock-Tech | 2.09% | +0.27% | +0.77% | |
| 13 | AAPL | Apple Inc | Stock-Tech | 1.51% | +0.09% | +1.20% | |
| 14 | NVDA | Nvidia CORP | Stock-Tech | 1.50% | -0.33% | -16.94% | |
| 15 | MSFT | Microsoft CORP | Stock-Tech | 1.40% | -0.08% | +4.84% | |
| 16 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.28% | — | -3.04% | |
| 17 | OCUL | Ocular Therapeutix Inc | Stock-Other | 1.17% | +0.23% | +20.89% | |
| 18 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.06% | -0.18% | -3.86% | |
| 19 | USFR | Wisdomtree Floating Rate Tre | ETF-Other | 1.04% | — | +2.12% | |
| 20 | XOM | Exxon Mobil CORP | Stock-Energy | 1.04% | -0.17% | -1.29% | |
| 21 | WMT | Walmart Inc | Stock-Consumer Staples | 0.90% | -0.18% | -1.35% | |
| 22 | BKAG | Bny Mellon Core Bond ETF | ETF-Other | 0.83% | — | +2.46% | |
| 23 | PWR | Quanta Services Inc | Stock-Industrials | 0.80% | -0.39% | -30.75% | |
| 24 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.80% | +0.06% | +5.46% | |
| 25 | GLXY | Galaxy Digital Inc-a | Stock-Other | 0.79% | -0.02% | -1.17% | |
| 26 | V | Visa Inc-class A Shares | Stock-Financials | 0.73% | +0.05% | +4.63% | |
| 27 | FANG | Diamondback Energy Inc | Stock-Energy | 0.70% | -0.24% | -11.40% | |
| 28 | AVGO | Broadcom Inc | Stock-Tech | 0.70% | +0.47% | +239.49% | |
| 29 | CVX | Chevron CORP | Stock-Energy | 0.69% | -0.17% | -5.95% | |
| 30 | APH | Amphenol Corp-cl A | Stock-Tech | 0.68% | +0.14% | +5.70% | |
| 31 | MARA | Mara Holdings Inc | Stock-Financials | 0.67% | +0.07% | -2.11% | |
| 32 | PGR | Progressive CORP | Stock-Financials | 0.66% | +0.13% | +17.03% | |
| 33 | CHE | Chemed CORP | Stock-Healthcare | 0.66% | +0.08% | +5.52% | |
| 34 | HD | Home Depot Inc | Stock-Consumer Disc | 0.60% | +0.06% | +4.93% | |
| 35 | AMT | American Tower CORP | Stock-Real Estate | 0.57% | +0.01% | +16.07% | |
| 36 | NOW | Servicenow Inc | Stock-Tech | 0.56% | +0.24% | +60.43% | |
| 37 | CPRT | Copart Inc | Stock-Industrials | 0.54% | +0.09% | +42.98% | |
| 38 | QQQM | Invesco Nasdaq 100 ETF | ETF-Tech | 0.54% | +0.05% | +2.97% | |
| 39 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.50% | +0.08% | +15.87% | |
| 40 | UPSD | Aptus Large Cap Upside ETF | ETF-Large Cap & Growth | 0.49% | +0.01% | -0.73% | |
| 41 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 0.43% | +0.03% | +2.66% | |
| 42 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.43% | +0.03% | +1.36% | |
| 43 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.42% | +0.02% | +1.34% | |
| 44 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.42% | -0.01% | -2.21% | |
| 45 | JMST | JPM Ultra-short Muni Income | ETF-Other | 0.41% | -0.01% | +0.34% | |
| 46 | AMD | Advanced Micro Devices | Stock-Tech | 0.37% | +0.14% | -1.41% | |
| 47 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.35% | -0.45% | -60.10% | |
| 48 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.34% | -0.03% | +0.77% | |
| 49 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.33% | — | -7.46% | |
| 50 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.32% | — | -4.64% |
1–50 of 176
Portfolio Performance
Performance for Q3 2026
+1.1%
Performance Last 4 Quarters
+8.4%
- Stdev
- +10.3%
- Beta
- +0.82
- Alpha
- -0.5%
- Max Drawdown
- -6.6%
- Annualized Perf
- +14.4%
- Batting Avg vs S&P
- +41.9%
- Sortino
- +2.75
- Stutzer
- +0.4
- Treynor
- +0.17
- Sterling
- +0.94
- Calmar
- +2.18
- Information Ratio
- -0.99
- Tracking Error
- +3.8%
- Stdev Down
- +5.1%
- Winning Months %
- +64.5%
- Losing Months %
- +35.5%
- Best 12 Months
- +24.3%
- Worst 12 Months
- +7.5%
- Efficiency Ratio
- +0.52
- Sharpe
- +1.37
- Stdev Sectors
- +10%
- Skewness
- -0.01
- Kurtosis
- -0.4
- Upside Potential
- +4.39
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Holding changes this quarter
Second Line Capital, LLC's most significant position changes for 2026-06-30: Sold out: Coreweave Inc-cl A (CRWV); Sold out: Credo Technology Group Holding Ltd (CRDO); Sold out: Applied Digital CORP (APLD); Sold out: Freeport-mcmoran Inc (FCX); Sold out: Churchill Downs Inc (CHDN).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FTSM | First Trust Enh Short Mat Fd | +3.7% | +1588.11% | Add |
| 2 | AVGO | Broadcom Inc | +0.5% | +239.49% | Add |
| 3 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.3% | +3.59% | Add |
| 4 | APP | Applovin Corp-class A | +0.3% | +0.77% | Add |
| 5 | ACIO | Aptus Collared Invest Opp | +0.3% | +2.02% | Add |
| 6 | NOW | Servicenow Inc | +0.2% | +60.43% | Add |
| 7 | DUBS | Aptus Lrg Cap Enh Yld ETF | +0.2% | +3.65% | Add |
| 8 | OCUL | Ocular Therapeutix Inc | +0.2% | +20.89% | Add |
| 9 | IDUB | Aptus Intl Enhan Yld ETF | +0.2% | +2.04% | Add |
| 10 | SPDW | Ste Str Spdr Pt Dw EU ETF | +0.2% | +2.71% | Add |
| 11 | OSCV | Opus Small Cap Value ETF | +0.2% | +3.39% | Add |
| 12 | ADME | Aptus Drwdwn Mgd Eqty ETF | +0.2% | +2.48% | Add |
| 13 | APH | Amphenol Corp-cl A | +0.1% | +5.70% | Add |
| 14 | AMD | Advanced Micro Devices | +0.1% | -1.41% | Trim |
| 15 | PGR | Progressive CORP | +0.1% | +17.03% | Add |
| 16 | DRSK | Aptus Defined Risk ETF | +0.1% | +2.26% | Add |
| 17 | AAPL | Apple Inc | +0.1% | +1.20% | Add |
| 18 | CPRT | Copart Inc | +0.1% | +42.98% | Add |
| 19 | CHE | Chemed CORP | +0.1% | +5.52% | Add |
| 20 | VOO | Vanguard S&p 500 ETF | +0.1% | +15.87% | Add |
| 21 | VTI | Vanguard Total Stock Mkt ETF | +0.1% | NEW | New buy |
| 22 | ROK | Rockwell Automation Inc | +0.1% | NEW | New buy |
| 23 | MARA | Mara Holdings Inc | +0.1% | -2.11% | Trim |
| 24 | SPEM | State Street Sp Ptf Em ETF | +0.1% | +3.22% | Add |
| 25 | RSP | Invesco S&p 500 Equal Weight | +0.1% | +5.46% | Add |
| 26 | HD | Home Depot Inc | +0.1% | +4.93% | Add |
| 27 | USPX | Franklin U.s. Equity Index E | +0.1% | NEW | New buy |
| 28 | AMAT | Applied Materials Inc | +0.1% | +1.06% | Add |
| 29 | QQQM | Invesco Nasdaq 100 ETF | +0.1% | +2.97% | Add |
| 30 | V | Visa Inc-class A Shares | +0.1% | +4.63% | Add |
| 31 | WSM | Williams-sonoma Inc | 0% | NEW | New buy |
| 32 | ASML | ASML Holding N.V. | 0% | NEW | New buy |
| 33 | CRWD | Crowdstrike Holdings Inc - A | 0% | -14.56% | Trim |
| 34 | VUG | Vanguard Growth ETF | 0% | NEW | New buy |
| 35 | SPYI | Neos S&p 500 High Income ETF | 0% | NEW | New buy |
| 36 | PII | Polaris Inc | 0% | NEW | New buy |
| 37 | ✓ | 0% | NEW | New buy | |
| 38 | PANW | Palo Alto Networks Inc | 0% | -1.91% | Trim |
| 39 | LOW | Lowe's Cos Inc | 0% | +43.26% | Add |
| 40 | IJR | Ishares Core S&p Small-cap E | 0% | +1.36% | Add |
| 41 | IJH | Ishares Core S&p Midcap ETF | 0% | +2.66% | Add |
| 42 | KO | Coca-cola Co/the | 0% | +17.61% | Add |
| 43 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | +1.34% | Add |
| 44 | PSA | Public Storage | 0% | +29.61% | Add |
| 45 | XLK | Ss Technology Select Sector | 0% | +5.84% | Add |
| 46 | GE | General Electric | 0% | +0.17% | Add |
| 47 | LLY | Eli Lilly & Co | 0% | -5.86% | Trim |
| 48 | FPX | First Trust US Equity Opport | 0% | — | Unchanged |
| 49 | JUCY | Aptus Enhanced Yield ETF | 0% | +2.70% | Add |
| 50 | AMT | American Tower CORP | 0% | +16.07% | Add |
1–50 of 198
Filing History
FAQ
What is Second Line Capital, LLC and what type of investor is it?
Second Line Capital, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $537.0M, spread across 178 disclosed positions.
What are Second Line Capital, LLC's largest equity positions?
Based on the latest 13F filing, Second Line Capital, LLC's top holdings by market value are:
1. Aptus Collared Invest Opp (ACIO) — $59.6M (11.1%)
2. Aptus Defined Risk ETF (DRSK) — $43.0M (8.0%)
3. Aptus Intl Enhan Yld ETF (IDUB) — $39.0M (7.3%)
4. Ss Spdr S&p 500 ETF Trust-us (SPY) — $31.1M (5.8%)
5. Ste Str Spdr Pt Dw EU ETF (SPDW) — $30.2M (5.6%)
What changes did Second Line Capital, LLC make in its most recent portfolio filing?
In the latest reported quarter, Second Line Capital, LLC made 190 notable position adjustments: 13 new positions were initiated, 64 existing holdings were added to, 91 positions were partially reduced, and 22 were completely exited. The largest of these moves: Sold out: Coreweave Inc-cl A (CRWV); Sold out: Credo Technology Group Holding Ltd (CRDO); Sold out: Applied Digital CORP (APLD); Sold out: Freeport-mcmoran Inc (FCX); Sold out: Churchill Downs Inc (CHDN)
What sectors does Second Line Capital, LLC focus on?
Second Line Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 37.6%
• Financials: 13.9%
• Energy: 12.4%
• Consumer Discretionary: 9.5%
• Industrials: 8.0%
• Health Care: 5.7%
Investment Profile
Second Line Capital, LLC returned an annualized 14.4% over the trailing 31 months — underperforming the S&P 500 by 0.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.82 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 37.6% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 18 over the past 4 quarters — a shift toward more active trading.
It has added to its DUBS position over the past two quarters (+$9.6M, now $21.5M), while trimming META over the same stretch (-$4.2M, still holding $786.9K).
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Developer Access
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