CIK: 0001673385
Total reported value
$1.6B
Reporting period: 2026-03-31 · Number of holdings: 315
Morningstar Investment Management LLC disclosed 315 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.6B and a quarterly turnover rate of 32.9%.
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Morningstar Investment Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.031 — mathematically equivalent to about 32 equally-sized positions, well below its 315 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 2.99), 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 59% 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.
Trim VTI
-22.6% -$18.5M
Add BNDX
+38.6% $10.5M
Trim SLYV
-33.8% -$11.0M
Add CSCO
+4270.4% $9.2M
Trim SPSM
-23.5% -$10.0M
Trim APH
-64.3% -$7.3M
Showing top 200 holdings (of 315 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOVT | Ishares US Treasury Bond ETF | ETF-Gov Bonds | 14.87% | +0.32% | -2.03% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 3.31% | — | +28.06% | |
| 3 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 3.28% | -0.94% | -22.56% | |
| 4 | AAPL | Apple INC | Stock-Tech | 3.19% | -0.14% | -2.08% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.64% | -0.17% | -2.65% | |
| 6 | NVDA | Nvidia CORP | Stock-Tech | 2.46% | — | +3.18% | |
| 7 | SCHO | Schwab Short-term US Treas | ETF-Other | 2.42% | — | -6.55% | |
| 8 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 2.36% | +0.73% | +38.56% | |
| 9 | SPSM | Ss Spdr P S&p 600 Small Cap | ETF-Small Cap | 2.32% | -0.48% | -23.49% | |
| 10 | FNDE | Schwab Fndmntl Em Mrk Eq ETF | ETF-Other | 1.71% | — | +3.27% | |
| 11 | FTEC | Fidelity Msci Info Tech Indx | ETF-Tech | 1.52% | +0.26% | +23.97% | |
| 12 | SLYV | Ss Spdr S&p 600 Sc Val ETF | ETF-Other | 1.50% | -0.58% | -33.80% | |
| 13 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.34% | — | +5.32% | |
| 14 | KXI | Ishares Global Consumer Stap | ETF-Other | 1.08% | — | -11.35% | |
| 15 | VOX | Vanguard Communication Servi | ETF-Other | 1.05% | +1.05% | NEW | |
| 16 | VHT | Vanguard Health Care ETF | ETF-Other | 0.95% | — | +22.47% | |
| 17 | SCHH | Schwab US Reit ETF | ETF-Other | 0.94% | +0.24% | +24.70% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.82% | -0.28% | -18.04% | |
| 19 | ICSH | Ishares Ultra Short Duration | ETF-Other | 0.81% | — | -8.46% | |
| 20 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.79% | — | +17.52% | |
| 21 | AVGO | Broadcom INC | Stock-Tech | 0.77% | +0.30% | +74.41% | |
| 22 | FLJP | Franklin Ftse Japan ETF | ETF-Other | 0.74% | +0.74% | NEW | |
| 23 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.69% | — | -16.54% | |
| 24 | BLK | Blackrock INC | Stock-Financials | 0.66% | — | -13.14% | |
| 25 | XOM | Exxon Mobil CORP | Stock-Energy | 0.66% | — | -21.88% | |
| 26 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.66% | — | +9.61% | |
| 27 | VGLT | Vanguard Long-term Treasury | ETF-Gov Bonds | 0.66% | — | +5.55% | |
| 28 | MA | Mastercard INC - A | Stock-Financials | 0.61% | -0.19% | -16.60% | |
| 29 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.60% | — | +4.22% | |
| 30 | CSCO | Cisco Systems INC | Stock-Tech | 0.58% | +0.57% | +4270.40% | |
| 31 | PEP | Pepsico INC | Stock-Consumer Staples | 0.57% | — | -7.04% | |
| 32 | HON | Honeywell International INC | Stock-Industrials | 0.56% | — | -16.58% | |
| 33 | KWEB | Kranesh Csi China Internet | ETF-Emerging Markets | 0.55% | +0.55% | NEW | |
| 34 | IXC | Ishares Global Energy ETF | ETF-Other | 0.55% | +0.55% | NEW | |
| 35 | LMT | Lockheed Martin CORP | Stock-Industrials | 0.51% | — | +13.39% | |
| 36 | STZ | Constellation Brands Inc-a | Stock-Consumer Staples | 0.51% | — | -4.65% | |
| 37 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.51% | — | +13.67% | |
| 38 | CTSH | Cognizant Tech Solutions-a | Stock-Tech | 0.50% | +0.24% | +152.12% | |
| 39 | FLBR | Franklin Ftse Brazil ETF | ETF-Other | 0.50% | +0.23% | +42.52% | |
| 40 | PFE | Pfizer INC | Stock-Healthcare | 0.48% | — | +6.61% | |
| 41 | FLGB | Franklin Ftse United Kingdom | ETF-Other | 0.46% | +0.46% | NEW | |
| 42 | WMT | Walmart INC | Stock-Consumer Staples | 0.46% | — | +8.98% | |
| 43 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 0.45% | — | +8.88% | |
| 44 | RJF | Raymond James Financial INC | Stock-Financials | 0.45% | — | +92.66% | |
| 45 | EMR | Emerson Electric Co | Stock-Industrials | 0.44% | -0.24% | -36.62% | |
| 46 | BF-B | Brown-forman Corp-class B | Stock-Other | 0.44% | — | -8.47% | |
| 47 | TTE | Totalenergies Se | Stock-Other | 0.41% | — | -31.34% | |
| 48 | LRCX | Lam Research CORP | Stock-Tech | 0.40% | — | -14.56% | |
| 49 | ADBE | Adobe INC | Stock-Tech | 0.39% | — | +25.11% | |
| 50 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.39% | — | +5.60% |
Performance for Q3 2026
+2.7%
Performance Last 4 Quarters
+10.9%
Based on 60% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 315 | $1.6B | 33 | |
| 2025-12-31 | 327 | $1.7B | 54 | |
| 2025-09-30 | 471 | $2.7B | 100 | |
| 2025-06-30 | 205 | $1.1B | 0 | |
| 2025-03-31 | 71 | $1.2B | 100 | |
| 2024-12-31 | 212 | $1.3B | 0 | |
| 2024-09-30 | 214 | $1.0B | 0 | |
| 2024-06-30 | 195 | $957.0M | 0 | |
| 2024-03-31 | 200 | $922.2M | 0 | |
| 2023-12-31 | 198 | $870.4M | 0 | |
| 2023-09-30 | 164 | $727.6M | 0 | |
| 2023-06-30 | 172 | $737.6M | 0 | |
| 2023-03-31 | 79 | $672.1M | 0 | |
| 2022-12-31 | 77 | $431.1M | 0 | |
| 2022-09-30 | 29 | $343.9M | 0 | |
| 2022-06-30 | 40 | $521.6M | 0 | |
| 2022-03-31 | 42 | $533.1M | 0 | |
| 2021-12-31 | 47 | $659.6M | 0 | |
| 2021-09-30 | 37 | $595.2M | 0 | |
| 2021-06-30 | 41 | $883.5M | 0 | |
| 2021-03-31 | 28 | $996.6M | 13 | |
| 2020-12-31 | 28 | $889.8M | 20 | |
| 2020-09-30 | 28 | $803.4M | 19 | |
| 2020-06-30 | 28 | $724.6M | 57 | |
| 2020-03-31 | 23 | $545.0M | 52 | |
| 2019-12-31 | 21 | $536.3M | 0 | |
| 2019-09-30 | 18 | $355.4M | 0 | |
| 2019-06-30 | 20 | $324.5M | 71 | |
| 2019-03-31 | 16 | $198.0M | 51 | |
| 2018-12-31 | 18 | $125.9M | 0 |
Morningstar Investment Management LLC's most significant position changes for 2026-03-31: New buy: Vanguard Communication Servi (VOX); New buy: Franklin Ftse Japan ETF (FLJP); Sold out: Oracle CORP (ORCL); New buy: Kranesh Csi China Internet (KWEB); New buy: Ishares Global Energy ETF (IXC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BNDX | Vanguard Total Intl Bond ETF | +0.7% | +38.56% | Add |
| 2 | CSCO | Cisco Systems INC | +0.6% | +4270.40% | Add |
| 3 | GOVT | Ishares US Treasury Bond ETF | +0.3% | -2.03% | Trim |
| 4 | AVGO | Broadcom INC | +0.3% | +74.41% | Add |
| 5 | FTEC | Fidelity Msci Info Tech Indx | +0.3% | +23.97% | Add |
| 6 | EBAY | Ebay INC | +0.3% | +299.47% | Add |
| 7 | CTSH | Cognizant Tech Solutions-a | +0.2% | +152.12% | Add |
| 8 | SCHH | Schwab US Reit ETF | +0.2% | +24.70% | Add |
| 9 | FLBR | Franklin Ftse Brazil ETF | +0.2% | +42.52% | Add |
| 10 | OTIS | Otis Worldwide CORP | +0.2% | +240.53% | Add |
| 11 | AAPL | Apple INC | -0.1% | -2.08% | Trim |
| 12 | GOOGL | Alphabet Inc-cl A | -0.2% | -2.65% | Trim |
| 13 | YUMC | Yum China Holdings INC | -0.2% | -47.78% | Trim |
| 14 | MA | Mastercard INC - A | -0.2% | -16.60% | Trim |
| 15 | ZTS | Zoetis INC | -0.2% | -49.70% | Trim |
| 16 | AMAT | Applied Materials INC | -0.2% | -57.18% | Trim |
| 17 | TEL | TE Connectivity plc | -0.2% | -82.69% | Trim |
| 18 | AXP | American Express Co | -0.2% | -26.20% | Trim |
| 19 | NKE | Nike INC -cl B | -0.2% | -32.15% | Trim |
| 20 | MKTX | Marketaxess Holdings INC | -0.2% | -93.04% | Trim |
| 21 | EMR | Emerson Electric Co | -0.2% | -36.62% | Trim |
| 22 | TROW | T Rowe Price Group INC | -0.3% | -66.09% | Trim |
| 23 | V | Visa Inc-class A Shares | -0.3% | -18.04% | Trim |
| 24 | MCO | Moody's CORP | -0.3% | -49.06% | Trim |
| 25 | OMC | Omnicom Group | -0.4% | -66.38% | Trim |
| 26 | APH | Amphenol Corp-cl A | -0.4% | -64.25% | Trim |
| 27 | SPSM | Ss Spdr P S&p 600 Small Cap | -0.5% | -23.49% | Trim |
| 28 | SLYV | Ss Spdr S&p 600 Sc Val ETF | -0.6% | -33.80% | Trim |
| 29 | VTI | Vanguard Total Stock Mkt ETF | -0.9% | -22.56% | Trim |
| 30 | VOX | Vanguard Communication Servi | — | NEW | New buy |
| 31 | FLJP | Franklin Ftse Japan ETF | — | NEW | New buy |
| 32 | ORCL | Oracle CORP | — | EXIT | Sold out |
| 33 | KWEB | Kranesh Csi China Internet | — | NEW | New buy |
| 34 | IXC | Ishares Global Energy ETF | — | NEW | New buy |
| 35 | MOAT | Vaneck Morningstar Wide Moat | — | EXIT | Sold out |
| 36 | FLGB | Franklin Ftse United Kingdom | — | NEW | New buy |
| 37 | HD | Home Depot INC | — | EXIT | Sold out |
| 38 | WDAY | Workday Inc-class A | — | EXIT | Sold out |
| 39 | CHKP | Check Point Software Technologies Ltd. | — | EXIT | Sold out |
| 40 | IGV | Ishares Expanded Tech-softwa | — | NEW | New buy |
| 41 | APA | Apa CORP | — | NEW | New buy |
| 42 | ABEV | Ambev Sa-adr | — | EXIT | Sold out |
| 43 | CPAY | Corpay INC | — | NEW | New buy |
| 44 | EWY | Ishares Msci South Korea ETF | — | EXIT | Sold out |
| 45 | AMCR | Amcor plc | — | NEW | New buy |
| 46 | AMCR | Amcor plc | — | EXIT | Sold out |
| 47 | TYL | Tyler Technologies INC | — | EXIT | Sold out |
| 48 | LYB | LyondellBasell Industries N.V. | — | NEW | New buy |
| 49 | PAYX | Paychex INC | — | EXIT | Sold out |
| 50 | BCE | Bce INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-09 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-17 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-28 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-07 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-03 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-04-09 | Amendment | View on EDGAR |
| 2023-09-30 | 2024-04-09 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2024-04-09 | Amendment | View on EDGAR |
| 2023-06-30 | 2024-04-09 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2024-04-09 | Amendment | View on EDGAR |
| 2023-03-31 | 2024-04-09 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2024-04-05 | Amendment | View on EDGAR |
| 2022-12-31 | 2024-04-05 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2024-04-05 | Amendment | View on EDGAR |
| 2022-09-30 | 2024-04-05 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2024-04-05 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2024-04-05 | Amendment | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-01 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2024-04-04 | Amendment | View on EDGAR |
| 2021-09-30 | 2024-04-04 | Amendment | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2024-04-04 | Amendment | View on EDGAR |
| 2021-06-30 | 2024-04-04 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-31 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-12 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2024-04-03 | Amendment | View on EDGAR |
| 2019-12-31 | 2024-04-03 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-11 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2024-04-03 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-05 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2024-04-03 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
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