Bristlecone Value Partners

LOS ANGELES, CAfiles as Bristlecone Value Partners, LLC

$124m in 70 US stocks at the end of 30 June 2026. The top 10 are 57.5% of the money. It changed about 4.0% of the portfolio this quarter.

Value

$124m

Stocks

Top 10 share

57.5%

Turnover

4.0%

What changed this quarter

New

Bought for the first time this quarter.

EasternEML
0.2% of the fund
Foster L BFSTR
0.2% of the fund
PolarisPII
0.2% of the fund

Added

Bought more of a stock they already held.

Vanguard Index FDSVOO
3.7% of the fund
+3%
Ishares TRREET
2.8% of the fund
+5%
Vanguard BD Index FDSVUSB
2.6% of the fund
+13%
Capital GRP Fixed Incm ETF TCGCP
2.1% of the fund
+8%
Invesco Exch Traded FD TR IIPICB
1.9% of the fund
+9%
Vanguard MUN BD FDSVTEB
0.8% of the fund
+6%
Invesco Exch Traded FD TR IIVRP
0.8% of the fund
+6%
Spdr Series TrustWIP
0.5% of the fund
+23%
Blackrock ETF Trust IICALI
0.4% of the fund
+17%
NikeNKE
0.4% of the fund
+29%
Wisdomtree TRUSFR
0.4% of the fund
+28%

Cut

Sold some of their stake.

Vanguard Malvern FDSVTIP
1.1% of the fund
-35%
First TR Exchange-Traded FDFDM
1.1% of the fund
-6%
Schwab Strategic TRFNDA
0.5% of the fund
-15%
NVRNVR
0.3% of the fund
-4%
Novartis AGNVS
0.2% of the fund
-16%

Sold out

Sold their entire stake.

Vanguard Instl Index FDVBIL
-100%

Holdings

Vanguard Tax-Managed FDSVEA
Share
13.4%
Value
$17m
Shares
234,679
Held
Schwab Strategic TRFNDX
Share
9.3%
Value
$12m
Shares
371,784
Held
Vanguard Specialized FundsVIG
Share
8.4%
Value
$10m
Shares
44,193
Held
Wisdomtree TRDGS
Share
6.2%
Value
$8m
Shares
118,729
Held
Vanguard Whitehall FDSVIGI
Share
3.9%
Value
$5m
Shares
51,562
Held
Vanguard Index FDSVOO
Share
3.7%
Value
$5m
Shares
6,697
+3%
Ishares TRIJR
Share
3.6%
Value
$4m
Shares
29,802
Held
American Centy ETF TRAVDV
Share
3.4%
Value
$4m
Shares
41,546
Held
Ishares TRREET
Share
2.8%
Value
$3m
Shares
126,409
+5%
Vanguard BD Index FDSBND
Share
2.8%
Value
$3m
Shares
47,276
Held
Vanguard BD Index FDSVUSB
Share
2.6%
Value
$3m
Shares
66,007
+13%
Spdr Index SHS FDSGNR
Share
2.6%
Value
$3m
Shares
48,469
Held
Capital GRP Fixed Incm ETF TCGCP
Share
2.1%
Value
$3m
Shares
117,825
+8%
Invesco Exch Traded FD TR IIPICB
Share
1.9%
Value
$2m
Shares
100,865
+9%
Schwab Strategic TRFNDF
Share
1.8%
Value
$2m
Shares
42,398
Held
IntelINTC
Share
1.7%
Value
$2m
Shares
14,743
Held
Bank of AmericaBAC
Share
1.6%
Value
$2m
Shares
34,234
Held
Johnson Controls InternationalJCI
Share
1.4%
Value
$2m
Shares
11,757
Held
Vanguard Index FDSVOE
Share
1.3%
Value
$2m
Shares
8,121
Held
Vanguard Malvern FDSVTIP
Share
1.1%
Value
$1m
Shares
28,328
-35%
First TR Exchange-Traded FDFDM
Share
1.1%
Value
$1m
Shares
14,565
-6%
Lowe's CompaniesLOW
Share
1.1%
Value
$1m
Shares
6,075
Held
Berkshire HathawayBRK-B
Share
1.1%
Value
$1m
Shares
2,669
Held
Valmont IndustriesVMI
Share
1.1%
Value
$1m
Shares
2,291
Held
Markel GroupMKL
Share
1.0%
Value
$1m
Shares
654
Held
American ExpressAXP
Share
0.9%
Value
$1m
Shares
3,484
Held
J P Morgan Exchange Traded FJMST
Share
0.9%
Value
$1m
Shares
22,795
Held
PepsiCoPEP
Share
0.8%
Value
$1m
Shares
7,608
Held
Vanguard MUN BD FDSVTEB
Share
0.8%
Value
$1m
Shares
20,188
+6%
Anheuser-Busch InBev SABUD
Share
0.8%
Value
$977,181
Shares
11,859
Held
Invesco Exch Traded FD TR IIVRP
Share
0.8%
Value
$944,019
Shares
38,832
+6%
Schwab Strategic TRFNDC
Share
0.7%
Value
$838,582
Shares
17,269
Held
Graham HoldingsGHC
Share
0.6%
Value
$772,741
Shares
677
Held
AmgenAMGN
Share
0.6%
Value
$727,136
Shares
2,008
Held
HagertyHGTY
Share
0.6%
Value
$716,308
Shares
60,093
Held
Schwab Strategic TRFNDA
Share
0.5%
Value
$655,851
Shares
17,232
-15%
U-Haul HoldingUHAL-B
Share
0.5%
Value
$609,369
Shares
10,561
Held
AgcoAGCO
Share
0.5%
Value
$602,210
Shares
5,031
Held
Spdr Series TrustWIP
Share
0.5%
Value
$585,768
Shares
14,871
+23%
NRG EnergyNRG
Share
0.5%
Value
$568,173
Shares
3,890
Held
Radiant LogisticsRLGT
Share
0.4%
Value
$552,747
Shares
58,430
Held
CarMaxKMX
Share
0.4%
Value
$513,614
Shares
9,711
Held
AppleAAPL
Share
0.4%
Value
$492,141
Shares
1,700
Held
Koppers HoldingsKOP
Share
0.4%
Value
$478,185
Shares
10,650
Held
Cemex SAB de CVCX
Share
0.4%
Value
$476,160
Shares
39,680
Held
Core Molding TechnologiesCMT
Share
0.4%
Value
$472,000
Shares
20,000
Held
Meta PlatformsMETA
Share
0.4%
Value
$465,062
Shares
825
Held
Blackrock ETF Trust IICALI
Share
0.4%
Value
$461,485
Shares
9,132
+17%
NikeNKE
Share
0.4%
Value
$456,476
Shares
11,120
+29%
MasterCraft Boat HoldingsMCFT
Share
0.4%
Value
$438,940
Shares
17,000
Held
Wisdomtree TRUSFR
Share
0.4%
Value
$437,189
Shares
8,683
+28%
NutrienNTR
Share
0.3%
Value
$420,946
Shares
6,687
Held
Vanguard Index FDSVUG
Share
0.3%
Value
$414,505
Shares
4,812
Held
YUM BrandsYUM
Share
0.3%
Value
$413,078
Shares
2,584
Held
Walt DisneyDIS
Share
0.3%
Value
$389,687
Shares
4,048
Held
MarinemaxHZO
Share
0.3%
Value
$384,510
Shares
10,500
Held
Titan MachineryTITN
Share
0.3%
Value
$359,040
Shares
17,000
Held
Occidental PetroleumOXY
Share
0.3%
Value
$341,787
Shares
7,037
Held
NVRNVR
Share
0.3%
Value
$340,670
Shares
50
-4%
Comstock Holding CompaniesCHCI
Share
0.3%
Value
$330,673
Shares
20,680
Held
MedtronicMDT
Share
0.3%
Value
$317,613
Shares
4,060
Held
Gildan ActivewearGIL
Share
0.3%
Value
$315,224
Shares
6,109
Held
Labcorp HoldingsLH
Share
0.2%
Value
$306,040
Shares
1,093
Held
C & F FinancialCFFI
Share
0.2%
Value
$284,480
Shares
3,556
Held
Superior Group of CompaniesSGC
Share
0.2%
Value
$256,391
Shares
19,542
Held
Quad/GraphicsQUAD
Share
0.2%
Value
$252,900
Shares
30,000
Held
EasternEML
Share
0.2%
Value
$250,650
Shares
9,000
New
Novartis AGNVS
Share
0.2%
Value
$235,863
Shares
1,505
-16%
Foster L BFSTR
Share
0.2%
Value
$234,612
Shares
5,194
New
PolarisPII
Share
0.2%
Value
$205,525
Shares
3,003
New

Company	Share of fund	Value	Shares	Change
Vanguard Tax-Managed FDSVEA	13.4%	$17m	234,679	Held
Schwab Strategic TRFNDX	9.3%	$12m	371,784	Held
Vanguard Specialized FundsVIG	8.4%	$10m	44,193	Held
Wisdomtree TRDGS	6.2%	$8m	118,729	Held
Vanguard Whitehall FDSVIGI	3.9%	$5m	51,562	Held
Vanguard Index FDSVOO	3.7%	$5m	6,697	+3%
Ishares TRIJR	3.6%	$4m	29,802	Held
American Centy ETF TRAVDV	3.4%	$4m	41,546	Held
Ishares TRREET	2.8%	$3m	126,409	+5%
Vanguard BD Index FDSBND	2.8%	$3m	47,276	Held
Vanguard BD Index FDSVUSB	2.6%	$3m	66,007	+13%
Spdr Index SHS FDSGNR	2.6%	$3m	48,469	Held
Capital GRP Fixed Incm ETF TCGCP	2.1%	$3m	117,825	+8%
Invesco Exch Traded FD TR IIPICB	1.9%	$2m	100,865	+9%
Schwab Strategic TRFNDF	1.8%	$2m	42,398	Held
IntelINTC	1.7%	$2m	14,743	Held
Bank of AmericaBAC	1.6%	$2m	34,234	Held
Johnson Controls InternationalJCI	1.4%	$2m	11,757	Held
Vanguard Index FDSVOE	1.3%	$2m	8,121	Held
Vanguard Malvern FDSVTIP	1.1%	$1m	28,328	-35%
First TR Exchange-Traded FDFDM	1.1%	$1m	14,565	-6%
Lowe's CompaniesLOW	1.1%	$1m	6,075	Held
Berkshire HathawayBRK-B	1.1%	$1m	2,669	Held
Valmont IndustriesVMI	1.1%	$1m	2,291	Held
Markel GroupMKL	1.0%	$1m	654	Held
American ExpressAXP	0.9%	$1m	3,484	Held
J P Morgan Exchange Traded FJMST	0.9%	$1m	22,795	Held
PepsiCoPEP	0.8%	$1m	7,608	Held
Vanguard MUN BD FDSVTEB	0.8%	$1m	20,188	+6%
Anheuser-Busch InBev SABUD	0.8%	$977,181	11,859	Held
Invesco Exch Traded FD TR IIVRP	0.8%	$944,019	38,832	+6%
Schwab Strategic TRFNDC	0.7%	$838,582	17,269	Held
Graham HoldingsGHC	0.6%	$772,741	677	Held
AmgenAMGN	0.6%	$727,136	2,008	Held
HagertyHGTY	0.6%	$716,308	60,093	Held
Schwab Strategic TRFNDA	0.5%	$655,851	17,232	-15%
U-Haul HoldingUHAL-B	0.5%	$609,369	10,561	Held
AgcoAGCO	0.5%	$602,210	5,031	Held
Spdr Series TrustWIP	0.5%	$585,768	14,871	+23%
NRG EnergyNRG	0.5%	$568,173	3,890	Held
Radiant LogisticsRLGT	0.4%	$552,747	58,430	Held
CarMaxKMX	0.4%	$513,614	9,711	Held
AppleAAPL	0.4%	$492,141	1,700	Held
Koppers HoldingsKOP	0.4%	$478,185	10,650	Held
Cemex SAB de CVCX	0.4%	$476,160	39,680	Held
Core Molding TechnologiesCMT	0.4%	$472,000	20,000	Held
Meta PlatformsMETA	0.4%	$465,062	825	Held
Blackrock ETF Trust IICALI	0.4%	$461,485	9,132	+17%
NikeNKE	0.4%	$456,476	11,120	+29%
MasterCraft Boat HoldingsMCFT	0.4%	$438,940	17,000	Held
Wisdomtree TRUSFR	0.4%	$437,189	8,683	+28%
NutrienNTR	0.3%	$420,946	6,687	Held
Vanguard Index FDSVUG	0.3%	$414,505	4,812	Held
YUM BrandsYUM	0.3%	$413,078	2,584	Held
Walt DisneyDIS	0.3%	$389,687	4,048	Held
MarinemaxHZO	0.3%	$384,510	10,500	Held
Titan MachineryTITN	0.3%	$359,040	17,000	Held
Occidental PetroleumOXY	0.3%	$341,787	7,037	Held
NVRNVR	0.3%	$340,670	50	-4%
Comstock Holding CompaniesCHCI	0.3%	$330,673	20,680	Held
MedtronicMDT	0.3%	$317,613	4,060	Held
Gildan ActivewearGIL	0.3%	$315,224	6,109	Held
Labcorp HoldingsLH	0.2%	$306,040	1,093	Held
C & F FinancialCFFI	0.2%	$284,480	3,556	Held
Superior Group of CompaniesSGC	0.2%	$256,391	19,542	Held
Quad/GraphicsQUAD	0.2%	$252,900	30,000	Held
EasternEML	0.2%	$250,650	9,000	New
Novartis AGNVS	0.2%	$235,863	1,505	-16%
Foster L BFSTR	0.2%	$234,612	5,194	New
PolarisPII	0.2%	$205,525	3,003	New

Over time and by industry

Value over time

Dec '25

Jun '26

Value is up 43.5% since 31 December 2025.

Where the money is

Financial services5.4%

Retail & consumer4.8%

Industrials4.3%

Technology2.1%

Everyday goods1.6%

Materials1.5%

Health care1.3%

Media & telecom0.7%

Utilities0.5%

Energy0.3%

Real estate0.3%

Other77.3%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.