Fell Capital Management /adv

NEWPORT BEACH, CA

$119m in 96 US stocks at the end of 30 June 2026. The top 10 are 38.4% of the money. It changed about 7.4% of the portfolio this quarter.

Value

$119m

Stocks

Top 10 share

38.4%

Turnover

7.4%

What changed this quarter

New

Bought for the first time this quarter.

Honeywell InternationalHON
0.3% of the fund
Honeywell AerospaceHONA
0.3% of the fund
Vanguard Index FDSVBK
0.2% of the fund
Vanguard World FDVGT
0.2% of the fund
FedEx Freight Holding CompanyFDXF
0.2% of the fund
United RentalsURI
0.2% of the fund
Xcel EnergyXEL
0.2% of the fund

Added

Bought more of a stock they already held.

Ishares TRIWN
5.1% of the fund
+6%
Ishares TRIWO
4.9% of the fund
+4%
Spdr Series TrustSDY
3.8% of the fund
+12%
Fidelity Merrimack STR TRFBND
3.3% of the fund
+181%
Spdr Series TrustSLYV
2.5% of the fund
+6%
Spdr Series TrustSPYV
2.3% of the fund
+13%
Spdr Series TrustSLYG
1.9% of the fund
+5%
Spdr Series TrustSPYG
1.7% of the fund
+3%
Spdr Series TrustSPMD
1.1% of the fund
+6%
Global X FDSAIQ
0.7% of the fund
+2%
Spdr Index SHS FDSSPDW
0.6% of the fund
+12%
Ishares TRSGOV
0.6% of the fund
+4%
Spdr Index SHS FDSSPEM
0.3% of the fund
+27%
Vanguard Index FDSVBR
0.3% of the fund
+9%

Cut

Sold some of their stake.

AppleAAPL
5.1% of the fund
-3%
State STR Spdr S&P 500 ETF TSPY
5.0% of the fund
-3%
AlphabetGOOG
4.2% of the fund
-5%
MicrosoftMSFT
1.8% of the fund
-12%
Spdr Gold TRGLD
1.6% of the fund
-5%
Goldman Sachs GroupGS
1.6% of the fund
-4%
Ishares TRPFF
1.6% of the fund
-3%
JPMorgan ChaseJPM
1.5% of the fund
-4%
Ishares TRHYG
1.4% of the fund
-2%
Berkshire HathawayBRK-B
1.1% of the fund
-2%
Cisco SystemsCSCO
0.8% of the fund
-2%
MckessonMCK
0.7% of the fund
-2%
Verizon CommunicationsVZ
0.7% of the fund
-4%
StarbucksSBUX
0.7% of the fund
-4%
Taiwan Semiconductor ManufacturingTSM
0.5% of the fund
-6%
MerckMRK
0.5% of the fund
-2%
Spdr Series TrustSPAB
0.3% of the fund
-12%
ComcastCMCSA
0.2% of the fund
-4%
EatonETN
0.2% of the fund
-3%
Bank of New York MellonBNY
0.2% of the fund
-10%

Sold out

Sold their entire stake.

Honeywell InternationalHON
-100%
Lockheed MartinLMT
-100%

Holdings

Ishares TRIWN
Share
5.1%
Value
$6m
Shares
27,215
+6%
AppleAAPL
Share
5.1%
Value
$6m
Shares
20,767
-3%
State STR Spdr S&P 500 ETF TSPY
Share
5.0%
Value
$6m
Shares
7,952
-3%
Ishares TRIWO
Share
4.9%
Value
$6m
Shares
14,692
+4%
AlphabetGOOG
Share
4.2%
Value
$5m
Shares
14,087
-5%
Spdr Series TrustSDY
Share
3.8%
Value
$5m
Shares
29,718
+12%
Fidelity Merrimack STR TRFBND
Share
3.3%
Value
$4m
Shares
85,956
+181%
Spdr Series TrustSLYV
Share
2.5%
Value
$3m
Shares
27,495
+6%
Spdr Series TrustSPYV
Share
2.3%
Value
$3m
Shares
45,423
+13%
Vanguard World FDVAW
Share
2.2%
Value
$3m
Shares
11,495
Held
Vanguard Index FDSVO
Share
2.2%
Value
$3m
Shares
32,136
Held
Amazon.comAMZN
Share
2.1%
Value
$2m
Shares
10,476
Held
Vanguard Intl Equity Index FVWO
Share
2.0%
Value
$2m
Shares
39,181
Held
Spdr Series TrustSLYG
Share
1.9%
Value
$2m
Shares
18,674
+5%
MicrosoftMSFT
Share
1.8%
Value
$2m
Shares
5,880
-12%
Spdr Series TrustSPYG
Share
1.7%
Value
$2m
Shares
17,248
+3%
Spdr Gold TRGLD
Share
1.6%
Value
$2m
Shares
5,115
-5%
Goldman Sachs GroupGS
Share
1.6%
Value
$2m
Shares
1,847
-4%
Ishares TRPFF
Share
1.6%
Value
$2m
Shares
60,984
-3%
JPMorgan ChaseJPM
Share
1.5%
Value
$2m
Shares
5,420
-4%
AlphabetGOOGL
Share
1.5%
Value
$2m
Shares
4,930
Held
NvidiaNVDA
Share
1.4%
Value
$2m
Shares
8,522
Held
Ishares TRHYG
Share
1.4%
Value
$2m
Shares
20,282
-2%
ExxonMobil HoldingsXOM
Share
1.3%
Value
$1m
Shares
10,955
Held
Ishares TRIJH
Share
1.2%
Value
$1m
Shares
19,205
Held
Invesco QQQ TRQQQ
Share
1.2%
Value
$1m
Shares
1,990
Held
AmgenAMGN
Share
1.2%
Value
$1m
Shares
4,040
Held
Berkshire HathawayBRK-B
Share
1.1%
Value
$1m
Shares
2,672
-2%
Select Sector Spdr TRXLV
Share
1.1%
Value
$1m
Shares
8,335
Held
ChevronCVX
Share
1.1%
Value
$1m
Shares
7,949
Held
Spdr Series TrustSPMD
Share
1.1%
Value
$1m
Shares
19,207
+6%
Johnson & JohnsonJNJ
Share
0.9%
Value
$1m
Shares
4,417
Held
Home DepotHD
Share
0.9%
Value
$1m
Shares
2,967
Held
Ishares TRTIP
Share
0.8%
Value
$976,116
Shares
8,920
Held
Kinder MorganKMI
Share
0.8%
Value
$971,888
Shares
30,400
Held
Spdr Series TrustXBI
Share
0.8%
Value
$961,369
Shares
6,075
Held
Cisco SystemsCSCO
Share
0.8%
Value
$958,239
Shares
8,158
-2%
General ElectricGE
Share
0.8%
Value
$906,295
Shares
2,425
Held
FedExFDX
Share
0.8%
Value
$893,986
Shares
2,855
Held
Freeport-McMoRanFCX
Share
0.8%
Value
$891,466
Shares
14,175
Held
MckessonMCK
Share
0.7%
Value
$876,496
Shares
1,160
-2%
Ishares TRIWM
Share
0.7%
Value
$854,780
Shares
2,845
Held
Verizon CommunicationsVZ
Share
0.7%
Value
$854,633
Shares
20,185
-4%
StarbucksSBUX
Share
0.7%
Value
$850,732
Shares
8,325
-4%
Global X FDSAIQ
Share
0.7%
Value
$838,430
Shares
12,779
+2%
Blackrock Credit Allocation Income TrustBTZ
Share
0.7%
Value
$819,480
Shares
80,184
Held
VisaV
Share
0.7%
Value
$785,333
Shares
2,289
Held
OracleORCL
Share
0.6%
Value
$753,414
Shares
5,141
Held
American ExpressAXP
Share
0.6%
Value
$740,768
Shares
2,190
Held
RBB FDTBIL
Share
0.6%
Value
$740,421
Shares
14,850
Held
Applied MaterialsAMAT
Share
0.6%
Value
$723,000
Shares
1,000
Held
Pimco Corporate & Income Opportunity FundPTY
Share
0.6%
Value
$673,079
Shares
55,950
Held
Spdr Index SHS FDSSPDW
Share
0.6%
Value
$657,438
Shares
13,047
+12%
Ishares TRSGOV
Share
0.6%
Value
$654,355
Shares
6,500
+4%
Bitwise Bitcoin ETF TRBITB
Share
0.6%
Value
$652,971
Shares
20,495
Held
Taiwan Semiconductor ManufacturingTSM
Share
0.5%
Value
$641,854
Shares
1,344
-6%
BoeingBA
Share
0.5%
Value
$609,363
Shares
2,815
Held
UnitedHealth GroupUNH
Share
0.5%
Value
$605,989
Shares
1,458
Held
Illinois Tool WorksITW
Share
0.5%
Value
$596,386
Shares
2,205
Held
RTXRTX
Share
0.5%
Value
$592,906
Shares
3,125
Held
Altria GroupMO
Share
0.5%
Value
$579,198
Shares
8,050
Held
Walt DisneyDIS
Share
0.5%
Value
$569,030
Shares
5,912
Held
Morgan StanleyMS
Share
0.5%
Value
$558,137
Shares
2,670
Held
MerckMRK
Share
0.5%
Value
$541,628
Shares
4,215
-2%
Vanguard Tax-Managed FDSVEA
Share
0.4%
Value
$533,164
Shares
7,483
Held
GE VernovaGEV
Share
0.4%
Value
$491,091
Shares
418
Held
NetflixNFLX
Share
0.4%
Value
$453,390
Shares
6,350
Held
Union PacificUNP
Share
0.3%
Value
$414,800
Shares
1,525
Held
Honeywell InternationalHON
Share
0.3%
Value
$406,602
Shares
1,816
New
CVS HealthCVS
Share
0.3%
Value
$403,455
Shares
3,900
Held
Honeywell AerospaceHONA
Share
0.3%
Value
$401,481
Shares
1,816
New
McDonald'sMCD
Share
0.3%
Value
$398,707
Shares
1,475
Held
Vaneck ETF TrustREMX
Share
0.3%
Value
$394,710
Shares
4,460
Held
Spdr Series TrustSPAB
Share
0.3%
Value
$392,600
Shares
15,384
-12%
WelltowerWELL
Share
0.3%
Value
$385,849
Shares
1,700
Held
Procter & GamblePG
Share
0.3%
Value
$353,549
Shares
2,411
Held
Spdr Index SHS FDSSPEM
Share
0.3%
Value
$339,055
Shares
6,548
+27%
Vanguard Index FDSVBR
Share
0.3%
Value
$319,289
Shares
1,314
+9%
Vanguard Index FDSVTI
Share
0.3%
Value
$316,754
Shares
856
Held
BroadcomAVGO
Share
0.3%
Value
$310,511
Shares
822
Held
Meta PlatformsMETA
Share
0.3%
Value
$308,683
Shares
548
Held
Select Sector Spdr TRXLF
Share
0.2%
Value
$269,390
Shares
5,025
Held
ComcastCMCSA
Share
0.2%
Value
$265,680
Shares
10,822
-4%
EatonETN
Share
0.2%
Value
$249,280
Shares
585
-3%
RBB FDUTWO
Share
0.2%
Value
$248,193
Shares
5,175
Held
Vanguard Index FDSVBK
Share
0.2%
Value
$240,265
Shares
657
New
Jacobs SolutionsJ
Share
0.2%
Value
$240,030
Shares
1,905
Held
Bank of New York MellonBNY
Share
0.2%
Value
$234,991
Shares
1,625
-10%
Vanguard World FDVGT
Share
0.2%
Value
$225,654
Shares
1,888
New
Schwab Strategic TRSCHE
Share
0.2%
Value
$224,812
Shares
6,200
Held
Ishares Silver TRSLV
Share
0.2%
Value
$224,574
Shares
4,200
Held
TargetTGT
Share
0.2%
Value
$218,772
Shares
1,675
Held
FedEx Freight Holding CompanyFDXF
Share
0.2%
Value
$214,873
Shares
1,423
New
Charles SchwabSCHW
Share
0.2%
Value
$207,608
Shares
2,250
Held
United RentalsURI
Share
0.2%
Value
$203,920
Shares
180
New
Xcel EnergyXEL
Share
0.2%
Value
$200,750
Shares
2,500
New

Company	Share of fund	Value	Shares	Change
Ishares TRIWN	5.1%	$6m	27,215	+6%
AppleAAPL	5.1%	$6m	20,767	-3%
State STR Spdr S&P 500 ETF TSPY	5.0%	$6m	7,952	-3%
Ishares TRIWO	4.9%	$6m	14,692	+4%
AlphabetGOOG	4.2%	$5m	14,087	-5%
Spdr Series TrustSDY	3.8%	$5m	29,718	+12%
Fidelity Merrimack STR TRFBND	3.3%	$4m	85,956	+181%
Spdr Series TrustSLYV	2.5%	$3m	27,495	+6%
Spdr Series TrustSPYV	2.3%	$3m	45,423	+13%
Vanguard World FDVAW	2.2%	$3m	11,495	Held
Vanguard Index FDSVO	2.2%	$3m	32,136	Held
Amazon.comAMZN	2.1%	$2m	10,476	Held
Vanguard Intl Equity Index FVWO	2.0%	$2m	39,181	Held
Spdr Series TrustSLYG	1.9%	$2m	18,674	+5%
MicrosoftMSFT	1.8%	$2m	5,880	-12%
Spdr Series TrustSPYG	1.7%	$2m	17,248	+3%
Spdr Gold TRGLD	1.6%	$2m	5,115	-5%
Goldman Sachs GroupGS	1.6%	$2m	1,847	-4%
Ishares TRPFF	1.6%	$2m	60,984	-3%
JPMorgan ChaseJPM	1.5%	$2m	5,420	-4%
AlphabetGOOGL	1.5%	$2m	4,930	Held
NvidiaNVDA	1.4%	$2m	8,522	Held
Ishares TRHYG	1.4%	$2m	20,282	-2%
ExxonMobil HoldingsXOM	1.3%	$1m	10,955	Held
Ishares TRIJH	1.2%	$1m	19,205	Held
Invesco QQQ TRQQQ	1.2%	$1m	1,990	Held
AmgenAMGN	1.2%	$1m	4,040	Held
Berkshire HathawayBRK-B	1.1%	$1m	2,672	-2%
Select Sector Spdr TRXLV	1.1%	$1m	8,335	Held
ChevronCVX	1.1%	$1m	7,949	Held
Spdr Series TrustSPMD	1.1%	$1m	19,207	+6%
Johnson & JohnsonJNJ	0.9%	$1m	4,417	Held
Home DepotHD	0.9%	$1m	2,967	Held
Ishares TRTIP	0.8%	$976,116	8,920	Held
Kinder MorganKMI	0.8%	$971,888	30,400	Held
Spdr Series TrustXBI	0.8%	$961,369	6,075	Held
Cisco SystemsCSCO	0.8%	$958,239	8,158	-2%
General ElectricGE	0.8%	$906,295	2,425	Held
FedExFDX	0.8%	$893,986	2,855	Held
Freeport-McMoRanFCX	0.8%	$891,466	14,175	Held
MckessonMCK	0.7%	$876,496	1,160	-2%
Ishares TRIWM	0.7%	$854,780	2,845	Held
Verizon CommunicationsVZ	0.7%	$854,633	20,185	-4%
StarbucksSBUX	0.7%	$850,732	8,325	-4%
Global X FDSAIQ	0.7%	$838,430	12,779	+2%
Blackrock Credit Allocation Income TrustBTZ	0.7%	$819,480	80,184	Held
VisaV	0.7%	$785,333	2,289	Held
OracleORCL	0.6%	$753,414	5,141	Held
American ExpressAXP	0.6%	$740,768	2,190	Held
RBB FDTBIL	0.6%	$740,421	14,850	Held
Applied MaterialsAMAT	0.6%	$723,000	1,000	Held
Pimco Corporate & Income Opportunity FundPTY	0.6%	$673,079	55,950	Held
Spdr Index SHS FDSSPDW	0.6%	$657,438	13,047	+12%
Ishares TRSGOV	0.6%	$654,355	6,500	+4%
Bitwise Bitcoin ETF TRBITB	0.6%	$652,971	20,495	Held
Taiwan Semiconductor ManufacturingTSM	0.5%	$641,854	1,344	-6%
BoeingBA	0.5%	$609,363	2,815	Held
UnitedHealth GroupUNH	0.5%	$605,989	1,458	Held
Illinois Tool WorksITW	0.5%	$596,386	2,205	Held
RTXRTX	0.5%	$592,906	3,125	Held
Altria GroupMO	0.5%	$579,198	8,050	Held
Walt DisneyDIS	0.5%	$569,030	5,912	Held
Morgan StanleyMS	0.5%	$558,137	2,670	Held
MerckMRK	0.5%	$541,628	4,215	-2%
Vanguard Tax-Managed FDSVEA	0.4%	$533,164	7,483	Held
GE VernovaGEV	0.4%	$491,091	418	Held
NetflixNFLX	0.4%	$453,390	6,350	Held
Union PacificUNP	0.3%	$414,800	1,525	Held
Honeywell InternationalHON	0.3%	$406,602	1,816	New
CVS HealthCVS	0.3%	$403,455	3,900	Held
Honeywell AerospaceHONA	0.3%	$401,481	1,816	New
McDonald'sMCD	0.3%	$398,707	1,475	Held
Vaneck ETF TrustREMX	0.3%	$394,710	4,460	Held
Spdr Series TrustSPAB	0.3%	$392,600	15,384	-12%
WelltowerWELL	0.3%	$385,849	1,700	Held
Procter & GamblePG	0.3%	$353,549	2,411	Held
Spdr Index SHS FDSSPEM	0.3%	$339,055	6,548	+27%
Vanguard Index FDSVBR	0.3%	$319,289	1,314	+9%
Vanguard Index FDSVTI	0.3%	$316,754	856	Held
BroadcomAVGO	0.3%	$310,511	822	Held
Meta PlatformsMETA	0.3%	$308,683	548	Held
Select Sector Spdr TRXLF	0.2%	$269,390	5,025	Held
ComcastCMCSA	0.2%	$265,680	10,822	-4%
EatonETN	0.2%	$249,280	585	-3%
RBB FDUTWO	0.2%	$248,193	5,175	Held
Vanguard Index FDSVBK	0.2%	$240,265	657	New
Jacobs SolutionsJ	0.2%	$240,030	1,905	Held
Bank of New York MellonBNY	0.2%	$234,991	1,625	-10%
Vanguard World FDVGT	0.2%	$225,654	1,888	New
Schwab Strategic TRSCHE	0.2%	$224,812	6,200	Held
Ishares Silver TRSLV	0.2%	$224,574	4,200	Held
TargetTGT	0.2%	$218,772	1,675	Held
FedEx Freight Holding CompanyFDXF	0.2%	$214,873	1,423	New
Charles SchwabSCHW	0.2%	$207,608	2,250	Held
United RentalsURI	0.2%	$203,920	180	New
Xcel EnergyXEL	0.2%	$200,750	2,500	New

Over time and by industry

Value over time

Dec '25

Jun '26

Value is up 15.7% since 31 December 2025.

Where the money is

Technology11.2%

Media & telecom7.7%

Financial services6.3%

Industrials5.2%

Health care4.2%

Retail & consumer4.0%

Energy3.2%

Everyday goods1.0%

Materials0.8%

Real estate0.3%

Utilities0.2%

Other55.8%

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.