Sky-Mountain Capital Management

KETCHUM, IDfiles as SKY-MOUNTAIN CAPITAL MANAGEMENT, INC.

$140m in 40 US stocks at the end of 30 June 2026. The top 10 are 81.6% of the money. It changed about 11.3% of the portfolio this quarter.

Value

$140m

Stocks

Top 10 share

81.6%

Turnover

11.3%

What changed this quarter

New

Bought for the first time this quarter.

Vaneck ETF TrustSMH
1.7% of the fund
Blackrock ETF TrustBAI
1.0% of the fund
Vanguard Index FDSVTI
0.2% of the fund
Spdr Index SHS FDSRWO
0.2% of the fund

Added

Bought more of a stock they already held.

First TR Exchange-Traded FDGRID
5.4% of the fund
+34%
Vanguard Whitehall FDSVYM
3.8% of the fund
+10%
Vanguard Index FDSVUG
3.4% of the fund
+63%
Vanguard Index FDSVBR
2.1% of the fund
+54%
Vanguard Star FDSVXUS
1.4% of the fund
+59%
Vanguard Intl Equity Index FVWO
0.9% of the fund
+95%
Vanguard Tax-Managed FDSVEA
0.7% of the fund
+28%
Ishares TREFAV
0.6% of the fund
+3%
State STR Spdr S&P 500 ETF TSPY
0.5% of the fund
+4%
Vanguard Index FDSVOO
0.2% of the fund
+35%

Cut

Sold some of their stake.

Wisdomtree TRUSFR
39.3% of the fund
-14%
NikeNKE
2.0% of the fund
-17%

Sold out

Sold their entire stake.

ExxonMobil HoldingsXOM
-100%

Holdings

Wisdomtree TRUSFR
Share
39.3%
Value
$55m
Shares
1,090,104
-14%
Spdr Gold TRGLD
Share
16.3%
Value
$23m
Shares
61,851
Held
First TR Exchange-Traded FDGRID
Share
5.4%
Value
$8m
Shares
39,224
+34%
Vanguard Whitehall FDSVYM
Share
3.8%
Value
$5m
Shares
33,482
+10%
Vanguard Index FDSVUG
Share
3.4%
Value
$5m
Shares
55,307
+63%
Fidelity Wise Origin BitcoinFBTC
Share
3.1%
Value
$4m
Shares
85,233
Held
AppleAAPL
Share
3.1%
Value
$4m
Shares
14,881
Held
Litman Gregory FDS TRDBMF
Share
3.0%
Value
$4m
Shares
138,409
Held
Vanguard Index FDSVBR
Share
2.1%
Value
$3m
Shares
12,193
+54%
NikeNKE
Share
2.0%
Value
$3m
Shares
68,651
-17%
Vaneck ETF TrustSMH
Share
1.7%
Value
$2m
Shares
3,626
New
NvidiaNVDA
Share
1.5%
Value
$2m
Shares
10,510
Held
Vanguard Star FDSVXUS
Share
1.4%
Value
$2m
Shares
23,407
+59%
Blackrock ETF TrustBAI
Share
1.0%
Value
$1m
Shares
27,497
New
Berkshire HathawayBRK-B
Share
1.0%
Value
$1m
Shares
2,730
Held
Vanguard Intl Equity Index FVWO
Share
0.9%
Value
$1m
Shares
22,017
+95%
BoeingBA
Share
0.9%
Value
$1m
Shares
6,025
Held
StrategyMSTR
Share
0.8%
Value
$1m
Shares
13,382
Held
Amazon.comAMZN
Share
0.8%
Value
$1m
Shares
4,587
Held
RTXRTX
Share
0.8%
Value
$1m
Shares
5,542
Held
AlphabetGOOGL
Share
0.7%
Value
$997,375
Shares
2,791
Held
AlphabetGOOG
Share
0.7%
Value
$974,132
Shares
2,757
Held
Vanguard Tax-Managed FDSVEA
Share
0.7%
Value
$959,595
Shares
13,468
+28%
Advanced Micro DevicesAMD
Share
0.6%
Value
$903,896
Shares
1,556
Held
Ishares TREFAV
Share
0.6%
Value
$887,625
Shares
10,120
+3%
StarbucksSBUX
Share
0.6%
Value
$855,699
Shares
8,374
Held
State STR Spdr S&P 500 ETF TSPY
Share
0.5%
Value
$764,692
Shares
1,024
+4%
Costco WholesaleCOST
Share
0.3%
Value
$442,891
Shares
473
Held
TJX CompaniesTJX
Share
0.3%
Value
$431,169
Shares
2,846
Held
ChevronCVX
Share
0.3%
Value
$424,180
Shares
2,559
Held
Norfolk SouthernNSC
Share
0.3%
Value
$402,046
Shares
1,278
Held
Carrier GlobalCARR
Share
0.3%
Value
$371,078
Shares
5,059
Held
Marathon PetroleumMPC
Share
0.3%
Value
$353,847
Shares
1,384
Held
Vanguard Index FDSVOO
Share
0.2%
Value
$328,295
Shares
478
+35%
Meta PlatformsMETA
Share
0.2%
Value
$242,620
Shares
431
Held
Schwab Strategic TRSCHX
Share
0.2%
Value
$230,790
Shares
7,842
Held
MicrosoftMSFT
Share
0.2%
Value
$222,320
Shares
596
Held
Vanguard Index FDSVTI
Share
0.2%
Value
$216,270
Shares
584
New
Spdr Index SHS FDSRWO
Share
0.2%
Value
$211,069
Shares
4,246
New
Edison InternationalEIX
Share
0.1%
Value
$206,822
Shares
2,778
Held

Company	Share of fund	Value	Shares	Change
Wisdomtree TRUSFR	39.3%	$55m	1,090,104	-14%
Spdr Gold TRGLD	16.3%	$23m	61,851	Held
First TR Exchange-Traded FDGRID	5.4%	$8m	39,224	+34%
Vanguard Whitehall FDSVYM	3.8%	$5m	33,482	+10%
Vanguard Index FDSVUG	3.4%	$5m	55,307	+63%
Fidelity Wise Origin BitcoinFBTC	3.1%	$4m	85,233	Held
AppleAAPL	3.1%	$4m	14,881	Held
Litman Gregory FDS TRDBMF	3.0%	$4m	138,409	Held
Vanguard Index FDSVBR	2.1%	$3m	12,193	+54%
NikeNKE	2.0%	$3m	68,651	-17%
Vaneck ETF TrustSMH	1.7%	$2m	3,626	New
NvidiaNVDA	1.5%	$2m	10,510	Held
Vanguard Star FDSVXUS	1.4%	$2m	23,407	+59%
Blackrock ETF TrustBAI	1.0%	$1m	27,497	New
Berkshire HathawayBRK-B	1.0%	$1m	2,730	Held
Vanguard Intl Equity Index FVWO	0.9%	$1m	22,017	+95%
BoeingBA	0.9%	$1m	6,025	Held
StrategyMSTR	0.8%	$1m	13,382	Held
Amazon.comAMZN	0.8%	$1m	4,587	Held
RTXRTX	0.8%	$1m	5,542	Held
AlphabetGOOGL	0.7%	$997,375	2,791	Held
AlphabetGOOG	0.7%	$974,132	2,757	Held
Vanguard Tax-Managed FDSVEA	0.7%	$959,595	13,468	+28%
Advanced Micro DevicesAMD	0.6%	$903,896	1,556	Held
Ishares TREFAV	0.6%	$887,625	10,120	+3%
StarbucksSBUX	0.6%	$855,699	8,374	Held
State STR Spdr S&P 500 ETF TSPY	0.5%	$764,692	1,024	+4%
Costco WholesaleCOST	0.3%	$442,891	473	Held
TJX CompaniesTJX	0.3%	$431,169	2,846	Held
ChevronCVX	0.3%	$424,180	2,559	Held
Norfolk SouthernNSC	0.3%	$402,046	1,278	Held
Carrier GlobalCARR	0.3%	$371,078	5,059	Held
Marathon PetroleumMPC	0.3%	$353,847	1,384	Held
Vanguard Index FDSVOO	0.2%	$328,295	478	+35%
Meta PlatformsMETA	0.2%	$242,620	431	Held
Schwab Strategic TRSCHX	0.2%	$230,790	7,842	Held
MicrosoftMSFT	0.2%	$222,320	596	Held
Vanguard Index FDSVTI	0.2%	$216,270	584	New
Spdr Index SHS FDSRWO	0.2%	$211,069	4,246	New
Edison InternationalEIX	0.1%	$206,822	2,778	Held

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is down 7.3% since 30 June 2025.

Where the money is

Technology5.4%

Retail & consumer3.7%

Industrials2.2%

Financial services1.8%

Media & telecom1.6%

Energy0.6%

Everyday goods0.3%

Utilities0.1%

Other84.2%

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.