Sage Mountain Advisors portfolio

What changed this quarter

136 positions with a change (14 new, 27 added to, 60 trimmed, 35 sold).

No moves of 0.5 points of the portfolio or more.

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Janus Henderson AAA CLO ETFJAAA16.8%
• J P Morgan Exchange Traded FundJQUA13.2%
• Vanguard Index FundsVTI10.2%
• iShares Msci USA Quality FAC ETFQUAL7.9%
• iShares Msci International Q ETFIQLT5.3%
• Vanguard S&P 500 ETFVOO3.1%
• Golub Capital BDCGBDC2.9%
• Vanguard Ftse Developed ETFVEA2.9%
• Vanguard Intermediate-term T ETFVGIT2.7%
• Janus Henderson Mortg Backed ETFJMBS2.0%
• State Street SPDR Msci U Stratfact ETFQUS1.9%
• J P Morgan Exchange Traded FundJMST1.8%
• Vanguard Info Tech ETFVGT1.2%
• Vanguard Total International Stock ETFVXUS1.1%
• Invesco Russell 1000 DYN M/f ETFOMFL1.0%
• State Str Spdr S&P 500 ETF TSPY0.9%
• Vanguard Mrngstar GR ETF-sui ETFVUG0.8%
• iShares Core S&P Total U.s ETFITOT0.8%
• Invesco Exchange Traded Fund TSPHQ0.8%
• Invesco Nasdaq 100 ETFQQQM0.8%
• Vanguard Most Sm-cap ETF-usd ETFVB0.8%
• BroadcomAVGO0.7%
• AppleAAPL0.7%
• JPMorgan ChaseJPM0.6%
• Vanguard Short-term Treasury ETFVGSH0.6%
• iShares Core S&P 500 ETFIVV0.6%
• Angel OAK Ultrashort Income ETFUYLD0.5%
• iShares Russell 1000 Growth ETFIWF0.5%
• Invesco QQQ Trust Series 1 ETFQQQ0.5%
• iShares Russell 1000 ETFIWB0.5%
• TeslaTSLA0.5%
• Space Exploration TechnologiesSPCX0.5%
• FortinetFTNT0.5%
• Schwab US Large-cap ETFSCHX0.5%
• Kayne Anderson BDCKBDC0.4%
• Invesco Exchange Traded Fund TXLG0.4%
• Vanguard Mrngstr Val ETF-aui ETFVTV0.4%
• CopartCPRT0.4%
• Vaneck ETF TrustSMH0.4%
• iShares Core Msci Eafe ETFIEFA0.3%
• Berkshire HathawayBRK/B · BRK/A0.3%
• Vanguard Index FundsVO0.3%
• iShares Core S&P Small-cap E ETFIJR0.3%
• Spdr Index SHS FundsQEFA0.3%
• Amazon.comAMZN0.3%
• Dimensional ETF TrustDFLV0.3%
• Vanguard International Equity Index FVEU0.3%
• AlphabetGOOGL · GOOG0.3%
• iShares 0-3 Month Treasury B ETFSGOV0.3%
• Vanguard Tax-exempt Bond ETFVTEB0.2%
• RBB FundTBIL0.2%
• MicrosoftMSFT0.2%
• Meta PlatformsMETA0.2%
• Vanguard Russell 1000 Value ETFVONV0.2%
• SPDR US LC Low Vol Idx ETFLGLV0.2%
• Vanguard Russell 1000 Growth ETFVONG0.2%
• State Street SPDR N ICE St Muni ETFSHM0.2%
• Schwab US Large-cap Growth ETFSCHG0.2%
• Dimensional ETF TrustDFAC0.2%
• Ishares Bitcoin Trust ETFIBIT0.2%
• iShares Gold Trust ETFIAU0.2%
• Vanguard Index FundsVV0.2%
• Vanguard Index FundsVBR0.2%
• Dimensional ETF TrustDFIV0.2%
• STE Str SPDR PT DW EU ETFSPDW0.1%
• iShares Msci Eafe ETFEFA0.1%
• First Trust Nasdaq Cybersecu ETFCIBR0.1%
• Taiwan Semiconductor ManufacturingTSM0.1%
• iShares Russell 1000 Value E ETFIWD0.1%
• Dimensional US Small Cap Value ETF0.1%
• NVIDIANVDA0.1%
• Sprott Asset ManagementPHYS0.1%
• iShares ESG Aware Msci USA ETFESGU0.1%
• iShares Core Msci DEV Mkts ETFIDEV0.1%
• Vanguard Index FundsVBK0.1%
• State Street SPDR BB 1-3m T-bill ETFBIL0.1%
• iShares International Equity ETFINTF0.1%
• Bitmine Immersion TechnologiesBMNR0.1%
• iShares Russell Mid-cap ETFIWR0.1%
• iShares S&P 500 Growth ETFIVW0.1%
• StrategyMSTR0.1%
• Royal Bank of CanadaRY0.1%
• Janus Henderson B-bbb CLO ET ETFJBBB0.1%
• Eli LillyLLY0.1%
• iShares Russell 3000 ETFIWV0.1%
• State Street SPDR S&P Dividend ETFSDY0.1%
• iShares Msci Acwi ETFACWI0.1%
• MerckMRK0.1%
• Pacer Trendpilot US Large CA ETFPTLC0.1%
• SPDR Gold Shares ETFGLD0.1%
• SPDR Gold Minishares Trust ETFGLDM0.1%
• VisaV0.1%
• Vanguard Dividend Apprec ETFVIG0.1%
• iShares Msci USA Small-cap M ETFSMMV0.1%
• iShares Core U.s. Aggregate ETFAGG0.1%
• iShares ESG Select Screened ETFXVV0.1%
• WalmartWMT0.1%
• iShares Msci USA Min Vol FAC ETFUSMV0.1%