Bailard portfolio

What changed this quarter

568 positions with a change (95 new, 187 added to, 173 trimmed, 113 sold); also, 1 entered through an IPO. 4 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Invesco QQQ Trust Series 1 ETF−60%fewer sharesReduced
  2.6% → 1.0%
• State Str Spdr S&P 500 ETF T+48%more sharesIncreased
  3.1% → 4.7%
• iShares Treasury Floating RA ETF+903%more sharesIncreased
  0.1% → 1.1%
• J P Morgan Exchange Traded Fund−75%fewer sharesReduced
  1.2% → 0.3%

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

• AppleAAPL5.5%
• State Str Spdr S&P 500 ETF TSPY4.7%
• MicrosoftMSFT4.4%
• NVIDIANVDA4.2%
• AlphabetGOOGL · GOOG3.7%
• iShares Msci Eafe ETFEFA2.8%
• Vanguard Info Tech ETFVGT2.2%
• Gilead SciencesGILD2.2%
• iShares Russell 2000 Value E ETFIWN2.1%
• iShares Core Msci Eafe ETFIEFA1.6%
• J P Morgan Exchange Traded FundJMTG1.5%
• Vanguard Index FundsVTI1.5%
• Amazon.comAMZN1.4%
• Vanguard Index FundsVBR1.2%
• VisaV1.1%
• Taiwan Semiconductor ManufacturingTSM1.1%
• iShares California Muni Bond ETFCMF1.1%
• iShares Treasury Floating RA ETFTFLO1.1%
• Palo Alto NetworksPANW1.1%
• iShares Core S&P 500 ETFIVV1.0%
• Invesco QQQ Trust Series 1 ETFQQQ1.0%
• JPMorgan ChaseJPM1.0%
• Vanguard S&P 500 ETFVOO0.9%
• Vanguard International Equity Index FVEU0.9%
• BroadcomAVGO0.9%
• State Street Technology Select Sector ETFXLK0.9%
• Meta PlatformsMETA0.9%
• iShares US Treasury Bond ETFGOVT0.8%
• Johnson & JohnsonJNJ0.8%
• KLAKLAC0.8%
• Costco WholesaleCOST0.7%
• Morgan StanleyMS0.7%
• J P Morgan Exchange Traded FundJMUB0.7%
• iShares S&P Small-cap 600 VA ETFIJS0.7%
• SPDR Gold Shares ETFGLD0.7%
• CumminsCMI0.6%
• BlackRockBLK0.6%
• Trane TechnologiesTT0.6%
• TJXTJX0.5%
• Home DepotHD0.5%
• Steel DynamicsSTLD0.5%
• Advanced Micro DevicesAMD0.5%
• EatonETN0.5%
• EverpureP0.5%
• ChevronCVX0.5%
• Micron TechnologyMU0.4%
• iShares Expanded Tech Sector ETFIGM0.4%
• iShares Core S&P Midcap ETFIJH0.4%
• Vanguard Ftse Developed ETFVEA0.4%
• AmgenAMGN0.4%
• Vanguard International Equity Index FVWO0.4%
• ConocoPhillipsCOP0.4%
• iShares 5-10y INV Grade ETFIGIB0.4%
• UnitedHealth GroupUNH0.4%
• Vertex PharmaceuticalsVRTX0.4%
• ChubbCB0.4%
• iShares 7-10 Year Treasury B ETFIEF0.4%
• Procter & GamblePG0.4%
• ServiceNowNOW0.4%
• NetflixNFLX0.4%
• QualcommQCOM0.4%
• Valero EnergyVLO0.4%
• iShares Msci Emerging Market ETFEEM0.3%
• iShares Core S&P Small-cap E ETFIJR0.3%
• Spotify TechnologySPOT0.3%
• Arista NetworksANET0.3%
• Cisco SystemsCSCO0.3%
• Eli LillyLLY0.3%
• iShares Ibonds DEC 2028 Term ETFIBTI0.3%
• Texas InstrumentsTXN0.3%
• UBER TechnologiesUBER0.3%
• Waste ManagementWM0.3%
• iShares Msci Acwi EX US ETFACWX0.3%
• Vanguard CA Tax-ex Bond ETFVTEC0.3%
• ASML HoldingASML0.3%
• AbbVieABBV0.3%
• Expedia GroupEXPE0.3%
• DanaherDHR0.3%
• J P Morgan Exchange Traded FundJMST0.3%
• iShares Russell Mid-cap ETFIWR0.3%
• Lam ResearchLRCX0.3%
• State Street SPDR Msci Eafe ETFEFAX0.3%
• Coca-ColaKO0.3%
• CaterpillarCAT0.3%
• Berkshire HathawayBRK/B0.3%
• S&P GlobalSPGI0.3%
• iShares Agency Bond ETFAGZ0.3%
• Applied MaterialsAMAT0.3%
• CrowdStrike HoldingsCRWD0.3%
• Vanguard Index FundsVO0.3%
• AstrazenecaAZN0.2%
• Pimco Intermediate Municipal ETFMUNI0.2%
• AccentureACN0.2%
• PrologisPLD0.2%
• Ishare ESG SS S&P Midcap ETFXJH0.2%
• Bank of AmericaBAC0.2%
• LindeLIN0.2%
• iShares Russell 2000 ETFIWM0.2%
• Walt DisneyDIS0.2%