Ethic Inc.
Long book
$6.39B
Q1 2026
Positions
1235
Top-10 weight
31%
concentration
Last quarter
+16.2%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsEthic Inc. is a mechanically diversified allocator, running a $6.39B US long book across 1235 positions.
The portfolio is moderately concentrated (top 10 ≈ 31% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: NVIDIA CORP, APPLE INC, ALPHABET INC-CL C, MICROSOFT CORP, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.8%
Q2 2024
+6.0%
Q3 2024
+0.5%
Q4 2024
-4.1%
Q1 2025
+10.7%
Q2 2025
+7.4%
Q3 2025
+2.7%
Q4 2025
-4.0%
Q1 2026
+16.2%
Sector allocation
Technology 41%
Financials 13%
Industrials 12%
Consumer discretionary 8%
Healthcare 8%
Services media 6%
Other 3%
Utilities 3%
Long book by quarter
What does Ethic Inc. own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 2.4M | $426.7M | 6.7% | +1.5% |
| AAPL APPLE INC | Technology | 1.5M | $378.8M | 5.9% | +1.4% |
| GOOG ALPHABET INC-CL C | Technology | 1.2M | $336.6M | 5.3% | +107.3% |
| MSFT MICROSOFT CORP | Technology | 713.1K | $264.0M | 4.1% | +1.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 786.2K | $163.7M | 2.6% | +2.5% |
| AVGO BROADCOM INC | Technology | 359.2K | $111.2M | 1.7% | +0.4% |
| META META PLATFORMS INC-CLASS A | Technology | 160.5K | $91.8M | 1.4% | +1.8% |
| LLY ELI LILLY & CO | Healthcare | 84.5K | $77.8M | 1.2% | +3.5% |
| TSLA TESLA INC | Industrials | 178.4K | $66.3M | 1.0% | +3.7% |
| V VISA INC-CLASS A SHARES | Services media | 186.8K | $56.5M | 0.9% | +2.9% |
| NFLX NETFLIX INC | Services media | 510.4K | $49.1M | 0.8% | +5.2% |
| MA MASTERCARD INC - A | Services media | 90.9K | $45.4M | 0.7% | +1.7% |
| MU MICRON TECHNOLOGY INC | Technology | 125.7K | $42.5M | 0.7% | -3.3% |
| GS GOLDMAN SACHS GROUP INC | Financials | 50.1K | $42.4M | 0.7% | +2.9% |
| CSCO CISCO SYSTEMS INC | Technology | 519.0K | $40.3M | 0.6% | +3.0% |
| CAT CATERPILLAR INC | Industrials | 56.2K | $39.8M | 0.6% | -5.2% |
| MRK MERCK & CO. INC. | Healthcare | 326.3K | $39.3M | 0.6% | +2.6% |
| AMAT APPLIED MATERIALS INC | Technology | 108.3K | $37.0M | 0.6% | -4.0% |
| LRCX LAM RESEARCH CORP | Industrials | 171.9K | $36.7M | 0.6% | -6.3% |
| HD HOME DEPOT INC | Consumer discretionary | 101.0K | $33.2M | 0.5% | -3.1% |
| MS MORGAN STANLEY | Financials | 199.3K | $32.8M | 0.5% | +1.2% |
| AMD ADVANCED MICRO DEVICES | Technology | 160.1K | $32.6M | 0.5% | +4.6% |
| ORCL ORACLE CORP | Technology | 214.9K | $31.6M | 0.5% | +2.7% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 126.5K | $30.7M | 0.5% | +0.3% |
| T AT&T INC | Communications | 1.0M | $30.1M | 0.5% | -1.5% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 563.5K | $28.3M | 0.4% | +2.5% |
| GEV GE VERNOVA INC | Industrials | 32.2K | $28.1M | 0.4% | -2.7% |
| TJX TJX COMPANIES INC | Consumer discretionary | 173.8K | $27.8M | 0.4% | +4.3% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 19.9K | $26.3M | 0.4% | +4.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 53.5K | $25.6M | 0.4% | +3.4% |
| JNJ JOHNSON & JOHNSON | Healthcare | 103.4K | $25.3M | 0.4% | +24.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 93.2K | $25.2M | 0.4% | -0.8% |
| KLAC KLA CORP | Other | 17.0K | $25.0M | 0.4% | +0.8% |
| AXP AMERICAN EXPRESS CO | Financials | 81.5K | $24.6M | 0.4% | -2.0% |
| JPM JPMORGAN CHASE & CO | Financials | 83.7K | $24.6M | 0.4% | +10.6% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 202.9K | $24.1M | 0.4% | +5.0% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 48.2K | $23.7M | 0.4% | -4.4% |
| ABT ABBOTT LABORATORIES | Healthcare | 224.6K | $23.1M | 0.4% | +2.5% |
| CB CHUBB LTD | Financials | 70.2K | $22.9M | 0.4% | +8.6% |
| BAC BANK OF AMERICA CORP | Financials | 468.2K | $22.8M | 0.4% | +2.3% |
| PFE PFIZER INC | Healthcare | 800.5K | $22.5M | 0.4% | +11.3% |
| CRM SALESFORCE INC | Technology | 117.4K | $21.9M | 0.3% | +10.0% |
| WMT WALMART INC | Consumer discretionary | 173.9K | $21.6M | 0.3% | +10.0% |
| DIS WALT DISNEY CO/THE | Services media | 215.5K | $20.8M | 0.3% | +5.2% |
| INTC INTEL CORP | Technology | 470.2K | $20.7M | 0.3% | +3.8% |
| BKNG BOOKING HOLDINGS INC | Industrials | 4.9K | $20.6M | 0.3% | -3.3% |
| GLW CORNING INC | Industrials | 150.0K | $20.4M | 0.3% | -17.2% |
| LOW LOWE'S COS INC | Consumer discretionary | 86.0K | $20.3M | 0.3% | +4.5% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 19.8K | $19.8M | 0.3% | +14.7% |
| CME CME GROUP INC | Financials | 66.9K | $19.8M | 0.3% | +6.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 27, 2026 | 1246 | $6.39B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 1210 | $6.50B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 17, 2025 | 1192 | $6.08B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 30, 2025 | 1215 | $5.58B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 1164 | $4.94B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 1143 | $4.96B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 1081 | $3.96B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 1130 | $4.26B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 1080 | $3.96B | canonical | SEC ↗ |
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