Second Line Capital, LLC
Long book
$528.0M
Q1 2026
Positions
185
Top-10 weight
56%
concentration
Last quarter
+12.4%
SPY +14.8%
Turnover
21%
of book per quarter
Strategy in plain words
auto-generated from filingsSecond Line Capital, LLC is a wealth-management firm allocating client money, running a $528.0M US long book across 185 positions.
The portfolio is concentrated: the top 10 names carry 56% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: APTUS COLLARED INVEST OPP, APTUS DEFINED RISK ETF, APTUS INTL ENHAN YLD ETF, SS SPDR S&P 500 ETF TRUST-US, STE STR SPDR PT DW EU ETF.
Over the last 9 quarters its long book ran on average 0.8pp per quarter behind the S&P 500, beating the index in 4 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
+2.0%
Q2 2024
+6.1%
Q3 2024
+1.4%
Q4 2024
-2.0%
Q1 2025
+8.2%
Q2 2025
+8.4%
Q3 2025
-0.7%
Q4 2025
-2.5%
Q1 2026
+12.4%
Sector allocation
Technology 40%
Financials 13%
Consumer discretionary 11%
Energy 10%
Industrials 8%
Healthcare 7%
Services media 5%
Utilities 3%
Long book by quarter
What does Second Line own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 48.4K | $9.7M | 1.8% | +2.1% |
| APP APPLOVIN CORP-CLASS A | Technology | 21.6K | $9.6M | 1.8% | +1.7% |
| MSFT MICROSOFT CORP | Technology | 19.2K | $7.8M | 1.5% | +4.4% |
| AAPL APPLE INC | Technology | 27.7K | $7.5M | 1.4% | -1.5% |
| CRWV COREWEAVE INC-CL A | Technology | 66.2K | $7.4M | 1.4% | +1.2% |
| JPM JPMORGAN CHASE & CO | Financials | 21.6K | $6.8M | 1.3% | -4.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 24.8K | $6.6M | 1.2% | -4.1% |
| XOM EXXON MOBIL CORP | Energy | 41.3K | $6.4M | 1.2% | -4.2% |
| PWR QUANTA SERVICES INC | Industrials | 8.6K | $6.3M | 1.2% | -9.1% |
| WMT WALMART INC | Consumer discretionary | 43.4K | $5.7M | 1.1% | -2.1% |
| CRDO CREDO TECHNOLOGY GROUP HOLDI | Technology | 29.6K | $5.2M | 1.0% | New |
| FANG DIAMONDBACK ENERGY INC | Energy | 24.1K | $5.0M | 0.9% | -6.0% |
| OCUL OCULAR THERAPEUTIX INC | Healthcare | 528.3K | $5.0M | 0.9% | +5.5% |
| META META PLATFORMS INC-CLASS A | Technology | 7.6K | $4.7M | 0.9% | +0.3% |
| CVX CHEVRON CORP | Energy | 23.6K | $4.6M | 0.9% | +1.4% |
| GLXY GALAXY DIGITAL INC-A | Financials | 156.1K | $4.3M | 0.8% | New |
| TSLA TESLA INC | Industrials | 11.1K | $4.2M | 0.8% | +1.8% |
| V VISA INC-CLASS A SHARES | Services media | 10.9K | $3.6M | 0.7% | -3.6% |
| MARA MARA HOLDINGS INC | Financials | 263.8K | $3.2M | 0.6% | +6.0% |
| CHE CHEMED CORP | Healthcare | 7.2K | $3.0M | 0.6% | -1.3% |
| APLD APPLIED DIGITAL CORP | Technology | 86.7K | $3.0M | 0.6% | New |
| APH AMPHENOL CORP-CL A | Technology | 19.5K | $2.9M | 0.5% | +6.6% |
| HD HOME DEPOT INC | Consumer discretionary | 8.7K | $2.9M | 0.5% | -5.7% |
| PGR PROGRESSIVE CORP | Financials | 13.9K | $2.8M | 0.5% | -2.0% |
| CPRT COPART INC | Consumer discretionary | 72.5K | $2.4M | 0.5% | +1.0% |
| BR BROADRIDGE FINANCIAL SOLUTIO | Services media | 14.8K | $2.3M | 0.4% | -1.2% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 4.5K | $2.1M | 0.4% | +1.7% |
| GOOGL ALPHABET INC-CL A | Technology | 5.1K | $1.9M | 0.4% | +11.6% |
| NOW SERVICENOW INC | Technology | 19.0K | $1.7M | 0.3% | +11.5% |
| FCX FREEPORT-MCMORAN INC | Materials | 24.5K | $1.4M | 0.3% | New |
| AMD ADVANCED MICRO DEVICES | Technology | 3.5K | $1.2M | 0.2% | +51.5% |
| AVGO BROADCOM INC | Technology | 2.9K | $1.2M | 0.2% | +14.8% |
| PG PROCTER & GAMBLE CO/THE | Other | 7.6K | $1.1M | 0.2% | +17.0% |
| SO SOUTHERN CO/THE | Utilities | 11.5K | $1.1M | 0.2% | +7.1% |
| CHDN CHURCHILL DOWNS INC | Services media | 10.2K | $1.0M | 0.2% | New |
| INTC INTEL CORP | Technology | 10.9K | $1.0M | 0.2% | +79.9% |
| AZO AUTOZONE INC | Consumer discretionary | 269 | $996K | 0.2% | +75.8% |
| JNJ JOHNSON & JOHNSON | Healthcare | 4.2K | $969K | 0.2% | -0.8% |
| ORCL ORACLE CORP | Technology | 5.9K | $950K | 0.2% | +31.7% |
| CAT CATERPILLAR INC | Industrials | 1.0K | $924K | 0.2% | +10.5% |
| CSCO CISCO SYSTEMS INC | Technology | 10.0K | $916K | 0.2% | +166.6% |
| COP CONOCOPHILLIPS | Energy | 6.4K | $808K | 0.2% | +9.8% |
| T AT&T INC | Communications | 29.2K | $763K | 0.1% | -7.3% |
| KO COCA-COLA CO/THE | Consumer staples | 8.3K | $651K | 0.1% | -14.2% |
| MRK MERCK & CO. INC. | Healthcare | 5.9K | $641K | 0.1% | +4.0% |
| PSX PHILLIPS 66 | Energy | 3.4K | $616K | 0.1% | +7.0% |
| ET ENERGY TRANSFER LP | Utilities | 30.2K | $610K | 0.1% | -2.1% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 2.6K | $609K | 0.1% | +66.9% |
| BAC BANK OF AMERICA CORP | Financials | 11.3K | $603K | 0.1% | -5.3% |
| LOW LOWE'S COS INC | Consumer discretionary | 2.5K | $598K | 0.1% | -47.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 185 | $528.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 172 | $486.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 19, 2025 | 160 | $4.83B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 18, 2025 | 149 | $430.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 145 | $388.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 132 | $370.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 19, 2024 | 136 | $366.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 16, 2024 | 115 | $326.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 22, 2024 | 114 | $308.3M | canonical | SEC ↗ |