SMI Advisory Services, LLC

SMI Advisory Services, LLC is a wealth-management firm allocating client money, specialised in financials (93% of the long book), running a $606.9M US long book across 60 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: SMI 3FOURTEEN RL ASST ALLOC, ISHARES RUSSELL 1000 VALUE E, SMI 3FOURTEEN FULL-CYCL TRND, SPDR GOLD SHARES, USCF SUMMERHAVEN DYNAMIC ETF.

Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.