State of Wyoming
Long book
$843.7M
Q1 2026
Positions
1783
Top-10 weight
32%
concentration
Last quarter
+16.8%
SPY +14.8%
Turnover
30%
of book per quarter
Strategy in plain words
auto-generated from filingsState of Wyoming is a mechanically diversified allocator, running a $843.7M US long book across 1783 positions.
The portfolio is moderately concentrated (top 10 ≈ 32% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SS SPDR S&P 500 ETF TRUST-US, ISHARES MSCI EAFE ETF, NVIDIA CORP, APPLE INC, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 0.2pp per quarter ahead of 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
+1.0%
Q2 2024
+7.2%
Q3 2024
+1.2%
Q4 2024
-5.5%
Q1 2025
+11.1%
Q2 2025
+9.3%
Q3 2025
+2.7%
Q4 2025
-1.7%
Q1 2026
+16.8%
Sector allocation
Technology 26%
Industrials 19%
Financials 11%
Healthcare 10%
Services media 8%
Consumer discretionary 8%
Other 5%
Energy 4%
Long book by quarter
What does State of own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 106.1K | $18.5M | 2.2% | +1.1% |
| AAPL APPLE INC | Technology | 65.9K | $16.7M | 2.0% | +152.6% |
| GOOGL ALPHABET INC-CL A | Technology | 30.0K | $8.6M | 1.0% | +17.4% |
| IESC IES HOLDINGS INC | Industrials | 17.7K | $8.4M | 1.0% | -23.8% |
| GOOG ALPHABET INC-CL C | Technology | 18.8K | $5.4M | 0.6% | -8.1% |
| MSFT MICROSOFT CORP | Technology | 13.3K | $4.9M | 0.6% | -61.5% |
| AVGO BROADCOM INC | Technology | 12.7K | $3.9M | 0.5% | +53.0% |
| ECHO ECHOSTAR CORP-A | Communications | 32.1K | $3.8M | 0.4% | +60.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 17.4K | $3.6M | 0.4% | +1.8% |
| META META PLATFORMS INC-CLASS A | Technology | 5.8K | $3.3M | 0.4% | +1.7% |
| IBKR INTERACTIVE BROKERS GRO-CL A | Financials | 49.2K | $3.3M | 0.4% | -0.3% |
| PWR QUANTA SERVICES INC | Industrials | 5.7K | $3.1M | 0.4% | -21.7% |
| CENX CENTURY ALUMINUM COMPANY | Industrials | 43.5K | $2.6M | 0.3% | -23.5% |
| ALLY ALLY FINANCIAL INC | Financials | 59.7K | $2.3M | 0.3% | -4.1% |
| CPNG COUPANG INC | Consumer discretionary | 120.3K | $2.3M | 0.3% | +78.7% |
| PCG P G & E CORP | Utilities | 126.4K | $2.2M | 0.3% | +8.5% |
| NCNO NCINO INC | Technology | 142.8K | $2.1M | 0.3% | +62.9% |
| TD TORONTO-DOMINION BANK | Financials | 22.8K | $2.1M | 0.3% | +1018.7% |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 4.2K | $2.1M | 0.2% | -24.7% |
| SOLS SOLSTICE ADV MATERIALS INC | Materials | 26.8K | $2.0M | 0.2% | +1759.5% |
| TOST TOAST INC-CLASS A | Technology | 76.7K | $2.0M | 0.2% | +76.7% |
| SHC SOTERA HEALTH CO | Healthcare | 140.5K | $2.0M | 0.2% | +78.7% |
| XOM EXXON MOBIL CORP | Energy | 11.3K | $1.9M | 0.2% | +49.7% |
| COHR COHERENT CORP | Other | 8.0K | $1.9M | 0.2% | -18.3% |
| TSLA TESLA INC | Industrials | 5.0K | $1.9M | 0.2% | +1.7% |
| GLBE GLOBAL-E ONLINE LTD | Technology | 60.3K | $1.9M | 0.2% | +62.6% |
| GTLB GITLAB INC-CL A | Technology | 84.4K | $1.8M | 0.2% | +60.2% |
| RY ROYAL BANK OF CANADA | Financials | 11.2K | $1.8M | 0.2% | New |
| TSEM TOWER SEMICONDUCTOR LTD | Technology | 10.2K | $1.8M | 0.2% | -22.1% |
| UPWK UPWORK INC | Technology | 162.9K | $1.8M | 0.2% | +10.8% |
| DY DYCOM INDUSTRIES INC | Industrials | 5.2K | $1.8M | 0.2% | -21.0% |
| HUM HUMANA INC | Financials | 10.0K | $1.7M | 0.2% | +6.5% |
| TIC TIC SOLUTIONS INC | Services media | 245.0K | $1.6M | 0.2% | +17.3% |
| ILMN ILLUMINA INC | Healthcare | 12.8K | $1.6M | 0.2% | -33.3% |
| LAUR LAUREATE EDUCATION INC | Services media | 44.9K | $1.6M | 0.2% | +24.2% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 3.3K | $1.6M | 0.2% | +0.9% |
| SHOP SHOPIFY INC - CLASS A | Technology | 13.1K | $1.5M | 0.2% | +10.2% |
| CAMT CAMTEK LTD | Other | 10.1K | $1.5M | 0.2% | +70.8% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 10.2K | $1.5M | 0.2% | New |
| ARMK ARAMARK | Consumer discretionary | 35.9K | $1.5M | 0.2% | -11.3% |
| AMRZ AMRIZE LTD | Industrials | 25.9K | $1.5M | 0.2% | +115.0% |
| HPE HEWLETT PACKARD ENTERPRISE | Technology | 60.3K | $1.4M | 0.2% | +83.1% |
| JPM JPMORGAN CHASE & CO | Financials | 4.8K | $1.4M | 0.2% | 0.0% |
| AER AERCAP HOLDINGS NV | Services media | 10.1K | $1.4M | 0.2% | -21.5% |
| LLY ELI LILLY & CO | Healthcare | 1.4K | $1.3M | 0.2% | +0.9% |
| NRG NRG ENERGY INC | Utilities | 8.8K | $1.3M | 0.2% | -34.9% |
| GRBK GREEN BRICK PARTNERS INC | Industrials | 19.4K | $1.3M | 0.1% | -30.3% |
| REZI RESIDEO TECHNOLOGIES INC | Consumer discretionary | 37.0K | $1.2M | 0.1% | +75.0% |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 4.3K | $1.2M | 0.1% | +17.1% |
| RUSHA RUSH ENTERPRISES INC-CL A | Consumer discretionary | 18.6K | $1.2M | 0.1% | +38.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 1783 | $843.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 1783 | $913.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 1816 | $877.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 19, 2025 | 1829 | $818.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 1621 | $754.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 1588 | $783.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 1668 | $700.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 1641 | $607.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 1600 | $600.7M | canonical | SEC ↗ |
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