According to a filing with the Securities and Exchange Commission, the firm offloaded its ServiceNow stake during Q3 2025. Post-sale, it retained 30,135 shares, valued at $27.7 million. The math here is as elegant as a tax return: the fund’s ServiceNow position now constitutes 1.5% of its 13F reportable assets, down from nearly 2%. A drop in the bucket, one might say, though not so small as to be entirely forgettable.
This is no ordinary pecking; it’s a full-on beak-first dive into MercadoLibre’s pond. The new holding, while not among the fund’s top five treasures, now glints proudly in its collection. Here’s what else gleams in the fund’s vault:
According to a filing with the Securities and Exchange Commission, dated October 07, 2025, Orser Capital, ever the meticulous archivist, increased its position in the Vanguard Short-Term Treasury ETF by 91,975 shares. This act of numerical devotion elevated its total holdings to 269,000 shares, a sum that now commands $15.83 million. The ETF, that paragon of fiscal prudence, continues to be Orser’s second-biggest holding, a testament to its enduring allure.
According to a filing with the Securities and Exchange Commission, dated Oct. 6, 2025, Mirador’s hand extended further, acquiring 961,109 shares. This act elevated the fund’s holdings to over 3 million shares, a sum worth $71.08 million-a treasure chest of debt, its contents humming with the promise of 6.25% dividends. The ETF, once a mere footnote, now stood as the fund’s sovereign domain.
This acquisition marks a significant step for Thames Capital, underscoring its confidence in the bitcoin mining sector. Despite this new position, Cipher Mining does not yet rank among the firm’s top 10 holdings; however, it is now positioned as the 11th largest holding as of the close of Q3 2025.
The filing, a relic of bureaucratic rigor, revealed the firm’s hand. They had increased their stake in TQQQ by nearly 31,000 shares, a gesture that, in the grand scheme of things, felt like a drop in the ocean. Yet, for the fund, it was a significant shift. By quarter’s end, their TQQQ holdings totaled 682,781 shares, a sum that glittered with $70.60 million in value. The numbers, though vast, were a mirror to the fund’s priorities-a reflection of where capital flows when the market whispers promises.
The filing reveals a measured escalation in holdings, with the firm’s position expanding by precisely 7,685 shares during the reporting quarter. This act of financial arithmetic, totaling $4.40 million, culminated in a total holding of 96,167 shares worth $57.74 million at the quarter’s terminus.
The fund increased its stake in IBTG by 154,978 shares during the quarter, bringing its total holdings to 366,533 shares valued at $8.4 million. The purchase, calculated at the quarter’s average price, reflects a strategic move toward fixed-income instruments with defined maturity dates.
Upon the stage of quarterly disclosures, Cortland’s acquisition parades itself-260,812 shares, purchased at an average price that would make a merchant prince blush. The sum: $14.4 million, a mere trifle compared to the $22 million total now held. One might imagine the brokers in powdered wigs, quills scratching furiously as they record this dalliance with Delaware Basin royalties.
Let’s parse this madness. The SEC filing-a blood-soaked ledger of institutional panic-reveals QQQM’s portfolio weight gutted to 0.66% of reportable AUM. But what’s a few billion between friends when the real game’s happening off-menu? Behold their new obsessions: DFAC at $155.3 million (9% of AUM), SPLG at $125.7 million (7.3%). DCOR, D FAX, VUG-ticker symbols bleeding into one another like a junkie’s tattoo sleeve. AUM swells to $1.7 billion, prices spike 27% year-over-year, and the S&P 500 lags like a battered rental car. The numbers scream, but no one’s listening.