Denver PWM Portfolio holdings

AUM $321M

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q1 2017 Q4 2017 Q3

This Quarter Return

+0.39%

1 Year Return

+9.17%

3 Year Return

+37.47%

5 Year Return

+54.09%

10 Year Return

–

AUM

$166M

AUM Growth

+$166M (+5.9%)

Cap. Flow

+$6.79M

Cap. Flow % of AUM

4.09%

Top 10 Holdings % Top 10 Hldgs %

55.26%

Holding

225

New

156

Increased

Reduced

Closed

Top Buys

1	Berkshire Hathaway Class B BRK.B	$450K
2	Invesco S&P 500 Equal Weight Health Care ETF RSPH	$262K
3	iShares MSCI USA Min Vol Factor ETF USMV	$260K
4	Schwab Short-Term US Treasury ETF SCHO	$252K
5	Intel INTC	$222K

Top Sells

1	Schwab International Equity ETF SCHF	$1.09M
2	Schwab US Large-Cap Growth ETF SCHG	$347K
3	IBMH iShares iBonds Sep 2019 Term Muni Bond ETF IBMH	$285K
4	Invesco S&P 500 Equal Weight Technology ETF RSPT	$253K
5	Schwab US Large- Cap ETF SCHX	$194K

Sector Composition

1	Technology	1.73%
2	Financials	1.03%
3	Healthcare	0.51%
4	Energy	0.49%
5	Consumer Discretionary	0.36%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
201	201 iShares MSCI Europe Small-Cap ETF IEUS $151M	$5.8K	﹤0.01%	+120	New	+$5.8K
202	202 Starbucks SBUX $99B	$5.7K	﹤0.01%	+65	New	+$5.7K
203	203 SPDR Portfolio S&P 400 Mid Cap ETF SPMD $14.1B	$5.63K	﹤0.01%	+167	New	+$5.63K
204	204 Cardinal Health CAH $35.9B	$5.14K	﹤0.01%	+107	New	+$5.14K
205	PVG 205 DELISTED PRETIUM RESOURCES INC. PVG	$4.71K	﹤0.01%	+400	New	+$4.71K
206	206 Carnival Corp CCL $42.5B	$4.59K	﹤0.01%	+107	New	+$4.59K
207	207 ProShares UltraPro Short S&P 500 SPXU $535M	$4.46K	﹤0.01%	+170	New	+$4.46K
208	208 Invesco Fundamental High Yield Corporate Bond ETF PHB $352M	$3.44K	﹤0.01%	+181	New	+$3.44K
209	209 Lyft LYFT $7.01B	$3.12K	﹤0.01%	+80	New	+$3.12K
210	210 Invesco S&P SmallCap Low Volatility ETF XSLV $261M	$2.96K	﹤0.01%	+61	New	+$2.96K
211	HQH 211 abrdn Healthcare Investors HQH $902M	$2.86K	﹤0.01%	+157	New	+$2.86K
212	212 iShares US Equity Factor ETF LRGF $2.81B	$2.83K	﹤0.01%	+89	New	+$2.83K
213	CHK 213 DELISTED Chesapeake Energy Corporation CHK	$2.81K	﹤0.01%	+2,000	New	+$2.81K
214	214 Lumen LUMN $4.85B	$2.67K	﹤0.01%	+217	New	+$2.67K
215	215 Olin OLN $2.66B	$2.61K	﹤0.01%	+140	New	+$2.61K
216	216 Schwab International Small-Cap Equity ETF SCHC $4.74B	$2.45K	﹤0.01%	+77	New	+$2.45K
217	217 ATI ATI $10.5B	$2.21K	﹤0.01%	+108	New	+$2.21K
218	218 iShares Russell Mid-Cap Growth ETF IWP $20.2B	$1.41K	﹤0.01%	+10	New	+$1.41K
219	219 Incyte INCY $16.9B	$1.19K	﹤0.01%	+16	New	+$1.19K
220	220 SPDR Gold Trust GLD $111B	$698	﹤0.01%	+5	New	+$698
221	WLL 221 DELISTED Whiting Petroleum Corporation WLL	$521	﹤0.01%	+66	New	+$521
222	222 WisdomTree International Hedged Quality Dividend Growth Fund IHDG $2.3B	$325	﹤0.01%	+10	New	+$325
223	223 iShares Silver Trust SLV $20.2B	$291	﹤0.01%	+18	New	+$291
224	224 Invesco S&P 500 Equal Weight Technology ETF RSPT $3.69B	–	–	-1,446	Closed	-$253K
225	IBMH 225 DELISTED iShares iBonds Sep 2019 Term Muni Bond ETF IBMH	–	–	-11,208	Closed	-$285K