ICM

Islay Capital Management Portfolio holdings

AUM $155M

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

This Quarter Return

+17.62%

1 Year Return

+13.18%

3 Year Return

+60.09%

5 Year Return

+109.14%

10 Year Return

–

AUM

$86M

AUM Growth

+$9.59M (+13%)

Cap. Flow

-$3.09M

Cap. Flow % of AUM

-3.59%

Top 10 Holdings % Top 10 Hldgs %

45.26%

Holding

325

New

Increased

Reduced

Closed

Top Buys

1	Schwab Short-Term US Treasury ETF SCHO	$2.98M
2	SPDR Portfolio Long Term Treasury ETF SPTL	$1.54M
3	RTX Corp RTX	$618K
4	Sysco SYY	$616K
5	Schwab US Dividend Equity ETF SCHD	$526K

Top Sells

1	iShares JPMorgan USD Emerging Markets Bond ETF EMB	$2.96M
2	iShares Core MSCI EAFE ETF IEFA	$1.63M
3	HTLF Heartland Financial USA, Inc. HTLF	$1.1M
4	WELLS FARGO 7.5% NON CUMV PERP CONV WFC.PRL	$809K
5	iShares Core MSCI Emerging Markets ETF IEMG	$775K

Sector Composition

1	Technology	9.72%
2	Financials	6.85%
3	Healthcare	5.44%
4	Consumer Staples	4.25%
5	Communication Services	4.1%

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
101	101 Whirlpool WHR $5B	$110K	0.13%	848 +82	+11%	+$10.6K
102	102 Envista NVST $3.37B	$109K	0.13%	+5,163	New	+$109K
103	B 103 Barrick Mining Corporation B $46.3B	$108K	0.13%	4,000	–	–
104	104 Schwab US TIPS ETF SCHP $13.9B	$108K	0.13%	3,610	–	–
105	105 Middleby MIDD $6.87B	$107K	0.12%	+1,356	New	+$107K
106	106 Power Integrations POWI $2.46B	$103K	0.12%	+1,746	New	+$103K
107	107 Sealed Air SEE $4.76B	$103K	0.12%	+3,121	New	+$103K
108	108 iShares Core S&P Small-Cap ETF IJR $84.4B	$102K	0.12%	1,493 +202	+16%	+$13.8K
109	109 Honeywell HON $136B	$101K	0.12%	700	–	–
110	110 NVR NVR $22.6B	$101K	0.12%	+31	New	+$101K
111	111 United Rentals URI $60.8B	$100K	0.12%	668 +60	+10%	+$8.98K
112	112 Avantor AVTR $8.74B	$100K	0.12%	5,875 -206	-3%	-$3.51K
113	113 Darling Ingredients DAR $5.05B	$99K	0.12%	+4,024	New	+$99K
114	114 Lennox International LII $19.1B	$99K	0.12%	+424	New	+$99K
115	115 Tractor Supply TSCO $31.9B	$99K	0.12%	3,750	–	–
116	WWE 116 DELISTED World Wrestling Entertainment WWE	$99K	0.12%	+2,274	New	+$99K
117	117 Snap-on SNA $16.8B	$98K	0.11%	+709	New	+$98K
118	118 ProShares Short S&P500 SH $1.25B	$97K	0.11%	1,088 +350	+47%	+$31.2K
119	CDK 119 DELISTED CDK Global, Inc. CDK	$97K	0.11%	+2,348	New	+$97K
120	120 Vail Resorts MTN $5.91B	$95K	0.11%	+523	New	+$95K
121	121 Paychex PAYX $48.8B	$93K	0.11%	+1,225	New	+$93K
122	122 Hilltop Holdings HTH $2.21B	$92K	0.11%	5,000	–	–
123	123 PACCAR PCAR $50.5B	$92K	0.11%	1,842 -327	-15%	-$16.3K
124	124 Grand Canyon Education LOPE $5.77B	$91K	0.11%	+1,010	New	+$91K
125	125 Robert Half RHI $3.78B	$91K	0.11%	1,725 +62	+4%	+$3.27K