SAM

Shell Asset Management Portfolio holdings

AUM $2.9B

1-Year Return 24.11%

2025 Q2 2025 Q1 2024 Q4 2024 Q3 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 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+7.2%

1 Year Return

+24.11%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$2.27B

AUM Growth

–

Cap. Flow

+$2.27B

Cap. Flow % of AUM

100%

Top 10 Holdings % Top 10 Hldgs %

31.07%

Holding

1,255

New

1,255

Increased

–

Reduced

–

Closed

–

Top Buys

1	Microsoft MSFT	+$136M
2	Apple AAPL	+$134M
3	NVIDIA NVDA	+$128M
4	Amazon AMZN	+$82M
5	Meta Platforms (Facebook) META	+$54.2M

Top Sells

No sells this quarter

Sector Composition

1	Technology	31.5%
2	Financials	13.17%
3	Healthcare	11.55%
4	Consumer Discretionary	10.79%
5	Industrials	8.53%

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
601	601 Arrow Electronics ARW $6.49B	$364K	0.02%	+2,740	New	+$364K
602	602 Dave & Buster's PLAY $805M	$364K	0.02%	+10,682	New	+$364K
603	603 HEICO HEI $44.2B	$363K	0.02%	+1,387	New	+$363K
604	604 CSG Systems International CSGS $1.88B	$361K	0.02%	+7,413	New	+$361K
605	605 Valvoline VVV $5.08B	$361K	0.02%	+8,623	New	+$361K
606	606 KKR & Co KKR $124B	$360K	0.02%	+2,760	New	+$360K
607	607 Lennox International LII $20.4B	$360K	0.02%	+595	New	+$360K
608	608 Northern Trust NTRS $24.3B	$360K	0.02%	+3,998	New	+$360K
609	609 Axcelis ACLS $2.57B	$359K	0.02%	+3,422	New	+$359K
610	610 CME Group CME $94.6B	$359K	0.02%	+1,629	New	+$359K
611	611 Rayonier RYN $4.1B	$359K	0.02%	+11,723	New	+$359K
612	612 Zscaler ZS $43.8B	$359K	0.02%	+2,101	New	+$359K
613	613 Futu Holdings FUTU $26.1B	$358K	0.02%	+3,741	New	+$358K
614	614 Cognex CGNX $7.49B	$357K	0.02%	+8,827	New	+$357K
615	615 Colliers International CIGI $8.47B	$356K	0.02%	+2,345	New	+$356K
616	616 Texas Pacific Land TPL $21B	$356K	0.02%	+402	New	+$356K
617	617 Loews L $19.9B	$355K	0.02%	+4,491	New	+$355K
618	618 Omega Healthcare OHI $12.8B	$355K	0.02%	+8,729	New	+$355K
619	619 EPAM Systems EPAM $9.16B	$354K	0.02%	+1,781	New	+$354K
620	620 Oceaneering OII $2.41B	$353K	0.02%	+14,193	New	+$353K
621	621 Donnelley Financial Solutions DFIN $1.57B	$352K	0.02%	+5,353	New	+$352K
622	622 Dycom Industries DY $7.31B	$352K	0.02%	+1,788	New	+$352K
623	623 Kenvue KVUE $35.4B	$352K	0.02%	+15,228	New	+$352K
624	624 Saia SAIA $8.31B	$352K	0.02%	+804	New	+$352K
625	625 Veeco VECO $1.49B	$351K	0.02%	+10,588	New	+$351K