TRCT

Tower Research Capital (TRC) Portfolio holdings

AUM $3.71B

1-Year Return 19.93%

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 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

+4.62%

1 Year Return

+19.93%

3 Year Return

+90.1%

5 Year Return

+158.53%

10 Year Return

+284.02%

AUM

$921M

AUM Growth

-$85.5M (-8.5%)

Cap. Flow

-$111M

Cap. Flow % of AUM

-12.03%

Top 10 Holdings % Top 10 Hldgs %

14.09%

Holding

5,152

New

1,384

Increased

1,287

Reduced

1,173

Closed

1,237

Top Buys

1	Microsoft MSFT	+$11.6M
2	Exxon Mobil XOM	+$11.2M
3	Apple AAPL	+$11M
4	iShares Biotechnology ETF IBB	+$9.93M
5	Berkshire Hathaway Class B BRK.B	+$8.59M

Top Sells

1	SPDR S&P 500 ETF Trust SPY	+$271M
2	Invesco QQQ Trust QQQ	+$98.7M
3	iShares Russell 2000 ETF IWM	+$34.5M
4	Vanguard Real Estate ETF VNQ	+$18.2M
5	Vanguard S&P 500 ETF VOO	+$14.7M

Sector Composition

1	Financials	13.75%
2	Technology	8.32%
3	Industrials	7.28%
4	Healthcare	6.94%
5	Consumer Discretionary	6.68%

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
1901	1901 Arrow Financial AROW $478M	$26K	﹤0.01%	809 +564	+230%	+$18.1K
1902	1902 Astronics ATRO $1.41B	$26K	﹤0.01%	874 +80	+10%	+$2.38K
1903	1903 Central Garden & Pet Class A CENTA $2.03B	$26K	﹤0.01%	+1,038	New	+$26K
1904	1904 CEVA Inc CEVA $564M	$26K	﹤0.01%	+765	New	+$26K
1905	1905 CTS Corp CTS $1.23B	$26K	﹤0.01%	+1,166	New	+$26K
1906	1906 Camping World CWH $1.04B	$26K	﹤0.01%	+805	New	+$26K
1907	1907 Denny's DENN $264M	$26K	﹤0.01%	+2,049	New	+$26K
1908	1908 Ethan Allen Interiors ETD $742M	$26K	﹤0.01%	+713	New	+$26K
1909	1909 Franklin Electric FELE $4.21B	$26K	﹤0.01%	660 +560	+560%	+$22.1K
1910	1910 ICF International ICFI $1.83B	$26K	﹤0.01%	+475	New	+$26K
1911	1911 Jakks Pacific JAKK $199M	$26K	﹤0.01%	+512	New	+$26K
1912	1912 National CineMedia NCMI $455M	$26K	﹤0.01%	+180	New	+$26K
1913	1913 Neurogene NGNE $271M	$26K	﹤0.01%	80 -376	-82%	-$122K
1914	1914 Potbelly PBPB $514M	$26K	﹤0.01%	+2,043	New	+$26K
1915	1915 Philips PHG $26.8B	$26K	﹤0.01%	1,115 -867	-44%	-$20.2K
1916	1916 Shake Shack SHAK $4.06B	$26K	﹤0.01%	+719	New	+$26K
1917	1917 Syndax Pharmaceuticals SNDX $1.34B	$26K	﹤0.01%	+3,547	New	+$26K
1918	1918 Southwest Gas SWX $5.65B	$26K	﹤0.01%	342 -288	-46%	-$21.9K
1919	1919 Teladoc Health TDOC $1.36B	$26K	﹤0.01%	+1,571	New	+$26K
1920	NOVN 1920 DELISTED Novan, Inc. Common Stock NOVN	$26K	﹤0.01%	97 +79	+439%	+$21.2K
1921	AIMT 1921 DELISTED Aimmune Therapeutics, Inc. AIMT	$26K	﹤0.01%	+1,235	New	+$26K
1922	SIR 1922 DELISTED SELECT INCOME REIT SIR	$26K	﹤0.01%	+2,375	New	+$26K
1923	ALOG 1923 DELISTED Analogic Corp ALOG	$26K	﹤0.01%	313 +213	+213%	+$17.7K
1924	DEL 1924 DELISTED Deltic Timber DEL	$26K	﹤0.01%	331 +231	+231%	+$18.1K
1925	PMC 1925 DELISTED PharMerica Corporation PMC	$26K	﹤0.01%	1,032 +962	+1,374%	+$24.2K