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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

USA FINANCIAL FORMULAS

Quarter ended Q1 2025 · Filed April 15, 2025 · Accession 0001633716-25-000003

Total Value
$605.7M
Positions
274
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (274)

#IssuerTicker / CUSIPSharesValue% of Filing
1SPDR S&P 500SPY221,937$124.1M20.50%
2iShares S&P 500 Growth ETF4642873091,315,807$122.1M20.17%
3SPDR Dow Jones Industrial Average ETF78467X109290,626$122.0M20.15%
4iShares Core S&P 50046428720060,692$34.1M5.63%
5iShares iBoxx USD Inv Grade Corp Bond ETF464287242308,139$33.5M5.53%
6SPDR Series Trust - SPDR Bloomberg Barclays 1-3 Month T-Bill ETF78468R663248,255$22.8M3.76%
7iShares 7-10 Year Treasury Bond ETF464287440195,352$18.6M3.08%
8Invesco QQQ Trust ETFIVZ10,909$5.1M0.84%
9iShares S&P Mid-Cap 400 Value ETF46428770536,877$4.4M0.73%
10iShares S&P Small-Cap 600 Value ETF46428787944,550$4.3M0.72%
11T-Mobile US IncTMUSZ10,725$2.9M0.47%
12Gilead Sciences, Inc.GILD24,318$2.7M0.45%
13Cisco Systems, Inc.CSCO43,520$2.7M0.44%
14Fortinet IncFTNT25,223$2.4M0.40%
15Netflix Inc.NFLX2,462$2.3M0.38%
16Intuitive Surgical IncISRG4,476$2.2M0.37%
17Meta Platforms Inc - Ordinary Shares - Class AMETA3,758$2.2M0.36%
18Mastercard Incorporated - Ordinary Shares - Class AMA3,458$1.9M0.31%
19Bank Of New York Mellon Corp06405810021,664$1.8M0.30%
20Boston Scientific Corp.BSX17,937$1.8M0.30%
21Fox Corporation - Ordinary Shares - Class AFOX29,161$1.7M0.27%
22Apple IncAAPL7,228$1.6M0.27%
23Visa Inc - Ordinary Shares - Class AV4,316$1.5M0.25%
24Exelon Corp.EXC32,821$1.5M0.25%
25Abbott LaboratoriesABLZF11,251$1.5M0.25%
26Baker Hughes Co - Ordinary Shares - Class ABKR33,565$1.5M0.24%
27Entergy Corp.ENO17,080$1.5M0.24%
28Xcel Energy, Inc.XELLL20,621$1.5M0.24%
29Axon Enterprise IncAXON2,756$1.4M0.24%
30Honeywell International Inc4385161066,712$1.4M0.23%
31Verisk Analytics IncVRSK4,721$1.4M0.23%
32Autodesk Inc.ADSK5,302$1.4M0.23%
33Nasdaq Inc - Ordinary Shares - 144ANDAQ17,842$1.4M0.22%
34Amazon.com Inc.AMZN7,010$1.3M0.22%
35Datadog Inc - Ordinary Shares - Class ADDOG12,747$1.3M0.21%
36Citigroup IncC-PR17,471$1.2M0.20%
37Darden Restaurants, Inc.DRI5,874$1.2M0.20%
38AT&T, Inc.T-PC42,038$1.2M0.20%
39Kinder Morgan Inc - Ordinary Shares - Class PEP-PC41,562$1.2M0.20%
40Globe Life IncGL-PD8,934$1.2M0.19%
41Williams Cos Inc96945710019,405$1.2M0.19%
42NiSource IncNI28,779$1.2M0.19%
43Willis Towers Watson Public Limited CoWTW3,373$1.1M0.19%
44Insulet CorporationPODD4,283$1.1M0.19%
453M Co.MMM7,605$1.1M0.18%
46Corning, Inc.GLW24,322$1.1M0.18%
47CBRE Group Inc - Ordinary Shares - Class ACBRE8,415$1.1M0.18%
48Walmart IncWMT12,221$1.1M0.18%
49Fiserv, Inc.FISV4,836$1.1M0.18%
50Live Nation Entertainment IncLYV8,140$1.1M0.18%
51State Street Corp.STT-PG11,761$1.1M0.17%
52Welltower Inc.WELL6,850$1.0M0.17%
53Expedia Group IncEXPE6,096$1.0M0.17%
54Teledyne Technologies IncTDY2,020$1.0M0.17%
55Tapestry IncTPR13,943$981,7270.16%
56Ralph Lauren Corp - Ordinary Shares - Class ARL4,408$973,0220.16%
57Capital One Financial Corp.14040H1055,376$963,9170.16%
58Cummins Inc.CMI2,857$895,4980.15%
59Kroger Co.KR12,860$870,4930.14%
60BlackRock Institutional Trust Company N.A. - BTC iShares S&P 100 ETF4642871013,161$856,0940.14%
61iShares Russell 1000 ETF4642876222,786$854,5780.14%
62Vanguard Total Stock Market ETF9229087693,089$848,9810.14%
63iShares Russell 3000 ETF4642876892,668$847,4640.14%
64Howmet Aerospace IncHWM6,430$834,1640.14%
65Targa Resources CorpTRGP4,152$832,3510.14%
66Cheniere Energy Inc.LNG3,585$829,5690.14%
67iShares Russell 2000 ETF4642876554,125$822,8960.14%
68Atmos Energy Corp.ATO5,233$808,9170.13%
69Regency Centers Corporation75884910310,843$799,7800.13%
70Ameren Corp.AEE7,810$784,1240.13%
71Morgan StanleyMS-PQ6,289$733,7380.12%
72Incyte Corp.INCY11,937$722,7850.12%
73Simon Property Group, Inc.8288061094,317$716,9670.12%
74Labcorp Holdings Inc.LH3,079$716,6060.12%
75Discover Financial Services2547091084,191$715,4040.12%
76RTX CorpRTX5,337$706,9390.12%
77Royal Caribbean GroupV7780T1033,304$678,7740.11%
78Bank Of America Corp.06050510415,842$661,0870.11%
79Medtronic PlcMDT7,330$658,6740.11%
80Accenture plc - Ordinary Shares - Class AACN1,975$616,2790.10%
81ServiceNow IncNOW751$597,9010.10%
82Republic Services, Inc.7607591002,353$569,8020.09%
83Hewlett Packard Enterprise CoHPE-PC36,539$563,7970.09%
84Marsh & McLennan Cos., Inc.5717481021,809$441,4500.07%
85Assurant IncAIZN2,056$431,2460.07%
86CIENA Corp.CIEN7,126$430,6240.07%
87Cintas CorporationCTAS2,034$418,0480.07%
88Chubb LimitedCB1,376$415,5380.07%
89TJX Companies, Inc.8725401093,279$399,3820.07%
90Energy Select Sector SPDR81369Y5064,179$390,5280.06%
91Consumer Staples Select Sector SPDR81369Y3084,589$374,7840.06%
92Utilities Select Sector SPDR81369Y8864,662$367,5990.06%
93Exelixis IncEXEL9,930$366,6160.06%
94Vanguard Real Estate Index Fund ETF9229085534,029$364,7860.06%
95Evergy IncEVRG5,284$364,3320.06%
96Health Care Select Sector SPDR81369Y2092,484$362,6890.06%
97Financial Select Sector SPDR81369Y6057,157$356,4900.06%
98Industrial Select Sector SPDR81369Y7042,686$352,0540.06%
99Cousins Properties Inc.22279550211,525$339,9880.06%
100Jazz Pharmaceuticals plcJAZZ2,710$336,4470.06%
101Technology Select Sector SPDR81369Y8031,623$335,1170.06%
102US Foods Holding CorpUSFD5,050$330,5730.05%
103Vanguard Communication Services ETF92204A8842,210$327,9420.05%
104Consumer Discretionary Select Sector SPDR81369Y4071,632$322,2550.05%
105SLM Corp.SLMBP10,746$315,6100.05%
106Wyndham Hotels & Resorts IncWH3,469$313,9790.05%
107Boyd Gaming Corp.BYD4,699$309,3350.05%
108Waste Management, Inc.94106L1091,294$299,5740.05%
109SS&C Technologies Holdings IncSSNC3,522$294,1930.05%
110Spotify Technology S.A.SPOT528$290,4160.05%
111Genpact LtdG5,468$275,4780.05%
112Lowe`s Cos., Inc.5486611071,168$272,4130.04%
113Equitable Holdings IncEQH-PC5,141$267,7950.04%
114Coca-Cola CoKO3,659$262,0580.04%
115Ryder System, Inc.R1,747$251,2360.04%
116Verisign Inc.VRSN979$248,5390.04%
117Berkshire Hathaway Inc. - Ordinary Shares - Class BBRK-A454$241,7910.04%
118Pinnacle West Capital Corp.PNW2,508$238,8870.04%
119Dayforce Inc15677J1084,086$238,3360.04%
120Johnson & JohnsonJNJ1,434$237,8150.04%
121Johnson Controls International plc - Registered SharesG515021052,931$234,8020.04%
122Cardinal Health, Inc.CAH1,679$231,3160.04%
123M & T Bank Corp55261F1041,288$230,2300.04%
124CME Group Inc - Ordinary Shares - Class ACME866$229,7410.04%
125International Business Machines Corp.INTR913$227,0270.04%
126Truist Financial Corporation89832Q1095,500$226,3250.04%
127JPMorgan Chase & Co.VYLD918$225,1850.04%
128Linde Plc.LIN483$224,9040.04%
129Automatic Data Processing Inc.ADP734$224,2590.04%
130Fifth Third BancorpFITBM5,715$224,0280.04%
131McCormick & Co., Inc. - Ordinary Shares (Non Voting)MKC-V2,718$223,7190.04%
132Amdocs LtdDOX2,426$221,9790.04%
133Huntington Bancshares, Inc.HBANP14,783$221,8930.04%
134Jones Lang Lasalle Inc.JLL894$221,6320.04%
135PNC Financial Services Group Inc6934751051,260$221,4700.04%
136Blackrock Inc.BLK233$220,5300.04%
137iShares MSCI Hong Kong ETF46428687112,582$220,3110.04%
138Broadridge Financial Solutions, Inc.11133T103908$220,1540.04%
139Ecolab, Inc.ECL868$220,0550.04%
140Aflac Inc.AFL1,977$219,8230.04%
141Vanguard FTSE All-World ex-US ETF9220427753,585$217,4660.04%
142iShares MSCI EAFE ETF4642874652,648$216,4210.04%
143Fastenal Co.FAST2,768$214,6580.04%
144Salesforce IncCRM799$214,4200.04%
145Procter & Gamble Co.7427181091,253$213,5360.04%
146Vanguard FTSE Emerging Markets ETF9220428584,714$213,3560.04%
147Vanguard FTSE All-World Ex-US Small Capital Index9220427181,838$212,4730.04%
148Sherwin-Williams Co.SHW601$209,8630.03%
149Cincinnati Financial Corp.1720621011,418$209,4670.03%
150BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Pacific4642866654,731$208,6370.03%
151Goldman Sachs Group, Inc.GSCE381$208,1360.03%
152Consolidated Edison, Inc.ED1,806$199,7260.03%
153Nucor Corp.NUE1,645$197,9590.03%
154NextEra Energy IncNEE-PW2,778$196,9320.03%
155Motorola Solutions IncMSI445$194,8250.03%
156Factset Research Systems Inc.303075105428$194,5860.03%
157Ameriprise Financial Inc03076C106399$193,1600.03%
158Becton Dickinson & Co.BDX843$193,0980.03%
159Arch Capital Group LtdG0450A1052,003$192,6490.03%
160Progressive Corp.743315103670$189,6170.03%
161Emerson Electric Co.EMR1,657$181,6730.03%
162Sysco Corp.SYY2,401$180,1710.03%
163Pentair plcPNR2,053$179,5960.03%
164Caterpillar Inc.CAT530$174,7940.03%
165Avery Dennison Corp.AVY945$168,1820.03%
166T. Rowe Price Group Inc.TROW1,823$167,4790.03%
167W.W. Grainger Inc.384802104168$165,9550.03%
168Target CorpTGT1,444$150,6960.02%
169ExlService Holdings IncEXLS2,456$115,9480.02%
170Interdigital IncIDCC560$115,7800.02%
171Huron Consulting Group IncHURN795$114,0430.02%
172Coastal Financial Corp19046P2091,254$113,3740.02%
173StoneX Group IncSNEX1,431$109,3000.02%
174Chefs` Warehouse Inc1630861011,942$105,7610.02%
175Otter Tail CorporationOTTR1,202$96,6050.02%
176Waste Connections IncWCN489$95,4480.02%
177TXNM Energy Inc.TXNM1,763$94,2850.02%
178Innodata IncINOD2,533$90,9350.02%
179Adtalem Global Education IncADT888$89,3680.01%
180Portland General Electric Co7365088471,994$88,9320.01%
181Graco Inc.GGG1,057$88,2700.01%
182Donaldson Co. Inc.DCI1,269$85,0990.01%
183Franklin Electric Co., Inc.FELE900$84,4920.01%
184Universal Technical Institute IncUTI3,264$83,8200.01%
185Westinghouse Air Brake Technologies Corp929740108457$82,8770.01%
186Stride IncLRN647$81,8460.01%
187Home Depot, Inc.HD218$79,8950.01%
188Amphenol Corp. - Ordinary Shares - Class A0320951011,218$79,8890.01%
189Ametek IncAME464$79,8730.01%
190PPG Industries, Inc.693506107729$79,7160.01%
191Turning Point Brands Inc90041L1051,309$77,8070.01%
192AECOMACM821$76,1310.01%
193Lennar Corp. - Ordinary Shares - Class ALEN-B644$73,9180.01%
194TG Therapeutics IncTGTX1,436$56,6210.01%
195Mr. Cooper Group Inc62482R107462$55,2550.01%
196Palomar Holdings IncPLMR398$54,5580.01%
197Viavi Solutions IncVIAV4,709$52,6940.01%
198Banner Corp.BANR805$51,3350.01%
199Esquire Financial Holdings Inc29667J101670$50,5050.01%
200Aurinia Pharmaceuticals IncAUPH6,231$50,0970.01%
201Old National Bancorp6800331072,359$49,9870.01%
202Enterprise Financial Services Corp.293712105925$49,7100.01%
203Commvault Systems IncCVLT312$49,2210.01%
204Cheesecake Factory Inc.CAKE1,005$48,9030.01%
205Alkermes plcALKS1,469$48,5060.01%
206CSG Systems International Inc.126349109792$47,8920.01%
207Dorman Products Inc258278100387$46,6490.01%
208TTM Technologies IncTTMI2,237$45,8810.01%
209Grid Dynamics Holdings Inc - Ordinary Shares - Class AGDYN2,676$41,8790.01%
210Tradeweb Markets Inc - Ordinary Shares Cls A892672106224$33,2550.01%
211Qifu Technology Inc. - ADRQFNHF740$33,2330.01%
212Alliant Energy Corp.LNT503$32,3680.01%
213Virtu Financial Inc - Ordinary Shares - Class A928254101848$32,3260.01%
214Paylocity Holding CorpPCTY155$29,0380.00%
215iShares S&P 500 Value ETF464287408152$28,9680.00%
216BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Real Est464287739296$28,3420.00%
217Interactive Brokers Group Inc - Ordinary Shares - Class A45841N107154$25,5010.00%
218Golar LngGLNG609$23,1360.00%
219Geo Group, Inc.GEO779$22,7550.00%
220Archrock IncAROC855$22,4350.00%
221HCI Group IncHCIIP148$22,0860.00%
222Tecnoglass IncTGLS307$21,9660.00%
223Imax CorpIMAX832$21,9230.00%
224NVR Inc.NVR3$21,7330.00%
225EBay Inc.EBAY313$21,1990.00%
226Heritage Financial Corp.42722X106856$20,8260.00%
227Mueller Water Products Inc - Ordinary Shares - Series A624758108818$20,7940.00%
228Pediatrix Medical Group IncMD1,414$20,4890.00%
229InvenTrust Properties Corp46124J201695$20,4120.00%
230Enova International Inc.29357K103210$20,2780.00%
231Goosehead Insurance Inc - Ordinary Shares - Class AGSHD168$19,8340.00%
232Prestige Consumer Healthcare Inc74112D101230$19,7730.00%
233Union Pacific Corp.UNP83$19,6080.00%
234Principal Financial Group Inc - Registered SharesPFG231$19,4890.00%
235Keysight Technologies IncKEYS130$19,4700.00%
236Applied Materials Inc.038222105133$19,3010.00%
237Origin Bancorp IncOBK552$19,1380.00%
238Alphabet Inc - Ordinary Shares - Class CGOOG122$19,0600.00%
239Dynex Capital, Inc.DX-PC1,463$19,0480.00%
240Acadia Realty Trust004239109899$18,8340.00%
241Carpenter Technology Corp.CRS103$18,6620.00%
242Nicolet Bankshares Inc.NIC171$18,6320.00%
243Outfront Media IncOUT1,148$18,5290.00%
244JBT MAREL CORPJBTM150$18,3300.00%
245Healthequity IncHQY199$17,5860.00%
246Group 1 Automotive, Inc.GPI42$16,0420.00%
247AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF00888H87777$2,4320.00%
248AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF00888H86981$2,4250.00%
249iShares iBoxx USD High Yield Corp Bond ETF46428851330$2,3670.00%
250Electronic Arts, Inc.EA16$2,3120.00%
251Texas Instruments Inc.88250810411$1,9770.00%
252Costco Wholesale Corp22160K1052$1,8920.00%
253PayPal Holdings IncPYPL29$1,8920.00%
254MILLROSE PPTYS INC CLASS A60113710261$1,6170.00%
255Oneok Inc.OKE12$1,2400.00%
256ALLIANZIM US BUFFER 15 UNCAPPED OCT ETF00888H54749$1,2080.00%
257AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF00888H57047$1,1990.00%
258ALLIANZIM US BUFFERED 15 UNCAPPED JAN00888H51349$1,1920.00%
259Tyler Technologies, Inc.TYL2$1,1630.00%
260AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF00888H61245$1,1610.00%
261Ventas IncVTR16$1,1000.00%
262Godaddy Inc - Ordinary Shares - Class AGDDY6$1,0810.00%
263Avalonbay Communities Inc.AWX5$1,0730.00%
264Public Service Enterprise Group Inc.74457310613$1,0700.00%
265Vistra CorpVST9$1,0570.00%
266Trade Desk Inc - Ordinary Shares - Class A88339J10519$1,0400.00%
267Synchrony FinancialSYF-PB19$1,0060.00%
268SempraSREA13$9280.00%
269KKR & Co. IncKKRT8$9250.00%
270United Airlines Holdings IncUNTCW13$8980.00%
271Dover Corp.DOV5$8780.00%
272Zebra Technologies Corp. - Ordinary Shares - Class AZBRA3$8480.00%
273L3Harris Technologies IncLHX4$8370.00%
274Warner Bros. Discovery Inc - Ordinary Shares - Class AWBD2$210.00%