Institutional Manager · CIK 0001040197

MAI Capital Management

INDEPENDENCE, OH · File #028-06392

Latest AUM

$17.39B

Positions

4,360

Top-10 Concentration

47.5%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	COSTCO WHSL CORP NEW	22160K105	-102,647	-$88.5M	-$6.5M
ADD	SPDR S&P 500 ETF TR	SPY	+126,465	+$86.2M	+$12.6M
REDUCE	ORACLE CORP	ORCL-PD	-331,809	-$64.7M	-$28.7M
EXITED	INVESCO EXCH TRD SLF IDX FD	46138J825	-2,070,306	-$42.8M	$0
ADD	NETFLIX INC	NFLX	+445,837	+$41.8M	-$52.2M
ADD	SELECT SECTOR SPDR TR	81369Y803	+244,206	+$35.2M	-$23.0M
ADD	MERCK & CO INC	MRK	+318,491	+$33.5M	+$106,650
NEW	J P MORGAN EXCHANGE TRADED F	46641Q647	+637,423	+$32.2M	$0
ADD	INVESCO QQQ TR	IVZ	+43,317	+$26.6M	+$5.1M
ADD	VANGUARD SCOTTSDALE FDS	92206C409	+305,120	+$24.3M	-$211,461

Sector Allocation

Technology

12.1%$2.11B

Financials

7.9%$1.37B

Healthcare

4.2%$734.1M

Consumer Discretionary

3.4%$598.6M

Industrials

2.6%$452.2M

Communication Services

1.4%$245.6M

1.2%$216.6M

1.1%$195.7M

1.0%$169.4M

0.3%$52.8M

0.2%$39.7M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 20254,360 pos · $17.39B
Nov 10, 202513F HOLDINGS REPORTQ/E Sep 20253,808 pos · $16.06B
Aug 12, 202513F HOLDINGS REPORTQ/E Jun 20253,960 pos · $14.47B
May 15, 202513F HOLDINGS REPORTQ/E Mar 20253,441 pos · $13.27B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 20243,496 pos · $13.50B
Nov 7, 202413F HOLDINGS REPORTQ/E Sep 20241,188 pos · $10.50B
Aug 12, 202413F HOLDINGS REPORTQ/E Jun 20241,337 pos · $10.21B
May 8, 202413F HOLDINGS REPORTQ/E Mar 20241,303 pos · $9.65B
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 20231,124 pos · $6.72B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464287200	1,730,714	$1.19B	12.29%
2	SPDR S&P 500 ETF TR	SPY	928,129	$632.9M	6.56%
3	APPLE INC	AAPL	2,166,803	$589.1M	6.11%
4	MICROSOFT CORP	MSFT	1,004,159	$485.6M	5.03%
5	ISHARES TR	464287507	5,429,206	$358.3M	3.71%
6	NVIDIA CORPORATION	NVDA	1,520,148	$283.5M	2.94%
7	VANGUARD TAX-MANAGED FDS	921943858	4,455,575	$278.3M	2.88%
8	ALPHABET INC	GOOG	833,778	$261.0M	2.70%
9	AMAZON COM INC	AMZN	1,123,277	$259.3M	2.69%
10	INVESCO QQQ TR	IVZ	407,117	$250.1M	2.59%
11	ISHARES TR	464287804	2,031,625	$244.2M	2.53%
12	VANGUARD SPECIALIZED FUNDS	921908844	996,705	$219.1M	2.27%
13	ISHARES TR	464287408	1,017,802	$215.8M	2.24%
14	BROADCOM INC	AVGO	605,993	$209.7M	2.17%
15	ISHARES TR	46432F842	2,321,693	$207.7M	2.15%
16	ALPHABET INC	GOOG	633,994	$198.9M	2.06%
17	VANGUARD INTL EQUITY INDEX F	922042858	3,577,472	$192.3M	1.99%
18	ISHARES TR	464287614	393,199	$186.1M	1.93%
19	SPDR S&P MIDCAP 400 ETF TR	MDY	265,202	$160.0M	1.66%
20	ISHARES INC	46434G103	2,262,898	$152.1M	1.58%