Institutional Manager · CIK 0001158970

SPINNAKER TRUST

PORTLAND, ME · File #028-11553

Latest AUM

$1.87B

Positions

338

Top-10 Concentration

55.2%

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
ADD	Technology Select Sector SPDR	81369Y803	+395,370	+$56.9M	-$55.3M
ADD	Consumer Discretionary Select S	81369Y407	+95,404	+$11.4M	-$12.2M
EXITED	iShares iBonds Dec 2025 Term Co	46434VBD1	-289,330	-$7.3M	$0
ADD	Ares Capital Corporation	ARCC	+176,040	+$3.6M	-$186,264
ADD	State Street SPDR Portfolio S&P	78464A854	+41,590	+$3.3M	+$4.0M
REDUCE	iShares Gold Trust	IAU	-32,490	-$2.6M	+$3.8M
NEW	Akre Focus ETF	74316P579	+37,312	+$2.4M	$0
ADD	iShares Core 1-5 Year USD Bond	46432F859	+38,402	+$1.9M	-$120,889
REDUCE	Global X Uranium ETF	37954Y871	-41,648	-$1.8M	-$1.6M
ADD	Financial Select Sector SPDR	81369Y605	+32,324	+$1.8M	+$454,697

Sector Allocation

10.3%$192.3M

6.9%$129.6M

6.0%$111.6M

3.2%$59.2M

Consumer Discretionary

2.2%$41.8M

1.1%$20.7M

0.9%$17.6M

0.6%$11.0M

0.2%$4.1M

Communication Services

0.1%$2.7M

Utilities

0.1%$972,003

Filing History

Feb 10, 202613F HOLDINGS REPORTQ/E Dec 2025338 pos · $1.87B
Nov 5, 202513F HOLDINGS REPORTQ/E Sep 2025333 pos · $1.80B
Aug 4, 202513F HOLDINGS REPORTQ/E Jun 2025332 pos · $1.66B
Apr 25, 202513F HOLDINGS REPORTQ/E Mar 2025322 pos · $1.53B
Jan 30, 202513F HOLDINGS REPORTQ/E Dec 2024336 pos · $1.59B
Oct 31, 202413F HOLDINGS REPORTQ/E Sep 2024342 pos · $1.62B
Jul 31, 202413F HOLDINGS REPORTQ/E Jun 2024331 pos · $1.56B
May 6, 202413F HOLDINGS REPORTQ/E Mar 2024324 pos · $1.55B
Nov 8, 202313F HOLDINGS REPORTQ/E Dec 2023323 pos · $1.33B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	State Street SPDR Portfolio S&P	78464A854	2,166,677	$173.8M	11.96%
2	Technology Select Sector SPDR	81369Y803	796,240	$114.6M	7.89%
3	iShares ESG MSCI EAFE ETF	46435G516	1,052,778	$100.1M	6.89%
4	iShares MSCI USA ESG Select ETF	464288802	585,818	$81.6M	5.62%
5	iShares Core 1-5 Year USD Bond	46432F859	1,381,869	$67.4M	4.64%
6	3M Company	MMM	403,029	$64.5M	4.44%
7	Apple Inc	AAPL	212,170	$57.7M	3.97%
8	Microsoft Corp	MSFT	118,194	$57.2M	3.93%
9	Berkshire Hathaway Inc - CL B	BRK-A	99,439	$50.0M	3.44%
10	BlackRock US Equity Factor Rota	BLK	578,290	$35.2M	2.42%
11	iShares Gold Trust	IAU	416,028	$33.8M	2.32%
12	Alphabet Inc CL C	GOOG	101,806	$31.9M	2.20%
13	Financial Select Sector SPDR	81369Y605	537,501	$29.4M	2.03%
14	Healthcare Select Sector SPDR	81369Y209	184,367	$28.5M	1.96%
15	SPDR S&P 500 ETF Trust	SPY	36,978	$25.2M	1.73%
16	Invesco QQQ Trust	IVZ	40,931	$25.1M	1.73%
17	Ares Capital Corporation	ARCC	1,210,941	$24.5M	1.69%
18	SPDR Portfolio S&P 600 Small Ca	78468R853	514,216	$24.1M	1.66%
19	SPDR S&P 500 Fossil Fuel Reserv	78468R796	427,850	$24.0M	1.65%
20	Consumer Discretionary Select S	81369Y407	197,156	$23.5M	1.62%