Institutional Manager · CIK 0001161722

HOLLENCREST CAPITAL MANAGEMENT

NEWPORT BEACH, CA · File #028-06753

Latest AUM

$2.90B

Positions

1,188

Top-10 Concentration

58.5%

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
ADD	STATE STREET SPDR S&P 500 ETF	SPY	+266,459	+$181.7M	+$33,054
ADD	INVESCO QQQ TRUST SERIES I	IVZ	+181,294	+$111.4M	+$32,065
REDUCE	ALPHABET INC CAP STK CL A	GOOG	-325,263	-$101.8M	+$22.8M
NEW	FT VEST U.S. EQUITY EQUAL WEIGHT BUFFER ETF - DECEMBER	33740U489	+2,388,214	+$52.1M	$0
REDUCE	PIMCO ENHANCED SHORT MATURITY ACTIVE EXCHANGE-TRADED FUND	72201R833	-330,128	-$33.1M	-$115,948
ADD	STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	81369Y803	+181,334	+$26.1M	-$25.3M
REDUCE	JPMORGAN CHASE & CO COM	VYLD	-68,813	-$22.2M	+$472,537
ADD	AMAZON COM INC COM	AMZN	+71,614	+$16.5M	+$22,500
REDUCE	NVIDIA CORPORATION COM	NVDA	-88,341	-$16.5M	-$7,276
REDUCE	ISHARES ULTRA SHORT DURATION BOND ACTIVE ETF	46434V878	-324,615	-$16.4M	-$79,093

Sector Allocation

Technology

15.7%$456.4M

Financials

13.4%$390.1M

Consumer Discretionary

4.3%$124.1M

3.9%$114.1M

2.3%$67.9M

1.7%$49.3M

0.7%$21.1M

0.4%$11.3M

Communication Services

0.3%$7.8M

Utilities

0.1%$2.3M

Real Estate

0.0%$438,057

Filing History

Feb 12, 202613F HOLDINGS REPORTQ/E Dec 20251,188 pos · $2.90B
Nov 3, 202513F HOLDINGS REPORTQ/E Sep 20251,148 pos · $2.78B
Aug 18, 202513F HOLDINGS REPORTQ/E Jun 20251,138 pos · $2.36B
May 5, 202513F HOLDINGS REPORTQ/E Mar 20251,139 pos · $2.31B
Feb 10, 202513F HOLDINGS REPORTQ/E Dec 20241,191 pos · $2.50B
Nov 1, 202413F HOLDINGS REPORTQ/E Sep 20241,112 pos · $2.43B
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 20241,106 pos · $2.28B
May 1, 202413F HOLDINGS REPORTQ/E Mar 20241,117 pos · $2.18B
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 20231,099 pos · $883.4M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD S&P 500 ETF	922908363	637,700	$399.9M	16.04%
2	APPLE INC	AAPL	1,048,621	$285.1M	11.43%
3	STATE STREET SPDR S&P 500 ETF	SPY	268,559	$183.1M	7.34%
4	INVESCO QQQ TRUST SERIES I	IVZ	183,594	$112.8M	4.52%
5	INVESCO NASDAQ 100 ETF	IVZ	442,651	$112.0M	4.49%
6	ALPHABET INC CAP STK CL A	GOOG	326,100	$102.1M	4.09%
7	MICROSOFT CORP COM	MSFT	149,647	$72.4M	2.90%
8	BERKSHIRE HATHAWAY INC DEL CL A	BRK-A	95	$71.7M	2.88%
9	SPDR GOLD SHARES	GLD	154,143	$61.1M	2.45%
10	COSTCO WHOLESALE CORPORATION COM	22160K105	68,363	$59.0M	2.36%
11	STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	81369Y803	365,035	$52.6M	2.11%
12	FT VEST U.S. EQUITY EQUAL WEIGHT BUFFER ETF - DECEMBER	33740U489	2,388,214	$52.1M	2.09%
13	ISHARES CORE S&P 500 ETF	464287200	70,899	$48.6M	1.95%
14	UNITEDHEALTH GROUP INC COM	UNH	135,649	$44.8M	1.80%
15	VANGUARD INFORMATION TECHNOLOGY ETF	92204A702	58,778	$44.3M	1.78%
16	ABRDN PHYSICAL PLATINUM SHARES ETF	PPLT	231,930	$43.2M	1.73%
17	FT VEST U.S. EQUITY MODERATE BUFFER ETF - DECEMBER	33740U679	1,112,215	$42.1M	1.69%
18	MASTERCARD INCORPORATED CL A	MA	71,844	$41.0M	1.64%
19	INNOVATOR U.S. EQUITY 10 BUFFER ETF - QUARTERLY	INHD	1,224,536	$39.9M	1.60%
20	INNOVATOR NASDAQ-100 10 BUFFER ETF QUARTERLY	INHD	1,359,662	$39.9M	1.60%