Institutional Manager · CIK 0001737871

LFA - Lugano Financial Advisors SA

LUGANO, V8 · File #028-18897

Latest AUM

$193.7M

Positions

235

Top-10 Concentration

58.6%

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
NEW	VANGUARD WORLD FD	921910725	+23,684	+$1.7M	$0
REDUCE	SPDR S&P 500 ETF TR	SPY	-1,434	-$977,873	+$635,549
REDUCE	SPDR INDEX SHS FDS	78463X202	-14,654	-$943,571	+$122,848
REDUCE	ISHARES TR	46436E718	-5,143	-$516,254	+$1,069
REDUCE	FIRST TR EXCHANGE-TRADED FD	33741X102	-12,689	-$486,243	+$35,955
ADD	ISHARES INC	464286749	+7,777	+$466,309	+$100,621
NEW	ISHARES INC	46434G863	+8,774	+$387,548	$0
EXITED	SELECT SECTOR SPDR TR	81369Y506	-4,018	-$358,968	$0
EXITED	ELECTRONIC ARTS INC	285512109	-1,556	-$313,845	$0
ADD	SPDR GOLD TR	GLD	+746	+$295,647	+$1.3M

Sector Allocation

Financials

3.6%$7.0M

Technology

3.0%$5.9M

Consumer Discretionary

1.8%$3.6M

Industrials

0.5%$987,688

Healthcare

0.5%$924,618

Consumer Staples

0.3%$545,205

Communication Services

0.3%$485,675

Energy

0.1%$228,934

Utilities

0.0%$36,806

Materials

0.0%$7,843

Filing History

Jan 29, 202613F HOLDINGS REPORTQ/E Dec 2025235 pos · $193.7M
Nov 5, 202513F HOLDINGS REPORTQ/E Sep 2025229 pos · $189.7M
Aug 7, 202513F HOLDINGS REPORTQ/E Jun 2025245 pos · $168.8M
Apr 28, 202513F HOLDINGS REPORTQ/E Mar 2025191 pos · $147.1M
Feb 10, 202513F HOLDINGS REPORTQ/E Dec 2024193 pos · $153.0M
Nov 7, 202413F HOLDINGS REPORTQ/E Sep 2024183 pos · $147.1M
Jul 30, 202413F HOLDINGS REPORTQ/E Jun 2024172 pos · $131.3M
May 3, 202413F HOLDINGS REPORTQ/E Mar 2024160 pos · $137.4M
Oct 23, 202313F HOLDINGS REPORTQ/E Dec 2023179 pos · $116.8M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR S&P 500 ETF TR	SPY	38,944	$26.6M	15.18%
2	ISHARES TR	46435G516	229,552	$21.8M	12.48%
3	SPDR GOLD TR	GLD	31,384	$12.4M	7.11%
4	ISHARES TR	46435G243	457,113	$11.5M	6.59%
5	SCHWAB STRATEGIC TR	808524730	213,157	$7.7M	4.39%
6	VANGUARD WHITEHALL FDS	921946885	76,896	$5.2M	2.96%
7	ISHARES TR	464288638	91,298	$4.9M	2.81%
8	FIRST TR EXCH TRADED FD III	33739P103	59,301	$4.2M	2.41%
9	FIRST TR EXCHANGE-TRADED FD	33741X102	106,958	$4.1M	2.34%
10	SPDR SERIES TRUST	78464A151	125,422	$4.0M	2.30%
11	VANGUARD SCOTTSDALE FDS	92206C409	50,020	$4.0M	2.28%
12	ISHARES TR	46436E205	151,513	$3.5M	2.03%
13	ISHARES TR	46436E718	35,061	$3.5M	2.01%
14	ISHARES TR	464288653	33,915	$3.4M	1.97%
15	NEW YORK LIFE INVESTMENTS ET	45409B107	99,176	$3.3M	1.90%
16	VANGUARD SCOTTSDALE FDS	92206C706	54,042	$3.2M	1.85%
17	SPDR SERIES TRUST	78468R408	123,784	$3.1M	1.79%
18	MICROSOFT CORP	MSFT	6,378	$3.1M	1.76%
19	INVESCO QQQ TR	IVZ	4,637	$2.8M	1.63%
20	ISHARES TR	464287440	28,863	$2.8M	1.59%