Institutional Manager · CIK 0001964203

Richard W. Paul & Associates, LLC

NOVI, MI · File #028-22830

Latest AUM

$301.2M

Positions

294

Top-10 Concentration

54.1%

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	SPDR SERIES TRUST	78468R663	-40,293	-$3.7M	-$19,187
ADD	VANGUARD WHITEHALL FDS	921946794	+31,747	+$2.9M	+$31,527
ADD	ISHARES TR	464287226	+26,419	+$2.6M	-$46,811
EXITED	J P MORGAN EXCHANGE TRADED F	46654Q203	-40,674	-$2.3M	$0
EXITED	J P MORGAN EXCHANGE TRADED F	46641Q332	-38,016	-$2.2M	$0
ADD	VANGUARD WHITEHALL FDS	921946406	+14,843	+$2.1M	+$534
NEW	FIRST TR EXCHNG TRADED FD VI	33740U703	+75,144	+$2.1M	$0
REDUCE	ETF SER SOLUTIONS	26922A321	-35,957	-$2.1M	+$33,926
NEW	ISHARES TR	464288281	+20,431	+$2.0M	$0
NEW	JANUS DETROIT STR TR	47103U852	+43,003	+$2.0M	$0

Sector Allocation

Technology

9.1%$27.4M

Financials

7.2%$21.8M

Healthcare

4.7%$14.1M

Consumer Discretionary

2.9%$8.8M

Consumer Staples

1.9%$5.6M

Communication Services

1.7%$5.1M

1.5%$4.5M

0.5%$1.5M

0.4%$1.1M

0.3%$757,636

0.0%$18,433

Filing History

Feb 12, 202613F HOLDINGS REPORTQ/E Dec 2025294 pos · $301.2M
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 2025316 pos · $292.9M
Aug 12, 202513F HOLDINGS REPORTQ/E Jun 2025337 pos · $276.6M
May 12, 202513F HOLDINGS REPORTQ/E Mar 2025337 pos · $255.0M
Feb 5, 202513F HOLDINGS REPORTQ/E Dec 2024513 pos · $274.5M
Oct 17, 202413F HOLDINGS REPORTQ/E Sep 2024506 pos · $278.4M
Jul 23, 202413F HOLDINGS REPORTQ/E Jun 2024497 pos · $259.1M
May 14, 202413F HOLDINGS REPORTQ/E Mar 2024512 pos · $250.5M
Oct 12, 202313F HOLDINGS REPORTQ/E Dec 20231,205 pos · $218.6M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464287663	174,875	$17.9M	8.22%
2	ISHARES TR	464287671	103,133	$17.3M	7.94%
3	ISHARES TR	464287226	152,954	$15.3M	7.01%
4	ISHARES TR	464287804	111,693	$13.4M	6.16%
5	ISHARES TR	464287432	129,681	$11.3M	5.18%
6	ISHARES TR	46432F842	118,909	$10.6M	4.88%
7	J P MORGAN EXCHANGE TRADED F	46641Q159	225,353	$10.4M	4.78%
8	PIMCO ETF TR	72201R585	277,680	$7.4M	3.40%
9	INVESCO EXCHANGE TRADED FD T	IVZ	38,422	$7.4M	3.38%
10	INVESCO QQQ TR	IVZ	11,281	$6.9M	3.18%
11	ISHARES INC	46434G103	89,653	$6.0M	2.76%
12	ISHARES TR	464287465	62,630	$6.0M	2.76%
13	APPLE INC	AAPL	18,136	$4.9M	2.26%
14	ISHARES TR	464287200	6,847	$4.7M	2.15%
15	MICROSOFT CORP	MSFT	9,349	$4.5M	2.07%
16	ISHARES TR	46434V613	80,586	$3.8M	1.72%
17	NVIDIA CORPORATION	NVDA	19,789	$3.7M	1.69%
18	ISHARES TR	464288273	46,973	$3.6M	1.67%
19	VANGUARD WHITEHALL FDS	921946794	37,673	$3.4M	1.56%
20	ISHARES TR	464287507	47,873	$3.2M	1.45%