Institutional Manager · CIK 0002010145

KITCHING PARTNERS, LLC

CONSHOHOCKEN, PA · File #028-23811

Latest AUM

$109.6M

Positions

Top-10 Concentration

83.8%

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	VANGUARD INDEX FDS	922908363	-4,830	-$3.0M	+$247,475
REDUCE	SPDR SERIES TRUST	78464A763	-15,042	-$2.1M	-$67,783
ADD	VANGUARD INDEX FDS	922908744	+8,447	+$1.6M	+$37,605
ADD	VANGUARD TAX-MANAGED FDS	921943858	+20,328	+$1.3M	+$504,435
ADD	VANGUARD INDEX FDS	922908751	+4,790	+$1.2M	+$6,026
NEW	ISHARES INC	464286517	+28,203	+$1.2M	$0
ADD	VANGUARD WHITEHALL FDS	921946885	+12,377	+$834,585	+$36,516
NEW	ISHARES TR	464287226	+7,568	+$755,892	$0
REDUCE	KRANESHARES TRUST	500767652	-28,052	-$727,962	-$42,550
ADD	VANGUARD INTL EQUITY INDEX F	922042858	+11,748	+$631,574	-$36,837

Sector Allocation

Technology

2.5%$2.8M

Consumer Discretionary

0.9%$988,866

Financials

0.8%$853,110

Materials

0.4%$414,482

Industrials

0.4%$397,850

Communication Services

0.3%$343,247

Healthcare

0.2%$202,333

Filing History

Feb 18, 202613F HOLDINGS REPORTQ/E Dec 202542 pos · $109.6M
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 202539 pos · $105.9M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 202535 pos · $98.5M
May 14, 202513F HOLDINGS REPORTQ/E Mar 202535 pos · $86.9M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202432 pos · $78.2M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 202428 pos · $74.7M
Aug 15, 202413F HOLDINGS REPORTQ/E Jun 202420 pos · $55.0M
May 15, 202413F HOLDINGS REPORTQ/E Mar 202418 pos · $52.7M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD SPECIALIZED FUNDS	921908844	79,571	$17.5M	15.96%
2	VANGUARD TAX-MANAGED FDS	921943858	218,144	$13.6M	12.44%
3	VANGUARD BD INDEX FDS	92203C303	220,459	$11.0M	10.03%
4	ISHARES TR	46434V407	241,648	$10.4M	9.46%
5	SPDR SERIES TRUST	78464A763	61,085	$8.5M	7.76%
6	ISHARES GOLD TR	IAU	98,923	$8.0M	7.33%
7	VANGUARD INDEX FDS	922908363	11,948	$7.5M	6.84%
8	VANGUARD WHITEHALL FDS	921946885	81,268	$5.5M	5.00%
9	VANGUARD INTL EQUITY INDEX F	922042858	99,455	$5.3M	4.88%
10	VANGUARD SCOTTSDALE FDS	92206C847	79,780	$4.5M	4.06%
11	VANGUARD INDEX FDS	922908744	16,780	$3.2M	2.93%
12	VANGUARD INDEX FDS	922908751	6,430	$1.7M	1.51%
13	ISHARES INC	464286517	28,203	$1.2M	1.07%
14	NVIDIA CORPORATION	NVDA	5,740	$1.1M	0.98%
15	VANGUARD SCOTTSDALE FDS	92206C102	15,309	$899,070	0.82%
16	MICROSOFT CORP	MSFT	1,653	$799,491	0.73%
17	VANGUARD INDEX FDS	922908736	1,625	$792,774	0.72%
18	ISHARES TR	464287226	7,568	$755,892	0.69%
19	AMAZON COM INC	AMZN	3,271	$755,012	0.69%
20	NEXTNAV INC	NXNVW	35,431	$589,572	0.54%