Tortoise Investment Management, LLC

WHITE PLAINS, NY · CIK 1599511 · 13F filing filed 2026-08-07

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$2.1bn
Staff21 · 16 in investment roles
Main clients (by assets)High net worth individuals 97%, Individuals 3%
Form ADV · 2026-03-27SEC adviser record

$1.3bn reported value +10.8% vs Q1 2026

252positions

34.3%in top 10

20 new 106 added 90 reduced 13 sold out vs Q1 2026

Options: 0 call positions (— notional), 3 put positions ($48.1k notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P500 ETF IVV	IVV	142,937	$107.0m7.98%	7.98%	Reduced -2.4k	-2,363 -1.6%
2	ISHARES TR 0-5 YR TIPS ETF STIP	STIP	900,987	$92.0m6.86%	6.86%	Added +60.8k	+60,756 7.2%
3	AMERICAN CENTY ETF TR US EQT ETF AVUS	AVUS	415,640	$53.2m3.97%	3.97%	Added +23.4k	+23,353 6.0%
4	J P MORGAN EXCHANGE TRADED F MORTGAGE BACKED JMTG	JMTG	705,007	$35.7m2.66%	2.66%	Added +89.8k	+89,768 14.6%
5	J P MORGAN EXCHANGE TRADED F MUNICIPAL ETF JMUB	JMUB	664,214	$33.6m2.51%	2.51%	Added +73.1k	+73,075 12.4%
6	BLACKROCK MUN TARGET TERM TR COM SHS BEN IN BTT	BTT	1,420,474	$32.3m2.41%	2.41%	Added +19.3k	+19,322 1.4%
7	VANGUARD SCOTTSDALE FDS LONG TERM TREAS VGLT	VGLT	495,847	$27.4m2.04%	2.04%	Added +57.2k	+57,195 13.0%
8	ISHARES TR 0-3 MNTH TREASRY SGOV	SGOV	262,915	$26.5m1.97%	1.97%	Reduced -25.8k	-25,835 -8.9%
9	SCHWAB STRATEGIC TR US TIPS ETF SCHP	SCHP	978,659	$25.9m1.93%	1.93%	Added +49.0k	+48,996 5.3%
10	SIMPLIFY EXCHANGE TRADED FUN MBS ETF MTBA	MTBA	527,409	$25.9m1.93%	1.93%	Added +12.2k	+12,171 2.4%
11	ISHARES INC CORE MSCI EMKT IEMG	IEMG	295,482	$24.5m1.82%	1.82%	Reduced -11.0k	-11,048 -3.6%
12	SCHWAB STRATEGIC TR US LRG CAP ETF SCHX	SCHX	737,656	$21.7m1.62%	1.62%	Reduced -8.2k	-8,238 -1.1%
13	DIMENSIONAL ETF TRUST US CORE EQT MKT DFAU	DFAU	404,352	$20.9m1.56%	1.56%	Added +3.2k	+3,228 0.8%
14	VANGUARD INDEX FDS VALUE ETF VTV	VTV	90,620	$19.7m1.47%	1.47%	Added +1.5k	+1,526 1.7%
15	ISHARES TR CORE S&P TTL STK ITOT	ITOT	116,376	$19.1m1.42%	1.42%	Added +1.0k	+1,033 0.9%
16	ISHARES TR RUS 1000 ETF IWB	IWB	46,519	$19.0m1.42%	1.42%	Reduced -444	-444 -0.9%
17	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	319,219	$18.8m1.40%	1.40%	Added +35.7k	+35,748 12.6%
18	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	24,069	$18.0m1.34%	1.34%	Reduced -318	-318 -1.3%
19	EA SERIES TRUST ALPHA ARCH 1-3 BOXX	BOXX	152,407	$17.8m1.33%	1.33%	Added +7.6k	+7,591 5.2%
20	SCHWAB STRATEGIC TR INTL SCEQT ETF SCHC	SCHC	365,315	$17.6m1.31%	1.31%	Added +4.7k	+4,688 1.3%
21	SPDR INDEX SHS FDS PORTFOLIO EMG MK SPEM	SPEM	336,148	$17.4m1.30%	1.30%	Reduced -695	-695 -0.2%
22	SPDR SERIES TRUST PORTFOLIO S&P500 SPYM	SPYM	190,204	$16.7m1.25%	1.25%	Reduced -5.2k	-5,220 -2.7%
23	VANGUARD INSTL INDEX FD 0-3 MO TREAS BIL VBIL	VBIL	205,882	$15.6m1.16%	1.16%	Added +180	+180 0.1%
24	APPLE INC COM AAPL	AAPL	51,606	$14.9m1.11%	1.11%	Added +780	+780 1.5%
25	ISHARES TR CORE MSCI EAFE IEFA	IEFA	152,455	$14.7m1.10%	1.10%	Reduced -3.1k	-3,075 -2.0%
26	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	38,756	$14.3m1.07%	1.07%	Reduced -541	-541 -1.4%
27	SPDR INDEX SHS FDS PORTFOLIO DEVLPD SPDW	SPDW	284,576	$14.3m1.07%	1.07%	Added +7.7k	+7,664 2.8%
28	ISHARES TR CORE S&P SCP ETF IJR	IJR	96,204	$14.3m1.06%	1.06%	Reduced -2.8k	-2,815 -2.8%
29	DIMENSIONAL ETF TRUST EMGR CRE EQT MNG DFAE	DFAE	354,317	$14.2m1.06%	1.06%	Added +3.0k	+2,983 0.8%
30	DOUBLELINE ETF TRUST COMMERCIAL REAL DCRE	DCRE	273,990	$14.2m1.06%	1.06%	Added +2.2k	+2,199 0.8%
31	SPDR SER TR PORTFOLIO S&P600 SPSM	SPSM	235,466	$13.6m1.01%	1.01%	Added +14.1k	+14,060 6.3%
32	ANGEL OAK FUNDS TRUST INCOME ETF CARY	CARY	651,023	$13.5m1.01%	1.01%	Reduced -11.6k	-11,620 -1.8%
33	SCHWAB STRATEGIC TR US REIT ETF SCHH	SCHH	570,742	$13.5m1.01%	1.01%	Added +9.4k	+9,435 1.7%
34	DIMENSIONAL ETF TRUST US CORE EQUITY 2 DFAC	DFAC	300,547	$13.3m0.99%	0.99%	Added +4.4k	+4,427 1.5%
35	AMERICAN CENTY ETF TR AVANTIS EMERGING AVEE	AVEE	184,695	$12.8m0.95%	0.95%	Added +4.0k	+3,989 2.2%
36	DIMENSIONAL ETF TRUST INTL CORE EQT MK DFAI	DFAI	310,076	$12.8m0.95%	0.95%	Added +1.5k	+1,501 0.5%
37	INVESCO EXCH TRADED FD TR II TAXABLE MUN BD BAB	BAB	464,700	$12.5m0.93%	0.93%	Added +36.2k	+36,222 8.4%
38	VANGUARD INDEX FDS LARGE CAP ETF VV	VV	34,519	$11.9m0.88%	0.88%	Added +202	+202 0.6%
39	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	165,461	$11.8m0.88%	0.88%	Reduced -5.1k	-5,098 -3.0%
40	AMERICAN CENTY ETF TR AVANTIS EMGMKT AVEM	AVEM	121,127	$11.7m0.87%	0.87%	Reduced -2.2k	-2,228 -1.8%
41	DIMENSIONAL ETF TRUST US SMALL CAP VAL US SMALL CAP VAL		292,404	$11.3m0.85%	0.85%	Added +2.4k	+2,390 0.8%
42	VANECK ETF TRUST LONG MUNI ETF MLN	MLN	634,387	$11.3m0.84%	0.84%	Added +37.5k	+37,530 6.3%
43	ISHARES TR CORE S&P US VLU IUSV	IUSV	100,080	$11.0m0.82%	0.82%	Reduced -1.2k	-1,234 -1.2%
44	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	181,484	$10.8m0.81%	0.81%	Reduced -4.3k	-4,294 -2.3%
45	DIMENSIONAL ETF TRUST INTERNATNAL VAL DFIV	DFIV	181,496	$9.8m0.73%	0.73%	Added +804	+804 0.4%
46	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	18,159	$9.1m0.68%	0.68%	Added +476	+476 2.7%
47	SCHWAB STRATEGIC TR US SML CAP ETF SCHA	SCHA	249,627	$9.0m0.67%	0.67%	Reduced -4.5k	-4,492 -1.8%
48	AMERICAN CENTY ETF TR US SML CP VALU AVUV	AVUV	71,494	$8.9m0.66%	0.66%	Reduced -1.4k	-1,441 -2.0%
49	DIMENSIONAL ETF TRUST US EQUITY MARKET DFUS	DFUS	105,284	$8.6m0.64%	0.64%	Added +8.0k	+8,033 8.3%
50	DIMENSIONAL ETF TRUST EMERGING MKTS VA DFEV	DFEV	199,815	$8.5m0.64%	0.64%	Reduced -4.1k	-4,123 -2.0%
51	WISDOMTREE TR EMG MKTS SMCAP DGS	DGS	128,217	$8.3m0.62%	0.62%	Reduced -2.9k	-2,923 -2.2%
52	DIMENSIONAL ETF TRUST US HIGH PROFITAB US HIGH PROFITAB		180,837	$7.5m0.56%	0.56%	Added +8.7k	+8,686 5.0%
53	AMERICAN CENTY ETF TR INTERNATIONAL LR AVIV	AVIV	95,289	$7.4m0.55%	0.55%	Added +4.0k	+3,999 4.4%
54	NUVEEN AMT-FREE MUN VALUE FD COM NUW	NUW	511,065	$7.3m0.55%	0.55%	Reduced -14.0k	-14,042 -2.7%
55	AMERICAN CENTY ETF TR AVAN TOTA EQ ETF AVTM	AVTM	123,076	$6.7m0.50%	0.50%	Reduced -2.4k	-2,400 -1.9%
56	PROGRESSIVE CORP COM PGR	PGR	29,699	$6.5m0.48%	0.48%	Added +31	+31 0.1%
57	DIMENSIONAL ETF TRUST US SMALL CAP ETF DFAS	DFAS	78,776	$6.5m0.48%	0.48%	Reduced -121	-121 -0.1%
58	INVESCO EXCH TRADED FD TR II NATL AMT MUNI PZA	PZA	265,440	$6.2m0.47%	0.47%	Reduced -2.4k	-2,396 -0.9%
59	ISHARES TR S&P 500 VAL ETF IVE	IVE	27,450	$6.2m0.46%	0.46%	Reduced -396	-396 -1.4%
60	PIMCO ETF TR MUNI INCOME OPP MINO	MINO	126,080	$5.8m0.43%	0.43%	Added +16.2k	+16,190 14.7%
61	NUVEEN SELECT MAT MUN FD SH BEN INT NIM	NIM	570,254	$5.4m0.40%	0.40%	Reduced -940	-940 -0.2%
62	AB ACTIVE ETFS INC NEW YO INTER ETF NYM	NYM	201,018	$5.1m0.38%	0.38%	New
63	SPDR DOW JONES INDL AVERAGE UT SER 1 DIA	DIA	9,340	$4.9m0.36%	0.36%	Reduced -27	-27 -0.3%
64	AMERICAN CENTY ETF TR INTL SMCP VLU AVDV	AVDV	46,832	$4.8m0.36%	0.36%	Reduced -543	-543 -1.1%
65	VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF VSS	VSS	30,905	$4.8m0.36%	0.36%	Reduced -942	-942 -3.0%
66	NUVEEN N Y MUN VALUE FD COM NNY	NNY	538,148	$4.7m0.35%	0.35%	Reduced -11.5k	-11,500 -2.1%
67	VANGUARD INDEX FDS SM CP VAL ETF VBR	VBR	19,299	$4.7m0.35%	0.35%	Reduced -1.1k	-1,134 -5.5%
68	ISHARES TR CORE MSCI TOTAL IXUS	IXUS	49,007	$4.7m0.35%	0.35%	Reduced -3.6k	-3,630 -6.9%
69	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	6,419	$4.4m0.33%	0.33%	Added +1	+1 0.0%
70	AMERICAN CENTY ETF TR EMERGING MKT VAL AVES	AVES	67,181	$4.4m0.33%	0.33%	Reduced -562	-562 -0.8%
71	VANGUARD INDEX FDS SMALL CP ETF VB	VB	14,367	$4.4m0.32%	0.32%	Added +650	+650 4.7%
72	SCHWAB STRATEGIC TR US BRD MKT ETF SCHB	SCHB	145,287	$4.2m0.31%	0.31%	Reduced -1.0k	-1,044 -0.7%
73	AMERICAN CENTY ETF TR INTL EQT ETF AVDE	AVDE	43,312	$3.9m0.29%	0.29%	Added +1.5k	+1,500 3.6%
74	SCHWAB STRATEGIC TR INTL EQTY ETF SCHF	SCHF	139,138	$3.9m0.29%	0.29%	Added +181	+181 0.1%
75	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	17,324	$3.8m0.28%	0.28%	Reduced -475	-475 -2.7%
76	TERAWULF INC COM WULF	WULF	153,225	$3.8m0.28%	0.28%	Added +4	+4 0.0%
77	SPDR INDEX SHS FDS S&P EMKTSC ETF EWX	EWX	49,974	$3.7m0.28%	0.28%	Reduced -1.5k	-1,489 -2.9%
78	VANGUARD INTL EQUITY INDEX F ALLWRLD EX US VEU	VEU	43,984	$3.7m0.27%	0.27%	Reduced -265	-265 -0.6%
79	J P MORGAN EXCHANGE TRADED F INCOME ETF JPIE	JPIE	79,732	$3.7m0.27%	0.27%	Added +74.2k	+74,232 1349.7%
80	PIMCO ETF TR 15+ YR US TIPS LTPZ	LTPZ	71,497	$3.6m0.27%	0.27%	Added +9.8k	+9,800 15.9%
81	ISHARES TR SP SMCP600VL ETF IJS	IJS	26,352	$3.6m0.27%	0.27%	Reduced -48	-48 -0.2%
82	MICROSOFT CORP COM MSFT	MSFT	9,549	$3.6m0.27%	0.27%	Added +51	+51 0.5%
83	SPDR SER TR S&P 600 SMCP VAL SLYV	SLYV	32,052	$3.5m0.26%	0.26%	Reduced -200	-200 -0.6%
84	DIMENSIONAL ETF TRUST INTL HIGH PROFIT DIHP	DIHP	98,742	$3.4m0.25%	0.25%	Reduced -3.6k	-3,598 -3.5%
85	VANGUARD MUN BD FDS TAX EXEMPT BD VTEB	VTEB	65,548	$3.3m0.25%	0.25%	Reduced -1.0k	-1,031 -1.6%
86	AMERICAN CENTY ETF TR US LARGE CAP VLU AVLV	AVLV	36,038	$3.3m0.24%	0.24%	Added +1.7k	+1,687 4.9%
87	AMERICAN CENTY ETF TR CORE MUNI FXD IN AVMU	AVMU	68,554	$3.2m0.24%	0.24%	Added +4.9k	+4,924 7.7%
88	SCHWAB STRATEGIC TR US LCAP VA ETF SCHV	SCHV	83,088	$2.9m0.22%	0.22%	Reduced -1.6k	-1,629 -1.9%
89	SCHWAB STRATEGIC TR EMRG MKTEQ ETF SCHE	SCHE	77,970	$2.8m0.21%	0.21%	Added +50	+50 0.1%
90	PUTNAM ETF TRUST FRANKLIN NY MUNI FTNY	FTNY	354,245	$2.8m0.21%	0.21%	Added +75.3k	+75,340 27.0%
91	VANGUARD NY TAX FREE FDS TAX EXEMPT BD MUNY	MUNY	25,410	$2.6m0.20%	0.20%	Reduced -1.4k	-1,387 -5.2%
92	ISHARES TR 20 YR TR BD ETF TLT	TLT	30,520	$2.6m0.20%	0.20%	Reduced -13.6k	-13,589 -30.8%
93	VANGUARD SCOTTSDALE FDS SHORT TERM TREAS VGSH	VGSH	44,895	$2.6m0.19%	0.19%	Reduced -15.2k	-15,179 -25.3%
94	ISHARES TR S&P 100 ETF OEF	OEF	6,917	$2.5m0.19%	0.19%	Unchanged
95	JPMORGAN CHASE & CO COM JPM	JPM	7,492	$2.5m0.18%	0.18%	Added +146	+146 2.0%
96	NVIDIA CORPORATION COM NVDA	NVDA	11,950	$2.4m0.18%	0.18%	Added +2.5k	+2,516 26.7%
97	SCHWAB STRATEGIC TR INT-TRM U.S TRES SCHR	SCHR	95,958	$2.4m0.18%	0.18%	Added +31.0k	+31,016 47.8%
98	VANGUARD WORLD FD ESG US STK ETF ESGV	ESGV	17,083	$2.3m0.17%	0.17%	Reduced -443	-443 -2.5%
99	J P MORGAN EXCHANGE TRADED F ULTRA SHT MUNCPL JMST	JMST	40,000	$2.0m0.15%	0.15%	Reduced -10.0k	-10,000 -20.0%
100	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	2,674	$2.0m0.15%	0.15%	Added +99	+99 3.8%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
VANGUARD SCOTTSDALE FDS VCSH	VCSH	5,030	$398.7k5.0k shares
AT&T INC T	T	9,808	$284.3k9.8k shares
J P MORGAN EXCHANGE TRADED F JSCP	JSCP	5,695	$269.4k5.7k shares
HONEYWELL INTL INC		554	$250.4k554 shares
SELECT SECTOR SPDR TR XLF	XLF	4,347	$214.6k4.3k shares
ISHARES TR WOOD	WOOD	2,900	$205.8k2.9k shares
VERIZON COMMUNICATIONS INC VZ	VZ	4,036	$202.6k4.0k shares
ENTERPRISE PRODS PARTNERS L EPD	EPD	5,300	$200.6k5.3k shares
ZEBRA TECHNOLOGIES CORPORATI ZBRA	ZBRA	957	$200.1k957 shares
SOFI TECHNOLOGIES INC SOFI	SOFI	5,527	$87.8k5.5k shares
NASDAQ INC NDAQ	NDAQ	153	$13.0k153 shares
QXO INC QXO	QXO	237	$4.6k237 shares
INVITATION HOMES INC INVH	INVH	122	$3.0k122 shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	21,800	$44.9k21.8k shares	Reduced
APPLE INC AAPL · Put	AAPL	Put	1,500	$2.5k1.5k shares	New
AXSOME THERAPEUTICS INC AXSM · Put	AXSM	Put	800	$680800 shares	Reduced

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NUVEEN SELECT MAT MUN FD NIM · 13G · filed 2025-01-14	NIM	5.4%≈ $7.1m	new	13G	2025-01-14