Vault-13

MANAGED PORTFOLIO SERIES KHPI

KENSINGTON HEDGE · ETP · CUSIP 56167N183

72 institutional holders +5 vs Q3 2025
7,857,5597.9m shares reported held*
$201.0mreported value*
11 new 48 added 9 reduced 6 sold out net bought ≈ $45.4m (+1.8m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($435.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $25.58.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 24: 9Q4 24: 33Q1 25: 53Q2 25: 54Q3 25: 67Q4 25: 7272Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 20249
Q4 202433
Q1 202553
Q2 202554
Q3 202567
Q4 202572

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q4 24: 30 bought or addedQ4 24: 3 cut or sold outQ4 24Q1 25: 39 bought or addedQ1 25: 16 cut or sold outQ1 25Q2 25: 41 bought or addedQ2 25: 17 cut or sold outQ2 25Q3 25: 56 bought or addedQ3 25: 13 cut or sold outQ3 25Q4 25: 59 bought or addedQ4 25: 15 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q4 2024303
Q1 20253916
Q2 20254117
Q3 20255613
Q4 20255915

Biggest buyers

LPL Financial LLC Added +690,938+690.9k
Bison Wealth, LLC Added +228,889+228.9k
Delta Investment Management, LLC New +199,892+199.9k
HERITAGE OAK WEALTH ADVISORS LLC Added +98,062+98.1k
Apollon Wealth Management, LLC Added +73,047+73.0k
Sigma Planning Corp Added +72,895+72.9k
Orion Porfolio Solutions, LLC Added +69,467+69.5k
Cambridge Investment Research Advisors, Inc. Added +66,705+66.7k
Ascension Capital Advisors, Inc. New +55,367+55.4k
Arete Wealth Advisors, LLC Added +45,644+45.6k

Biggest sellers

MONEY CONCEPTS CAPITAL CORP Reduced -140,737-140.7k
Sanctuary Advisors, LLC Reduced -31,954-32.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -29,077-29.1k
NATURAL INVESTMENTS, LLC Sold out -15,342-15.3k
Simplicity Wealth,LLC Sold out -12,342-12.3k
World Investment Advisors Sold out -10,973-11.0k
AQR CAPITAL MANAGEMENT LLC Sold out -10,347-10.3k
JANE STREET GROUP, LLC Reduced -9,404-9.4k
OLD MISSION CAPITAL LLC Sold out -8,520-8.5k
CPR Investments Inc. Reduced -3,905-3.9k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 2,143,1852.1m $55.0m $55.0m 0.02% Added +690.9k +690,938
2 Bison Wealth, LLC 1.75% of their portfolio ATLANTA, GA 636,929636.9k $15.5m $15.5m 1.75% Added +228.9k +228,889
3 HERITAGE OAK WEALTH ADVISORS LLC 5.54% of their portfolio SANTA ROSA BEACH, FL 580,088580.1k $15.0m $15.0m 5.54% Added +98.1k +98,062
4 Kestra Advisory Services, LLC 0.04% of their portfolio AUSTIN, TX 345,692345.7k $8.9m $8.9m 0.04% Added +22.7k +22,727
5 Apollon Wealth Management, LLC 0.14% of their portfolio MOUNT PLEASANT, SC 315,854315.9k $8.1m $8.1m 0.14% Added +73.0k +73,047
6 Prospera Financial Services Inc 0.12% of their portfolio Dallas, TX 295,745295.7k $7.6m $7.6m 0.12% Added +3.8k +3,750
7 United Advisor Group, LLC 0.76% of their portfolio CINCINNATI, OH 229,699229.7k $5.9m $5.9m 0.76% Added +1 +1
8 Atria Investments, Inc 0.06% of their portfolio Charlotte, NC 206,386206.4k $5.3m $5.3m 0.06% Added +31.6k +31,592
9 Delta Investment Management, LLC 0.89% of their portfolio SAN FRANCISCO, CA 199,892199.9k $5.1m $5.1m 0.89% New
10 CoreCap Advisors, LLC 0.18% of their portfolio SOUTHFIELD, MI 198,241198.2k $5.1m $5.1m 0.18% Added +6.6k +6,573
11 Sigma Planning Corp 0.13% of their portfolio ANN ARBOR, MI 180,041180.0k $4.6m $4.6m 0.13% Added +72.9k +72,895
12 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 174,985175.0k $4.5m $4.5m 0.01% Added +66.7k +66,705
13 HFG Wealth Management, LLC 2.44% of their portfolio The Woodlands, TX 172,621172.6k $4.4m $4.4m 2.44% Added +4.1k +4,149
14 Arete Wealth Advisors, LLC 0.27% of their portfolio CHICAGO, IL 153,837153.8k $3.9m $3.9m 0.27% Added +45.6k +45,644
15 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 134,217134.2k $3.4m $3.4m 0.00% Added +1.5k +1,504
16 Aptus Capital Advisors, LLC 0.03% of their portfolio FAIRHOPE, AL 129,772129.8k $3.3m $3.3m 0.03% Added +27.3k +27,288
17 GUARDIAN WEALTH ADVISORS, LLC / NC 0.21% of their portfolio RALEIGH, NC 129,772129.8k $3.3m $3.3m 0.21% Added +27.3k +27,288
18 Triumph Capital Management 0.57% of their portfolio DENVER, CO 102,468102.5k $2.6m $2.6m 0.57% Added +5.7k +5,730
19 Orion Porfolio Solutions, LLC 0.02% of their portfolio OMAHA, NE 88,07788.1k $2.3m $2.3m 0.02% Added +69.5k +69,467
20 Advisory Services Network, LLC 0.03% of their portfolio ATLANTA, GA 79,66279.7k $2.0m $2.0m 0.03% Added +1.5k +1,542
21 Strategic Blueprint, LLC 0.12% of their portfolio ATLANTA, GA 78,45378.5k $2.0m $2.0m 0.12% Added +22.0k +21,953
22 Concurrent Investment Advisors, LLC 0.02% of their portfolio Tampa, FL 75,61675.6k $1.9m $1.9m 0.02% Added +32.6k +32,633
23 Wealthcare Advisory Partners LLC 0.04% of their portfolio WEST CHESTER, PA 74,40874.4k $1.9m $1.9m 0.04% Added +17.3k +17,275
24 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 71,86571.9k $1.8m $1.8m 0.01% Added +11.6k +11,626
25 IFP Advisors, Inc 0.04% of their portfolio TAMPA, FL 61,87661.9k $1.6m $1.6m 0.04% Added +1.6k +1,551
26 Intrepid Financial Planning Group LLC 0.58% of their portfolio CARMEL, IN 59,64359.6k $1.5m $1.5m 0.58% Added +1.5k +1,502
27 Onyx Bridge Wealth Group LLC 0.15% of their portfolio TARRYTOWN, NY 56,16056.2k $1.4m $1.4m 0.15% Added +5.7k +5,726
28 Ascension Capital Advisors, Inc. 0.49% of their portfolio Houston, TX 55,36755.4k $1.4m $1.4m 0.49% New
29 Cornerstone Wealth Management, LLC 0.07% of their portfolio ST. PETERS, MO 50,91850.9k $1.3m $1.3m 0.07% Added +14.7k +14,669
30 CPR Investments Inc. 0.81% of their portfolio Rochester, MI 46,93846.9k $1.2m $1.2m 0.81% Reduced -3.9k -3,905
31 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 43,63343.6k $1.1m $1.1m 0.01% Reduced -32.0k -31,954
32 INDEPENDENT FINANCIAL GROUP, LLC 0.02% of their portfolio SAN DIEGO, CA 39,09639.1k $1.0m $1.0m 0.02% Reduced -3.7k -3,692
33 IFG Advisory, LLC 0.04% of their portfolio ATLANTA, GA 36,52136.5k $937.1k $937.1k 0.04% New
34 Summit Financial, LLC 0.01% of their portfolio PARSIPPANY, NJ 33,26333.3k $860.0k $860.0k 0.01% Added +9.0k +9,048
35 MONEY CONCEPTS CAPITAL CORP 0.04% of their portfolio PALM BEACH GARDENS, FL 30,39430.4k $779.9k $779.9k 0.04% Reduced -140.7k -140,737
36 Joseph P. Lucia & Associates, LLC 0.27% of their portfolio Yorktown Heights, NY 29,49729.5k $756.9k $756.9k 0.27% Added +2.9k +2,864
37 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 29,24729.2k $750.5k $750.5k 0.00% Added +776 +776
38 Diversify Advisory Services, LLC 0.02% of their portfolio SANDY, UT 28,47628.5k $734.7k $734.7k 0.02% New
39 Balefire, LLC 0.14% of their portfolio DALLAS, TX 28,46728.5k $730.5k $730.5k 0.14% Reduced -987 -987
40 Sunbelt Securities, Inc. 0.05% of their portfolio HOUSTON, TX 28,19728.2k $723.5k $723.5k 0.05% Added +7.7k +7,652
41 TITLEIST ASSET MANAGEMENT, LLC 0.05% of their portfolio SAN ANTONIO, TX 24,80024.8k $636.4k $636.4k 0.05% New
42 U.S. Capital Wealth Advisors, LLC 0.02% of their portfolio AUSTIN, TX 23,87523.9k $612.6k $612.6k 0.02% Added +1.5k +1,525
43 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 23,65323.7k $606.9k $606.9k 0.00% Added +23.0k +23,043
44 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 23,61423.6k $606.0k $606.0k 0.00% Added +3.0k +2,961
45 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 23,39923.4k $600.4k $600.4k 0.00% Added +8.9k +8,901
46 Virtue Capital Management, LLC 0.09% of their portfolio BRENTWOOD, TN 22,98523.0k $590.3k $590.3k 0.09% Added +17.8k +17,808
47 SWMG, LLC 0.16% of their portfolio FORT WORTH, TX 22,94722.9k $589.3k $589.3k 0.16% Added +4.0k +4,031
48 Arkadios Wealth Advisors 0.01% of their portfolio ATLANTA, GA 20,54520.5k $527.2k $527.2k 0.01% Added +2.6k +2,563
49 Rossby Financial, LCC 0.15% of their portfolio MELBOURNE, FL 18,60018.6k $477.3k $477.3k 0.15% Unchanged
50 Smartleaf Asset Management LLC 0.02% of their portfolio BOSTON, MA 17,62517.6k $456.8k $456.8k 0.02% Added +2.7k +2,700
51 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 17,04217.0k $437.3k $437.3k 0.00% New
52 GeoWealth Management, LLC 0.02% of their portfolio CHICAGO, IL 16,98517.0k $435.8k $435.8k 0.02% Reduced -1.7k -1,680
53 Fulcrum Equity Management 0.41% of their portfolio PLANO, TX 16,83916.8k $432.1k $432.1k 0.41% Added +236 +236
54 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 16,43016.4k $421.6k $421.6k 0.00% Added +359 +359
55 CreativeOne Wealth, LLC 0.01% of their portfolio OVERLAND PARK, KS 16,31416.3k $418.6k $418.6k 0.01% New
56 Ethos Financial Group, LLC 0.03% of their portfolio KING OF PRUSSIA, PA 13,54913.5k $347.7k $347.7k 0.03% Reduced -3.1k -3,065
57 KINGSWOOD WEALTH ADVISORS, LLC 0.02% of their portfolio SAN DIEGO, CA 12,82112.8k $329.0k $329.0k 0.02% Added +653 +653
58 Mariner, LLC 0.00% of their portfolio Overland Park, KS 12,23912.2k $314.1k $314.1k 0.00% Added +3.2k +3,197
59 J.W. COLE ADVISORS, INC. 0.01% of their portfolio TAMPA, FL 9,7739.8k $250.8k $250.8k 0.01% Added +84 +84
60 Legacy Capital Wealth Partners, LLC 0.05% of their portfolio LITTLE ROCK, AR 9,5219.5k $244.3k $244.3k 0.05% Added +193 +193
61 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 8,8458.8k $227.0k $227.0k 0.00% Reduced -9.4k -9,404
62 Ameritas Advisory Services, LLC 0.01% of their portfolio Lincoln, NE 8,5928.6k $220.5k $220.5k 0.01% New
63 Belpointe Asset Management LLC 0.01% of their portfolio RENO, NV 8,4008.4k $215.5k $215.5k 0.01% Unchanged
64 Fortis Capital Advisors, LLC 0.03% of their portfolio PRAIRIE VILLAGE, KS 8,4008.4k $215.5k $215.5k 0.03% Unchanged
65 Ausdal Financial Partners, Inc. 0.01% of their portfolio Davenport, IA 8,0398.0k $206.3k $206.3k 0.01% Reduced -217 -217
66 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio ORLANDO, FL 7,3087.3k $187.5k $187.5k 0.01% New
67 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,9875.0k $128.0k $128.0k 0.00% Added +1.3k +1,261
68 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 785785 $20.1k $20.1k 0.00% Added +720 +720
69 Bogart Wealth, LLC 0.00% of their portfolio MCLEAN, VA 213213 $5.5k $5.5k 0.00% New
70 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 147147 $4.0k $4.0k 0.00% Added +2 +2
71 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 6060 $1.5k $1.5k 0.00% Unchanged
72 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 1414 $359 $359 0.00% New