Vault-13

UNIFIED SER TR MGMT

BALLAST SMLMD CP · ETP · CUSIP 90470L550

43 institutional holders +2 vs Q2 2025
2,444,8402.4m shares reported held*
$107.6mreported value*
8 new 12 added 17 reduced 5 sold out net sold ≈ $19.8m (-450.5k 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. Holder counts are more reliable. Implied quarter-end price ≈ $44.03.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 24Q4 22: 22Q1 23: 22Q2 23: 23Q3 23: 30Q4 23: 35Q1 24: 39Q2 24: 39Q3 24: 39Q4 24: 40Q1 25: 39Q2 25: 41Q3 25: 4343Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202224
Q4 202222
Q1 202322
Q2 202323
Q3 202330
Q4 202335
Q1 202439
Q2 202439
Q3 202439
Q4 202440
Q1 202539
Q2 202541
Q3 202543

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 23: 24 bought or addedQ4 23: 9 cut or sold outQ1 24: 25 bought or addedQ1 24: 11 cut or sold outQ1 24Q2 24: 25 bought or addedQ2 24: 11 cut or sold outQ3 24: 18 bought or addedQ3 24: 16 cut or sold outQ3 24Q4 24: 20 bought or addedQ4 24: 14 cut or sold outQ1 25: 22 bought or addedQ1 25: 17 cut or sold outQ1 25Q2 25: 17 bought or addedQ2 25: 17 cut or sold outQ3 25: 20 bought or addedQ3 25: 22 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023249
Q1 20242511
Q2 20242511
Q3 20241816
Q4 20242014
Q1 20252217
Q2 20251717
Q3 20252022

Biggest buyers

Employees' Retirement Fund of the City of Fort Worth New +56,800+56.8k
Tactive Advisors, LLC Added +44,848+44.8k
CPC Advisors, LLC Added +24,591+24.6k
Krilogy Financial LLC New +15,751+15.8k
Lokken Investment Group LLC Added +11,263+11.3k
TWO SIGMA INVESTMENTS, LP New +11,100+11.1k
CITADEL ADVISORS LLC New +10,337+10.3k
Sanctuary Advisors, LLC Added +7,088+7.1k
HRT FINANCIAL LP New +6,463+6.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +6,075+6.1k

Biggest sellers

HighTower Advisors, LLC Reduced -284,011-284.0k
Rockefeller Capital Management L.P. Reduced -126,373-126.4k
STIFEL FINANCIAL CORP Reduced -89,606-89.6k
Cape Investment Advisory, Inc. Sold out -77,215-77.2k
SPC Financial, Inc. Sold out -27,953-28.0k
U.S. Capital Wealth Advisors, LLC Reduced -16,450-16.4k
Integrated Advisors Network LLC Sold out -10,915-10.9k
RAYMOND JAMES FINANCIAL INC Reduced -8,400-8.4k
Janney Montgomery Scott LLC Reduced -6,046-6.0k
Frontier Asset Management, LLC Reduced -5,919-5.9k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CPC Advisors, LLC 3.06% of their portfolio Atlanta, GA 657,935657.9k $29.0m $29.0m 3.06% Added +24.6k +24,591
2 Lokken Investment Group LLC 3.52% of their portfolio LEWES, DE 232,897232.9k $10.3m $10.3m 3.52% Added +11.3k +11,263
3 First City Capital Management, Inc. 3.33% of their portfolio SAVANNAH, GA 140,158140.2k $6.2m $6.2m 3.33% Added +505 +505
4 Weaver Consulting Group 1.53% of their portfolio HUNTINGTON BEACH, CA 136,586136.6k $6.0m $6.0m 1.53% Added +4.2k +4,223
5 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 130,989131.0k $5.8m $5.8m 0.01% Reduced -126.4k -126,373
6 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 126,545126.5k $5.6m $5.6m 0.01% Reduced -89.6k -89,606
7 Hedeker Wealth, LLC 1.16% of their portfolio Lincolnshire, IL 126,280126.3k $5.6m $5.6m 1.16% Added +1.5k +1,496
8 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 102,818102.8k $4.5m $4.5m 0.00% Reduced -8.4k -8,400
9 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 88,16388.2k $3.9m $3.9m 0.00% Reduced -284.0k -284,011
10 Waverly Advisors, LLC 0.04% of their portfolio BIRMINGHAM, AL 86,02186.0k $3.8m $3.8m 0.04% Added +864 +864
11 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 81,11881.1k $3.6m $3.6m 0.00% Reduced -4.0k -3,960
12 Thomasville National Bank 0.19% of their portfolio THOMASVILLE, GA 67,51667.5k $3.0m $3.0m 0.19% Reduced -104 -104
13 Employees' Retirement Fund of the City of Fort Worth 0.61% of their portfolio FORT WORTH, TX 56,80056.8k $2.5m $2.5m 0.61% New
14 Tactive Advisors, LLC 0.65% of their portfolio Jacksonville, FL 52,53252.5k $2.3m $2.3m 0.65% Added +44.8k +44,848
15 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 39,68639.7k $1.7m $1.7m 0.01% Reduced -3.0k -3,043
16 GTS SECURITIES LLC 0.06% of their portfolio NEW YORK, NY 35,04035.0k $1.5m $1.5m 0.06% Added +3.1k +3,139
17 Argent Trust Co 0.05% of their portfolio NASHVILLE, TN 34,76634.8k $1.5m $1.5m 0.05% Reduced -834 -834
18 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 32,96033.0k $1.5m $1.5m 0.00% Reduced -6.0k -6,046
19 NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.09% of their portfolio CEDAR RAPIDS, IA 32,76632.8k $1.4m $1.4m 0.09% Reduced -1.5k -1,484
20 BENJAMIN EDWARDS INC 0.01% of their portfolio Clayton, MO 27,29027.3k $1.2m $1.2m 0.01% Reduced -811 -811
21 Krilogy Financial LLC 0.03% of their portfolio ST. LOUIS, MO 15,75115.8k $685.5k $685.5k 0.03% New
22 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 14,49114.5k $599.7k $599.7k 0.00% Added +7.1k +7,088
23 Pure Financial Advisors, LLC 0.01% of their portfolio SAN DIEGO, CA 14,12314.1k $622.1k $622.1k 0.01% Added +940 +940
24 Heritage Trust Co 0.06% of their portfolio OKLAHOMA CITY, OK 13,27713.3k $584.9k $584.9k 0.06% Unchanged
25 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 11,10011.1k $489.0k $489.0k 0.00% New
26 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 10,33710.3k $455.3k $455.3k 0.00% New
27 Frontier Asset Management, LLC 0.10% of their portfolio SHERIDAN, WY 8,9729.0k $395.2k $395.2k 0.10% Reduced -5.9k -5,919
28 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 8,4268.4k $371.2k $371.2k 0.00% Reduced -237 -237
29 Capital Advisors, Ltd. LLC 0.04% of their portfolio SHAKER HEIGHTS, OH 7,8827.9k $347.0k $347.0k 0.04% Added +3.0k +3,032
30 VeraBank, N.A. 0.06% of their portfolio HENDERSON, TX 7,8527.9k $345.9k $345.9k 0.06% Reduced -1.7k -1,705
31 SpringVest Wealth Management LLC 0.23% of their portfolio DALLAS, TX 7,0097.0k $308.7k $308.7k 0.23% Added +50 +50
32 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 6,4636.5k $284.0k $284.0k 0.00% New
33 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 6,0756.1k $267.6k $267.6k 0.00% New
34 Atlas Brown,Inc. 0.07% of their portfolio LOUISVILLE, KY 5,0005.0k $220.2k $220.2k 0.07% New
35 U.S. Capital Wealth Advisors, LLC 0.01% of their portfolio AUSTIN, TX 5,0005.0k $220.2k $220.2k 0.01% Reduced -16.4k -16,450
36 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 4,9324.9k $217.3k $217.3k 0.00% New
37 COMERICA BANK 0.00% of their portfolio DALLAS, TX 3,6323.6k $160.0k $160.0k 0.00% Reduced -27 -27
38 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 3,3223.3k $146.3k $146.3k 0.00% Unchanged
39 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,1891.2k $52.5k $52.5k 0.00% Unchanged
40 HARBOR INVESTMENT ADVISORY, LLC 0.00% of their portfolio LUTHERVILLE, MD 655655 $28.9k $28.9k 0.00% Reduced -440 -440
41 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 273273 $12.0k $12.0k 0.00% Unchanged
42 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 179179 $7.9k $7.9k 0.00% Unchanged
43 FMR LLC 0.00% of their portfolio BOSTON, MA 3434 $1.5k $1.5k 0.00% Unchanged