Vault-13

UNIFIED SER TR MGMT

BALLAST SMLMD CP · ETP · CUSIP 90470L550

47 institutional holders +4 vs Q3 2025
2,676,2532.7m shares reported held*
$118.7mreported value*
4 new 10 added 17 reduced 3 sold out net bought ≈ $11.9m (+268.2k 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 ≈ $44.35.

Trends to Q4 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: 43Q4 25: 4747Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 202547

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 25 bought or addedQ1 24: 11 cut or sold outQ2 24: 25 bought or addedQ2 24: 11 cut or sold outQ2 24Q3 24: 18 bought or addedQ3 24: 16 cut or sold outQ4 24: 20 bought or addedQ4 24: 14 cut or sold outQ4 24Q1 25: 22 bought or addedQ1 25: 17 cut or sold outQ2 25: 17 bought or addedQ2 25: 17 cut or sold outQ2 25Q3 25: 20 bought or addedQ3 25: 22 cut or sold outQ4 25: 14 bought or addedQ4 25: 20 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242511
Q2 20242511
Q3 20241816
Q4 20242014
Q1 20252217
Q2 20251717
Q3 20252022
Q4 20251420

Biggest buyers

Dakota Wealth Management New +148,718+148.7k
Cape Investment Advisory, Inc. New +80,791+80.8k
Rockefeller Capital Management L.P. Added +78,300+78.3k
HighTower Advisors, LLC Added +19,024+19.0k
CPC Advisors, LLC Added +15,326+15.3k
Tactive Advisors, LLC Added +9,037+9.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +9,010+9.0k
Summit Asset Management, LLC New +7,650+7.7k
First City Capital Management, Inc. Added +4,863+4.9k
RAYMOND JAMES FINANCIAL INC Added +1,997+2.0k

Biggest sellers

GTS SECURITIES LLC Reduced -26,811-26.8k
STIFEL FINANCIAL CORP Reduced -21,546-21.5k
TWO SIGMA INVESTMENTS, LP Sold out -11,100-11.1k
CITADEL ADVISORS LLC Sold out -10,337-10.3k
NATIONS FINANCIAL GROUP INC, /IA/ /ADV Reduced -7,883-7.9k
Sanctuary Advisors, LLC Reduced -7,088-7.1k
Waverly Advisors, LLC Reduced -7,016-7.0k
HRT FINANCIAL LP Sold out -6,463-6.5k
Hedeker Wealth, LLC Reduced -2,914-2.9k
LPL Financial LLC Reduced -2,731-2.7k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CPC Advisors, LLC 3.01% of their portfolio Atlanta, GA 673,261673.3k $29.8m $29.8m 3.01% Added +15.3k +15,326
2 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 209,289209.3k $9.3m $9.3m 0.02% Added +78.3k +78,300
3 Englebert Financial Advisers, LLC 7.65% of their portfolio Allentown, PA 150,049150.0k $6.7m $6.7m 7.65% First filing
4 Dakota Wealth Management 0.12% of their portfolio PALM BEACH GARDENS, FL 148,718148.7k $6.6m $6.6m 0.12% New
5 First City Capital Management, Inc. 3.40% of their portfolio SAVANNAH, GA 145,021145.0k $6.4m $6.4m 3.40% Added +4.9k +4,863
6 Weaver Consulting Group 1.46% of their portfolio HUNTINGTON BEACH, CA 134,570134.6k $6.0m $6.0m 1.46% Reduced -2.0k -2,016
7 Hedeker Wealth, LLC 1.15% of their portfolio Lincolnshire, IL 123,366123.4k $5.5m $5.5m 1.15% Reduced -2.9k -2,914
8 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 107,187107.2k $4.8m $4.8m 0.01% Added +19.0k +19,024
9 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 104,999105.0k $4.7m $4.7m 0.00% Reduced -21.5k -21,546
10 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 104,815104.8k $4.6m $4.6m 0.00% Added +2.0k +1,997
11 Cape Investment Advisory, Inc. 1.10% of their portfolio MCDONOUGH, GA 80,79180.8k $3.6m $3.6m 1.10% New
12 Waverly Advisors, LLC 0.03% of their portfolio BIRMINGHAM, AL 79,00579.0k $3.5m $3.5m 0.03% Reduced -7.0k -7,016
13 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 78,62778.6k $3.5m $3.5m 0.00% Reduced -2.5k -2,491
14 Thomasville National Bank 0.19% of their portfolio THOMASVILLE, GA 69,30569.3k $3.1m $3.1m 0.19% Added +1.8k +1,789
15 Tactive Advisors, LLC 0.80% of their portfolio Jacksonville, FL 61,56961.6k $2.7m $2.7m 0.80% Added +9.0k +9,037
16 Employees' Retirement Fund of the City of Fort Worth 1.13% of their portfolio FORT WORTH, TX 56,80056.8k $2.5m $2.5m 1.13% Unchanged
17 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 39,68439.7k $1.8m $1.8m 0.01% Reduced -2 -2
18 Argent Trust Co 0.06% of their portfolio NASHVILLE, TN 36,68036.7k $1.6m $1.6m 0.06% Added +1.9k +1,914
19 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 32,55832.6k $1.4m $1.4m 0.00% Reduced -402 -402
20 BENJAMIN EDWARDS INC 0.01% of their portfolio Clayton, MO 26,95927.0k $1.2m $1.2m 0.01% Reduced -331 -331
21 NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.06% of their portfolio CEDAR RAPIDS, IA 24,88324.9k $1.1m $1.1m 0.06% Reduced -7.9k -7,883
22 Pursuit Wealth Management LLC 0.94% of their portfolio Palm Beach Gardens, FL 24,74824.7k $1.1m $1.1m 0.94% First filing
23 Miller Global Investments, LLC 0.64% of their portfolio DALLAS, TX 16,02016.0k $710.2k $710.2k 0.64% First filing
24 Krilogy Financial LLC 0.03% of their portfolio ST. LOUIS, MO 15,54915.5k $745.0k $745.0k 0.03% Reduced -202 -202
25 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 15,08515.1k $668.7k $668.7k 0.00% Added +9.0k +9,010
26 Pure Financial Advisors, LLC 0.01% of their portfolio SAN DIEGO, CA 14,05414.1k $623.0k $623.0k 0.01% Reduced -69 -69
27 Heritage Trust Co 0.06% of their portfolio OKLAHOMA CITY, OK 13,27713.3k $588.6k $588.6k 0.06% Unchanged
28 Frontier Asset Management, LLC 0.09% of their portfolio SHERIDAN, WY 8,9729.0k $397.7k $397.7k 0.09% Unchanged
29 GTS SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 8,2298.2k $364.8k $364.8k 0.01% Reduced -26.8k -26,811
30 Capital Advisors, Ltd. LLC 0.04% of their portfolio SHAKER HEIGHTS, OH 7,8827.9k $349.0k $349.0k 0.04% Unchanged
31 VeraBank, N.A. 0.06% of their portfolio HENDERSON, TX 7,8247.8k $346.8k $346.8k 0.06% Reduced -28 -28
32 Summit Asset Management, LLC 0.05% of their portfolio MEMPHIS, TN 7,6507.7k $339.1k $339.1k 0.05% New
33 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 7,4037.4k $328.2k $328.2k 0.00% Reduced -7.1k -7,088
34 SpringVest Wealth Management LLC 0.22% of their portfolio DALLAS, TX 7,2837.3k $322.9k $322.9k 0.22% Added +274 +274
35 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 5,6955.7k $252.5k $252.5k 0.00% Reduced -2.7k -2,731
36 QUANTIFY CHAOS ADVISORS, LLC 0.71% of their portfolio BROOKLYN, NY 5,2845.3k $234.2k $234.2k 0.71% First filing
37 Atlas Brown,Inc. 0.07% of their portfolio LOUISVILLE, KY 5,0005.0k $221.7k $221.7k 0.07% Unchanged
38 U.S. Capital Wealth Advisors, LLC 0.01% of their portfolio AUSTIN, TX 5,0005.0k $221.7k $221.7k 0.01% Unchanged
39 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 4,5794.6k $203.0k $203.0k 0.00% Reduced -353 -353
40 COMERICA BANK 0.00% of their portfolio DALLAS, TX 3,6323.6k $161.0k $161.0k 0.00% Unchanged
41 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 3,3223.3k $147.3k $147.3k 0.00% Unchanged
42 HARBOR INVESTMENT ADVISORY, LLC 0.00% of their portfolio LUTHERVILLE, MD 655655 $29.0k $29.0k 0.00% Unchanged
43 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 389389 $17.2k $17.2k 0.00% Reduced -800 -800
44 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 273273 $12.1k $12.1k 0.00% Unchanged
45 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 179179 $7.9k $7.9k 0.00% Unchanged
46 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 9999 $4.4k $4.4k 0.00% New
47 FMR LLC 0.00% of their portfolio BOSTON, MA 3434 $1.5k $1.5k 0.00% Unchanged