FULTON BREAKEFIELD BROENNIMAN LLC

Registered adviser

CIK

1119254

Location

Bethesda, MD

Portfolio Value

Mid $1,697,159,715

Diversification

Diversified

Filing Date

Global Rank

#1,718 / 8,814 ▲ 165

Top Industry

Semiconductors 17.6%

Period ended 4 months ago

Filed Aug 3, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 108967

Roster of Oct 1, 2026

Regulatory AUM

$2,394,809,702

Main clients

Individuals and high net worth (99% of AUM)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$2,394,809,702	Individuals and high net worth (99%)
Apr 2025 to Mar 2026	$2,161,443,887	Individuals and high net worth (99%)
Mar 2024 to Mar 2025	$1,867,509,000	Individuals and high net worth (99%)
May 2023 to Feb 2024	$1,636,130,105	Individuals and high net worth (99%)
Apr 2023	$1,636,130,105	Individuals and high net worth (99%)
Apr 2022 to Mar 2023	$1,806,000,000	Individuals and high net worth (99%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 63.0% of the book (60%+)

Turnover

Low turnover

23.0% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 20.2 quarters (12+), a floor since 49.4% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2026-06-30, active share 63.4%; sector active share 32.8% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

208 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

28.1%

+17.3 pts

Top 5

48.0%

+13.1 pts

Top 10

63.0%

+10.5 pts

HHI

973

Diversified+587

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	42.2%	$715,455,334	80
Technology	21.7%	$368,200,014	30
Consumer Cyclical	7.1%	$120,956,550	12
Financial Services	7.1%	$119,778,573	19
Communication Services	6.3%	$106,163,195	8
Healthcare	5.9%	$100,264,212	13
Industrials	5.8%	$98,885,543	21
Basic Materials	1.4%	$23,568,003	3
Energy	1.1%	$18,233,773	4
Utilities	1.0%	$16,361,221	6
Consumer Defensive	0.5%	$8,851,911	10
Real Estate	0.0%	$441,386	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
SPIP	State Street(R) SPDR(R) Portfolio TIPS ETF	+261,991	426,017	$10,940,116
VEA	Vanguard FTSE Developed Markets ETF	+163,003	1,355,730	$96,595,762
GLDM	World Gold Trust	+110,159	451,102	$35,826,520
NVDA	Nvidia Corp	+58,948	319,367	$63,902,143
IJR	iShares Core S&P Small-Cap ETF	+36,313	475,919	$70,583,546
AVGO	Broadcom Inc.	+16,336	73,277	$27,680,386
ISRG	Intuitive Surgical Inc	+14,136	15,677	$6,234,429
IBDW	iShares iBonds Dec 2031 Term Corporate ETF	+13,047	134,439	$2,801,708
IBDV	iShares iBonds Dec 2030 Term Corporate ETF	+11,493	177,115	$3,861,107
IBDX	iShares iBonds Dec 2032 Term Corporate ETF	+10,078	88,568	$2,231,027
IBDZ	iShares iBonds Dec 2034 Term Corporate ETF	+8,687	45,351	$1,181,393
IBDY	iShares iBonds Dec 2033 Term Corporate ETF	+7,912	66,715	$1,717,577
IWF	iShares Russell 1000 Growth ETF	+7,458	8,209	$1,019,311
IBDS	iShares iBonds Dec 2027 Term Corporate ETF	+6,712	196,600	$4,761,652
IBDT	iShares iBonds Dec 2028 Term Corporate ETF	+6,548	166,941	$4,215,260
RSP	Victory Portfolios II	+6,546	35,828	$7,623,123
IBDU	iShares iBonds Dec 2029 Term Corporate ETF	+6,139	151,144	$3,500,495
IBDR	iShares iBonds Dec 2026 Term Corporate ETF	+5,827	254,470	$6,165,808
DVY	iShares Select Dividend ETF	+4,495	26,312	$4,112,565
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX FUND	+2,644	3,022	$361,189
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF	+2,325	89,168	$3,781,614
MUB	iShares National Muni Bond ETF	+1,565	70,889	$7,629,074
QQQ	Invesco Qqq Trust, Series 1	+1,337	15,535	$11,439,974
ASML	Asml Holding NV	+963	15,547	$30,929,822
VRT	Vertiv Holdings Co	+898	34,625	$11,593,142
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
BRK-B	Berkshire Hathaway Inc	−217,298	49,763	$24,900,907
NEE	Nextera Energy Inc	−64,934	161,033	$14,133,866
AGG	iShares Core U.S. Aggregate Bond ETF	−58,089	340,140	$33,667,057
PGR	Progressive Corp	−36,272	73,708	$16,101,512
DHR	Danaher Corp	−35,599	10,347	$1,970,896
ABBV	AbbVie Inc.	−21,305	61,728	$15,533,233
AAPL	Apple Inc.	−10,203	289,696	$83,826,434
IEF	iShares 7-10 Year Treasury Bond ETF	−8,469	5,656	$534,887
V	Visa Inc.	−8,327	75,535	$25,915,303
EOG	Eog Resources Inc	−8,232	87,862	$11,398,337
SYK	Stryker Corp	−6,390	42,649	$13,427,611
—		−6,018	390,591	$9,776,492
IJH	iShares Core S&P Mid-Cap ETF	−5,483	888,514	$68,513,314
GOOGL	Alphabet Inc.	−5,482	217,294	$77,654,356
WCN	Waste Connections, Inc.	−5,280	53,369	$8,896,078
AMZN	Amazon Com Inc	−5,037	223,906	$53,365,756
SAP	Sap SE	−4,072	27,921	$4,302,905
PFF	iShares Preferred and Income Securities ETF	−3,981	405,687	$12,369,396
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−3,269	157,528	$75,230,646
PSK	State Street(R) SPDR(R) ICE Preferred Securities ETF	−2,919	22,593	$689,764
APO	Apollo Global Management, Inc.	−2,730	119,506	$14,138,754
NFLX	Netflix Inc	−2,655	163,764	$11,692,749
MSFT	Microsoft Corp	−2,608	175,620	$65,509,772
LOW	Lowes Companies Inc	−2,507	76,239	$16,809,937
CSCO	Cisco Systems, Inc.	−2,409	7,229	$849,118
No positions match the current search.

New Positions

Positions the filer opened this quarter

19 positions

Ticker	Company	Shares	Value
JCPI	JPMorgan Inflation Managed Bond ETF	238,292	$11,402,272
XPO	XPO, Inc.	35,805	$7,350,408
NULG	Nuveen ESG Large-Cap Growth ETF	5,051	$591,270
NULV	Nuveen ESG Large-Cap Value ETF	11,715	$585,632
INTC	Intel Corp	3,123	$436,064
PANW	Palo Alto Networks Inc	1,244	$424,228
GLW	Corning Inc	1,421	$362,966
MELI	Mercadolibre Inc	200	$339,478
KLAC	Kla Corp	1,070	$322,829
IYW	iShares, Inc.	1,100	$277,453
CSX	Csx Corp	5,013	$238,267
IBCA	iShares iBonds Dec 2035 Term Corporate ETF	9,275	$237,532
WST	West Pharmaceutical Services Inc	635	$227,965
VOE	VANGUARD MID-CAP VALUE INDEX FUND	1,081	$213,605
SHW	Sherwin Williams Co	608	$209,346
DGRO	iShares Core Dividend Growth ETF	2,758	$209,028
MTUM	iShares MSCI USA Momentum Factor ETF	609	$208,783
NET	Cloudflare, Inc.	830	$203,582
JCI	Johnson Controls International plc	1,372	$200,462
No positions match the current search.

Sold Out

Positions the filer fully exited

11 positions

Ticker	Company	Shares	Value
SPGI	S&P Global Inc.	21,786	$9,266,456
NOW	ServiceNow, Inc.	38,917	$4,068,772
VBIL	Vanguard Institutional Index Funds	4,676	$353,739
HON	Honeywell International Inc	1,175	$265,585
MRSH	Marsh & Mclennan Companies, Inc.	1,417	$245,778
T	At&T Inc.	8,174	$236,964
BSX	Boston Scientific Corp	3,603	$226,088
DTE	Dte Energy Co	1,444	$211,141
SLV	iShares Silver Trust	2,975	$202,716
PFE	Pfizer Inc	7,123	$200,013
TIP	iShares TIPS Bond ETF	75,812	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

208 tracked positions · $1,697,159,715 total · filing declares 208 positions · $1,696,555,297 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 208 positions by value · page 1 of 5

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
IVV	iShares Core S&P 500 ETF	Reduced	230,377	-1,152	$172,527,031	—	26+	before history	10.17%
VEA	Vanguard FTSE Developed Markets ETF	Added	1,355,730	+163,003	$96,595,762	+26.4%	19	$57.75	5.69%
AAPL	Apple Inc. Technology	Reduced	289,696	-10,203	$83,826,434	+10.1%	17	$157.13	4.94%
GOOGL	Alphabet Inc. Communication Services	Reduced	217,294	-5,482	$77,654,356	+21.2%	26+	before history	4.58%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	157,528	-3,269	$75,230,646	+38.4%	16	$92.50	4.43%
IJR	iShares Core S&P Small-Cap ETF	Added	475,919	+36,313	$70,583,546	—	26+	before history	4.16%
IJH	iShares Core S&P Mid-Cap ETF	Reduced	888,514	-5,483	$68,513,314	—	26+	before history	4.04%
MSFT	Microsoft Corp Technology	Reduced	175,620	-2,608	$65,509,772	−0.7%	26+	before history	3.86%
NVDA	Nvidia Corp Technology	Added	319,367	+58,948	$63,902,143	+40.7%	25	unpriced	3.77%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	223,906	-5,037	$53,365,756	+11.9%	17	unpriced	3.14%
LLY	ELI LILLY & Co Healthcare	Reduced	30,025	-537	$36,012,888	+28.1%	26+	before history	2.12%
GLDM	World Gold Trust	Added	451,102	+110,159	$35,826,520	+13.4%	6	$90.52	2.11%
AGG	iShares Core U.S. Aggregate Bond ETF	Reduced	340,140	-58,089	$33,667,057	—	26+	before history	1.98%
USIG	iShares Broad USD Investment Grade Corporate Bond ETF	Reduced	652,977	-864	$33,491,190	—	13	unpriced	1.97%
HWM	Howmet Aerospace Inc. Industrials	Reduced	124,256	-2,271	$33,407,468	+14.6%	10	$61.57	1.97%
ASML	Asml Holding NV Technology	Added	15,547	+963	$30,929,822	+60.6%	18	$895.40	1.82%
AVGO	Broadcom Inc. Technology	Added	73,277	+16,336	$27,680,386	+57.1%	10	$332.57	1.63%
V	Visa Inc. Financial Services	Reduced	75,535	-8,327	$25,915,303	+2.2%	26+	before history	1.53%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	49,763	-217,298	$24,900,907	−80.5%	17	$433.09	1.47%
LIN	Linde PLC Basic Materials	Reduced	44,423	-716	$23,052,871	+3.0%	14	$334.95	1.36%
TJX	Tjx Companies Inc Consumer Cyclical	Reduced	137,691	-1,962	$20,860,186	−6.5%	26+	before history	1.23%
JPM	Jpmorgan Chase & Co Financial Services	Added	59,000	+58	$19,312,470	+11.4%	26+	before history	1.14%
UNH	Unitedhealth Group Inc Healthcare	Reduced	41,408	-1,252	$17,210,407	+49.1%	26+	before history	1.01%
LOW	Lowes Companies Inc Consumer Cyclical	Reduced	76,239	-2,507	$16,809,937	−9.7%	26+	before history	0.99%
SPY	Spdr S&P 500 ETF Trust	Reduced	22,490	-506	$16,794,857	+12.3%	26+	before history	0.99%
PGR	Progressive Corp Financial Services	Reduced	73,708	-36,272	$16,101,512	−26.1%	26+	before history	0.95%
ABBV	AbbVie Inc. Healthcare	Reduced	61,728	-21,305	$15,533,233	−14.0%	26+	before history	0.92%
AXP	American Express Co Financial Services	Reduced	45,916	-337	$15,531,087	+11.0%	17	$231.80	0.92%
VIG	Vanguard Specialized Funds	Reduced	64,034	-555	$15,151,725	+9.1%	19	$179.57	0.89%
GD	General Dynamics Corp Industrials	Reduced	40,420	-1,118	$14,318,380	+0.4%	10	$267.69	0.84%
APO	Apollo Global Management, Inc. Financial Services	Reduced	119,506	-2,730	$14,138,754	+3.8%	10	$106.30	0.83%
NEE	Nextera Energy Inc Utilities	Reduced	161,033	-64,934	$14,133,866	−32.7%	26+	before history	0.83%
SYK	Stryker Corp Healthcare	Reduced	42,649	-6,390	$13,427,611	−16.7%	26+	before history	0.79%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	47,038	-2,219	$12,714,841	−16.9%	26+	before history	0.75%
PFF	iShares Preferred and Income Securities ETF	Reduced	405,687	-3,981	$12,369,396	—	26+	before history	0.73%
IWM	iShares Russell 2000 ETF	Reduced	39,926	-344	$11,995,766	—	26+	before history	0.71%
NFLX	Netflix Inc Communication Services	Reduced	163,764	-2,655	$11,692,749	−26.9%	15	unpriced	0.69%
VRT	Vertiv Holdings Co Industrials	Added	34,625	+898	$11,593,142	+37.2%	3	$177.34	0.68%
QQQ	Invesco Qqq Trust, Series 1	Added	15,535	+1,337	$11,439,974	+39.6%	17	$443.21	0.67%
JCPI	JPMorgan Inflation Managed Bond ETF	NEW	238,292	NEW	$11,402,272	NEW	1	$48.34	0.67%
EOG	Eog Resources Inc Energy	Reduced	87,862	-8,232	$11,398,337	−18.0%	5	$114.34	0.67%
SPIP	State Street(R) SPDR(R) Portfolio TIPS ETF	Added	426,017	+261,991	$10,940,116	+156.4%	13	$25.85	0.64%
GWW	W.W. Grainger, Inc. Industrials	Reduced	7,302	-129	$9,933,640	+22.5%	6	$1,034.06	0.59%
		Reduced	390,591	-6,018	$9,776,492	−1.3%	26+	before history	0.58%
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Reduced	86,879	-1,667	$9,475,892	—	26+	before history	0.56%
WCN	Waste Connections, Inc. Industrials	Reduced	53,369	-5,280	$8,896,078	−6.6%	7	$181.98	0.52%
HLT	Hilton Worldwide Holdings Inc. Consumer Cyclical	Reduced	24,638	-25	$8,141,873	+8.6%	3	$272.52	0.48%
MUB	iShares National Muni Bond ETF	Added	70,889	+1,565	$7,629,074	—	26+	before history	0.45%
RSP	Victory Portfolios II	Added	35,828	+6,546	$7,623,123	+35.6%	26+	before history	0.45%
XPO	XPO, Inc. Industrials	NEW	35,805	NEW	$7,350,408	NEW	1	$211.61	0.43%

Showing the top 50 of 208 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.