Bristlecone Advisors, LLC

CIK

1671716

Location

SEATTLE, WA

Portfolio Value

Small $574,906,229

Diversification

Diversified

Filing Date

Global Rank

#2,403 / 7,986 ▼ 177 · as of Sep 2025

Top Industry

Software - Infrastructure 24.0%

3Y Alpha vs SPY

-4.8%

Period ended 9 months ago

Filed Oct 24, 2025 · 9mo

23 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+57.3%

SPY

+76.5%

Annualised alpha

-4.6%

Max drawdown

−19.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

124 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

20.4%

−5.7 pts

Top 5

45.8%

−4.1 pts

Top 10

61.0%

−2.1 pts

HHI

670

Diversified−219

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Technology	43.0%	$247,443,661	23
Financial Services	11.9%	$68,451,172	16
Consumer Cyclical	10.1%	$58,071,422	12
Communication Services	7.9%	$45,143,568	6
Consumer Defensive	6.0%	$34,575,789	8
Unclassified	6.0%	$34,257,459	9
Healthcare	5.6%	$32,114,484	17
Industrials	4.6%	$26,267,629	17
Energy	1.7%	$9,854,517	4
Basic Materials	1.6%	$9,413,065	6
Real Estate	0.9%	$5,006,067	4
Utilities	0.7%	$4,307,396	2

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

22 positions

Ticker	Company	Δ Shares	Shares	Value
ORCL	Oracle Corp	+2,632	3,672	$1,032,713
ABBV	AbbVie Inc.	+2,033	3,540	$819,651
GLD	Spdr Gold Trust	+1,491	2,571	$913,913
CVX	Chevron Corp	+1,391	15,257	$2,369,259
IAU	Ishares Gold Trust	+1,381	25,978	$1,890,419
WMT	Walmart Inc.	+820	5,894	$607,435
LLY	ELI LILLY & Co	+655	2,512	$1,916,656
SPY	Spdr S&P 500 ETF Trust	+580	23,981	$15,975,662
PG	PROCTER & GAMBLE Co	+390	19,880	$3,054,562
SYK	Stryker Corp	+290	1,256	$464,305
COP	Conocophillips	+284	7,655	$724,086
XOM	Exxon Mobil Corp	+280	37,531	$4,231,620
ICE	Intercontinental Exchange, Inc.	+250	2,202	$370,992
PANW	Palo Alto Networks Inc	+208	2,208	$449,592
NFLX	Netflix Inc	+192	5,650	$677,389
META	Meta Platforms, Inc.	+135	19,799	$14,539,989
ANET	Arista Networks, Inc.	+120	16,435	$2,394,743
GS	Goldman Sachs Group Inc	+58	993	$790,775
MDY	Spdr S&P Midcap 400 ETF Trust	+30	6,524	$3,888,499
UNP	Union Pacific Corp	+26	11,257	$2,660,817
SHOP	Shopify Inc.	+7	2,225	$330,657
BAC	Bank Of America Corp /De/	+3	5,999	$309,488
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
MSFT	Microsoft Corp	−89,864	226,320	$117,222,444
AMZN	Amazon Com Inc	−35,109	122,211	$26,833,869
PFE	Pfizer Inc	−26,177	49,316	$1,256,571
AAPL	Apple Inc.	−20,962	177,528	$45,203,954
WY	Weyerhaeuser Co	−13,708	42,796	$1,060,912
INTC	Intel Corp	−11,753	37,995	$1,274,732
NKE	NIKE, Inc.	−10,095	70,520	$4,917,359
NVO	Novo Nordisk A S	−8,385	6,875	$381,493
TTEK	Tetra Tech Inc	−7,907	54,506	$1,819,410
CMCSA	Comcast Corp	−7,797	44,143	$1,299,878
PYPL	PayPal Holdings, Inc.	−7,166	19,821	$1,329,196
ALB	Albemarle Corp	−6,526	6,371	$516,560
UPS	United Parcel Service Inc	−4,056	17,313	$1,446,154
UBER	Uber Technologies, Inc	−3,480	26,597	$2,605,708
BTC	Grayscale Bitcoin Mini Trust ETF	−2,826	16,046	$812,408
NVDA	Nvidia Corp	−2,754	259,999	$48,510,613
DIS	Walt Disney Co	−2,462	26,813	$3,070,088
WPM	Wheaton Precious Metals Corp.	−2,188	39,586	$4,427,298
GOOGL	Alphabet Inc.	−2,146	104,082	$25,302,334
USB	US Bancorp De	−2,111	34,879	$1,685,702
ADBE	Adobe Inc.	−2,016	7,206	$2,541,916
CRM	Salesforce, Inc.	−1,987	3,194	$756,978
SYY	Sysco Corp	−1,933	9,599	$790,381
SBUX	Starbucks Corp	−1,832	54,747	$4,631,596
MRK	Merck & Co., Inc.	−1,370	12,701	$1,065,994
No positions match the current search.

New Positions

Positions the filer opened this quarter

11 positions

Ticker	Company	Shares	Value
AVGO	Broadcom Inc.	1,828	$603,075
TMO	Thermo Fisher Scientific Inc.	694	$336,603
BMNR	Bitmine Immersion Technologies, Inc.	6,200	$321,966
ETHA	iShares Ethereum Trust ETF	9,000	$283,590
RKLB	Rocket Lab Corp	5,200	$249,132
PHM	Pultegroup Inc/Mi/	1,792	$236,776
FNV	FRANCO NEVADA Corp	1,000	$222,910
TSCO	Tractor Supply Co /De/	3,700	$210,419
GE	General Electric Co	698	$209,972
PH	Parker-Hannifin Corp	267	$202,426
RGLD	Royal Gold Inc	1,000	$200,580
No positions match the current search.

Sold Out

Positions the filer fully exited

10 positions

Ticker	Company	Shares	Value
FTNT	Fortinet, Inc.	76,451	$8,082,399
RTX	RTX Corp	25,777	$3,763,957
DG	Dollar General Corp	3,512	$401,702
MU	Micron Technology Inc	3,175	$391,318
GLDM	World Gold Trust	5,400	$353,808
TTD	Trade Desk, Inc.	3,683	$265,139
VRSK	Verisk Analytics, Inc.	700	$218,050
SANA	Sana Biotechnology, Inc.	50,000	$136,500
IBRX	ImmunityBio, Inc.	36,000	$95,040
LUMN	Lumen Technologies, Inc.	14,500	$63,510
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

124 positions · $574,906,229 total · as of Sep 30, 2025

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

Showing 1–50 of 124 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MSFT	Microsoft Corp Technology	Reduced	226,320	-89,864	$117,222,444	−25.5%	20.39%
NVDA	Nvidia Corp Technology	Reduced	259,999	-2,754	$48,510,613	+16.9%	8.44%
AAPL	Apple Inc. Technology	Reduced	177,528	-20,962	$45,203,954	+11.0%	7.86%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	122,211	-35,109	$26,833,869	−22.3%	4.67%
GOOGL	Alphabet Inc. Communication Services	Reduced	104,082	-2,146	$25,302,334	+35.2%	4.40%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	26,551	-152	$24,576,402	−7.0%	4.27%
AJG	Arthur J. Gallagher & Co. Financial Services	Held	67,794	0	$20,998,513	−3.2%	3.65%
SPY	Spdr S&P 500 ETF Trust	Added	23,981	+580	$15,975,662	+10.5%	2.78%
META	Meta Platforms, Inc. Communication Services	Added	19,799	+135	$14,539,989	+0.2%	2.53%
PLTR	Palantir Technologies Inc. Technology	Reduced	61,746	-256	$11,263,705	+33.3%	1.96%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	34,386	-766	$10,846,375	+6.4%	1.89%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	19,841	-401	$9,974,864	+1.4%	1.74%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	21,823	-1,215	$9,705,124	+32.6%	1.69%
QQQ	Invesco Qqq Trust, Series 1	Reduced	15,558	-94	$9,340,556	+8.2%	1.62%
V	Visa Inc. Financial Services	Reduced	21,983	-577	$7,504,556	−6.3%	1.31%
JNJ	Johnson & Johnson Healthcare	Reduced	39,236	-1,340	$7,275,139	+17.4%	1.27%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	16,048	-461	$6,502,489	+7.4%	1.13%
TRV	Travelers Companies, Inc. Financial Services	Reduced	19,177	-666	$5,354,601	+0.9%	0.93%
LRCX	Lam Research Corp Technology	Reduced	39,304	-1,328	$5,262,805	+33.1%	0.92%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	70,520	-10,095	$4,917,359	−14.1%	0.86%
AMGN	Amgen Inc Healthcare	Reduced	16,673	-421	$4,705,120	−1.4%	0.82%
BLK	BlackRock, Inc. Financial Services	Reduced	4,008	-75	$4,672,806	+9.1%	0.81%
SBUX	Starbucks Corp Consumer Cyclical	Reduced	54,747	-1,832	$4,631,596	−10.7%	0.81%
WPM	Wheaton Precious Metals Corp. Basic Materials	Reduced	39,586	-2,188	$4,427,298	+18.0%	0.77%
XOM	Exxon Mobil Corp Energy	Added	37,531	+280	$4,231,620	+5.4%	0.74%
CTAS	Cintas Corp Industrials	Reduced	20,475	-927	$4,202,698	−11.9%	0.73%
PEP	Pepsico Inc Consumer Defensive	Reduced	29,691	-410	$4,169,804	+4.9%	0.73%
PCAR	Paccar Inc Industrials	Reduced	41,224	-374	$4,053,143	+2.5%	0.71%
BKNG	Booking Holdings Inc. Consumer Cyclical	Reduced	736	-44	$3,973,862	+2100.1%	0.69%
MDY	Spdr S&P Midcap 400 ETF Trust	Added	6,524	+30	$3,888,499	+5.7%	0.68%
ECL	Ecolab Inc. Basic Materials	Reduced	12,688	-589	$3,474,735	−2.9%	0.60%
DHR	Danaher Corp /De/ Healthcare	Reduced	17,439	-360	$3,457,456	−1.7%	0.60%
VEEV	Veeva Systems Inc Healthcare	Reduced	11,100	-316	$3,306,801	+0.6%	0.58%
CB	Chubb Ltd Financial Services	Reduced	11,648	-363	$3,287,648	−5.5%	0.57%
NOC	Northrop Grumman Corp /De/ Industrials	Reduced	5,286	-108	$3,220,865	+19.4%	0.56%
DIS	Walt Disney Co Communication Services	Reduced	26,813	-2,462	$3,070,088	−15.4%	0.53%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	19,880	+390	$3,054,562	−1.6%	0.53%
UNH	Unitedhealth Group Inc Healthcare	Reduced	8,388	-604	$2,896,376	+3.2%	0.50%
NEE	Nextera Energy Inc Utilities	Reduced	35,912	-507	$2,710,996	+7.2%	0.47%
UNP	Union Pacific Corp Industrials	Added	11,257	+26	$2,660,817	+3.0%	0.46%
UBER	Uber Technologies, Inc Technology	Reduced	26,597	-3,480	$2,605,708	−7.1%	0.45%
HON	Honeywell International Inc Industrials	Reduced	12,867	-235	$2,552,783	−15.4%	0.44%
ADBE	Adobe Inc. Technology	Reduced	7,206	-2,016	$2,541,916	−28.8%	0.44%
EXPD	Expeditors International Of Washington Inc Industrials	Reduced	20,645	-579	$2,530,870	+4.4%	0.44%
VLO	Valero Energy Corp/Tx Energy	Reduced	14,857	-798	$2,529,552	+20.2%	0.44%
KLAC	Kla Corp Technology	Held	2,256	0	$2,433,321	+1104.1%	0.42%
ANET	Arista Networks, Inc. Technology	Added	16,435	+120	$2,394,743	+43.5%	0.42%
CVX	Chevron Corp Energy	Added	15,257	+1,391	$2,369,259	+19.3%	0.41%
ZTS	Zoetis Inc. Healthcare	Reduced	14,658	-704	$2,144,758	−10.5%	0.37%
PSA	Public Storage Real Estate	Reduced	6,846	-304	$1,977,467	−5.7%	0.34%