Alhambra Investment Management Llc Portfolio Shifts: Q2 2026 Insights

During the second quarter of 2026 (Q2), Alhambra Investment Management Llc experienced a dynamic shift in its investment strategy. The portfolio saw both strategic additions and reductions across various sectors.

The investor's holdings were actively managed, with several positions showing significant changes:

• FNDX (SCHWAB STRATEGIC TR) experienced a substantial decrease in shares (-34915), representing an 8.13% reduction from the previous quarter.
• DGRO (ISHARES TR) also saw a notable decline, with -6207 shares and a -5.62% change percentage.
• GOOGL (ALPHABET INC), despite being in the Technology sector, showed a moderate decrease of -496 shares (-2.63%).
• COST (COSTCO WHOLESALE CORPORATION) decreased slightly by -153 shares (-0.71%) but remains a core holding.

Conversely, the portfolio saw strong inflows into certain Exchange-Traded Funds:

• BNDW (VANGUARD SCOTTSDALE FDS) increased by 18250 shares (+26.52%), indicating renewed confidence in this fund.
• VGSH (VANGUARD SCOTTSDALE FDS) added significantly with +20564 shares (+26.77%).
• FNDF (SCHWAB STRATEGIC TR) saw a decrease, while PALL (ABRDN PALLADIUM ETF TRUST) and PPLT (ABRDN PLATINUM ETF TRUST) showed substantial increases.
• FREY, T1 ENERGY INC, experienced a 100% increase in shares (+13388), suggesting it was recently added to the portfolio.

The investor also demonstrated interest in specific individual stocks:

• PATH (UIPATH INC) saw its position increased by +10000 shares (+100.0%), making it a new addition or significantly expanded stake.
• NTCT (NETSCOUT SYS INC) was added with an increase of +5962 shares (+100.0%).
• ERIC (TELEFONAKTIEBOLAGET LM ERICS) experienced a significant reduction (-5627 shares, -25.28%), indicating divestment.

In terms of sector allocation changes during Q2:

• The Technology sector saw adjustments including the addition of PATH, expansion into precious metals via PALL and PPLT, and reduction in specific ETFs like DGRO.
• GOOGL (Communication Services) decreased slightly, while COST (Consumer Defensive) saw a minor reduction.
• BNDW, VGSH, and FNDF are all funds primarily categorized under Financial Services, showing that the investor is actively managing its exposure within this broad category as well.

The overall portfolio management during Q2 involved balancing gains in certain areas with reductions elsewhere. The holding count increased to 178 positions, reflecting a diversified approach or adjustments due to performance and market conditions.