Bear Mountain Capital Q2 2026 Portfolio Activity: Strategic Shifts in ETF Holdings

Portfolio Performance Overview

Bear Mountain Capital reported a total portfolio value of $345.19 million as of June 30, 2026.

Equity Holdings Changes

The fund demonstrated significant activity in its equity holdings during the quarter:

• Purchased Vanguard Mid Cap ETF (VO), increasing shares by approximately 50.5k or +307.88%, which likely contributed to portfolio growth.
• Increased exposure to short-term national municipal bonds via SUB. This iShares fund saw a substantial share increase, potentially benefiting from favorable tax-exempt yields.
• Bolstered its position in EAFE Small Cap stocks through SCZ, adding about 10k shares (3.04% change) to this global small-cap equity holding.
• Enhanced its Treasury ETF allocation via VGSH. The fund increased Vanguard Short-Term Treasury ETF holdings by over 8k shares, suggesting a tactical move towards safer fixed income during the quarter.
• Grew Emerging Markets exposure with VWO, adding nearly 7k shares (2.08% change) to this developing market equity holding.

Fixed Income and International ETF Adjustments

In the fixed income space, Bear Mountain Capital made several noteworthy adjustments:

• Maintained its position in VCSH despite a slight share decrease. Vanguard Short-Term Corporate Bond ETF saw a small reduction (-0.83%) but remains allocated at 6.71%.
• Reduced exposure to the Vanguard Total International Bond ETF (BNDX), which experienced a minor share decline during the quarter.

Sector-Specific Actions

The investor's filing indicates activity across multiple sectors:

• Energy Sector: The fund added shares in UR-ENERGY INC COM (URG), a small position that represents a 100% increase, though it remains negligible at just 0.0% allocation.
• Municipal Bonds: Following the significant increase in SUB (+9.06%), Bear Mountain Capital exited its MUB holding almost entirely (-99.96%). This suggests a strategic shift away from traditional taxable munis towards tax-exempt options or other asset classes, though no direct replacement was disclosed.
• Real Estate: The fund maintained its Vanguard REIT ETF (VNQ) position while also adding to the smaller Global ex-US REIT holding (VNQI).

No Disclosures for Certain Asset Classes

Bear Mountain Capital did not report any changes in holdings within several sectors:

• Technology Sector: No change activity was disclosed, maintaining the status quo.
• Consumer Cyclical and Communication Services Sectors: Similarly, no purchase or sale actions were indicated for these categories.

In summary, Bear Mountain Capital's portfolio saw modest growth this quarter. The fund favored adding to its exposure in short-term fixed income (SUB, VGSH) and specific equity ETFs (VO, SCZ, VWO), while strategically reducing its position in MUB. For detailed analysis of individual holdings like Vanguard Mid Cap ETF or iShares ESG Aware Bond, please visit their respective pages on InsiderSet.