Comprehensive Financial Management LLC

Comprehensive Financial Management's Q1 2026 13F is a $3.01B, 38-position portfolio whose identity is defined by extreme concentration in two technology names — PayPal ($1.18B, 39.0% of AUM, -$354.9M, -0.9% shares) and eBay ($913.3M, 30.3%, essentially flat) together account for 69.3% of AUM — alongside a 16.4% gold position ($493.8M SPDR Gold Trust, -$38.9M but +4.5% shares — value decline is mark-to-market, share increase is an active add of 1.1M shares) and a small-cap value satellite (IWD $44.9M, IWN $43.7M, VBR $40.1M — all three iShares/Vanguard small-and-mid-cap value ETFs increased in shares). The AUM dropped from $3.32B in Q4 2025 to $3.01B in Q1 2026 (-$304M, -9.2%), and the sole large trade was a $354.9M reduction in PayPal - the portfolio's anchor position fell from $1.53B (46.1% of AUM) to $1.18B (39.0%), a 12.8-percentage-point weight reduction that freed substantial capital. The offset was modest: gold was increased in share terms (+4.5% GLD), the small-cap value ETFs were each increased 1-5% in shares, and four new exploratory positions opened (VXF $3.8M, StubHub $2.1M, Eikon Therapeutics $1.2M, Figure Technology $255K) while four tiny positions were sold (Alphabet $4.7M, UnitedHealth $1.0M, Vicarious Surgical $150K, FiscalNote $124K). At a 77.25 whaleScore on $3.01B, this is best read as a concentrated long-term equity fund that held its largest positions (PayPal and eBay) through a difficult Q1, took partial profits on PayPal to reduce single-name concentration risk, and added to its gold-and-small-cap-value hedges while the AUM contracted from outflows.