INSPIRE Trust Co's $648M Q1 2026 filing occupies a middle ground between passive indexing and active management — roughly 53% of the book is wrapped in ETFs (IEMG, IEFA, IJT, VOT, SPMD) while the remaining 47% is dispersed across 58 single-name equities with meaningful weights in Technology ($122M combined in AVGO, AAPL, MSFT, GOOG, ORCL, IBM, CSCO), Energy (CVX, NEE, NEE, SLB, OXY, SHEL, SRE at $76M), and Financial Services (JPM, V, C, MS, STT, TFC, BAC, PLD, WY at $78M). The Q1 changes are most revealing: the manager added heavily to the emerging-markets and international ETF sleeves — IEMG up $4.97M (+21% shares) and IEFA up $2.67M (+12% shares) — while simultaneously opening new single-name energy positions in Occidental Petroleum (OXY, $7.2M), Shell (SHEL, $6.0M), and Linde (LIN, $6.0M). Within the tech book, Oracle was the standout mover — share count jumped 67% to $9.3M in value — while Apple, Broadcom, and Visa all received sizeable additions. The deletions are equally instructive: AT&T lost $143K in value through a 12% share reduction, Verizon was trimmed 17%, and Johnson & Johnson, NextEra, and Williams Cos were all decreased — a consistent pattern of reducing rate-sensitive utilities and telecom while adding cyclical energy and cloud-tech names. The portfolio's sector tilt betrays a clear conviction: the manager is positioning for a stronger dollar and higher-rate environment by compressing rate-sensitive utilities and telecom and building commodity-energy and software exposure.
The ETF core makes up roughly 53% of AUM and is the portfolio's ballast. IEMG (iShares Core MSCI Emerging Markets, $24.4M, 3.8%) and IEFA (iShares Core MSCI EAFE, $23.4M, 3.6%) received the largest additions in Q1 — both in dollar terms and percentage share increases — which is a meaningful signal that the manager believes international equities are cheap relative to US large-cap on a forward-earnings basis. IJT (iShares S&P Small-Cap 600 Growth, $14.8M, 2.3%) and VOT (Vanguard Mid-Cap Growth, $10.4M, 1.6%) were also increased, suggesting the rotation is not simply US-vs-international but large-to-smaller-cap within the US book as well. SPMD (SPDR S&P 400 Mid-Cap, $7.7M) was the only ETF sleeve added from scratch. This consistent ETF-side buying across regions and caps reads as a deliberate beta-overlay decision — the manager wants more equity exposure broadly, but is doing it efficiently through index vehicles rather than building out the single-name research required to own 400 additional names directly.
The single-name equity sleeve is dense (roughly 55 names) and sector-balanced, but the Q1 delta inside it is unambiguous. Energy received three new positions: Occidental Petroleum (OXY, $7.2M), Shell (SHEL, $6.0M), and Linde (LIN, $6.0M — an industrial gases company with energy nexus exposure). Combined with existing positions in Chevron ($13.9M, the book's largest energy name, up 26% in dollar value despite a slight share reduction), SLB (Schlumberger, $7.6M), Williams Cos ($7.5M), NextEra ($13.6M), Sempra ($7.0M), and OGE Energy ($6.3M), the energy-and-utilities book went from roughly 5% of total AUM to over 12% in a single quarter. That is not a hedge — at these weights it is a directional bet, and the simultaneous reduction in NEE ($1.1M less) and Williams ($577K less) alongside the new OXY/SHEL sleeves signals that the manager is rotating utility-style defensive energy into higher-beta E&P and LNG names.