Smithfield Trust Co

Smithfield Trust Co spent Q1 2026 hedging itself, placing a 3x inverse Nasdaq fund beside its own long QQQ stake within a $2.3 billion, 1,329-position book of mostly Vanguard and iShares building blocks — bonds, U.S. equity by market-cap tier, and international funds account for $1.44 billion of the total. The quarter's most distinctive addition is ProShares' UltraPro Short QQQ (SQQQ), a 3x leveraged inverse Nasdaq-100 fund: a brand-new $9.1 million position that sits alongside the trust's own long QQQ exposure, effectively functioning as a hedge against its own tech-heavy holdings rather than a directional bet on the market falling. Elsewhere, the trust built up short-duration, cash-like positions — the ultra-short Treasury fund SGOV rose 15.0% ($6.8 million), short-term government bonds VGSH rose 4.9% ($5.8 million), and short-municipal fund SUB rose 21.8% ($2.3 million) — a modest tilt toward liquidity and reduced duration. Churchill Downs was sold entirely (-$9.2 million), and in a detail that says more about position size than strategy, the trust sold exactly one share of Berkshire Hathaway Class A stock, worth $683,857, out of a 22-share holding.