STEEL GROVE CAPITAL ADVISORS, LLC

Steel Grove Capital Advisors LLC entered 2026 with a $949M 13F that reads as an actively managed large-cap equity portfolio using ETF vehicles as its primary expression layer — not as a passive proxy. The distinguishing signal is not a single stock pick but a four-vehicle beta stack: Vanguard S&P 500 (VOO, 22.9%), Invesco QQQ (15.7%), iShares Core S&P 500 (IVV, 1.8%), and SPDR S&P 500 (SPY, 0.4%) together occupy roughly 41% of the book, which would be passive-looking in isolation. But the QQQ history breaks that reading: QQQ was sold in its entirety during Q4 2025 (a $159M exit) and then reinstated in Q1 2026 at $149M — a complete out-and-back cycle within two quarters that only an active vehicle-selection process produces. Nvidia (NVDA, 8.6%, $81.4M) leads single-stock convictions followed by Alphabet Class A (GOOGL, 5.6%, $53.2M) and Meta (META, 2.6%, $24.9M) — all three names are held at weights a passive core would not concentrate on simultaneously. The most strategically unusual position in the book is the Distillate US Fundamental Stability & Value ETF (DSTL, 3.8%, $35.9M) — an explicitly fundamentally weighted vehicle that sits inside a cap-weight-heavy framework, signaling the manager's belief that some part of equity exposure should be sized by cash-flow quality rather than market cap. iShares Bitcoin Trust (IBIT, 1.8%, $17.4M) provides active crypto-beta; its $5.1M reduction during Q1 as Bitcoin prices pulled back is a coherent tactical adjustment. With $210M (22% of book) deployed into a concentrated single-stock active overlay and a whaleScore of 62.75 calibrated for genuine concentration, this fund should be read as an active equity allocator — and its filerType null is a classification gap worth filling.