TCP Asset Management, LLC

Twenty-eight increased positions in one quarter looks like aggressive buying - until you notice that share counts across TCP Asset Management's ETF book rose in near-lockstep: roughly 35-46% in IVV, DIA, QQQ, FTSM and AGG alike. That is the signature of client inflows being deployed pro-rata into existing model portfolios, and it accounts for most of the jump from $593.5M to $778.0M in reported 13F assets. The lines that broke the pattern are where the actual decisions live: THY, a Northern Lights Trust fund, more than doubled (+110% in shares) to become the No. 3 position at 5.8%; iShares S&P 500 Growth (IVW) was slashed 93% against the inflow tide; and tech sector fund XLK was trimmed 16%. Fourteen new positions point the fresh capital in one direction - international dividend and emerging-market equity via DTH, FEM, SPDW and SPEM (nearly $40M combined), oil services (OIH), metals and miners (XME), long Treasuries (TLT) and a Sprott physical gold stake (PHYS) grown to 3.0% of the book. Strip out the mechanical scaling and this Q1 2026 filing reads as a deliberate lean away from concentrated U.S. growth beta and toward value, real assets and geographic breadth - though the U.S. large-cap core, still north of 40% of the portfolio across overlapping trackers, remains firmly in place.