VISION FINANCIAL MARKETS LLC

Vision Financial Markets LLC entered 2026 with a $102M 13F that reads unlike most funds at this scale — a deliberate two-tier portfolio where concentrated thematic bets sit alongside hundreds of satellite positions, and where a new rate-duration overlay signals the manager takes seriously. Apple (AAPL) leads single-stock commitments at $7.5M (7.3% of the fund), followed by AutoZone (AZO, $6.2M, 6.1%) and AutoNation (AN, $2.8M, 2.8%) — the two automotive-retail names appear together at the top of the book because they map onto a single, persistent narrative about American auto consumer health and the maintenance-cycle economics that benefit both used-car retail and parts retail simultaneously. That pairing is the book's most distinctive structural signal: two positions that share a directory but are not both in the S&P 500, held at meaningful combined weight (nearly 9%) by a manager who has committed capital across 425 securities. JPMorgan Chase (JPM, 4.7%) and Berkshire Hathaway (BRK/B, 2.8%) provide financial-services exposure at the concentrated core; Amazon (AMZN, 3.8%) supplies consumer-cyclical direction. Anchoring the other side of the barbell is a large equity-beta overlay made up of QQQ (9.1%, the single largest holding), SPY (9.0%), and what has become the most interesting new Q1 commitment: a $5.9M position in iShares 20+ Year Treasury (TLT, 5.9%) alongside a 19% trimmed TBIL short-term treasury position. The simultaneous addition of long-duration government exposure and the reduction of short-term T-bill commitment constitutes a deliberate move up the yield curve — the manager's rate view is that the +6 month portion of the curve is the current opportunity, not the short end. Seven new names appeared in Q1 — ZIM Integrated Shipping, Public Storage, Palindrome Therapeutics, AGNC Investment, Palo Alto Networks, and two smaller picks — spanning logistics, real estate, biotech, mortgage REITs, and cybersecurity. The sector breadth of new additions does not support reading them as a single thematic rotation; they read as opportunistic, conviction-shaped positions funded by the controlled reduction of seven names. The fund's whaleScore of 48.50 reflects its $102M scale; what the score doesn't capture is the degree to which concentrated names — AZO/AN together, AAPL, JPM, the new TLT call — suggest a manager using the long tail as a container for smaller directional trades, not as the strategy itself.