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Asset Manager ← All Institutions

Refined Wealth Management

515 SOUTH 1000 E SUITE L-2, SALT LAKE CITY, UT 84102 • 385.351.0200

Q4 2025 · Filed 2026-01-15
Market Value
$149M
-4.6%
Holdings
43
+7
New Purchases
7
Added To
21
Closed
1
Reduced
8
Top 10 Concentration
75.6%
Turnover
18.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
QQQ 10.60% 9.44% +1.16% $16M
VSGX 11.51% 10.73% +0.77% $17M
VEA 1.06% 0.32% +0.74% $2M
GLD 4.41% 3.73% +0.69% $7M
VTV 8.33% 7.79% +0.54% $12M
RSP 0.41% 0.00% +0.41% $606K
VWO 0.35% 0.00% +0.35% $520K
XMAG 0.53% 0.22% +0.31% $780K
MSFT 0.28% 0.00% +0.28% $423K
NVDA 0.86% 0.59% +0.27% $1M
SRLN 6.11% 5.85% +0.26% $9M
BNDX 10.18% 9.96% +0.22% $15M
VOT 0.21% 0.00% +0.21% $319K
AMZN 0.80% 0.61% +0.19% $1M
VBK 0.19% 0.00% +0.19% $285K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COIN 8.91% 12.59% -3.68% $13M
ENVX 3.98% 5.12% -1.14% $6M
BITB 6.40% 7.51% -1.11% $10M
OSTK 1.53% 2.62% -1.08% $2M
XRPI 1.24% 1.79% -0.55% $2M
IBIT 0.00% 0.15% -0.15% $0
ETN 0.14% 0.15% -0.02% $204K
URG 0.01% 0.01% -0.00% $15K

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 83.5%
Energy 10.0%
Industrials 3.3%
Consumer Cyclical 1.8%
Technology 1.2%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 14 $40M 27.1%
Large Cap 14 $54M 36.4%
Mid Cap 10 $43M 29.2%
Small Cap 3 $8M 5.5%
Micro Cap 2 $3M 1.8%

Portfolio Analytics

Avg Market Cap
$615.4B
Median Market Cap
$60.6B
Avg P/E
65.2
Median P/E
32.8
Avg Dividend Yield
0.00%
Avg Beta
1.28
# Stocks
16
# ETFs / Funds
27

Top Holdings (43 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VSGX 11.51% 238,673 $17M $71.62 $389K -2,138 -0.9%
2 QQQ 10.60% 25,626 $16M $614.31 $1M +1,153 +4.7%
3 BNDX 10.18% 313,035 $15M $48.32 -$380K -468 -0.1%
4 COIN 8.91% 58,518 $13M $226.14 -$6M +462 +0.8%
5 VTV 8.33% 64,777 $12M $190.99 $250K -224 -0.3%
6 BITB 6.40% 199,766 $10M $47.56 -$2M +12,038 +6.4%
7 SRLN 6.11% 219,927 $9M $41.27 -$35K +802 +0.4%
8 BIV 5.14% 98,070 $8M $77.88 -$312K -3,727 -3.7%
9 GLD 4.41% 16,547 $7M $396.31 $760K +238 +1.5%
10 ENVX 3.98% 807,937 $6M $7.31 -$2M +8,647 +1.1%
11 VCLT 3.41% 66,754 $5M $75.85 -$194K -945 -1.4%
12 TLT 3.40% 58,006 $5M $87.16 -$214K -956 -1.6%
13 VO 2.61% 13,363 $4M $290.21 -$9K +131 +1.0%
14 VB 2.46% 14,167 $4M $257.94 $71K +75 +0.5%
15 OSTK 1.53% 417,346 $2M $5.46 -$2M +1,288 +0.3%
16 XRPI 1.24% 174,132 $2M $10.57 -$939K +13,281 +8.3%
17 VEA 1.06% 25,152 $2M $62.47 $1M +16,948 +206.6%
18 NVDA 0.86% 6,810 $1M $186.50 $359K +1,925 +39.4%
19 VOO 0.83% 1,966 $1M $627.18 $31K +3 +0.1%
20 NULG 0.82% 12,510 $1M $97.80 -$20K +5 +0.0%
21 AMZN 0.80% 5,132 $1M $230.82 $242K +839 +19.5%
22 AAPL 0.59% 3,211 $873K $271.89 $147K +361 +12.7%
23 FTSM 0.57% 14,209 $852K $59.93 -$36K -602 -4.1%
24 XMAG 0.53% 34,566 $780K $22.57 $440K +19,216 +125.2%
25 RSP 0.41% 3,162 $606K $191.56 +3,162 NEW
26 UNP 0.38% 2,459 $569K $231.29 -$8K +19 +0.8%
27 VWO 0.35% 9,677 $520K $53.76 +9,677 NEW
28 META 0.33% 735 $485K $660.09 $215K +367 +99.7%
29 BRK-B 0.29% 860 $432K $502.65 -$77
30 MSFT 0.28% 875 $423K $483.62 +875 NEW
31 TSLA 0.22% 741 $333K $449.72 $36K +73 +10.9%
32 VOT 0.21% 1,143 $319K $279.14 +1,143 NEW
33 VBK 0.19% 942 $285K $302.11 +942 NEW
34 GLDM 0.18% 3,072 $262K $85.37 $27K
35 BND 0.18% 3,517 $261K $74.07 +3,517 NEW
36 SUSA 0.17% 1,812 $252K $139.34 $4K -21 -1.1%
37 XSOE 0.16% 6,048 $236K $39.02 $7K +9 +0.1%
38 ETN 0.14% 641 $204K $318.51 -$36K
39 AVGO 0.14% 581 $201K $346.10 +581 NEW
40 NXE 0.07% 11,000 $101K $9.20 $3K
41 DNN 0.02% 10,850 $29K $2.66 -$977
42 URG 0.01% 10,800 $15K $1.39 -$4K
43 IBIT —% -$228K -3,510 -100.0% SOLD

New Positions

SymbolValue% Port
RSP $606K 0.41%
VWO $520K 0.35%
MSFT $423K 0.28%
VOT $319K 0.21%
VBK $285K 0.19%
BND $261K 0.18%
AVGO $201K 0.14%

Sold Out Positions

SymbolValue% Port
IBIT —%
View SEC EDGAR Filings for Refined Wealth Management →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms