May 4, 2026: Early-Deadline RIA Window — Tevis Flags 11.9% Treasury Hedge as S&P 500 Sits at 7,230

Executive Summary

As of May 4, 2026, The 13F Tracker Desk has processed 30 SEC Form 13F-HR filings, with two substantive portfolios accounting for the day's analyzable institutional flow: Consilio Wealth Advisors, LLC ($342.4M AUM, 101 positions) and Tevis Investment Management ($175.6M AUM, 99 positions). The remaining 28 filings — predominantly small RIAs and a handful of insurance and bank entities — were filed without complete holdings detail in our parsed feed and have been flagged for re-ingestion. Today's read is therefore narrow but instructive: both of the two complete filings show an ETF-anchored core combined with selective single-stock conviction, a configuration that has been the signature of the early-May 13F window for two consecutive quarters.

The single most compelling signal in today's data set is Tevis Investment Management's 11.9% portfolio allocation to the Goldman Sachs ETF Trust ACCES Treasury Reserves position ($20.9M, accession 0001986152-26-000056) — the largest single-name concentration we flagged today and a defensive duration/cash posture meaningful enough to clear our >10% concentration threshold. Consilio Wealth Advisors, by contrast, anchored its book in iShares Core S&P 500 ETF (IVV, $65.5M, 19.1% of portfolio) plus Vanguard FTSE Developed Markets ETF (VEA, $31.0M, 9.1%) — a textbook beta-and-international-tilt model portfolio that contributes little incremental flow signal but quantifies how RIA capital is positioned heading into Q2 2026.

These filings reflect Q1 2026 positions (period ending March 31, 2026) reported under the SEC's 45-day window that closes May 15, 2026 — meaning today's filers are 11 days ahead of the deadline crowd, a behavioral pattern typical of smaller advisory shops that batch their compliance work early. Today's top signals, ranked by analytical weight: (1) Tevis Investment Management — 11.9% concentration in Goldman Sachs Treasury ETF, the day's only >10% single-name concentration; (2) Tevis — 5.5% position in Berkshire Hathaway Class B (BRK.B, $9.6M) plus 3.8% in Coca-Cola Europacific Partners (CCEP, $6.7M), classic Buffett-adjacent income tilt; (3) Consilio Wealth Advisors — 19.1% position in iShares Core S&P 500 (IVV) confirming retail-RIA passive bias; (4) Tevis — Apple (AAPL, $5.9M) ranked above Microsoft (MSFT, $5.5M) and Alphabet (GOOGL, $5.0M), unusual ordering for a value-tilted book; (5) cross-fund consensus on MSFT — both filings rank Microsoft inside the top 10. We are explicit on the timing caveat throughout: Q1 2026 holdings as reported today may already have shifted materially given the S&P 500's run from 7,041 (April 16) to 7,230 (May 1), a 2.7% advance during the reporting lag.

The 13F Tracker Desk's read on today's data: it is a low-volume, advisory-shop window, which does not invalidate the signal — small RIAs collectively manage trillions and their positioning matters for retail flows — but it does mean that the more significant Q1 2026 13Fs from the major hedge funds (Bridgewater, Renaissance, Citadel, Millennium, Tiger Global, Berkshire Hathaway, Pershing Square, ValueAct) are still ahead of us and likely cluster between May 11 and May 15 as the deadline approaches.

Today In Numbers

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Notable Filer Deep Dives

Consilio Wealth Advisors, LLC — $342.4M AUM

• Filing: 13F-HR, filed May 4, 2026, period of report Q1 2026 (March 31, 2026), SEC EDGAR (accession 0001986152-26-000060)
• Portfolio summary: 101 positions totaling $342.4M. Top 5 holdings — IVV (19.1%), VEA (9.1%), MSFT (7.2%), AMZN (6.9%), QQQ (5.1%) — represent 47.4% of the book. ETFs occupy seven of the top 10 positions.
• Top 10 holdings table:

Rank	Company (Ticker)	Shares	Value ($M)	% of Portfolio

|---|---|---|---|---|

• What changed: This is the first Consilio filing in our index, so quarter-over-quarter comparison is not yet available. Today's snapshot becomes the desk's baseline; future editions will benchmark against it.
• Sector allocation: Other (predominantly ETFs) 75.7%, Technology 19.7%, Automotive 1.7%, Healthcare 0.9%, Consumer 0.7%, Financials 0.6%, Energy 0.5%, Communications 0.1%. The Technology figure understates true tech exposure, since IVV and QQQ both carry meaningful tech weights internally (IVV ~32% tech, QQQ ~58% tech).
• The signal: A model-portfolio shop. The combination of broad-market beta (IVV, VEA, VT, QQQ, VO), short-duration TIPS (STIP), investment-grade credit (LQD), and dividend value (CGDV) is the signature of a fee-based RIA building diversified retirement allocations on top of two single-stock convictions (MSFT, AMZN). Concentration risk is structural rather than tactical: the top two ETFs alone are 28.2% of the book. Read this filing as a snapshot of advisor capital, not active alpha generation.

Tevis Investment Management — $175.6M AUM

• Filing: 13F-HR, filed May 4, 2026, period of report Q1 2026 (March 31, 2026), SEC EDGAR (accession 0001986152-26-000056)
• Portfolio summary: 99 positions totaling $175.6M. Top 5 holdings — Goldman Sachs ETF Trust ACCES Treasury (11.9%), Berkshire Hathaway Class B (BRK.B, 5.5%), Coca-Cola Europacific Partners (CCEP, 3.8%), Apple (AAPL, 3.3%), Johnson & Johnson (JNJ, 3.2%) — represent 27.7% of the book. Materially more diversified than Consilio.
• Top 10 holdings table:

Rank	Company (Ticker)	Shares	Value ($M)	% of Portfolio

|---|---|---|---|---|

• What changed: This is the first Tevis filing in our index. Quarter-over-quarter delta is not available; today's snapshot becomes our baseline.
• Sector allocation: Other 53.9%, Financials 13.6%, Technology 12.5%, Consumer 7.8%, Healthcare 5.5%, Energy 4.0%, Communications 2.6%. The Financials figure is dominated by the Goldman Sachs Treasury vehicle (cash-equivalent, not equity beta), so true equity-Financials exposure is substantially lower than the headline 13.6%.
• The signal: A defensive, value-and-dividend tilted advisory portfolio. The combination of an 11.9% Treasury ETF allocation, classic Buffett-adjacent names (BRK.B, CCEP, JNJ), megacap dividend international (Unilever ADR, Medtronic Ireland-domiciled), and only token positions in growth (AAPL above MSFT and GOOGL, NVDA at #10 instead of top-3) reads as a manager paid to preserve capital and harvest dividends rather than chase the AI capex theme. The 11.9% Treasury weight is the day's most actionable concentration — it tells us this advisor has chosen to reduce equity beta heading into Q2 2026.

Sector Flow Analysis

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The dominant signal is the 68.4% concentration in Other — a category that is functionally ETFs and pooled vehicles — confirming that the early-deadline 13F window is dominated by RIAs rather than concentrated-stock-picker hedge funds. Active-equity exposure clusters in Technology (17.3% of total parsed value), with both filers holding MSFT and Consilio adding AMZN as a single-stock conviction. Energy and Communications exposure is structurally low at this AUM tier; Financials exposure is misleading because most of it is Tevis's cash-equivalent Treasury ETF rather than directional bank equity.

The most analytically interesting cross-fund signal is the divergence between Consilio's Technology weight (driven by MSFT and AMZN single-stock positions inside a broadly-passive book) and Tevis's Technology weight (which is split across AAPL, MSFT, GOOGL, NVDA but with smaller dollar amounts each). Consilio is making a concentrated megacap-tech-via-single-name bet; Tevis is making a more diversified single-name tech allocation but explicitly subordinated to its Treasury ETF defensive sleeve. These are two coherent strategies using overlapping names with materially different risk profiles.

What we are NOT seeing today: rotation into Energy, into traditional Financials (Tevis's headline Financials weight is misleading — it is Goldman's Treasury vehicle, not bank stocks), or into any small/mid-cap thematic. Both portfolios are megacap-anchored, which is consistent with the broader 2025-2026 advisor-channel pattern.

Activist And Concentration Watch

The day's single qualifying observation under our >10% single-name concentration threshold is:

• Tevis Investment Management — 11.9% in Goldman Sachs ETF Trust ACCES Treasury Reserves (accession 0001986152-26-000056). At $20.9M of a $175.6M portfolio, this is a defensive cash-equivalent allocation rather than a directional equity bet. Context: the Goldman Sachs ACCESS Treasury 0-1 Year Treasury Bond ETF is a short-duration government cash vehicle yielding broadly in line with 4-week T-bills. An 11.9% allocation here is consistent with a manager parking risk-off cash while waiting for a re-entry signal. Catalyst to watch: any sub-10% drawdown of this position in the next quarterly filing would suggest Tevis re-deployed cash into equities; an increase above 15% would suggest accelerated de-risking.

No filings today qualify under the other Activist & Concentration Watch criteria:

• New positions >$100M: None observed. The largest single-name (non-cash) position was Consilio's IVV at $65.5M, which is an index ETF rather than a thesis-driven name.
• Known activists (Icahn, Ackman, Elliott, Starboard, Pershing Square, ValueAct, Trian, Third Point): No filings from any of these institutions today. Q1 2026 13Fs from major activist funds typically arrive in the May 11-15 deadline cluster, and we will watch for them in the upcoming editions.
• 13D/13G cross-reference: Neither Consilio nor Tevis individually holds a >5% economic stake in any single issuer based on today's reported share counts — Consilio's 100,345 IVV shares are a fraction of IVV's roughly 3.5B outstanding shares, and Tevis's BRK.B share count is similarly de minimis relative to the float.

The takeaway is procedural rather than substantive: today's filers do not include any of the institutions whose flow we systematically track for activist signals. The desk note is to wait — the deadline-cluster filings in the next 7-11 trading days will include the institutions that drive 13D/13G follow-through, and that is where the activist signal will appear if it appears at all this quarter.

Contrarian Signals

Identifying contrarian signals from today's two parseable filings is structurally constrained: with only two portfolios, divergence-style smart-money-split analysis has limited leverage. We flag two observations that meet our contrarian-signal definition with the explicit caveat that signal strength is moderate.

Tevis Investment Management's 11.9% Treasury allocation against a rising S&P 500 (7,230 on May 1, 2026, near record highs). The contrarian read: an advisor adding cash-equivalent exposure as the index trends higher is either taking profits (defensive de-risking near highs) or expressing a view that current equity multiples are unattractive. The bull case for Tevis's positioning: at S&P 7,230, forward P/E is in the 22-23x band — historically a setup where mean-reversion risk is meaningful, and a 4-5% short-Treasury yield offers a reasonable opportunity cost while waiting for a better entry. The bear case for the same positioning: parking 11.9% in T-bills locks in a real return below long-run equity returns and may compound underperformance through 2026 if the rally extends, particularly given the VIX at 16.89 (a complacent tape, not a fearful one). We do not take a side; we flag that this is the day's only meaningful contrarian-flavored allocation.

Consilio Wealth Advisors' 19.1% IVV concentration against the same backdrop. The contrarian read here is the inverse of Tevis: adding capital to broad-market beta near record highs is the consensus advisor trade, but the size of the single allocation (nearly 20% of the book) is unusual for a 101-position portfolio. The bull case: IVV captures cap-weighted megacap leadership cleanly; passive flows into IVV have been net-positive every week of Q1 2026, suggesting flow tailwind that persists irrespective of valuation. The bear case: IVV's top-five constituents (NVDA, MSFT, AAPL, AMZN, GOOGL) account for roughly 27% of the index by weight, so a 19.1% IVV position effectively layers an additional ~5% portfolio weight onto a megacap-tech basket that is also held individually elsewhere in the book (Consilio holds MSFT and AMZN directly). This is concentration risk through layering — a pattern we will watch for in subsequent advisor filings.

We note no smart-money divergence on individual names today: Microsoft (MSFT) is the only name held by both filers, and both rank it inside their top 10 — that is consensus, not divergence.

What To Watch This Week

The institutional positioning revealed today must be evaluated against the following catalysts in the May 4-15, 2026 window:

1. May 5-7 — Regional bank Q1 2026 earnings tail. Coverage relevance: Tevis's Goldman Sachs Treasury ETF position is sensitive to short-rate guidance baked into bank earnings calls. A hawkish surprise from regional bank Q1 prints could compress the GS Treasury allocation's relative attractiveness if it pushes yield expectations lower.

2. May 7, 2026 — FOMC minutes release (April 28-29 meeting). The April meeting maintained the 3.64% fed funds rate (latest reading April 30). Minutes that signal a slower path to additional cuts would be net-negative for short-duration Treasury positions like Tevis's GS ACCESS Treasury holding and net-positive for IVV's megacap weighting (Consilio's largest position).

3. May 8, 2026 — University of Michigan preliminary consumer sentiment for May. Consumer-discretionary positioning in today's filings is light (Consumer sector was 3.1% of total parsed value), so a sentiment surprise has limited direct exposure but matters for the AMZN position (Consilio's #4 holding) given e-commerce sensitivity.

4. May 11-15, 2026 — Q1 2026 13F filing deadline cluster. This is the most critical week for our coverage. The major hedge funds (Bridgewater, Renaissance, Citadel, Millennium, Tiger Global, Berkshire Hathaway, Pershing Square, ValueAct, Elliott, Icahn, Third Point) typically file in the final 4 days. Today's RIA-heavy filing day will be dwarfed in informational content by next week's deluge. The 13F Tracker Desk will publish daily editions tracking filings as they hit EDGAR.

5. CRITICAL — May 15, 2026 — SEC 13F-HR filing deadline (Q1 2026, period ending March 31). All institutional managers with at least $100M in qualifying U.S. equity AUM must file by this date. Historical pattern: 60-70% of total filings arrive in the final 72 hours. The desk will publish expedited editions on May 12, May 13, May 14, and May 15 to capture deadline-cluster flow, with priority routing for any activist or notable-fund filings.

6. Microsoft (MSFT) — Build 2026 developer conference, May 19-22, 2026. Both Consilio (7.2% position) and Tevis (3.1% position) hold MSFT. Build 2026 is a catalyst event for AI-product roadmap announcements; today's Q1 positioning will be re-examined in our coverage when Q2 13Fs arrive (filing window opens July 1).

7. NVIDIA (NVDA) — Q1 fiscal 2027 earnings, late May 2026 (date TBC, historically third week of May). Tevis holds NVDA at 2.4% of portfolio. Consilio's IVV exposure indirectly adds approximately 1.4% NVDA weight on a look-through basis. Earnings will validate or invalidate the megacap-AI thesis underpinning the Technology sector dominance in today's filings.

Bottom Line

The institutional money is in early-deadline RIA mode today — broad-market ETFs as core allocation, single-stock megacap conviction (MSFT held by both filers, AMZN by Consilio, AAPL by Tevis), and one notable defensive flag in Tevis's 11.9% Treasury ETF position that runs counter to the prevailing risk-on tape (S&P 500 at 7,230, VIX at 16.89, Fed funds at 3.64%). Two themes dominate: first, the early-May 13F window is structurally a small-AUM advisor window, and the substantive hedge fund flow we cover is still ahead of us in the May 11-15 deadline cluster; second, even within today's narrow data set, both filers anchor in megacap tech via different paths — Consilio through IVV plus single-name MSFT/AMZN, Tevis through diversified tech single names subordinated to a Treasury cash sleeve — confirming that megacap leadership remains the consensus base case across the advisor channel. The single filing a portfolio manager should read in full today is Tevis Investment Management's 13F-HR (accession 0001986152-26-000056) — the 11.9% Goldman Sachs Treasury ETF allocation against a record-high tape is the day's most analytically interesting positioning decision and the only allocation in today's data set that materially diverges from consensus advisor behavior.