Crestwood Advisors' $5.94B Q1 Book Anchors Mega-Cap Tech; Mount Lucas Tilts to Value & EM, Providence Goes Bond-Heavy

Executive Summary

As of May 6, 2026, The 13F Tracker Desk has parsed thirty Form 13F-HR filings dated May 5, 2026, reporting Q1 2026 (period ending March 31, 2026) institutional positions. The single largest book disclosed today is Crestwood Advisors Group, LLC (CIK 0001426853), a Boston-based registered investment adviser with approximately $5.94 billion in 13F-reported assets across 869 positions. Crestwood's Q1 2026 portfolio, filed under accession 0001426853-26-000002, is anchored by a $353 million Apple Inc. (AAPL) position representing 5.94% of the book — the firm's largest single equity holding — followed by a $284 million iShares Core S&P 500 ETF (IVV) sleeve at 4.78% and a $209 million Alphabet Inc. Class A (GOOGL) stake at 3.51%. The mega-cap tech concentration is consistent with the broader RIA channel's Q1 2026 positioning into a market that, as we flagged, closed Q1 with the S&P 500 trading near 7,200 and finished May 5 at 7,259.22.

We flagged two additional Q1 2026 filings with full-portfolio detail. Mount Lucas Management LP (CIK 0001185072), a multi-strategy manager with roughly $271 million in 13F assets across 167 positions (accession 0001140361-26-019022), reports a striking 11.05% portfolio weight in the Invesco S&P 500 Pure Value ETF (RPV) and a 7.09% weight in the iShares MSCI Brazil ETF (EWZ) — a value-and-emerging-markets tilt that runs counter to the growth-and-mega-cap concentration in most RIA books we have processed this quarter. Providence First Trust Co (CIK 0001713735), a Rhode Island bank trust company with $284 million in 13F assets across 179 positions (accession 0001713735-26-000004), discloses a fixed-income heavy book where the top seven holdings are all bond ETFs, with the PIMCO Enhanced Short Maturity Active ETF (MINT) at 6.63% leading.

The remaining twenty-seven filings disclosed today are either non-notable advisers or filings where holdings detail was not parsed at the filer level — including SouthState Bank Corp (SSB), Wedgewood Investors Inc. /Pa/, Mirabaud & Cie SA, Helios Capital Management Pte. Ltd., Local Pensions Partnership Investment Ltd, MASTERINVEST Kapitalanlage GmbH, Northcape Capital Pty Ltd, and Firetrail Investments Pty Ltd. We will refresh those positions when granular holdings data becomes available; absence of holdings data here reflects parsing gaps in the SEC EDGAR feed, not a small portfolio.

Today's top signals: (1) Crestwood Advisors — Q1 2026 mega-cap tech-and-ETF core with Apple, IVV, Alphabet A, Microsoft, and Nvidia together representing 21.4% of the $5.94B book; (2) Mount Lucas Management — Q1 2026 value-and-Brazil tilt at 18.1% combined weight in RPV and EWZ, paired with a duration ladder across 1-3yr, 3-7yr, and 7-10yr Treasury ETFs; (3) Providence First Trust — Q1 2026 fixed-income concentration where bond ETFs occupy the top seven slots and total roughly 33.85% of the portfolio. Standard caveat: 13F-HR filings are quarter-end snapshots reported with a 45-day delay, so Q1 2026 positions may have shifted materially since March 31, 2026.

Today In Numbers

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Notable Filer Deep Dives

Crestwood Advisors Group, LLC — ~$5.94B AUM

• Filing: Form 13F-HR, filed 2026-05-05, period of report Q1 2026 (March 31, 2026), accession 0001426853-26-000002 (https://www.sec.gov/Archives/edgar/data/1426853/000142685326000002/).
• Portfolio summary: 869 positions reported; aggregate 13F-reported value approximately $5,944 million. Top 5 holdings combined represent 21.4% of the portfolio: Apple (5.94%), iShares Core S&P 500 ETF (4.78%), Alphabet Class A (3.51%), Microsoft (3.33%), Nvidia (3.00%).
• Top 10 holdings table:

Rank	Company	Shares	Value ($M)	% of Portfolio

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

• What changed: First Crestwood 13F-HR parsed in this run; Q4 2025 reconciliation pending. Combined Alphabet exposure (Class A + Class C) totals ~$308M, or 5.18% of book — effectively the second-largest equity bet behind Apple when treated as a single name.
• Sector allocation (parsed buckets): Technology ~22.7% ($1,352M), Consumer ~3.3% ($193.5M), Financials ~3.0% ($176.0M), Healthcare ~2.5% ($146.4M), Energy ~0.7% ($44.2M), Communications ~0.3% ($16.4M), Automotive ~0.2% ($9.8M), Other (ETFs/fixed income/ETPs/cash equivalents) ~67.4% ($4,005.6M).
• The signal: A classic large-RIA "core-and-explore" structure — index ETF spine (IVV, AGG) plus mega-cap quality compounders (AAPL, MSFT, GOOGL, AMZN, NVDA) and a defensive value sleeve via the Applied Finance Valuation Large Cap ETF. The 5.94% Apple weight is roughly index-neutral rather than aggressively overweight. We read this book as growth-leaning, low-conviction on individual names outside the FAANG-plus complex, and only modestly concentrated (top 10 = 30.65%, well below the 50%+ thresholds typical of focused-equity managers).

Mount Lucas Management LP — ~$271M AUM

• Filing: Form 13F-HR, filed 2026-05-05, period of report Q1 2026 (March 31, 2026), accession 0001140361-26-019022 (https://www.sec.gov/Archives/edgar/data/1185072/000114036126019022/).
• Portfolio summary: 167 positions; aggregate 13F-reported value approximately $271 million. Top 5 holdings = 25.20% of portfolio: Invesco S&P 500 Pure Value ETF (11.05%), iShares MSCI Brazil ETF (7.09%), Adobe (3.14%), Intel (2.04%), iShares 1-3 Year Treasury Bond ETF (1.91%).
• Top 10 holdings table:

Rank	Company	Shares	Value ($M)	% of Portfolio

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

• What changed: First Mount Lucas 13F-HR parsed in this run; Q4 2025 reconciliation pending. The standout is the 11.05% RPV concentration — a portfolio-level statement that Q1 2026 was a quarter to lean into deep-value U.S. large-caps over growth.
• Sector allocation (parsed buckets): Technology ~5.2% ($14.0M), Communications ~2.0% ($5.3M), Financials ~1.4% ($3.9M), Automotive ~1.2% ($3.2M), Healthcare ~0.9% ($2.3M), Other (ETFs/ETPs spanning value, EM, bonds, international developed) ~89.4% ($242.0M).
• The signal: A thematic ETF basket with a value-and-international tilt (RPV + EWZ + EWA = ~19.6%) and a Treasury duration ladder across 1-3yr, 3-7yr, and 7-10yr ETFs (~5.7% combined). The single-name expressions — Adobe, Intel (tech rebuild), Nebius Group (post-Yandex AI infrastructure), and Rocket Companies (rate-sensitive mortgage origination) — read as targeted mean-reversion bets rather than core compounder positions. Our read: Mount Lucas is positioned for a Q2-Q3 2026 environment where value outperforms growth and EM (especially Brazil) re-rates; the duration ladder hedges the rates side.

Providence First Trust Co — ~$284M AUM

• Filing: Form 13F-HR, filed 2026-05-05, period of report Q1 2026 (March 31, 2026), accession 0001713735-26-000004 (https://www.sec.gov/Archives/edgar/data/1713735/000171373526000004/).
• Portfolio summary: 179 positions; aggregate 13F-reported value approximately $284 million. Top 5 holdings = 26.43% of portfolio: PIMCO Enhanced Short Maturity ETF (6.63%), iShares Core US Aggregate Bond ETF (5.39%), SPDR Bloomberg IG Floating Rate ETF (5.34%), iShares iBoxx IG Corporate Bond ETF (5.14%), Vanguard Short-Term Corporate Bond ETF (3.93%).
• Top 10 holdings table:

Rank	Company	Shares	Value ($M)	% of Portfolio

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

• What changed: First Providence First Trust 13F-HR parsed in this analysis run. Q4 2025 reconciliation pending.
• Sector allocation (parsed buckets): Technology ~5.3% ($15.1M), Financials ~1.2% ($3.5M), Healthcare ~1.2% ($3.4M), Consumer ~0.9% ($2.4M), Automotive ~0.6% ($1.6M), Energy ~0.4% ($1.2M), Communications ~0.2% ($0.5M), Other (almost entirely fixed-income and broad-market ETFs) ~90.3% ($256.8M).
• The signal: A textbook trust-company income-and-preservation portfolio. The top seven holdings — all fixed-income ETFs spanning ultra-short, floating-rate, intermediate, and long-duration — represent ~33.85% of book. The only sector equity ETF in the top ten is XLK at 2.28%. Our read: positioned for a Fed funds plateau (3.64%) and a modestly positive 10Y-2Y curve (+0.50), with FLRN providing protection if short-rate cuts are delayed and VCLT capturing duration if cuts arrive. Concentration is structural — typical of a bank trust fiduciary mandate.

Sector Flow Analysis

Aggregating the three filings with parsed sector breakdowns (Crestwood, Mount Lucas, Providence First Trust):

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

Avg Position Size = total sector value / total positions across filings reporting that bucket.

Technology is overwhelmingly the dominant single-stock sector across the parsed books (~$1.38B), driven almost entirely by Crestwood's mega-cap tech core. Mount Lucas's tech exposure ($14M) is concentrated in two names (Adobe, Intel) — a smaller-scale active expression — while Providence's tech exposure ($15M) is delivered almost entirely through the XLK sector ETF. Outside of technology, the most striking pattern is the dominance of the "Other" bucket, which captures ETFs, ETPs, and fixed-income wrappers. At ~$4.5B aggregate across just three filers, this confirms what every RIA-channel observer has been documenting through 2025-2026: the structural migration of advisory-channel capital into ETF wrappers continues, and individual stock picking remains concentrated within a narrow mega-cap growth set.

We see no clear sector rotation signal in today's batch — there is no reciprocal energy-up / tech-down or financials-up / healthcare-down pattern between the parsed books. What we do see is heterogeneity of style: Crestwood is mega-cap-growth-tilted, Mount Lucas is value-and-EM-tilted, Providence is bond-tilted. That is itself the takeaway: as of Q1 2026, the three style boxes are coexisting in the RIA channel without a unified directional signal.

Activist And Concentration Watch

• >10% of portfolio in single name — Mount Lucas Management LP / Invesco S&P 500 Pure Value ETF (RPV) at 11.05%: The single largest concentration in today's parsed batch, though we note this is in an ETF rather than a single operating company, which materially reduces idiosyncratic risk. Still, an 11% portfolio weight in any one ticker is unusual for a multi-strategy adviser and signals high conviction on the relative-value thesis (deep-value U.S. large-caps outperforming growth in 2026). RPV is structured to track the most pure-value half of the S&P 500 Value Index — historically it has outperformed in periods of value-factor revival (2022 vs 2020, 2016, 2009-2010) and lagged sharply in growth-led tapes (2020-2021, 1999-2000). At 11% of book, a 25% RPV drawdown would cost Mount Lucas roughly 2.75% of NAV.
• >5% portfolio concentrations — Mount Lucas / iShares MSCI Brazil ETF (EWZ) at 7.09%; Providence First Trust / PIMCO MINT at 6.63%: Both are bets on cyclically distinct factors. EWZ is a directional long-Brazil-equities position; given Brazil's rate-cut cycle in 2025-2026 and Petrobras (PBR) and Vale (VALE) commodity exposure, this is a real-asset and EM-rate-cut play. MINT is an ultra-short-duration cash-equivalent position serving as Providence's primary dry-powder reserve.
• New positions >$100M: Crestwood discloses several positions above the $100M threshold (AAPL $353M, IVV $284M, GOOGL $208.9M, MSFT $198M, NVDA $178.2M, AMZN $172.1M, AFLG $117.7M, AGG $113.1M). Without a Q4 2025 comparison file in this run, we cannot confirm which of these are net-new initiations versus prior-quarter holdings; we will refresh in a follow-up edition.
• Known activists (Icahn, Ackman, Elliott, Starboard): None disclosed in today's batch. We will continue to monitor the EDGAR feed; activist 13F-HR filings in this cycle have largely already been disclosed.
• 13D/13G cross-reference: No filings in today's parsed batch register >5% of any issuer's outstanding shares, given the diversified nature of all three reporting books. No 13D/13G follow-on is expected.

Contrarian Signals

Two positioning patterns in today's filings run against prevailing 2026 narratives:

• Mount Lucas long Intel (INTC) at 2.04% of portfolio: Intel has lagged the broader semiconductor complex throughout 2024-2026 and faced persistent doubts about its foundry strategy and AI-accelerator competitiveness versus Nvidia, AMD, and TSMC. Mount Lucas's $5.5M position is small in absolute terms but carries a meaningful relative weight, suggesting the firm sees Intel as a value-rebuild candidate. Bull case (which Intel longs cite): foundry process roadmap reaching parity with TSMC by 2026-2027, U.S. CHIPS Act tailwind, cyclical PC and server refresh, and a depressed valuation that prices in failure. Bear case (which Intel shorts cite): structurally lower margins than fabless peers, AI-accelerator share loss, and continued capex burden. We do not take a side; we flag the position.
• Mount Lucas long Rocket Companies (RKT) at 1.53% of portfolio: Rocket Companies is a rate-sensitive mortgage originator that has been pressured by the higher-for-longer rate environment. With Fed funds at 3.64% (down from the 5%+ peak earlier in the cycle) and the 10Y-2Y curve at +0.50bp, mortgage origination volumes have begun to recover but not to 2020-2021 levels. Mount Lucas's position is consistent with the firm's Treasury duration ladder — a portfolio bet that rate cuts continue and mortgage activity normalizes. Bull case: refinancing wave once 30-year fixed rates fall below ~5.5%. Bear case: persistent housing affordability ceiling caps origination volume even with rate relief.
• Mount Lucas long Nebius Group (NBIS) at 1.53% of portfolio: Nebius is the post-Yandex-divestiture entity that has emerged as one of 2025-2026's AI-infrastructure favorites. The position is consistent with a thesis we have flagged across multiple recent editions: hedge funds continue to express AI-infrastructure exposure through smaller, less-crowded names rather than adding to Nvidia, given Nvidia's already-stretched institutional ownership. Bull case: AI compute build-out continues and Nebius captures share. Bear case: capital intensity and concentration risk in a single hyperscale customer base.

We note no smart-money divergence in today's batch — the three parsed filers are operating in different style boxes and do not take opposite sides on any single name.

What To Watch This Week

1. Q1 2026 13F-HR filing deadline window (May 6-15, 2026): We are currently inside the most filing-dense week of the Q1 2026 cycle. Expect additional filings from notable hedge funds — Berkshire Hathaway, Bridgewater, Citadel, Renaissance Technologies, Two Sigma, Millennium, and Pershing Square typically file in this window. Each will materially update our view of Q1 2026 institutional positioning. Today's three parsed books represent a thin slice of what is coming.

2. Apple (AAPL) earnings or product cycle commentary (rolling): Crestwood's $353M Apple position is the single largest equity holding in today's batch. Any near-term Apple guidance update — particularly on iPhone unit trajectory, Services growth, and AI feature monetization — will revalue Crestwood's portfolio mark.

3. Nvidia (NVDA) data-center demand commentary: Crestwood holds $178M in Nvidia. Sell-side data-center revenue forecasts continue to drive the AI-infrastructure complex; any data-center order delay or hyperscaler capex pull-forward will move Crestwood's tech sleeve.

4. FOMC June 2026 meeting positioning: With Fed funds at 3.64% and the 10Y-2Y at +0.50bp, the curve remains modestly positive but flattening. Providence First Trust's bond-ETF stack (FLRN, MINT, AGG, LQD, VCSH, VGIT, VCLT) is highly sensitive to the Fed's Q2 path; any hawkish surprise reprices the duration sleeve.

5. Brazil (Bovespa) and BRL action: Mount Lucas's 7.09% EWZ position rises and falls with Brazilian equity beta and BRL strength. Petrobras dividend policy decisions and Brazilian central bank rate signaling are the two single largest catalysts for that position over the next 30 days.

6. Intel (INTC) foundry milestone updates: Mount Lucas's INTC position is a rebuild bet. Any announcement on Intel 18A yields, foundry customer wins, or AI-accelerator roadmap movement is an asymmetric catalyst for that position.

7. U.S. Q2 2026 macro data — payrolls, CPI, retail sales: With the S&P 500 at 7,259 (May 5) and VIX at 18.29, the index is pricing a soft-landing path. A surprise on either inflation or labor reaccelerates volatility and would test Crestwood's mega-cap-growth concentration.

Bottom Line

The institutional money is — at the Q1 2026 mark — sitting in three coexisting style boxes without a clear unifying rotation signal. Crestwood Advisors' $5.94B book reaffirms the standard RIA-channel template: ETF spine plus mega-cap growth concentration (Apple, Alphabet, Microsoft, Amazon, Nvidia together = 18.4% of book), a structurally familiar Q1 2026 positioning that mirrors what we have observed across the wealth-management channel for several quarters. Mount Lucas Management is the most distinctive of today's three reporting books: an 11.05% RPV concentration plus a 7.09% Brazil position is a meaningful style-box dissent — a vote that Q2-Q3 2026 will reward value, EM, and rate-cut-sensitive cyclicals over mega-cap growth. Providence First Trust's bond-ETF stack reads as a cautious income mandate making prudent duration choices, useful as a benchmark for trust-channel positioning but not as alpha signal. The biggest surprise in today's batch is the absence of any marquee hedge fund filings — we are early in the Q1 2026 disclosure window, and the major notable filers (Berkshire, Pershing Square, Bridgewater, the multi-manager platforms) are still ahead of us this week. The single filing a portfolio manager should read in full today is Mount Lucas Management's 13F-HR (accession 0001140361-26-019022) — its 11.05% Pure Value ETF concentration is the most directional Q1 2026 portfolio-level statement in the parsed batch and the clearest contrarian read against the mega-cap growth tape. As always, all positions reflect Q1 2026 quarter-end (March 31, 2026) snapshots and may have shifted materially in the 36 calendar days since.