Trilogy Capital's Strategic Portfolio Shift
Trilogy Capital Adjusts Portfolio: Boosts ETFs, Trims Bonds, Adds Global Fund
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Key Points
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Trilogy Capital's stake in SPDR S&P 600 Small Cap Value ETF (SLYV) accounts for roughly 0.18% of the ETF and is valued at about $8.89 million.
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Franklin Resources Inc. boosted its holdings in SPDR Portfolio Intermediate Term Treasury ETF (SPTI) by 54.4% in the second quarter.
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State Street Corp increased its stake in SPDR Portfolio Aggregate Bond ETF (SPAB) by 103.7% in the second quarter, now holding about 23.63 million shares.
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iShares MSCI ACWI ETF (ACWI) opened at $157.94 on Tuesday as Trilogy opened a new position; the ETF has about 61.52% institutional ownership.
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Sivia Capital Partners LLC boosted its Veeva Systems Inc. (VEEV) stake by 225.9% in the second quarter to 3,122 shares, valued around $899,000.
Trilogy Capital Inc. made sweeping changes to its portfolio in the second quarter of 2026, slashing its stake in the SPDR Portfolio Aggregate Bond ETF (SPAB) by 83.9% while expanding positions in small-cap stocks, Treasury ETFs, and global equities. The California-based investment firm sold 1,871,729 shares of SPAB, ending the quarter with just 357,850 shares worth about $9.13 million, according to Watchlist News.
The firm's total reported assets under management reached $2.58 billion across 403 distinct holdings. It opened 37 new positions and expanded 180 others during the quarter, signaling a broad portfolio reshuffling away from corporate debt and toward more targeted equity and Treasury bets.
Trilogy Dumps Corporate Bonds, Pivots to Treasury Safety
The biggest move of the quarter was Trilogy's dramatic exit from SPAB, a broad bond fund holding corporate debt, mortgage-backed securities, and government bonds. By selling off roughly $48 million worth of shares, Trilogy signaled a retreat from corporate credit risk. At the same time, it grew its stake in the SPDR Portfolio Intermediate Term Treasury ETF (SPTI) by 11.7%, ending with 202,416 shares worth $5.75 million, according to Watchlist News.
Trilogy was not alone in this shift. Franklin Resources Inc. boosted its own SPTI position by 54.4% during the same quarter. But State Street Corp moved in the opposite direction, increasing its SPAB stake by 103.7% to about 23.63 million shares. The split shows a sharp disagreement among large institutions about where bond markets are headed.
Small-Cap Value and Global ETFs Draw Fresh Capital
Trilogy boosted its stake in the SPDR S&P 600 Small Cap Value ETF (SLYV) by 13.8%, adding 9,865 shares. It ended the quarter with 81,461 shares valued at $8.89 million — about 0.18% of the entire ETF. Small-cap value funds track smaller domestic companies that trade at low prices relative to their earnings, often seen as a bet on a broader economic recovery, according to Watchlist News.
The firm also opened a brand-new position in the iShares MSCI ACWI ETF (ACWI), buying 25,974 shares worth roughly $4.08 million. The ACWI ETF tracks stocks across both developed and emerging markets globally. It carries about 61.52% institutional ownership and opened at $157.94 on the day Trilogy's filing became public.
Veeva Systems Stake Grows as Software Debate Heats Up
Trilogy grew its position in Veeva Systems Inc. (VEEV) by 17.3%, ending the quarter with 21,653 shares worth $3.84 million. Veeva makes cloud software for biotech and life sciences companies. Its CEO Peter Gassner recently pointed to artificial intelligence as a core growth driver, saying "the agentic transformation underway represents a substantial opportunity for Veeva and life sciences." Veeva's most recent quarter showed subscription revenue of $707.7 million, up 16% year over year, on total revenue of $836 million.
Sivia Capital Partners LLC made an even bigger bet on Veeva, hiking its stake by 225.9% to 3,122 shares worth about $899,000. But not everyone is bullish. Wall Street Zen downgraded Veeva to a "Hold" in early August, citing concerns that software valuations remain high and could shrink if biotech research budgets come under pressure.
Semiconductor ETF Bet Signals Tactical Confidence in Chips
One of Trilogy's boldest moves was a 389.8% surge in its VanEck Semiconductor ETF (SMH) position. The firm now holds 17,990 shares of SMH, a fund focused on chipmakers, valued at $11.80 million. That makes SMH one of the firm's largest single ETF positions by dollar value, according to Watchlist News.
Trilogy also raised its stake in the First Trust SMID Cap Rising Dividend Achievers ETF (SDVY) by 3.8%, bringing its total to 583,903 shares. Together, the SMH and SDVY moves round out a quarter defined by a flight from broad bond exposure and a shift toward more focused, growth-oriented equity bets — from chips to dividend-paying mid-size companies.
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