Michelson Medical Research Foundation, Inc. Long-Term Concentrated

CIK: 0001965304 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $99,758 (100.0% shares, 0.0% debt)

Holdings (20)

New Positions (2)

UNH UNITEDHEALTH GROUP INC 9.9%

Value ($000) $9,903 Shares 30,000 Est. Cost $337.21 Unrealized 0.0%

RGR STURM RUGER & CO INC 1.9%

Value ($000) $1,877 Shares 57,500 Est. Cost $37.06 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	30,000	$9,903	9.9%	$337.21	0.0%	COM	91324P102
RGR	STURM RUGER & CO INC	57,500	$1,877	1.9%	$37.06	0.0%	COM	864159108

Exited Positions (2)

GDX VANECK ETF TRUST 17.9%

Value ($000) $17,901 Shares 234,305 Est. Cost $33.93 Unrealized —

SGOV ISHARES TR 11.7%

Value ($000) $11,704 Shares 116,226 Est. Cost $100.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDX	VANECK ETF TRUST	234,305	$17,901	17.9%	$33.93	—	—	92189F106
SGOV	ISHARES TR	116,226	$11,704	11.7%	$100.70	—	—	46436E718

Unchanged Positions (18)

DBRG DIGITALBRIDGE GROUP INC 9.4%

Value ($000) $9,350 Shares 609,500 Est. Cost $9.51 Unrealized +26.2%

MTN VAIL RESORTS INC 11.4%

Value ($000) $11,421 Shares 86,000 Est. Cost $178.91 Unrealized -17.7%

IBB ISHARES TR 5.9%

Value ($000) $5,923 Shares 35,095 Est. Cost $131.29 Unrealized —

SAFE SAFEHOLD INC 4.1%

Value ($000) $4,072 Shares 297,477 Est. Cost $15.56 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 9.9%

Value ($000) $9,880 Shares 158,160 Est. Cost $42.24 Unrealized —

EWY ISHARES INC 2.0%

Value ($000) $1,959 Shares 20,155 Est. Cost $58.94 Unrealized —

IWC ISHARES TR 5.6%

Value ($000) $5,580 Shares 35,385 Est. Cost $100.10 Unrealized —

IVE ISHARES TR 11.0%

Value ($000) $11,007 Shares 51,905 Est. Cost $145.07 Unrealized —

MANU MANCHESTER UTD PLC NEW 3.2%

Value ($000) $3,184 Shares 200,000 Est. Cost $15.12 Unrealized +6.8%

GXC SPDR INDEX SHS FDS 1.6%

Value ($000) $1,622 Shares 16,750 Est. Cost $68.12 Unrealized —

KRE SPDR SERIES TRUST 4.1%

Value ($000) $4,116 Shares 63,510 Est. Cost $41.77 Unrealized —

CRGY CRESCENT ENERGY COMPANY 1.3%

Value ($000) $1,310 Shares 156,166 Est. Cost $11.89 Unrealized -26.6%

EWZ ISHARES INC 2.6%

Value ($000) $2,583 Shares 81,300 Est. Cost $30.67 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 6.9%

Value ($000) $6,861 Shares 127,630 Est. Cost $38.98 Unrealized —

EWW ISHARES INC 2.9%

Value ($000) $2,901 Shares 41,850 Est. Cost $58.23 Unrealized —

VB VANGUARD INDEX FDS 2.8%

Value ($000) $2,840 Shares 11,010 Est. Cost $189.07 Unrealized —

EWJ ISHARES INC 1.6%

Value ($000) $1,623 Shares 20,100 Est. Cost $60.29 Unrealized —

EWT ISHARES INC 1.7%

Value ($000) $1,743 Shares 27,435 Est. Cost $44.55 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DBRG	DIGITALBRIDGE GROUP INC	609,500	$9,350	9.4%	$9.51	+26.2%	CL A NEW	25401T603
MTN	VAIL RESORTS INC	86,000	$11,421	11.4%	$178.91	-17.7%	COM	91879Q109
IBB	ISHARES TR	35,095	$5,923	5.9%	$131.29	—	ISHARES BIOTECH	464287556
SAFE	SAFEHOLD INC	297,477	$4,072	4.1%	$15.56	—	COM	78646V107
VEA	VANGUARD TAX-MANAGED FDS	158,160	$9,880	9.9%	$42.24	—	VAN FTSE DEV MKT	921943858
EWY	ISHARES INC	20,155	$1,959	2.0%	$58.94	—	MSCI STH KOR ETF	464286772
IWC	ISHARES TR	35,385	$5,580	5.6%	$100.10	—	MICRO-CAP ETF	464288869
IVE	ISHARES TR	51,905	$11,007	11.0%	$145.07	—	S&P 500 VAL ETF	464287408
MANU	MANCHESTER UTD PLC NEW	200,000	$3,184	3.2%	$15.12	+6.8%	ORD CL A	G5784H106
GXC	SPDR INDEX SHS FDS	16,750	$1,622	1.6%	$68.12	—	S&P CHINA ETF	78463X400
KRE	SPDR SERIES TRUST	63,510	$4,116	4.1%	$41.77	—	STATE STREET SPD	78464A698
CRGY	CRESCENT ENERGY COMPANY	156,166	$1,310	1.3%	$11.89	-26.6%	CL A COM	44952J104
EWZ	ISHARES INC	81,300	$2,583	2.6%	$30.67	—	MSCI BRAZIL ETF	464286400
VWO	VANGUARD INTL EQUITY INDEX F	127,630	$6,861	6.9%	$38.98	—	FTSE EMR MKT ETF	922042858
EWW	ISHARES INC	41,850	$2,901	2.9%	$58.23	—	MSCI MEXICO ETF	464286822
VB	VANGUARD INDEX FDS	11,010	$2,840	2.8%	$189.07	—	SMALL CP ETF	922908751
EWJ	ISHARES INC	20,100	$1,623	1.6%	$60.29	—	MSCI JAPAN ETF	46434G822
EWT	ISHARES INC	27,435	$1,743	1.7%	$44.55	—	MSCI TAIWAN ETF	46434G772