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FULTON BREAKEFIELD BROENNIMAN LLC — 13F Holdings & Portfolio

CIK 1119254 · latest 13F-HR filed 2026-11-03

Backtest portfolio

FULTON BREAKEFIELD BROENNIMAN LLC manages $1.73B in 13F-reported U.S. long-equity assets across 206 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are IVV (11.15%), VEA (5.76%), AAPL (5.45%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 9 new positions and exited 11; 41 existing positions rose in reported value and 86 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$1.73B

Long-equity book

Holdings
206

Distinct positions

Period
2026-09-30

Filed 2026-11-03

Q/Q Activity
+9 / −11 / ↑41 / ↓86

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
IVV11.2% · +9%VEA5.8% · +4%AAPL5.4% · -3%MSFT5.1% · -2%GOOGL4.2% · -2%NVDA4.1% · -2%TSM4.1% · -1%IJR3.8% · 0%IJH3.7% · -0%AMZN3.2% · -2%GLDM3.0% · +42%LLY2.0% · -1%AGG1.9% · +2%USIG1.9% · +2%ASML1.6% · -2%V1.5% · -2%AVGO1.5% · -1%BRK.B1.4% · -1%HWM1.3% · -17%LIN1.2% · -1%JPM1.1% · -1%TJX1.0% · -2%SPY1.0% · -1%ABBV0.9% · -1%VIG0.9% · +4%MINT0.9% · newPGR0.9% · -3%AXP0.8% · +0%LOW0.8% · -3%QQQ0.8% · +16%GD0.8% · -2%PGX0.7% · newEOG0.7% · -0%NEE0.7% · -1%STX0.7% · +1127%APO0.7% · -17%JCPI0.6% · +1%NFLX0.6% · -4%IWM0.6% · -2%MCD0.6% · -4%SPIP0.6% · +0%UNH0.6% · -32%SJNK0.5% · -2%GWW0.5% · -0%VRT0.5% · +5%LQD0.5% · -2%RSP0.5% · +12%SYK0.5% · -32%HLT0.5% · +0%MUB0.4% · +8%META0.4% · -7%XPO0.4% · +4%IBDR0.3% · -3%ISRG0.3% · -7%OEF0.3% · -4%CDNS0.3% · +2184%IBDS0.3% · +13%IJK0.3% · -2%SAP0.3% · -10%CVX0.3% · -2%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 50.6%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Aug 13, 2026.

Assets Under Management
$2.39B
Discretionary
$2.39B
Employees
21
Accounts
3,187
Address
4520 EAST-WEST HIGHWAY
SUITE 450
BETHESDA, MD 20814
Phone
(301) 657-8870
Website
Name Title / Status Ownership Type
FULTON, SUSAN, BREAKEFIELD ControlFOUNDER
since Mar 2001
25–50%Individual
MUSSIO, MICHAEL, JOHN ControlPRESIDENT
since Feb 2017
25–50%Individual
OLAVSRUD, STEIN, ANDRE ControlCHIEF COMPLIANCE OFFICER, EVP
since Jul 2019
10–25%Individual
SIMPSON, BRIDGET, MARIE ControlDIRECTOR OF OPERATIONS
since Feb 2017
5–10%Individual
Ownership & leadership changes · 8 filings with changes since Mar 27, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Aug 13, 2024 filing
  • No longer listedFULTON, SUSAN, BREAKEFIELD · SHAREHOLDER · 75% or more · indirect via JULIAN, INCORPORATED · control person · listed since Mar 2001
  • No longer listedJULIAN, INCORPORATED · MEMBER · 25–50% · listed since Mar 2001
  • ChangedFULTON, SUSAN, BREAKEFIELD · ownership Less than 5% → 25–50%
Sep 20, 2019 filing
  • ChangedOLAVSRUD, STEIN, ANDRE · now a control person
  • ChangedSIMPSON, BRIDGET, MARIE · now a control person
Jul 8, 2019 filing
  • No longer listedKEEGAN, LAURETTA, MAUREEN · CHIEF COMPLIANCE OFFICER · 5–10% · listed since Jul 2012
  • ChangedOLAVSRUD, STEIN, ANDRE · title EVP, PORTFOLIO MANAGER → CHIEF COMPLIANCE OFFICER, EVP
Mar 28, 2018 filing
  • ChangedOLAVSRUD, STEIN, ANDRE · title VP, PORTFOLIO MANAGER → EVP, PORTFOLIO MANAGER
Mar 28, 2017 filing
  • ChangedFULTON, SUSAN, BREAKEFIELD · title PRESIDENT/CHIEF MANAGER → FOUNDER; ownership 50–75% → Less than 5%
  • ChangedJULIAN, INCORPORATED · ownership 10–25% → 25–50%
  • ChangedMUSSIO, MICHAEL, JOHN · title MANAGING DIRECTOR → PRESIDENT
  • ChangedSIMPSON, BRIDGET, MARIE · title OPERATIONS MANAGER → DIRECTOR OF OPERATIONS
Dec 9, 2016 filing
  • AddedOLAVSRUD, STEIN, ANDRE · VP, PORTFOLIO MANAGER · 10–25%
  • AddedSIMPSON, BRIDGET, MARIE · OPERATIONS MANAGER · 5–10%
  • ChangedKEEGAN, LAURETTA, MAUREEN · ownership Less than 5% → 5–10%
  • ChangedMUSSIO, MICHAEL, JOHN · ownership Less than 5% → 25–50%
Mar 31, 2015 filing
  • No longer listedBROKEN CLOCK, INC. · MEMBER · 10–25% · listed since Apr 2005
  • No longer listedSCHLESINGER, MITCHEL, BRIAN · MANAGING DIRECTOR · Less than 5% · control person · listed since Oct 2004
  • AddedMUSSIO, MICHAEL, JOHN · MANAGING DIRECTOR · Less than 5% · control person
Mar 21, 2014 filing
  • AddedKEEGAN, LAURETTA, MAUREEN · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedSCHLESINGER, MITCHEL, BRIAN · title CHIEF COMPLIANCE OFFICER → MANAGING DIRECTOR
Mar 27, 2012 filing (earliest on record)
  • ListedBROKEN CLOCK, INC. · MEMBER · 10–25%
  • ListedFULTON, SUSAN, BREAKEFIELD · PRESIDENT/CHIEF MANAGER · 50–75% · control person
  • ListedFULTON, SUSAN, BREAKEFIELD · SHAREHOLDER · 75% or more · indirect via JULIAN, INCORPORATED · control person
  • ListedJULIAN, INCORPORATED · MEMBER · 10–25%
  • ListedSCHLESINGER, MITCHEL, BRIAN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

FULTON BREAKEFIELD BROENNIMAN LLC Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 ISHARES TR IVV 464287200 $192.6M 11.15% 251,479 SH
2 VANGUARD TAX-MANAGED FDS VEA 921943858 $99.4M 5.76% 1,408,015 SH
3 APPLE INC AAPL 037833100 $94.0M 5.45% 282,306 SH
4 MICROSOFT CORP MSFT 594918104 $88.5M 5.13% 172,628 SH
5 ALPHABET INC GOOGL 02079K305 $73.3M 4.25% 213,089 SH
6 NVIDIA CORPORATION NVDA 67066G104 $71.3M 4.13% 312,385 SH
7 TAIWAN SEMICONDUCTOR MANUFAC TSM 874039100 $71.1M 4.12% 155,762 SH
8 ISHARES TR IJR 464287804 $64.8M 3.75% 476,001 SH
9 ISHARES TR IJH 464287507 $63.8M 3.69% 886,531 SH
10 AMAZON COM INC AMZN 023135106 $54.7M 3.17% 219,611 SH
11 WORLD GOLD TR GLDM 98149E303 $52.5M 3.04% 638,349 SH
12 ELI LILLY & CO LLY 532457108 $34.3M 1.99% 29,651 SH
13 ISHARES TR AGG 464287226 $32.6M 1.89% 345,151 SH
14 ISHARES TR USIG 464288620 $32.3M 1.87% 664,111 SH
15 ASML HLDG NV ASML N07059210 $27.7M 1.60% 15,283 SH
16 VISA INC V 92826C839 $26.6M 1.54% 74,026 SH
17 BROADCOM INC AVGO 11135F101 $25.6M 1.48% 72,771 SH
18 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $24.6M 1.42% 49,377 SH
19 HOWMET AEROSPACE INC HWM 443201108 $23.3M 1.35% 102,905 SH
20 LINDE PLC LIN G54950103 $20.8M 1.20% 43,823 SH
21 JPMORGAN CHASE & CO JPM 46625H100 $19.3M 1.12% 58,390 SH
22 TJX COS INC NEW TJX 872540109 $17.9M 1.03% 134,976 SH
23 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $17.0M 0.99% 22,329 SH
24 ABBVIE INC ABBV 00287Y109 $16.0M 0.93% 61,075 SH
25 VANGUARD SPECIALIZED FUNDS VIG 921908844 $15.6M 0.90% 66,781 SH
26 PIMCO ETF TR MINT 72201R833 $15.4M 0.89% 152,783 SH
27 PROGRESSIVE CORP PGR 743315103 $14.8M 0.86% 71,553 SH
28 AMERICAN EXPRESS CO AXP 025816109 $14.0M 0.81% 45,943 SH
29 LOWES COS INC LOW 548661107 $13.6M 0.79% 74,060 SH
30 INVESCO QQQ TR QQQ 46090E103 $13.4M 0.78% 18,090 SH
31 GENERAL DYNAMICS CORP GD 369550108 $13.2M 0.77% 39,824 SH
32 INVESCO EXCH TRADED FD TR II PGX 46138E511 $12.7M 0.74% 1,264,558 SH
33 EOG RES INC EOG 26875P101 $12.0M 0.70% 87,436 SH
34 NEXTERA ENERGY INC NEE 65339F101 $12.0M 0.70% 158,749 SH
35 SEAGATE TECHNOLOGY HLDNGS PL STX G7997R103 $11.9M 0.69% 12,905 SH
36 APOLLO GLOBAL MGMT INC APO 03769M106 $11.5M 0.67% 98,952 SH
37 J P MORGAN EXCHANGE TRADED F JCPI 46654Q104 $11.0M 0.64% 239,855 SH
38 NETFLIX INC. NFLX 64110L106 $10.9M 0.63% 156,876 SH
39 ISHARES TR IWM 464287655 $10.9M 0.63% 39,237 SH
40 MCDONALDS CORP MCD 580135101 $10.4M 0.60% 45,127 SH
41 SPDR SERIES TRUST SPIP 78464A656 $10.4M 0.60% 427,455 SH
42 UNITEDHEALTH GROUP INC UNH 91324P102 $10.4M 0.60% 28,249 SH
43 SPDR SERIES TRUST SJNK 78468R408 $9.2M 0.54% 381,059 SH
44 WW GRAINGER INC GWW 384802104 $9.1M 0.53% 7,297 SH
45 VERTIV HOLDINGS CO VRT 92537N108 $8.8M 0.51% 36,267 SH
46 ISHARES TR LQD 464287242 $8.7M 0.50% 85,041 SH
47 INVESCO EXCHANGE TRADED FD T RSP 46137V357 $8.3M 0.48% 40,030 SH
48 STRYKER CORPORATION SYK 863667101 $8.0M 0.46% 28,921 SH
49 HILTON WORLDWIDE HLDGS INC HLT 43300A203 $7.8M 0.45% 24,675 SH
50 ISHARES TR MUB 464288414 $7.8M 0.45% 76,700 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-11-03 $1.73B 206 0001705819-26-000086
2026-06-30 2026-08-03 $1.70B 208 0001705819-26-000050
2026-03-31 2026-04-27 $1.53B 200 0001705819-26-000029
2025-12-31 2026-01-21 $1.58B 203 0001705819-26-000010
Filer Information
Address
4520 EAST-WEST HIGHWAY
SUITE 450
BETHESDA, MD 20814
Phone
(301) 657-8870
Filing Manager
FULTON BREAKEFIELD BROENNIMAN LLC
Bethesda, MD
Signatory
Michael J. Mussio
President