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Arsenal Capital Advisors LLC — 13F Holdings & Portfolio

CIK 2109474 · latest 13F-HR filed 2026-11-02

Backtest portfolio

Arsenal Capital Advisors LLC manages $186.8M in 13F-reported U.S. long-equity assets across 108 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are NVDA (8.08%), AMZN (6.26%), AAPL (5.80%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 7 new positions and exited 6; 39 existing positions rose in reported value and 25 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
$186.8M

Long-equity book

Holdings
108

Distinct positions

Period
2026-09-30

Filed 2026-11-02

Q/Q Activity
+7 / −6 / ↑39 / ↓25

vs 2026-06-30

Portfolio charts

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

Portfolio map

Q3 26
NVDA8.1% · +1%AMZN6.3% · -0%AAPL5.8% · +1%MSFT5.3% · +0%META3.7% · -4%GPIQ3.4% · +21%VUG3.3% · +3%IDEV3.0% · +20%JQUA2.8% · +13%AVLV2.5% · +17%SCHG2.4% · +19%AVGO2.2% · +1%PLTR2.2% · -8%AVAV2.2% · +0%VOO2.0% · +1%VYM2.0% · +7%VONE1.6% · +8%IVV1.5% · 0%IJH1.5% · +16%GPIX1.3% · newJEPI1.3% · -24%GOOGL1.2% · +2%VO1.1% · +6%QQQM1.1% · +19%GOOG1.1% · +2%JNJ1.1% · +6%COST1.0% · +1%BAI1.0% · +68%VTI0.9% · +5%SMTH0.9% · -3%BRK.B0.9% · +2%QUAL0.8% · -0%VEA0.8% · 0%JPM0.8% · +5%WULF0.8% · +18%XOM0.7% · +0%SPAB0.6% · +1%LLY0.6% · +3%SCHD0.6% · +8%IEMG0.6% · 0%GE0.6% · +1%DFIV0.6% · +117%VFLO0.5% · +4%SPMO0.5% · +64%XLG0.5% · +1%VTV0.5% · 0%VONV0.5% · +21%AVEM0.5% · +138%XSOE0.5% · 0%DGRO0.5% · +5%TSLA0.5% · +1%MS0.5% · +0%SPCX0.5% · +104%MA0.5% · +1%IVE0.4% · 0%VONG0.4% · +10%CAT0.4% · +4%MRK0.4% · +1%VIG0.4% · +3%IGV0.4% · -29%

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 = 44.1%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 31, 2026.

Assets Under Management
$9.72B
Discretionary
$9.72B
Employees
91
Accounts
27
Address
277 PARK AVENUE
34TH FLOOR
NEW YORK, NY 10172
Phone
(212) 771-1717
Website
Name Title / Status Ownership Type
MULLEN, TERRENCE, MAXWELL ControlMANAGING PARTNER
since Oct 2000
75% or moreIndividual
SCRUDATO, FRANK ControlPARTNER, HEAD OF OPERATIONS AND ADMINISTRATION & CHIEF COMPLIANCE OFFICER
since Feb 2014
Less than 5%Individual
ZHANG, ELISABETTA ControlCHIEF FINANCIAL OFFICER
since Dec 2025
Less than 5%Individual
ARSENAL CAPITAL GROUP LLCGENERAL PARTNER, ARSENAL CAPITAL MANAGEMENT LP
since May 2001
Less than 5%Domestic Entity
TERRENCE M. MULLEN REVOCABLE TRUST Control
Indirect owner via ARSENAL CAPITAL GROUP LLC
MEMBER
since Sep 2023
75% or moreDomestic Entity
Ownership & leadership changes · 5 filings with changes since Feb 14, 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.

Mar 31, 2026 filing
  • AddedZHANG, ELISABETTA · CHIEF FINANCIAL OFFICER · Less than 5% · control person
  • ChangedSCRUDATO, FRANK · title CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER OF REGISTRANT AND RELYING ADVISERS → PARTNER, HEAD OF OPERATIONS AND ADMINISTRATION & CHIEF COMPLIANCE OFFICER; now a control person
Mar 28, 2025 filing
  • No longer listedKOVACH, JEFFREY, BRIAN · CO-CHIEF INVESTMENT OFFICER · 25–50% · control person · listed since Jan 2004
  • No longer listedKOVACH, JEFFREY, BRIAN · MEMBER · 50–75% · indirect via ARSENAL CAPITAL GROUP LLC · control person · listed since Aug 2006
  • ChangedMULLEN, TERRENCE, MAXWELL · title CO-CHIEF INVESTMENT OFFICER → MANAGING PARTNER; ownership 50–75% → 75% or more
  • ChangedTERRENCE M. MULLEN REVOCABLE TRUST · indirect via ARSENAL CAPITAL GROUP LLC: ownership 50–75% → 75% or more
Mar 28, 2024 filing
  • No longer listedMULLEN, TERRENCE, MAXWELL · MEMBER · 50–75% · indirect via ARSENAL CAPITAL GROUP LLC · control person · listed since Aug 2000
  • AddedTERRENCE M. MULLEN REVOCABLE TRUST · MEMBER · 50–75% · indirect via ARSENAL CAPITAL GROUP LLC · control person
Mar 29, 2019 filing
  • ChangedKOVACH, JEFFREY, BRIAN · title SENIOR PARTNER, ARSENAL CAPITAL MANAGEMENT LP → CO-CHIEF INVESTMENT OFFICER
  • ChangedMULLEN, TERRENCE, MAXWELL · title SENIOR PARTNER, ARSENAL CAPITAL MANAGEMENT LP → CO-CHIEF INVESTMENT OFFICER
Mar 31, 2014 filing
  • No longer listedLORENTE, PILAR · CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER, ARSENAL CAPITAL MANAGEMENT LP · Less than 5% · listed since Aug 2006
  • AddedSCRUDATO, FRANK · CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER OF REGISTRANT AND RELYING ADVISERS · Less than 5%
Feb 14, 2012 filing (earliest on record)
  • ListedARSENAL CAPITAL GROUP LLC · GENERAL PARTNER, ARSENAL CAPITAL MANAGEMENT LP · Less than 5%
  • ListedKOVACH, JEFFREY, BRIAN · SENIOR PARTNER, ARSENAL CAPITAL MANAGEMENT LP · 25–50% · control person
  • ListedKOVACH, JEFFREY, BRIAN · MEMBER · 50–75% · indirect via ARSENAL CAPITAL GROUP LLC · control person
  • ListedLORENTE, PILAR · CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER, ARSENAL CAPITAL MANAGEMENT LP · Less than 5%
  • ListedMULLEN, TERRENCE, MAXWELL · SENIOR PARTNER, ARSENAL CAPITAL MANAGEMENT LP · 50–75% · control person
  • ListedMULLEN, TERRENCE, MAXWELL · MEMBER · 50–75% · indirect via ARSENAL CAPITAL GROUP LLC · 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.

Arsenal Capital Advisors 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 NVIDIA CORPORATION NVDA 67066G104 $15.1M 8.08% 66,069 SH
2 AMAZON COM INC AMZN 023135106 $11.7M 6.26% 46,970 SH
3 APPLE INC AAPL 037833100 $10.8M 5.80% 32,566 SH
4 MICROSOFT CORP MSFT 594918104 $9.9M 5.28% 19,244 SH
5 META PLATFORMS INC META 30303M102 $6.9M 3.71% 9,561 SH
6 GOLDMAN SACHS ETF TR GPIQ 38149W630 $6.3M 3.39% 109,306 SH
7 VANGUARD INDEX FDS VUG 922908736 $6.2M 3.34% 69,220 SH
8 ISHARES TR IDEV 46435G326 $5.6M 2.98% 62,295 SH
9 J P MORGAN EXCHANGE TRADED F JQUA 46641Q761 $5.2M 2.81% 71,115 SH
10 AMERICAN CENTY ETF TR AVLV 025072349 $4.6M 2.46% 50,751 SH
11 SCHWAB STRATEGIC TR SCHG 808524300 $4.4M 2.37% 123,436 SH
12 BROADCOM INC AVGO 11135F101 $4.2M 2.23% 11,853 SH
13 PALANTIR TECHNOLOGIES INC PLTR 69608A108 $4.1M 2.20% 21,935 SH
14 AEROVIRONMENT INC AVAV 008073108 $4.1M 2.19% 28,761 SH
15 VANGUARD INDEX FDS VOO 922908363 $3.8M 2.02% 5,393 SH
16 VANGUARD WHITEHALL FDS VYM 921946406 $3.7M 1.98% 23,785 SH
17 VANGUARD SCOTTSDALE FDS VONE 92206C730 $3.1M 1.63% 8,875 SH
18 ISHARES TR IVV 464287200 $2.9M 1.53% 3,736 SH
19 ISHARES TR IJH 464287507 $2.7M 1.46% 37,875 SH
20 GOLDMAN SACHS ETF TR GPIX 38149W622 $2.5M 1.34% 44,927 SH
21 J P MORGAN EXCHANGE TRADED F JEPI 46641Q332 $2.3M 1.25% 41,601 SH
22 ALPHABET INC GOOGL 02079K305 $2.2M 1.20% 6,526 SH
23 VANGUARD INDEX FDS VO 922908629 $2.0M 1.09% 26,075 SH
24 INVESCO EXCH TRADED FD TR II QQQM 46138G649 $2.0M 1.09% 6,662 SH
25 ALPHABET INC GOOG 02079K107 $2.0M 1.06% 5,820 SH
26 JOHNSON & JOHNSON JNJ 478160104 $2.0M 1.05% 7,416 SH
27 COSTCO WHOLESALE CORPORATION COST 22160K105 $1.8M 0.98% 2,018 SH
28 BLACKROCK ETF TRUST BAI 09290C780 $1.8M 0.96% 38,118 SH
29 VANGUARD INDEX FDS VTI 922908769 $1.7M 0.94% 4,668 SH
30 ALPS ETF TR SMTH 00162Q346 $1.6M 0.88% 66,717 SH
31 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $1.6M 0.86% 3,213 SH
32 ISHARES TR QUAL 46432F339 $1.6M 0.85% 7,150 SH
33 VANGUARD TAX-MANAGED FDS VEA 921943858 $1.5M 0.79% 20,985 SH
34 JPMORGAN CHASE & CO JPM 46625H100 $1.4M 0.77% 4,334 SH
35 TERAWULF INC WULF 88080T104 $1.4M 0.76% 96,412 SH
36 EXXONMOBIL HOLDINGS CORP XOM 30233Q108 $1.3M 0.69% 7,921 SH
37 SPDR SERIES TRUST SPAB 78464A649 $1.2M 0.64% 49,318 SH
38 ELI LILLY & CO LLY 532457108 $1.2M 0.64% 1,034 SH
39 SCHWAB STRATEGIC TR SCHD 808524797 $1.2M 0.63% 36,317 SH
40 ISHARES INC IEMG 46434G103 $1.2M 0.62% 14,378 SH
41 GE AEROSPACE GE 369604301 $1.1M 0.60% 3,570 SH
42 DIMENSIONAL ETF TRUST DFIV 25434V807 $1.0M 0.56% 18,787 SH
43 VICTORY PORTFOLIOS II VFLO 92647X830 $1.0M 0.54% 19,728 SH
44 INVESCO EXCH TRADED FD TR II SPMO 46138E339 $1.0M 0.54% 6,599 SH
45 INVESCO EXCHANGE TRADED FD T XLG 46137V233 $992.1K 0.53% 15,597 SH
46 VANGUARD INDEX FDS VTV 922908744 $970.4K 0.52% 4,491 SH
47 VANGUARD SCOTTSDALE FDS VONV 92206C714 $939.0K 0.50% 8,638 SH
48 AMERICAN CENTY ETF TR AVEM 025072604 $931.2K 0.50% 9,904 SH
49 WISDOMTREE TR XSOE 97717X578 $929.3K 0.50% 19,835 SH
50 ISHARES TR DGRO 46434V621 $897.5K 0.48% 11,905 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-11-02 $186.8M 108 0002109474-26-000007
2026-06-30 2026-08-11 $169.5M 108 0002109474-26-000006
2026-03-31 2026-05-07 $137.7M 98 0002109474-26-000002
2025-12-31 2026-02-11 $141.5M 98 0002109474-26-000001
Filer Information
Address
101 W ELM ST
STE 370
CONSHOHOCKEN, PA 19428
Phone
(610) 564-9134
Filing Manager
Arsenal Capital Advisors LLC
CONSHOHOCKEN, PA
Signatory
Michael Mann
Chief Compliance Officer