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POTOMAC FUND MANAGEMENT INC /ADV — 13F Holdings & Portfolio

CIK 826000 · latest 13F-HR filed 2026-08-13

Backtest portfolio

POTOMAC FUND MANAGEMENT INC /ADV manages $3.97B in 13F-reported U.S. long-equity assets across 109 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are IVV (66.88%), XHLF (9.88%), SPYM (3.46%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 21 new positions and exited 17; 41 existing positions rose in reported value and 23 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
$3.97B

Long-equity book

Holdings
109

Distinct positions

Period
2026-06-30

Filed 2026-08-13

Q/Q Activity
+21 / −17 / ↑41 / ↓23

vs 2026-03-31

Portfolio charts

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

Portfolio map

Q2 26
IVV66.9% · +18%XHLF9.9% · +22%SPYM3.5% · +5040%SGOV2.1% · -10%SECT1.5% · +2%XCCC1.5% · newXBB1.4% · newVWOB0.8% · newUUP0.8% · +5%FALN0.8% · newXEMD0.8% · newROE0.7% · -4%VTI0.7% · newDGRW0.7% · newCWB0.7% · newDXJ0.7% · +0%SMH0.6% · -5%IWO0.6% · newIWM0.6% · newPDBC0.6% · -11%XME0.6% · +53%SIL0.6% · +70%XLE0.6% · +85%BUYW0.3% · +11%EDGF0.1% · -27%EDGU0.1% · +115%TMAT0.1% · -1%EDGH0.1% · +5%MSFT0.1% · -1%JPM0.1% · -1%EDGI0.1% · +115%WFC0.1% · +1%SHEL0.1% · -1%GILD0.1% · +0%ADI0.1% · +10%AZN0.1% · 0%LHX0.0% · -0%Q0.0% · -1%HD0.0% · +4%PG0.0% · +3%MCD0.0% · +4%PNC0.0% · -2%BAC0.0% · -0%ABT0.0% · +9%AJG0.0% · +3%EQIX0.0% · -2%NTES0.0% · +124%COP0.0% · -0%CMCSA0.0% · -8%AGG0.0% · +20%TEL0.0% · +2%DD0.0% · -67%PEP0.0% · +4%WM0.0% · +6%HON0.0% · -50%JNJ0.0% · +16%HONA0.0% · newMCHP0.0% · -4%VEA0.0% · -1%NVDA0.0% · +17%

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

Q1 26 → Q2 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 = 89%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated May 27, 2026.

Assets Under Management
$3.28B
Discretionary
$3.28B
Employees
36
Accounts
2,385
Address
7373 WISCONSIN AVE.
SUITE #750
BETHESDA, MD 20814
Phone
(301) 901-3466
Website
Name Title / Status Ownership Type
GOODNOW, JEFFREY, SCOTT ControlCHIEF GROWTH OFFICER
since Jan 2017
10–25%Individual
GRAY, WILLIAM, PC ControlCHIEF OPERATING OFFICER
since Sep 2025
Less than 5%Individual
KHATTA, MANISH, KUMAR ControlPRESIDENT, CHIEF EXECUTIVE OFFICER, CO-CHIEF INVESTMENT OFFICER, SECRETARY
since Jan 2013
75% or moreIndividual
NORTON, CHRISTOPHER, ROBERT ControlCHIEF MARKETING OFFICER
since Oct 2021
Less than 5%Individual
RUSSO, DANIEL, JOSEPH ControlCO-CHIEF INVESTMENT OFFICER
since Nov 2025
Less than 5%Individual
SCHROPP, JEFFREY, MICHAELCHIEF COMPLIANCE OFFICER
since Jul 2025
Less than 5%Individual
Ownership & leadership changes · 16 filings with changes since Dec 22, 2011

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
  • AddedRUSSO, DANIEL, JOSEPH · CO-CHIEF INVESTMENT OFFICER · Less than 5% · control person
  • ChangedKHATTA, MANISH, KUMAR · title PRESIDENT, CHIEF EXECUTIVE OFFICER, SECRETARY → PRESIDENT, CHIEF EXECUTIVE OFFICER, CO-CHIEF INVESTMENT OFFICER, SECRETARY
Dec 22, 2025 filing
  • AddedGRAY, WILLIAM, PC · CHIEF OPERATING OFFICER · Less than 5% · control person
Jul 30, 2025 filing
  • No longer listedBURTON, JENNIFER, GILLIECE · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Oct 2021
  • No longer listedLONG, JUSTIN, TYLER · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since May 2024
  • AddedSCHROPP, JEFFREY, MICHAEL · CHIEF COMPLIANCE OFFICER · Less than 5%
May 21, 2024 filing
  • No longer listedDowell, Alisha, Perdue · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2024
  • Listed againLONG, JUSTIN, TYLER · CHIEF COMPLIANCE OFFICER · Less than 5%
Feb 1, 2024 filing
  • No longer listedLONG, JUSTIN, TYLER · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Mar 2023
  • AddedDowell, Alisha, Perdue · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 7, 2023 filing
  • No longer listedKhatta, Paige · SECRETARY · Less than 5% · control person · listed since Mar 2017
  • AddedBURTON, JENNIFER, GILLIECE · CHIEF OPERATING OFFICER · Less than 5% · control person
  • AddedLONG, JUSTIN, TYLER · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • AddedNORTON, CHRISTOPHER, ROBERT · CHIEF MARKETING OFFICER · Less than 5% · control person
  • ChangedGOODNOW, JEFFREY, SCOTT · now a control person
  • ChangedKHATTA, MANISH, KUMAR · title CHIEF COMPLIANCE OFFICER / PRESIDENT → PRESIDENT, CHIEF EXECUTIVE OFFICER, SECRETARY
Feb 1, 2022 filing
  • ChangedGOODNOW, JEFFREY, SCOTT · title DIRECTOR OF ADVISOR EDUCATION → CHIEF GROWTH OFFICER
Oct 1, 2020 filing
  • No longer listedZEMANN, ANN, TERESE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Oct 2015
  • ChangedKHATTA, MANISH, KUMAR · title PRESIDENT → CHIEF COMPLIANCE OFFICER / PRESIDENT
Feb 15, 2018 filing
  • ChangedGOODNOW, JEFFREY, SCOTT · title NATIONAL SALES MANAGER → DIRECTOR OF ADVISOR EDUCATION
Jul 12, 2017 filing
  • ChangedGOODNOW, JEFFREY, SCOTT · ownership 5–10% → 10–25%
Older changes (7 more filings)
Jun 22, 2017 filing
  • AddedGOODNOW, JEFFREY, SCOTT · NATIONAL SALES MANAGER · 5–10%
Mar 30, 2017 filing
  • ChangedKHATTA, MANISH, KUMAR · now a control person
Mar 29, 2017 filing
  • No longer listedPALAMARAS, KARA · SECRETARY · Less than 5% · listed since Nov 2003
  • No longer listedPALAMARAS, MARK, JAMES · CHIEF INVESTMENT OFFICER · 75% or more · control person · listed since Nov 2003
  • AddedKhatta, Paige · SECRETARY · Less than 5% · control person
  • ChangedKHATTA, MANISH, KUMAR · ownership 10–25% → 75% or more
Oct 14, 2015 filing
  • AddedZEMANN, ANN, TERESE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedPALAMARAS, MARK, JAMES · title CHIEF COMPLIANCE OFFICER/CHIEF INVESTMENT OFFICER → CHIEF INVESTMENT OFFICER
Mar 27, 2014 filing
  • No longer listedPAUL, RICHARD, MATTHEW · N/A · 10–25% · listed since Nov 2003
Apr 1, 2013 filing
  • ChangedKHATTA, MANISH, KUMAR · title VICE PRESIDENT → PRESIDENT
  • ChangedPALAMARAS, MARK, JAMES · title PRESIDENT/CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER/CHIEF INVESTMENT OFFICER
Dec 22, 2011 filing (earliest on record)
  • ListedKHATTA, MANISH, KUMAR · VICE PRESIDENT · 10–25%
  • ListedPALAMARAS, KARA · SECRETARY · Less than 5%
  • ListedPALAMARAS, MARK, JAMES · PRESIDENT/CHIEF COMPLIANCE OFFICER · 75% or more · control person
  • ListedPAUL, RICHARD, MATTHEW · N/A · 10–25%

Quarter-over-quarter changes

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

POTOMAC FUND MANAGEMENT INC /ADV Holdings (2026-06-30)

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 $2.66B 66.88% 3,546,980 SH
2 BONDBLOXX ETF TRUST XHLF 09789C788 $392.5M 9.88% 7,802,882 SH
3 SPDR SERIES TRUST SPYM 78464A854 $137.6M 3.46% 1,565,618 SH
4 ISHARES TR SGOV 46436E718 $82.2M 2.07% 816,856 SH
5 NORTHERN LTS FD TR IV SECT 66538H591 $60.9M 1.53% 845,221 SH
6 BONDBLOXX ETF TRUST XCCC 09789C887 $59.4M 1.50% 1,624,900 SH
7 BONDBLOXX ETF TRUST XBB 09789C705 $55.0M 1.39% 1,342,400 SH
8 VANGUARD WHITEHALL FDS VWOB 921946885 $30.0M 0.76% 446,500 SH
9 INVESCO DB US DLR INDEX TR UUP 46141D203 $30.0M 0.75% 1,055,200 SH
10 ISHARES TR FALN 46435G474 $29.9M 0.75% 1,098,300 SH
11 BONDBLOXX ETF TRUST XEMD 09789C879 $29.8M 0.75% 662,900 SH
12 EA SERIES TRUST ROE 02072L433 $28.0M 0.71% 657,300 SH
13 VANGUARD INDEX FDS VTI 922908769 $28.0M 0.71% 75,720 SH
14 WISDOMTREE TR DGRW 97717X669 $27.8M 0.70% 290,900 SH
15 SPDR SERIES TRUST CWB 78464A359 $27.7M 0.70% 257,100 SH
16 WISDOMTREE TR DXJ 97717W851 $27.7M 0.70% 159,700 SH
17 VANECK ETF TRUST SMH 92189F676 $25.6M 0.65% 39,080 SH
18 ISHARES TR IWO 464287648 $24.3M 0.61% 61,560 SH
19 ISHARES TR IWM 464287655 $24.0M 0.60% 79,800 SH
20 INVESCO ACTVELY MNGD ETC FD PDBC 46090F100 $23.9M 0.60% 1,504,900 SH
21 SPDR SERIES TRUST XME 78464A755 $23.7M 0.60% 221,400 SH
22 GLOBAL X FDS SIL 37954Y848 $23.7M 0.60% 305,400 SH
23 SELECT SECTOR SPDR TR XLE 81369Y506 $23.6M 0.59% 444,100 SH
24 NORTHERN LTS FD TR IV BUYW 66538H179 $11.5M 0.29% 792,716 SH
25 ADVISORS INNER CIRCLE FD II EDGF 00791R830 $5.8M 0.15% 233,683 SH
26 ADVISORS INNER CIRCLE FD II EDGU 00791R798 $4.1M 0.10% 129,472 SH
27 NORTHERN LTS FD TR IV TMAT 66538H278 $3.2M 0.08% 102,836 SH
28 ADVISORS INNER CIRCLE FD II EDGH 00791R822 $2.6M 0.07% 82,450 SH
29 MICROSOFT CORP MSFT 594918104 $2.3M 0.06% 6,294 SH
30 JPMORGAN CHASE & CO JPM 46625H100 $2.3M 0.06% 6,946 SH
31 ADVISORS INNER CIRCLE FD II EDGI 00791R814 $2.2M 0.06% 71,594 SH
32 WELLS FARGO & CO WFC 949746101 $2.1M 0.05% 24,995 SH
33 SHELL PLC SHEL 780259305 $2.1M 0.05% 26,621 SH
34 GILEAD SCIENCES INC GILD 375558103 $2.1M 0.05% 16,241 SH
35 ANALOG DEVICES INC ADI 032654105 $2.0M 0.05% 4,995 SH
36 ASTRAZENECA PLC AZN G0593M107 $2.0M 0.05% 10,398 SH
37 L3HARRIS TECHNOLOGIES INC LHX 502431109 $1.9M 0.05% 6,674 SH
38 QNITY ELECTRONICS INC Q 74743L100 $1.9M 0.05% 11,524 SH
39 HOME DEPOT INC HD 437076102 $1.8M 0.05% 5,238 SH
40 PROCTER & GAMBLE CO PG 742718109 $1.8M 0.04% 12,022 SH
41 MCDONALDS CORP MCD 580135101 $1.7M 0.04% 6,392 SH
42 PNC FINL SVCS GROUP INC PNC 693475105 $1.7M 0.04% 6,802 SH
43 BANK OF AMER CORP BAC 060505104 $1.6M 0.04% 27,519 SH
44 ABBOTT LABORATORIES ABT 002824100 $1.5M 0.04% 16,944 SH
45 GALLAGHER ARTHUR J & CO AJG 363576109 $1.5M 0.04% 6,560 SH
46 EQUINIX INC EQIX 29444U700 $1.4M 0.04% 1,375 SH
47 NETEASE COM INC NTES 64110W102 $1.3M 0.03% 10,194 SH
48 CONOCOPHILLIPS COP 20825C104 $1.2M 0.03% 11,742 SH
49 COMCAST CORP NEW CMCSA 20030N101 $1.2M 0.03% 49,643 SH
50 ISHARES TR AGG 464287226 $1.2M 0.03% 11,840 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-13 $3.97B 109 0000826000-26-000007
2026-03-31 2026-05-14 $2.88B 105 0000826000-26-000005
2025-12-31 2026-02-13 $2.71B 108 0000826000-26-000003
2025-09-30 2025-11-12 $2.36B 103 0000826000-25-000012
Filer Information
Address
7373 WISCONSIN AVE.
SUITE 750
BETHESDA, MD 20814
Phone
(301) 450-3090
Filing Manager
POTOMAC FUND MANAGEMENT INC /ADV
BETHESDA, MD
Signatory
Jeffrey Schropp
Chief Compliance Officer