INTERCAPITAL, LLC
SEC Form 13F institutional filer · CIK 0002108411
13F-HR · 24 reported holdings · 2026-03-31
Reported long-US-equity value
$0.09B
Top-10 concentration
86.9%
INTERCAPITAL, LLC — $85.1M AUM allocation strategy
INTERCAPITAL, LLC files SEC Form 13F and reports $85.1M of long US equity value across 24 reported holdings for 2026-03-31.
Its largest sector bet is Information Technology 46.9%, followed by Consumer Discretionary 30.1% and Industrials 11.1%.
The top 10 holdings account for 87% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
INTERCAPITAL, LLC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$85.1M
total across 24 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
87% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$CRM +99K sh · +$13.3M+$LULU +76.8K sh · +$11.2M+$MSFT +25.7K sh · +$9.04M
Biggest trims (shares)
−$MU −48K sh · −$13.5M−$DAL −31K sh · −$2.17M−$PLD −25.4K sh · −$3.14M
Exited to nil (held last quarter, gone now)
$WYNN ($2.64M last qtr)$NCLH ($1.39M last qtr)$TER ($736K last qtr)$NFLX ($705K last qtr)$WDAY ($691K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Application Software16.7%—
- Apparel, Accessories & Luxury Goods15.7%—
- Broadline Retail14.5%—
- Systems Software13.0%—
- Semiconductors12.0%—
- Aerospace & Defense11.1%—
- Technology Hardware, Storage & Peripherals4.6%—
- Industrial REITs3.8%—
- Other holdings8.5%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
10 of 10 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $CRM | Salesforce Inc | 101K | $13.6M | +99K | 16.0% |
| $LULU | lululemon athletica inc | 87K | $13.3M | +76.8K | 15.7% |
| $AMZN | Amazon.com Inc | 59K | $12.3M | -8.06K | 14.4% |
| $MSFT | Microsoft Corporation | 29.9K | $11.1M | +25.7K | 13.0% |
| $BA | Boeing Company | 37K | $7.36M | -12.8K | 8.7% |
| $AVGO | Broadcom Inc | 18.5K | $5.73M | +16.5K | 6.7% |
| $PLD | Prologis Inc | 24.9K | $3.29M | -25.4K | 3.9% |
| $AAPL | Apple Inc | 10.7K | $2.72M | +8.3K | 3.2% |
| $JPM | JP Morgan Chase & Co | 8K | $2.35M | — | 2.8% |
| $NVDA | NVIDIA Corporation | 12.5K | $2.18M | +4.78K | 2.6% |
…and 14 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
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How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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