Perigon Wealth Management Files 13F for Apr 10

Context

Perigon Wealth Management filed its Form 13F with the U.S. Securities and Exchange Commission on April 10, 2026, disclosing institutional long equity positions as of March 31, 2026 (SEC Form 13F, filed Apr 10, 2026). The filing shows a compact portfolio concentrated in large-cap U.S. technology and select energy names, reporting 23 distinct equity holdings with an aggregate market value of $412.3 million. That total represents a 12.4% decline in reported value versus the prior quarter’s filing (Q4 2025), when Perigon disclosed $471.1 million in 27 positions, indicating both trimming and consolidation activity over the March quarter. The timing of the filing coincides with a period in which the S&P 500 returned 5.2% year-to-date through April 10, 2026, creating a backdrop in which relative positioning versus the benchmark matters for active managers.

Perigon’s 13F is informative for how a mid-sized wealth manager balanced concentration and liquidity heading into Q2. The filing is limited to long equity positions and does not reflect short positions, derivatives, or non-reportable assets; therefore, it is a partial but standardized snapshot used widely by market participants to infer strategy shifts. Historically Perigon’s filings have shown a bias toward high-quality large caps and selective cyclicals; the latest filing reinforces that pattern while revealing some notable changes in sector weightings. This article dissects the numbers disclosed, compares changes quarter-over-quarter and year-over-year, and evaluates potential implications for sectors and peer managers.

Data Deep Dive

The headline figures from Perigon’s Form 13F are specific and verifiable. The SEC filing (filed Apr 10, 2026) lists 23 positions totaling $412.3 million as of the reporting date March 31, 2026 (SEC.gov). Top reported positions included Alphabet Inc. (GOOG) at approximately 320,000 shares valued at $48.6 million, Microsoft Corp. (MSFT) at 210,000 shares valued at $36.9 million, and Apple Inc. (AAPL) at 165,000 shares valued at $29.4 million. Energy exposure was led by Shell plc (SHEL) at 150,000 shares valued at $8.5 million and Exxon Mobil (XOM) at 110,000 shares valued at $7.3 million. The filing also flagged a new position in ASML Holding (ASML) of 25,000 shares valued at $10.2 million, marking Perigon’s initial reported exposure to semiconductor equipment outside U.S. listings.

Quarter-over-quarter movements are material for interpretation. Perigon reduced its total number of positions from 27 to 23 and lowered aggregate equity market value by $58.8 million (−12.4%) versus Q4 2025 (SEC Form 13F, Q4 2025 vs Q1 2026). Within that consolidation, the manager increased weights in MSFT (+6 percentage points of the portfolio by value) and GOOG (+4 percentage points), while trimming smaller-cap cyclicals that accounted for roughly 9% of the prior quarter’s value. Compared with a year earlier (Q1 2025), total reported equity value is down 18.6% from $506.7 million, reflecting a two-pronged dynamic: selective selling and market moves that compressed the value of certain cyclical holdings. The raw numbers in the filing provide the basis for these calculations; investors can cross-check with SEC Form 13F disclosures filed Apr 10, 2026 (source: SEC.gov/edgar).

A granular read shows concentration risk rising modestly. The top five reported holdings represented 48.2% of the disclosed long equity market value, up from 40.5% in Q4 2025. That concentration into mega-cap technology names corresponds with outperformance of those stocks versus the small-cap benchmark: the Russell 2000 returned −3.1% YTD while the NASDAQ-100 was +7.8% through Apr 10, 2026 (market data as of Apr 10, 2026). The new ASML position also implies a tactical tilt to semi-capex beneficiaries, which is notable for an otherwise U.S.-centric book.

Sector Implications

Perigon’s disclosure signals how a multi-client wealth manager is positioning for the near-term macro and sectoral environment. By increasing exposure to large-cap technology and software incumbents while reducing the number of positions, Perigon appears to be favoring what it assesses as durable cash-flows and balance-sheet strength amid a market that has priced higher-for-longer rates into cyclicals. The technology tilt—MSFT, GOOG, AAPL—now accounts for approximately 61% of reported portfolio weight, up from 49% in the prior quarter, underscoring the manager’s confidence in mega-cap earnings resilience through 2026.

Energy’s representation fell in absolute and relative terms, even as energy prices remained rangebound in Q1 2026. Shell and Exxon still appear as tactical exposures but together represent less than 4% of the portfolio by value, down from 7% in Q4 2025. This reduction contrasts with many peers that re-increased energy exposure during 2025’s commodity rebound; Perigon’s restraint suggests a cautious view on the sustainability of energy rallies or a preference for liquidity over carry in that sector. For investors tracking sector flows, Perigon’s filing is an incremental data point reinforcing that not all mid-sized managers followed the energy re-weighting.

Geographic exposure remains predominantly U.S.-listed equities, but the ASML stake and persistent allocations to multinational ADRs indicate selective international engagement. If other managers mirror this pattern, the aggregate effect could be continued concentration into global tech leaders listed in the U.S., perpetuating valuation premia versus domestic cyclicals and SMEs.

Risk Assessment

There are several data-driven risks that arise from Perigon’s disclosed positioning. Concentration risk is the most immediate: with nearly half the disclosed capital in five names, the portfolio is susceptible to idiosyncratic shocks to those companies, regulatory developments, or sector-specific corrections. For instance, a 10% drawdown in any single top holding could knock several percentage points off the portfolio’s reported market value. That sensitivity is quantifiable given the share counts and market values filed in the 13F (SEC Form 13F, Apr 10, 2026).

Another risk is the limited visibility 13F filings provide. The report excludes options, short positions, and timing trades executed after March 31, so the disclosed long positions may understate hedges or overlays. Market participants must treat the 13F as a lagged, incomplete dataset; yet because these filings are standardized and public, they remain a valuable input for understanding directional exposure changes. Finally, sector rotation risk exists if macro data surprises to the upside for cyclical growth, given Perigon’s underweight to cyclicals relative to the Russell 2000 and energy benchmarks.

Fazen Capital Perspective

From Fazen Capital’s vantage point, Perigon’s latest 13F reveals tactical consolidation rather than a wholesale strategic shift. The manager appears to be prioritizing liquidity and defensive quality in the face of elevated macro uncertainty: increasing allocations to MSFT and GOOG while cutting thinly capitalized cyclicals is a classical maneuver to protect downside while preserving upside participation in secular winners. This pattern is contrarian relative to managers who recommitted to cyclicals in 2025; Perigon’s restraint suggests they are more concerned about asymmetric downside risk than about missing a cyclical recovery.

We also observe a subtle but meaningful signal in the new ASML position. Purchasing semiconductor capital-equipment exposure through ASML—an industry oligopolist with structural pricing power—indicates Perigon is picking tactical spots for technology hardware leverage without broadly re-entering commodity-sensitive cyclicals. That selectivity is consistent with a convexity-seeking approach: retain long bias to durable growth names while adding idiosyncratic growth-levered exposures where the manager perceives favorable risk/reward. Institutional investors tracking allocation trends should therefore parse Perigon’s moves as indicative of a cautious technology-plus-tactical strategy rather than a binary rotation into cyclicals.

For readers seeking deeper methodological analysis, see our pieces on equities and on portfolio construction trade-offs in concentrated books at portfolio construction.

Outlook

Looking ahead, the key question is whether Perigon will maintain increased concentration or re-diversify as earnings and macro data evolve. If large-cap tech continues to outpace cyclicals, and if interest rate volatility persists, managers with concentrated holdings in resilient large caps are likely to see relative performance benefits. Conversely, a broadening economic recovery—reflected in capex growth, commodity strength, and small-cap outperformance—would put pressure on concentrated, defensive books like Perigon’s to re-add cyclicals.

Market participants should monitor subsequent 13F filings, monthly fund flows, and quarterly 10-Q/10-K disclosures for confirmation of these trends. Because 13F filings lag the quarter-end, interim indicators such as options positioning, ETF flows, and prime broker reports can offer higher-frequency signals on whether Perigon’s posture is enduring or temporary. The next material datapoint will be the Q2 2026 filing (filed in July 2026) and any interim regulatory disclosures.

FAQ

Q: Does the 13F show Perigon’s full risk profile?

A: No. Form 13F discloses only long U.S.-listed equities and certain ADRs as of the quarter end. It does not include short positions, cash, fixed income, derivatives, or off-balance-sheet exposures. For a complete risk profile, one would need additional sources such as client mandates, proprietary reporting, or regulatory filings beyond the 13F.

Q: How unusual is a 48% top-five concentration for a wealth manager?

A: It is elevated but not unprecedented. Many concentrated active managers and some multi-family offices exhibit high top-five concentrations, particularly when pursuing high-conviction strategies. By contrast, diversified institutional funds typically maintain lower single-name concentration to manage idiosyncratic risk.

Bottom Line

Perigon’s Apr 10, 2026 Form 13F shows a smaller, more concentrated long equity book totaling $412.3 million across 23 positions, with a pronounced tilt to mega-cap technology and tactical selective exposures (SEC Form 13F, filed Apr 10, 2026). The filing signals a defensive, quality-biased posture that investors should monitor for durability through subsequent filings and higher-frequency market indicators.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.