Invesco QQQ Trust (NASDAQ:QQQ) climbed 3.0% to $681.65 during Thursday morning trading, as U.S. cash markets remained open. However, two recent advisor notifications that surfaced in late July refer to holdings as of March 31, rather than acquisitions taking place in July. The filings underscore previous conviction rather than reflecting present ETF appetite.
The reported additions represent under 0.08% of QQQ's trading volume as of Thursday morning. In terms of flow analysis, the dates are key. The two portfolios—Financial Insights and Constant Guidance Financial—collectively acquired 13,890 shares during the first quarter. This figure was less than 0.08% of QQQ's volume on Thursday morning.
Quarter-End Holdings Detail
As of March 31, Financial Insights held 27,889 shares, up from 25,425 on December 31—a quarterly increase of 2,464 shares, or 9.7%. The position was valued at $16.10 million, representing 5.2% of the portfolio. Constant Guidance Financial held 18,385 shares, up from 6,959 on December 31—a surge of 11,426 shares, or 164.2%. That position was valued at $10.61 million, representing 7.3% of the portfolio. Combined, the two advisors held 46,274 shares, up 42.9% from 32,384 shares at the end of 2025, with a total value of $26.71 million and a weighted portfolio weight of 5.9%.
Constant Guidance accounted for 82% of the newly acquired shares during the quarter. The alerts are less effective as trading signals due to their timing. Both filings occurred in mid-May, but MarketBeat released the alerts 72 days afterward, which was 120 to 121 days following the end of the quarter.
Mark-to-Market and Market Context
Comparing quarter-end holdings to Thursday's price: QQQ's share price rose from $577.19 on March 31 to $681.65 on July 30—an 18.1% gain. Assuming no trades after March 31, the total position value increased from $26.71 million to a preliminary $31.54 million, a gain of $4.83 million. However, this mark-to-market calculation rests on the premise that neither advisor made trades after March 31, an assumption yet to be substantiated. The full picture of holdings will become clearer with second-quarter disclosures.
The QQQ rallied on Thursday following fresh evidence from megacap earnings. Microsoft Corporation (NASDAQ:MSFT) shares jumped 15.4% after reporting a 43% increase in Azure revenue, surpassing the consensus estimate of 39.98%. Free cash flow totaled $19.6 billion, higher than the projected $13.44 billion. Dave Wagner, portfolio manager at Aptus Capital Advisors, commented, "It's maintaining its position in the race." In contrast, Meta Platforms, Inc. (NASDAQ:META) dropped 9.2% after reporting a 28% increase in revenue but a drop in free cash flow to $784 million. Capital expenditures totaled $31.08 billion. Chief Executive Mark Zuckerberg stated, "AI is accelerating our core business today."
Market Comparison
On Thursday morning, the Technology Select Sector SPDR Fund (NYSEARCA:XLK) rose 5.30% to $175.40, outperforming QQQ by roughly 2.3 percentage points. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) gained 1.07% to $737.29, trailing QQQ by nearly two points. This divergence matched a recovery led by technology rather than widespread risk-on sentiment.
Risks remain: advisors' positions may not be the same as of March 31. Traders assigned a 57% probability to a rate hike in September. Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN) are set to announce results after Thursday's market close. For investors, the filings indicate concentration rather than an immediate buy signal. On Thursday, a clearer indicator was the increasing difference between AI-related expenditures and cash being generated.
