Portfolio Rebalancing
XML Financial LLC Rebalances Q1 Portfolio, Boosting RNP While Trimming Other Key Holdings
Key Points
XML Financial LLC trimmed its Schwab US Dividend Equity ETF (SCHD) position by 4.7% in the 1st quarter, selling 19,827 shares to hold 403,228 shares; the stake was valued at $12,371,000 and was described as 1.0% of the firm’s portfolio (23rd-largest holding).
XML Financial LLC reduced its holding in The Goldman Sachs Group (GS) by 12.6% during the 1st quarter, leaving it with 3,860 shares after selling 554; the position was worth $3,266,000, and the article notes that 71.21% of GS stock is owned by institutional investors.
XML Financial LLC increased its FT Vest Gold Strategy Target Income ETF (IGLD) stake by 8.7% in the 1st quarter, adding 24,819 shares to reach 308,983 shares; the article says IGLD was 2.69% of the portfolio and worth $7,888,000.
XML Financial LLC cut iShares Russell Mid-Cap ETF (IWR) by 2.8% in the 1st quarter, selling 6,771 shares to end with 237,554 shares; the holding was valued at $23,097,000 and the article describes it as 1.9% of the portfolio (9th-largest holding).
XML Financial LLC boosted Cohen & Steers REIT and Preferred Income Fund (RNP) by 34.5% in the 1st quarter, adding 144,035 shares to own 561,075; RNP accounted for about 0.9% of the portfolio and was valued at $11,087,000 (29th-largest position).
XML Financial LLC made a bold move into real estate income during the first quarter of 2026, boosting its stake in the Cohen & Steers REIT and Preferred Income Fund (RNP) by 34.5%, according to Watchlist News. The firm added 144,035 shares, bringing its total to 561,075 shares worth $11,087,000.
The RNP buy was the firm's biggest percentage increase among its major holdings. At the same time, XML trimmed positions in Goldman Sachs, the Schwab US Dividend Equity ETF, and the iShares Russell Mid-Cap ETF, signaling a clear shift toward income-focused and alternative yield strategies.
RNP and Gold ETF Get the Biggest Boosts
RNP is a closed-end fund managed by Cohen & Steers. It blends real estate investment trusts (REITs) with preferred stocks. The fund uses leverage to try to squeeze out higher returns. XML's 34.5% increase made RNP its 29th-largest holding, valued at $11,087,000 and equal to about 0.9% of the total portfolio, per Watchlist News.
XML also raised its position in the FT Vest Gold Strategy Target Income ETF (IGLD) by 8.7%, adding 24,819 shares to reach 308,983 total. That holding was worth $7,888,000 and made up 2.69% of the firm's portfolio. IGLD is not a simple gold bet. It uses an options strategy to generate income from gold price movements.
XML Trims Dividend and Mid-Cap ETF Stakes
XML cut its Schwab US Dividend Equity ETF (SCHD) position by 4.7%, selling 19,827 shares. It still held 403,228 shares worth $12,371,000 at quarter's end, making SCHD the firm's 23rd-largest holding at 1.0% of the portfolio, according to Watchlist News.
The firm also trimmed its iShares Russell Mid-Cap ETF (IWR) stake by 2.8%, selling 6,771 shares and ending the quarter with 237,554 shares. That position was valued at $23,097,000, the 9th-largest in the portfolio at 1.9% of total holdings. Despite the cut, IWR remains one of XML's biggest single positions.
Goldman Sachs Stake Cut by More Than One in Eight
XML reduced its Goldman Sachs (GS) holding by 12.6% during the quarter, selling 554 shares to end with 3,860 shares. The position was worth $3,266,000. The move came even as institutional investors broadly still hold 71.21% of all GS stock, per Watchlist News.
The Goldman reduction is the sharpest percentage cut XML made among its named holdings this quarter. Analysts have described it as either profit-taking or a move to lower concentration in big bank stocks, as investment banking revenue has shown uneven results heading into 2026.
A Broader Shift Toward Income and Inflation Hedges
Taken together, XML's Q1 moves point to one clear direction. The firm is moving away from broad passive funds and toward specialized income plays. It added shares in both a gold-linked income ETF and a leveraged REIT-preferred fund, while trimming its passive dividend and mid-cap index holdings.
XML also made other additions during the quarter. It raised its Schwab U.S. Large-Cap Value ETF (SCHV) stake by 7.2% and bought 44,241 new shares of the Vanguard Russell 1000 Value ETF (VONV), worth roughly $4,147,000, per Watchlist News. It also boosted its Vanguard Intermediate-Term Corporate Bond ETF (VCIT) by 127.8%. The pattern suggests a firm hunting for yield across multiple asset classes at once.
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