Every security across your advisors' books, kept current. When something material changes, Quorum re-tests the IC Report and delivers it to every advisor who holds the name, with their own exposure attached. No ratings, no instructions. Your advisors keep every decision, and your firm keeps the record.
| Name | Weight | Status |
|---|---|---|
| NVDANVIDIA | 4.10% | Update sent |
| MSFTMicrosoft | 3.60% | Current |
| AAPLApple | 3.20% | Current |
| AVGOBroadcom | 2.30% | Current |
Fiscal Q2 2027 results · three conditions re-evaluated
Every IC Report re-tested the business day after a material change.
A development is linked to every book that holds the names it touches.
Follow-ups bring forward what needs attention next.
Every advisor builds a book their own way. Underneath, the same companies, filings and economic drivers recur from book to book. Each advisor who holds a name receives the same current IC Report, with their own exposure attached.
of advisors in a FUSE Research survey include individual stocks in their models.
Industry · FUSE Research Network
Share of time on investment management for advisors who build portfolios themselves, and for those who outsource it.
Industry · Cerulli Associates
One report per security, shared by every advisor who holds it. Each update opens against the previous report, condition by condition.
Fiscal Q2 2027 results · three conditions re-evaluated · weight −0.3pp
What changed since IC Report 2 · May 2026 · conditions re-tested against the August results
| IC Report 2 | IC Report 3 | |
|---|---|---|
| Weight in the Book | 4.40% | 4.10%−0.3pp, on price |
| Held by | 23 advisors | 24 advisors |
| AI capex growingGuide +12% q/q · AWS order | holds | holds |
| Rubin transition on scheduleProduction shipments begun | holds | holds |
| Gross margin in the mid-70s71–72% trough guided for fiscal Q4 2027 | holds | watch |
Revenue of $96.2bn, up 106% from a year ago, with data center at 92% of the total. The AI-capex condition holds on the $108.0bn outlook.
Weight in the Book fell 0.3pp, on price. No condition is price-based.
Customer capex plans drive five names in the Book. The next read is hyperscaler guidance in October.
Coverage centred on the revenue outlook; the margin reset drew less attention.
Gross margin is guided to a 71–72% trough in fiscal Q4 2027 on memory costs. Condition moved to watch.
Two conditions hold and one moves to watch, with the Risk Governor's dissent on the record. Next scheduled re-test: fiscal Q3 2027 results, November 2026.
Transcript · 6 seats · 1 challenge · 1 dissent
“Compute is revenue” holds only while the customers' revenue does. Gross margin is guided down for the first time this cycle, on a memory cost the company does not control, and part of the demand is financed with vendor backstops.
The outlook assumes no data-center compute revenue from China. A pause in any one hyperscaler's spending plans would reach this report and four linked reports at once.
Written without knowledge of the holdingNVIDIA reported fiscal second-quarter results in late August: revenue of $96.2 billion, more than double a year ago, with data-center revenue of $89.0 billion and a gross margin of 75.0%. The company guided next-quarter revenue to $108 billion and said gross margin is expected to ease to 71–72% early next year as memory costs rise. What is being monitored: the margin trough it guided to, customer spending plans, and the memory-cost link to Micron.
Fiscal Q2 2027 results · three conditions re-evaluated
One current IC Report per name, the same for every holder.
Not the investment decision.
Three of the 24 holders. Each advisor decides, and every trade carries the advisor's own reason.
Trimmed Micron by about 30% of shares in the Growth sleeve after the position’s weight roughly tripled on price between the March and June snapshots. All three conditions on the June IC Report hold; this is a sizing decision, not a view change. Tax lots respected.
Each advisor sees the names they chose, a current IC Report on each, and their own exposure. Model and client-directed positions stay out of that list.
When the conditions hold, nothing is asked of the advisor.
Quorum drafts the reason from the IC Report and the trade. The advisor confirms it or edits it.
Every report carries a paragraph an advisor can pass on as written.
The same IC Report on the desk and on the phone, with no separate mobile product.
The investment office sets materiality once. From then on, each IC Report, each delivery and each trade reason stays connected to the name.
Holdings in different books that rest on the same development, seen as one.
Every condition carries its next scheduled check.
Who received each report, when it was opened, and what was traded afterwards.
Examiners are looking at how advisers use AI.
The record shows what the committee wrote, what each advisor received and what was done.
SEC Division of Examinations, Fiscal Year 2026 Examination Priorities
| Advisor | Exposure | Since delivery |
|---|---|---|
| D. Okafor | 5.2% · 96 accts | No trade |
| L. Brandt | 3.8% · 61 accts | Trim · reason confirmed |
| E. Novak | 4.6% · 88 accts | Add · reason drafted |
| R. Castillo | 2.9% · 44 accts | No trade |
| S. Iyer | 1.7% · 23 accts | No trade |
Advisor-led books, firm models and client-directed positions often sit side by side. Quorum runs one committee for every name and adjusts what it asks for, and what it records, to whoever owns the decision.
Each limit is deliberate, and each has a counterpart in the product.
Rate a security
No buy, sell or hold, no conviction score, no target size.
Direct an advisor
When two advisors act differently on the same name, that is independence at work.
Place a trade
No connection to order entry, and no instruction to trade.
Shape the case to the holding
The case against is written without knowledge of what the firm owns.
Average away disagreement
No blended score that hides a dissenting seat.
Train on your data
Holdings and account data are never used to train models.
Priced by the size of the firm, never by assets under management.
For multi-advisor wealth firms
Advisors and the investment office work from one Book, connected to your portfolio system.
Annual subscription, invoiced monthly or quarterly, starting on connection. Exit within 30 days of connection with a pro-rata refund.
hours a year back for client work, at two hours a week for each advisor.
Capacity, not a forecast. Kitces Research puts advisors' investment tasks at about 5.5 hours a week; the estimate assumes two of those hours come back, over 48 weeks, at $400 of fee revenue per advisor hour.
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