MRTNZ

MRTNZ Investment Office · Public Markets

The 360 Vantage

A governed research surface for the full QQQ company universe—plus the names and benchmarks we actively track.

103QQQ securities
108Total coverage pages
July 28, 2026Market-data snapshot

Facts use current exchange and official portfolio data.

Street estimates remain distinct from MRTNZ judgment.

Unavailable fields stay blank—never inferred.

Benchmark performance · Actual + scenario

Ten years back.
Ten years forward.

Two governed views of Nasdaq-100 / QQQ: realized price behavior through Jul 28, 2026, followed by explicit MRTNZ bear, base, and bull paths through 2036. Forecasts are scenarios—not consensus, guidance, or promises.

Reference price$675.49Jul 28, 2026
10-year price CAGR+19.4%Jul. 2016–Jul. 2026
10-year cumulative+487.5%Closing-price return
Annualized volatility22.5%Daily closes · 10 years
Maximum drawdown-35.6%Dec 28, 2022
Current drawdown-9.8%From trailing 52-week high
Best / worst year+53.8% / -33.1%2023 / 2022
Top 10 concentration45.7%Holdings as of Jul 27, 2026

Valuation snapshot · As of Jun 30, 2026

What the market is paying.

Latest Invesco quarterly fund factsheet; P/E and P/B are weighted harmonic averages and P/E is trailing 12 months. Multiples can move daily and should be read alongside earnings revisions, rates, and index concentration.

Trailing P/E34.5×Last 12 months
Price / book10.24×Weighted portfolio basis
Trailing earnings yield2.9%Inverse of trailing P/E
Return on equity35.1%Issuer-reported portfolio metric
30-day SEC yield0.4%Income snapshot
Expense ratio0.2%Annual fund cost
Valuation methodology →Yield source →Fund cost source →
01 · Realized returns

Year-by-year price performance

2017–2025 are full calendar years. 2026 is year to date.

Ten annual bars show positive and negative price returns. Cash distributions are excluded and 2026 is a partial-year observation through Jul 28, 2026.-40%-20%0%20%40%60%+31.5%2017-1.0%2018+37.8%2019+47.6%2020+26.8%2021-33.1%2022+53.8%2023+24.8%2024+20.2%2025+10.0%2026 YTD

Swipe horizontally to inspect all ten annual observations.

02 · Evolution

Actual history → 2036 scenario range

Closing-price index. July 2016 = 100; the forecast branches at July 2026.

Actual closing-price history is indexed to 100 in July 2016. Bear, base, and bull scenarios begin at the July 2026 reference level and continue through 2036. Distributions are excluded.05001000150020002016202020242026203020332036ACTUAL · NASDAQ CLOSEMRTNZ SCENARIOSBEAR 114BASE 214BULL 327588 now

Swipe horizontally to inspect the full 20-year path.

bear · 2036114

+14.0% cumulative · 1.3% CAGR

base · 2036214

+114.0% cumulative · 7.9% CAGR

bull · 2036327

+227.2% cumulative · 12.6% CAGR

How to read the forecast

Near-term anchors. Long-term range.

The base path begins with the published MRTNZ call of +10.0% over 12 months and +20.0% over 24 months, then transitions to a normalized long-run rate. Every line is an annual underwriting path, not a claim about the route markets will take between observations.

Assumptions & invalidation

  • The first two annual anchors retain the published MRTNZ 12- and 24-month QQQ calls.
  • The base path assumes durable earnings growth absorbs AI capital intensity while valuation remains above the broad market.
  • The bear path assumes an early de-rating before slower long-run recovery; the bull path assumes AI monetization broadens beyond infrastructure.

Re-underwrite when: Re-underwrite if forward earnings revisions, inflation and rates, index concentration, or AI capital-return evidence materially depart from the path assumptions.

Return basis: ETF closing-price return; cash distributions and reinvestment are excluded.

Risk: Annualized standard deviation of daily logarithmic closing-price returns using 252 trading days. Largest peak-to-trough decline in daily closing prices during the source window.

Nasdaq historical data →Official holdings →Fund sponsor →
QQQ annual closing-price returns
YearPeriodReturn
2017calendar_year+31.5%
2018calendar_year-1.0%
2019calendar_year+37.8%
2020calendar_year+47.6%
2021calendar_year+26.8%
2022calendar_year-33.1%
2023calendar_year+53.8%
2024calendar_year+24.8%
2025calendar_year+20.2%
2026ytd+10.0%

MRTNZ thematic research · New

The AI Trade

A ranked map of the investable AI stack—from silicon and power to platforms and applications.

Open the AI trade →

MRTNZ thematic research · New

The SaaS Trade

A functional map of software quality, valuation, AI readiness, and the opportunity sequence from efficient compounders to selective resets.

Open the SaaS trade →

MRTNZ benchmark coverage · New

The S&P 500

One governed research page for every company in America's benchmark index—searchable by ticker, name, and sector.

Open S&P 500 coverage →

MRTNZ featured research · New

The Race to $10 Trillion

Apple leads the track. NVIDIA is the MRTNZ favorite. See the full leaderboard, valuation math and finish windows.

Open the race →

MRTNZ digital assets · New

The Crypto 10

Current market data and governed thesis pages for the ten largest crypto-native assets.

Open crypto coverage →

108 securities

AAPL

Apple Inc.

Technology

Reference price
$340
QQQ weight
8.26%
NVDA

NVIDIA Corporation

Technology

Reference price
$197
QQQ weight
7.94%
MSFT

Microsoft Corporation

Technology

Reference price
$393
QQQ weight
4.83%
MU

Micron Technology, Inc.

Technology

Reference price
$821
QQQ weight
4.68%
AMZN

Amazon.com, Inc.

Consumer Discretionary

Reference price
$231
QQQ weight
4.16%
AMD

Advanced Micro Devices, Inc.

Technology

Reference price
$455
QQQ weight
3.72%
GOOGL

Alphabet Inc. Class A

Technology

Reference price
$334
QQQ weight
3.18%
AVGO

Broadcom Inc.

Technology

Reference price
$381
QQQ weight
3.03%
GOOG

Alphabet Inc. Class C Capital Stock

Technology

Reference price
$333
QQQ weight
2.97%
META

Meta Platforms, Inc. Class A

Technology

Reference price
$593
QQQ weight
2.94%
TSLA

Tesla, Inc.

Industrials

Reference price
$307
QQQ weight
2.58%
WMT

Walmart Inc.

Consumer Discretionary

Reference price
$113
QQQ weight
2.51%
INTC

Intel Corporation

Technology

Reference price
$86
QQQ weight
2.13%
CSCO

Cisco Systems, Inc. Common Stock (DE)

Telecommunications

Reference price
$116
QQQ weight
2.09%
COST

Costco Wholesale Corporation

Consumer Discretionary

Reference price
$967
QQQ weight
1.95%
AMAT

Applied Materials, Inc.

Technology

Reference price
$476
QQQ weight
1.90%
LRCX

Lam Research Corporation

Technology

Reference price
$270
QQQ weight
1.68%
PLTR

Palantir Technologies Inc. Class A

Technology

Reference price
$124
QQQ weight
1.40%
NFLX

Netflix, Inc.

Consumer Discretionary

Reference price
$72
QQQ weight
1.37%
KLAC

KLA Corporation

Technology

Reference price
$191
QQQ weight
1.23%
PANW

Palo Alto Networks, Inc.

Technology

Reference price
$319
QQQ weight
1.20%
TXN

Texas Instruments Incorporated

Technology

Reference price
$277
QQQ weight
1.18%
LIN

Linde plc Ordinary Shares

Basic Materials

Reference price
$511
QQQ weight
1.08%
SPCX

Space Exploration Technologies Corp. Class A

Technology

Reference price
$116
QQQ weight
1.00%
AMGN

Amgen Inc.

Health Care

Reference price
$393
QQQ weight
0.94%
PEP

PepsiCo, Inc.

Consumer Staples

Reference price
$143
QQQ weight
0.88%
TMUS

T-Mobile US, Inc.

Telecommunications

Reference price
$182
QQQ weight
0.88%
SNDK

Sandisk Corporation

Technology

Reference price
$1,096
QQQ weight
0.87%
ADI

Analog Devices, Inc.

Technology

Reference price
$366
QQQ weight
0.85%
STX

Seagate Technology Holdings PLC Ordinary Shares (Ireland)

Technology

Reference price
$747
QQQ weight
0.85%
CRWD

CrowdStrike Holdings, Inc. Class A

Technology

Reference price
$182
QQQ weight
0.84%
QCOM

QUALCOMM Incorporated

Technology

Reference price
$163
QQQ weight
0.83%
WDC

Western Digital Corporation

Technology

Reference price
$464
QQQ weight
0.79%
MRVL

Marvell Technology, Inc.

Technology

Reference price
$174
QQQ weight
0.76%
GILD

Gilead Sciences, Inc.

Health Care

Reference price
$134
QQQ weight
0.75%
SHOP

Shopify Inc. Class A Subordinate Voting Shares

Technology

Reference price
$130
QQQ weight
0.71%
ASML

ASML Holding N.V. New York Registry Shares

Technology

Reference price
$1,583
QQQ weight
0.70%
BKNG

Booking Holdings Inc.

Consumer Discretionary

Reference price
$199
QQQ weight
0.67%
APP

Applovin Corporation Class A

Technology

Reference price
$418
QQQ weight
0.58%
ISRG

Intuitive Surgical, Inc.

Health Care

Reference price
$362
QQQ weight
0.58%
VRTX

Vertex Pharmaceuticals Incorporated

Health Care

Reference price
$490
QQQ weight
0.57%
SBUX

Starbucks Corporation

Consumer Discretionary

Reference price
$103
QQQ weight
0.54%
ARM

Arm Holdings plc American Depositary Shares

Technology

Reference price
$245
QQQ weight
0.52%
FTNT

Fortinet, Inc.

Technology

Reference price
$150
QQQ weight
0.51%
ADP

Automatic Data Processing, Inc.

Industrials

Reference price
$264
QQQ weight
0.47%
MAR

Marriott International Class A

Consumer Discretionary

Reference price
$384
QQQ weight
0.46%
CEG

Constellation Energy Corporation Common Stock

Utilities

Reference price
$260
QQQ weight
0.45%
ADBE

Adobe Inc.

Technology

Reference price
$249
QQQ weight
0.44%
CDNS

Cadence Design Systems, Inc.

Technology

Reference price
$345
QQQ weight
0.44%
CSX

CSX Corporation

Industrials

Reference price
$51
QQQ weight
0.44%
MNST

Monster Beverage Corporation

Consumer Staples

Reference price
$98
QQQ weight
0.43%
MELI

MercadoLibre, Inc.

Consumer Discretionary

Reference price
$1,863
QQQ weight
0.42%
CTAS

Cintas Corporation

Industrials

Reference price
$215
QQQ weight
0.39%
INTU

Intuit Inc.

Technology

Reference price
$313
QQQ weight
0.39%
DDOG

Datadog, Inc. Class A

Technology

Reference price
$251
QQQ weight
0.38%
CMCSA

Comcast Corporation Class A

Telecommunications

Reference price
$24
QQQ weight
0.37%
ROST

Ross Stores, Inc.

Consumer Discretionary

Reference price
$251
QQQ weight
0.37%
MDLZ

Mondelez International, Inc. Class A

Consumer Staples

Reference price
$62
QQQ weight
0.36%
DASH

DoorDash, Inc. Class A

Technology

Reference price
$196
QQQ weight
0.35%
HON

Honeywell International Inc.

Industrials

Reference price
$247
QQQ weight
0.35%
ORLY

O'Reilly Automotive, Inc.

Consumer Discretionary

Reference price
$91
QQQ weight
0.34%
SNPS

Synopsys, Inc.

Technology

Reference price
$384
QQQ weight
0.34%
AEP

American Electric Power Company, Inc.

Utilities

Reference price
$133
QQQ weight
0.33%
NXPI

NXP Semiconductors N.V.

Technology

Reference price
$259
QQQ weight
0.32%
PCAR

PACCAR Inc.

Consumer Discretionary

Reference price
$138
QQQ weight
0.32%
REGN

Regeneron Pharmaceuticals, Inc.

Health Care

Reference price
$695
QQQ weight
0.31%
HONA

Honeywell Aerospace Inc. Common Stock

Industrials

Reference price
$216
QQQ weight
0.30%
MPWR

Monolithic Power Systems, Inc.

Technology

Reference price
$1,282
QQQ weight
0.30%
ABNB

Airbnb, Inc. Class A

Consumer Discretionary

Reference price
$153
QQQ weight
0.29%
WBD

Warner Bros. Discovery, Inc. Series A Common Stock

Consumer Discretionary

Reference price
$26
QQQ weight
0.29%
BKR

Baker Hughes Company Class A

Consumer Discretionary

Reference price
$58
QQQ weight
0.28%
PDD

PDD Holdings Inc. American Depositary Shares

Technology

Reference price
$86
QQQ weight
0.26%
EA

Electronic Arts Inc.

Consumer Discretionary

Reference price
$209
QQQ weight
0.25%
FANG

Diamondback Energy, Inc.

Energy

Reference price
$190
QQQ weight
0.25%
FAST

Fastenal Company

Consumer Discretionary

Reference price
$48
QQQ weight
0.25%
LITE

Lumentum Holdings Inc.

Telecommunications

Reference price
$652
QQQ weight
0.25%
TER

Teradyne, Inc.

Industrials

Reference price
$321
QQQ weight
0.25%
XEL

Xcel Energy Inc.

Utilities

Reference price
$80
QQQ weight
0.24%
ADSK

Autodesk, Inc.

Technology

Reference price
$237
QQQ weight
0.22%
ALAB

Astera Labs, Inc.

Technology

Reference price
$260
QQQ weight
0.22%
CCEP

Coca-Cola Europacific Partners plc Ordinary Shares

Consumer Staples

Reference price
$111
QQQ weight
0.22%
EXC

Exelon Corporation

Utilities

Reference price
$47
QQQ weight
0.22%
ODFL

Old Dominion Freight Line, Inc.

Industrials

Reference price
$226
QQQ weight
0.22%
PYPL

PayPal Holdings, Inc.

Industrials

Reference price
$58
QQQ weight
0.22%
FER

Ferrovial N.V. Ordinary Shares

Industrials

Reference price
$62
QQQ weight
0.21%
TTWO

Take-Two Interactive Software, Inc.

Consumer Discretionary

Reference price
$248
QQQ weight
0.21%
IDXX

IDEXX Laboratories, Inc.

Health Care

Reference price
$570
QQQ weight
0.20%
AXON

Axon Enterprise, Inc.

Industrials

Reference price
$548
QQQ weight
0.19%
KDP

Keurig Dr Pepper Inc.

Consumer Staples

Reference price
$31
QQQ weight
0.19%
MCHP

Microchip Technology Incorporated

Technology

Reference price
$76
QQQ weight
0.19%
NBIS

Nebius Group N.V. Class A Ordinary Shares

Technology

Reference price
$170
QQQ weight
0.19%
PAYX

Paychex, Inc.

Industrials

Reference price
$119
QQQ weight
0.19%
ALNY

Alnylam Pharmaceuticals, Inc.

Health Care

Reference price
$288
QQQ weight
0.18%
RKLB

Rocket Lab Corporation

Industrials

Reference price
$64
QQQ weight
0.18%
ROP

Roper Technologies, Inc.

Technology

Reference price
$391
QQQ weight
0.17%
TRI

Thomson Reuters Corporation Common Shares

Consumer Discretionary

Reference price
$103
QQQ weight
0.17%
CRWV

CoreWeave, Inc. Class A

Technology

Reference price
$67
QQQ weight
0.15%
MSTR

Strategy Inc Common Stock

Technology

Reference price
$96
QQQ weight
0.15%
KHC

The Kraft Heinz Company

Consumer Staples

Reference price
$27
QQQ weight
0.14%
WDAY

Workday, Inc. Class A

Technology

Reference price
$160
QQQ weight
0.14%
CPRT

Copart, Inc. (DE)

Consumer Discretionary

Reference price
$31
QQQ weight
0.13%
DXCM

DexCom, Inc.

Health Care

Reference price
$75
QQQ weight
0.13%
GEHC

GE HealthCare Technologies Inc. Common Stock

Health Care

Reference price
$64
QQQ weight
0.13%
HIMS

Hims & Hers Health, Inc. Class A

Health Care

Reference price
$29
Coverage
complete
OPEN

Opendoor Technologies Inc

Finance

Reference price
$3.94
Coverage
complete
ORCL

Oracle Corporation

Technology

Reference price
$120
Coverage
complete
QQQ

Invesco QQQ Trust, Series 1

Public-market watchlist

Reference price
$675
Coverage
baseline
SPY

State Street SPDR S&P 500 ETF Trust

Public-market watchlist

Reference price
$741
Coverage
baseline