Adirondack Capital Advisors, LLC

Adirondack Capital Advisors runs an almost entirely ETF-wrapped book: of $186.5 million across 45 positions, roughly 88% sits in exchange-traded funds, with individual stocks like Berkshire Hathaway (2.5%), Apple (1.5%) and Mastercard (0.7%) serving as small satellite sleeves around a core of iShares and Vanguard funds. The quarter's standout move was iShares Core High Dividend ETF (HDV), whose share count jumped from 110,051 to 570,043 — a 418% increase that pushed it from a minor holding to the third-largest position at 8.4% of the portfolio, a $12.6 million share-flow addition. iShares Russell 1000 Growth (IWF) nearly quadrupled in shares as well (+296%), while core holdings IVV and DGRO grew more modestly in share terms even as their dollar values rose with the market. Johnson & Johnson arrived as the only new name, a modest $281,399 stake.