ALBION FINANCIAL GROUP /UT

2. Key Holdings

The holdings list is dominated by a blend of passive investment vehicles and mega-cap technology leaders, reflecting a barbell strategy between market beta and specific growth bets.

• Top Position - VOO: The Vanguard S&P 500 ETF (VOO) is the largest holding at $204.04 million, representing 12.70% of the portfolio. This signals a strong reliance on the broader U.S. market for baseline returns.
• Technology Titans: The manager holds substantial direct positions in "Magnificent Seven" components. Apple (AAPL) is the second-largest holding at $89.34 million (5.56%), followed closely by Microsoft (MSFT) at $63.41 million (3.95%). NVIDIA (NVDA) and Broadcom (AVGO) also feature prominently in the top ten.
• Mid-Cap Exposure: The iShares Mid-Cap 400 ETF (IWR) is the third-largest holding at $82.16 million (5.11%), indicating a tactical tilt toward mid-cap U.S. equities, likely seeking growth potential outside of the large-cap space.
• Fixed Income: The Vanguard Intermediate-Term Treasury ETF (VGIT) holds a significant weight of $36.80 million (2.29%), serving as a duration hedge and income generator within the equity-heavy portfolio.