AMG National Trust Bank

Key Holdings

The portfolio's top 50 holdings reveal a strong preference for liquidity and broad market exposure. The largest position is the SPDR S&P 500 ETF (SPY), accounting for 9.66% of the portfolio ($397.5M). This is closely followed by the iShares Russell Mid-Cap ETF (IWR) at 8.91% ($366.7M) and the iShares Russell 2000 ETF (IWM) at 4.87% ($200.4M). Notably, the top four positions are all broad-market U.S. equity ETFs (SPY, IWR, IWM, VOO), which collectively represent roughly 27.7% of the total assets.

Among individual equities, Lowe’s Companies (LOW) stands out as the most significant single stock position, comprising 2.66% of the portfolio ($109.4M). Major technology names such as Apple (AAPL) (2.35%) and Microsoft (MSFT) (0.89%) are present but are weighted significantly lower than the aggregate ETF positions. The top 10 holdings alone account for approximately 44.7% of the total portfolio value, indicating a concentration in core liquid assets while the tail of the portfolio (617 other holdings) provides granular diversification.