Antonelli Financial Advisors, LLC

Key Holdings and Their Significance

• VCLT (Vanguard Long‑Term Corporate Bond ETF): $6.49M (26.60%). This is the single largest position and is a long-duration corporate bond ETF. At 26.6% of assets it meaningfully offsets equity risk but introduces sensitivity to long-term interest rates and credit spreads.
• JPM (JPMorgan Chase & Co.): $5.25M (21.53%). A large single-bank equity exposure comprising 21.5% of the portfolio — significant single-stock risk to bank fundamentals, macro credit conditions, and regulatory outcomes.
• META (Meta Platforms): $4.67M (19.14%). Large-cap growth/advertising exposure at 19.1% — a core equity growth bet.
• GOOG / GOOGL (Alphabet class C and A): Combined ~$4.74M (~19.4%). Alphabet is held across both share classes; together with Meta, Alphabet creates a concentrated big‑tech tilt (Meta + Alphabet = ~38.5% of the portfolio).
• NVDA (NVIDIA): $1.29M (5.31%). A meaningful but smaller exposure to a high‑beta semiconductors/growth name.
• Smaller holdings (COST, UNH, XLY, EMXC): Each <4% of portfolio; EMXC is a new, modest exposure to emerging markets (iShares MSCI EM ex‑China ETF) at $254K (1.04%).

Takeaway: The portfolio is dominated by large-cap U.S. technology and financials, with a substantial allocation to long-term corporate bonds. This mix suggests a barbell of concentrated growth equity risk and long-duration credit exposure.