Applied Capital LLC

Key Holdings

The portfolio is characterized by a high concentration in its top positions, with the top ten holdings accounting for approximately 75% of the total portfolio value.

• Dominance of Dimensional and Vanguard: The largest position is Dimensional ETF Trust, representing 20.59% of the portfolio ($53.51M). This is followed by several Vanguard funds, with the second and third largest positions being Vanguard Index Funds (13.37%) and Vanguard Tax-Managed Funds (7.99%).
• Concentration Risk: The top three positions alone constitute over 41% of the entire portfolio. This heavy allocation suggests a core-satellite approach where a few large-cap or broad-market funds serve as the "core" engine of the portfolio's performance.
• Individual Securities: Direct stock picking appears to be a minor component of the strategy. Individual blue-chip stocks such as Microsoft, Meta, Apple, Nvidia, and Amazon are present but represent marginal allocations, each holding less than 0.15% of the portfolio. These positions are likely remnants of a strategy shift or held for specific liquidity purposes rather than core alpha generation.