Applied Capital LLC/FL

The manager shifted from a relatively concentrated strategy to a highly diversified one, increasing the number of holdings from a previously lower count to 91 distinct securities. The turnover rate was exceptionally high during this quarter, characterized by a "clean sweep" approach: the firm established 33 new positions, completely exited 11 positions, and increased stakes in 16 existing holdings, while reducing 0. This aggressive activity suggests a major reallocation of capital or potentially a significant change in the firm's investment mandate or client base.

2. Key Holdings

The portfolio is currently anchored by a core position in the SPDR S&P 500 ETF Trust (SPY), which holds the top spot at $22.84M, representing 13.53% of the total portfolio. This indicates that while the firm engages in active stock picking, it utilizes a significant passive index component to ensure broad market participation or as a liquidity reserve.