Armstrong, Fleming & Moore, Inc

2. Key Holdings

The portfolio is characterized by a heavy concentration in its top positions, with the top five holdings accounting for approximately 51.7% of the total assets.

• T. Rowe Price ETF Inc (TROWE) is the largest holding at $25.26 million (11.67%), followed closely by Apple Inc (AAPL) at $24.16 million (11.16%). The Apple position is particularly noteworthy as it was a new initiation this quarter, immediately becoming a core holding.
• Capital Group ETFs feature prominently in the top ranks. CGXU (Capital Group Intl Focus Eq) holds the third spot at $23.04 million (10.64%), and AVEM (American Century ETF) is fifth at $18.01 million (8.32%).
• Cava Group Inc (CAVA) represents the fourth-largest holding at $21.36 million (9.86%), a significant overweight to a single consumer cyclical stock, indicating strong conviction in this specific growth story.
• The remainder of the top 10 includes a mix of technology giants (NVIDIA, Palantir) and blue-chip financials (Berkshire Hathaway, JPMorgan), though these individual positions are much smaller in size (ranging from 1.3% to 2.0%), highlighting the barbell structure of the portfolio.