Asio Capital, LLC

The clearest theme in the filing is duration-shortening within municipal bonds. iShares National Muni Bond ETF (MUB), a standard-duration fund, was exited entirely — a $6.8 million position, gone completely. In its place, Asio poured capital into shorter-duration alternatives: JPMorgan Ultra-Short Municipal Income (JMUB) grew 43% in shares, adding $13.4 million to become the fund's second-largest position at 6.4% of assets, up from 4.6%. A new $9.1 million stake in Goldman Sachs Ultra-Short Municipal Income (GMUB) opened alongside it, and a further $4.6 million went into Vanguard Tax-Exempt Bond (VTEB), a broader but still tax-exempt vehicle. Combined, roughly $27 million of fresh capital moved into these three funds against the $6.8 million pulled from MUB — this isn't a retreat from municipal bonds, it's a shift toward shorter duration and different providers.

On the equity side, the standout move is Microsoft (MSFT). Asio added 16.5% more shares this quarter, a real and meaningful increase, even as the position's dollar value fell 10.8% to $16.6 million because the stock's price declined. That's buying into weakness, not passively holding through it. Compare that to Nvidia (NVDA), Alphabet (GOOG), and Broadcom (AVGO) — all three show dollar declines in the same range (6-10%) but share-count changes under 1.3%, essentially flat. Only Microsoft saw genuine incremental buying against falling prices.