Asset Advisors Investment Management, LLC

The portfolio consists of 108 holdings, reflecting a diversified approach. The firm employs a "Core and Satellite" strategy, utilizing broad market and sector Exchange Traded Funds (ETFs) as the foundation (core) while supplementing with concentrated positions in high-conviction individual equities (satellites). The turnover rate was exceptionally high this quarter, characterized by 30 new positions and 25 exits, suggesting a substantial restructuring of the portfolio rather than mere organic growth.

2. Key Holdings

The top ten holdings account for approximately 46.5% of the total portfolio assets, indicating a measured concentration in the firm's highest-conviction ideas.