ATWOOD & PALMER INC

Atwood & Palmer’s $1.77B 13F book underwent a notable sector rotation in Q1 2026: the fund slashed its largest equity position, rotated out of speculative software, and added two new Treasury ETF sleeves alongside a contrarian telecom bet. Palantir Technologies, previously the portfolio’s second-strongest conviction at $79M (4.5% of assets), was reduced 19% to $64M—the single largest decrease in the filing. That reduction, combined with the outright sale of DraftKings (-$18.7M) and Alphabet Class A shares (-$7.6M), signals a deliberate exit from high-beta software and gaming names. The proceeds redeployed into three areas: short-term Treasury exposure via two new iShares ETF sleeves (IBTI and IBTJ, together $41.7M), a new Nokia position of $19.8M, and a new Alibaba stake of $12.6M. Nokia is the most contrarian trade in the filing—a legacy telecom-equipment name that few institutional managers currently own—suggesting the manager sees value in 5G infrastructure and potential turnaround optionality. The portfolio also added Generac Holdings (+$9.5M), a home-generator and energy-infrastructure name whose revenues benefit from grid unreliability and data-center power demand. Elsewhere, healthcare saw mixed activity: Gilead and United Therapeutics rose in value on share-price appreciation despite minor share-count reductions, while Thermo Fisher and AbbVie were increased. The fund’s fixed-income core (JAAA, JEMB, SHY, BBBI) remained intact, and the American Century factor suite (AVDE, AVEM, AVIV) was modestly increased. The overall read is a manager trimming speculative tech growth and reallocating into value-oriented telecom, short-duration government credit, and domestic energy infrastructure.