Aureus Asset Management, LLC

The firm executed a high-velocity strategy during the quarter, with 48 positions being either liquidated or initiated (24 new positions and 24 sold positions). This churn indicates a pivot away from previous core holdings rather than a simple reduction of exposure across the board. The portfolio currently consists of 87 holdings, suggesting a diversified approach that still maintains a preference for concentrated positions in top-tier names. The presence of ETFs like SPY and VONV, alongside specific new commodity exposure via DBC, points to a tactical overlay being employed to manage risk or market volatility.

2. Key Holdings

Despite the significant turnover in the portfolio, the top holdings remain dominated by high-quality, large-cap growth and compounders. The top 10 positions account for approximately 66% of the total portfolio value, indicating a conviction-based approach to core allocation.