Baker Chad R

The portfolio now comprises 57 holdings, reflecting a high degree of diversification. However, the turnover was exceptionally high this quarter. The manager initiated 34 new positions and exited 3, indicating a major overhaul of the investment strategy. The shift from a smaller, more concentrated portfolio to a larger, broadly diversified one marks a pivot in the manager's operational approach, likely moving toward a strategy that mirrors institutional large-cap growth or quality benchmarks.

2. Key Holdings

The current portfolio is dominated by high-conviction positions in "Quality" and "Growth" leaders, with the top 10 holdings accounting for approximately 48.5% of total assets.