Bank Julius Baer & Co. Ltd, Zurich

The firm appears to utilize a hybrid approach, combining active stock selection with the use of ETFs for liquidity or beta exposure. While the top holdings are heavily concentrated in mega-cap technology, the presence of roughly 600 smaller positions suggests a "core and satellite" approach where the bulk of the capital is deployed in high-conviction names, while the remainder is spread across various sectors to capture alpha or hedge risks. The inclusion of bond ETFs (IEF, IEI) further signals a focus on capital preservation and interest rate management alongside equity growth.

2. Key Holdings