Bath Savings Trust Co

The portfolio is well-diversified, holding 271 individual positions. Despite the large number of holdings, the portfolio exhibits a "core-satellite" structure where the top holdings carry significant weight. The top 10 positions account for approximately 44.5% of the total portfolio value, indicating a conviction-based approach toward specific large-cap leaders while maintaining a long tail of smaller positions for diversification. The inclusion of Exchange Traded Funds (ETFs) like Vanguard bond and equity index funds suggests a desire for broad market exposure and liquidity alongside active stock selection.

2. Key Holdings