BRANDYWINE TRUST CO

By far the larger of the two is a world-index core: Vanguard Total World Stock (VT, $286.6M, 51.9% of AUM) plus SPDR S&P 500 (SPY, $101.1M, 18.3%), Vanguard FTSE Developed Markets (VEA, $9.4M), iShares MSCI ACWI (ACWI, $8.5M), and iShares Russell 2500 (IWR, $0.26M). Together these six ETFs make up roughly 74% of the entire book. A manager who owns VT and SPY in those proportions is, in practice, running a market-cap-weighted global equity portfolio through index wrappers — the kind of positioning that moves in lockstep with broad equity beta and provides almost no active return of its own. The remaining 26% in 26 single-name equity positions is therefore the only place where this trust's decisions differ from a pure passive vehicle, and it is a small enough sleeve that any position-level analysis needs to be read in that context.

That sleeve, however, contains the portfolio's most idiosyncratic bets. The standout is the Campbell Soup Company (CPB, $43.5M, 7.9% of total AUM) — not just the largest single-name equity but the second-largest overall position in the entire filing, trailing only the VT anchor. A consumer-staples company as a top-2 position inside a world-equity ETF wrapper is structurally bizarre: the manager has built a concentrated, defensive consumer name into a book that is otherwise passively tracking global equities, which means CPB is implicitly being held as a deliberate divergence from the VT sleeve's consumer exposure. The prior quarter showed the same $43.5M position with identical share count (1,954,276 shares), so the manager was not adding to it in Q1 — simply holding firm through a quarter in which consumer staples saw mixed risk appetite. AbbVie (ABBV, $22.9M, 4.1%) is the other meaningful single-name healthcare bet, and like CPB it was lightly trimmed (down ~$2.2M in value) without a change in thesis. Together these two names represent 12% of the total portfolio held outside ETFs — a high single-stock concentration in a sleeve that is already only 26% of the book.