BRAUN STACEY ASSOCIATES INC

Key Holdings and Their Significance

• NVDA (NVIDIA) — $208.07M (6.74%): Largest single holding and a meaningful position in AI/semiconductor exposure. NVDA remains a core conviction despite a small reduction (-1.1%, -$2.47M).
• AAPL (Apple) — $177.33M (5.75%) and MSFT (Microsoft) — $164.29M (5.32%): Both are reported as new positions this quarter and together with NVDA form a concentrated mega‑cap technology/consumer/enterprise platform exposure (~17.8% combined). Their addition materially reshaped the portfolio toward large-cap, cash‑generative platform companies.
• AMZN ($103.77M, 3.36%) and Alphabet (GOOGL $97.76M + GOOG $50.88M ≈ $148.64M total, ~4.82%): Further large-cap internet platform exposure, bringing total Communication Services + Internet/Platform allocations to a meaningful share of the portfolio.
• AVGO, META, MU, LRCX, APH and other technology/equipment names: These add exposure to semiconductors and AI/cloud infrastructure, consistent with a technology tilt beyond just mega‑caps.
• Financials (JPM, WFC, BRK/B, NDAQ, MA, GS, BAC, CME): Represent a sizable allocation ($396.16M across the sector), supplying diversification into financial services and payments.
• Mid/small cap and niche holdings (e.g., APP, CREDO, QXO, CELH, ASND): The portfolio mixes high‑conviction smaller positions with large caps, showing a blended style.

Sector Allocation and Notable Tilts

Using the provided sector tallies:

• Technology: $970.58M ≈ 31.4% of the portfolio — clear overweight relative to a broad‑market benchmark.
• Financial Services: $396.16M ≈ 12.8%
• Communication Services: $271.73M ≈ 8.8%
• Consumer Cyclical: $245.73M ≈ 8.0%
• Healthcare: $182.83M ≈ 5.9%
• Consumer Defensive, Energy and others are smaller exposures (Consumer Defensive ≈1.8%, Energy ≈1.5%).