Brookstone Capital Management

Key Holdings

The portfolio is dominated by large-cap equity ETFs, reflecting a passive core strategy.

• Top Positions: The largest holding is the Invesco QQQ Trust (QQQ) at $304.58 million (3.48%), followed closely by the SPDR S&P 500 ETF Trust (SPY) at $250.18 million (2.86%). These positions indicate a strong conviction in large-cap U.S. growth and broad market performance.
• Factor & Smart Beta: The firm holds significant positions in Vanguard factor ETFs, specifically VUG (Growth) at $199.73 million and VTV (Value) at $198.09 million. This nearly equal allocation between growth and value suggests a barbell approach to style diversification within U.S. equities.
• Individual Equities: Among individual stocks, NVIDIA (NVDA) is the standout holding at $174.03 million (1.99%), making it the largest single stock position. Other major tech holdings include Apple (AAPL) at $153.46 million and Microsoft (MSFT) at $107.06 million.
• Defined Outcome ETFs: A notable portion of the top 50 consists of Innovator ETFs Trust products (e.g., positions 20, 23, 26, 27, 29). These are likely defined-outcome ETFs designed to provide buffers against market losses, signaling a focus on risk management.

Sector Allocation

The reported sector data highlights a heavy tilt toward broad market exposure via ETFs and a significant allocation to Technology.

• ETFs: The largest category is labeled ETF at $1.88 billion, underscoring that the fund primarily accesses markets through funds rather than individual security selection.
• Technology: Direct technology exposure accounts for $469.50 million, driven by the mega-cap positions in NVDA, AAPL, and MSFT.
• Unknown: A substantial $1.55 billion is classified as "Unknown." Given the prevalence of "Northern Lts Fd Tr IV" and "Innovator Etfs Trust" in the holdings list, this category likely represents structured products, unit investment trusts, or defined-outcome ETFs that do not fit neatly into traditional GICS sector classifications.
• Other Sectors: The portfolio maintains secondary exposure to Consumer Cyclical ($171.21M) and Communication Services ($130.79M), with minimal direct exposure to Healthcare, Energy, or Industrials outside of specific positions like Caterpillar (CAT).