Brown Miller Wealth Management, LLC

Key Holdings

The portfolio is dominated by large-cap technology leaders, reflecting a strong conviction in the secular growth of the sector.

• NVIDIA (NVDA) remains the cornerstone position, valued at $50.20M and representing 13.87% of the portfolio. Despite a minor reduction of 2.9% during the quarter, it remains the single largest holding by a significant margin, indicating continued confidence in AI infrastructure.
• Mega-Cap Tech Initiation: The most notable development in key holdings is the massive initiation of positions in Apple (AAPL) ($29.91M) and Microsoft (MSFT) ($19.81M). These two new positions immediately became the 2nd and 3rd largest holdings, accounting for 8.26% and 5.47% of the portfolio, respectively.
• Financial & Industrial Exposure: JPMorgan Chase (JPM) holds the 4th spot at 4.03%, providing stability and financial exposure.
• Other Concentrated Positions: Alphabet (GOOGL), Broadcom (AVGO), and Cisco (CSCO) round out the top technology names.
• ETF Exposure: The top 50 also includes several ETFs such as SPYM and VTI, which are likely used for liquidity and broad market beta.

Sector Allocation

The portfolio exhibits a distinct growth tilt with a heavy concentration in the Technology sector.

• Technology: This is the dominant sector, comprising $127.49M or approximately 35.2% of the total portfolio value. This concentration is driven by positions in NVDA, AAPL, MSFT, AVGO, and CSCO.
• Financial Services: The second-largest sector allocation is Financial Services at $34.40M (9.5%), bolstered by JPM, Visa, BlackRock, and Berkshire Hathaway.
• ETFs: The manager allocates $26.44M (7.3%) to ETFs, utilizing instruments like SPDR Series Trust, Vanguard, and Invesco funds to fill gaps in exposure or manage cash efficiency.
• Defensive & Diversified Sectors: The portfolio maintains balanced exposure to Healthcare ($21.51M), Consumer Cyclical ($19.27M), and Communication Services ($17.40M).
• Underweight Areas: Traditional sectors like Energy ($2.47M) and Utilities ($7.34M) have smaller allocations, though the inclusion of NextEra Energy and Kinder Morgan provides select exposure to these areas.