BURKETT FINANCIAL SERVICES, LLC

The decision happened in the emerging-markets sleeve. Burkett sold its entire $18.7M position in the iShares MSCI Min Vol Emerging Markets ETF (EEMV) — 6.4% of the prior book — and replaced it with $22.2M of JPMorgan's actively managed JEMA, now 6.9% of assets. That is not a vehicle swap; it is a philosophy swap. A defensive, volatility-dampened index got fired in favor of manager discretion, and the sleeve was upsized in the process. It also completes a pattern: the clearest places this otherwise index-built portfolio pays for active judgment are emerging markets (JEMA) and concentrated US equity via the Eagle Capital Select Equity ETF (EAGL, 6.5%) — precisely the corners of the market where the firm apparently trusts an index least.

The anomaly is Loar Holdings (LOAR). At $9.5M and 3.0% of the portfolio, it is the only individual stock in the filing held at conviction size — Apple, the next-largest single name, is 1.3%, and the remaining tail of common stocks is sub-1% dust that reads more like accommodated legacy positions than bets. Notably, Burkett trimmed LOAR by 7,000 shares (-5.6%) in a quarter when the position's value still climbed from $7.2M to $9.5M: profit-taking into strength, disciplined enough to keep the one outlier from becoming a second core holding.