Capital Investment Advisors, LLC

The management style appears conservative yet active, characterized by a high turnover of small positions (40 increases, 8 reductions, 2 new, and 2 exits in the top tier) while maintaining a stable core. The portfolio’s structure suggests an emphasis on income generation and risk mitigation through diversification, rather than concentrated high-growth speculation.

2. Key Holdings

The portfolio is dominated by iShares ETFs, with the iShares Core Dividend Growth ETF (DGRO) serving as the largest position at $578.96 million (8.82% of the portfolio). This signals a strong preference for dividend appreciation strategies. The second and third largest holdings are additional iShares funds (likely representing fixed income or factor-based equity strategies given the firm's profile), alongside the iShares MSCI USA Quality Factor ETF (IQLT), indicating a tilt towards high-quality balance sheets.