Center for Financial Planning, Inc.

Key Holdings and Their Significance

• VOO (Vanguard S&P 500 ETF) — $329.39M (35.21%): This is the explicit portfolio center. A >35% weight in one ETF creates substantial passive exposure to U.S. large‑cap, cap‑weighted market concentration (i.e., heavy implicit exposure to the S&P 500 mega‑caps).
• AGG (iShares Core U.S. Aggregate Bond ETF) — $100.15M (10.70%): The largest fixed‑income holding, providing broad U.S. investment‑grade bond exposure. AGG + other bond ETFs (EAGG, LMBS, etc.) imply an approximate reported fixed‑income sleeve of ~11–12% (AGG $100.15M + EAGG $2.11M + LMBS $3.44M = ~$105.7M, 11.3%) — modest but meaningful ballast.
• IEFA (iShares Core MSCI EAFE) — $95.33M (10.19%): Primary developed‑market ex‑US equity exposure. Together with VWO (emerging markets $30.68M) and VXUS ($9.91M), the filer holds diversified international equity allocations.
• VB, VO, VBR, VUG, IJH, VTI, SPY, VTV, VV (various Vanguard/iShares ETFs): These provide targeted exposure across market‑cap (small/mid/large) and style (value/growth). Collectively they indicate layered indexing rather than single‑fund global tracking.
• Individual stock stakes (BRK/A & BRK/B combined ≈$21.6M, MSFT $12.37M, AAPL $8.19M, AMZN $5.57M, NVDA $1.63M new): Direct equity positions are small relative to the ETF core (individual equities generally <0.5%–1.5% each), suggesting a core‑passive plus selective active/stock exposures approach.

Sector Allocation and Notable Tilts

• On‑reporting sector buckets list ETFs as a category ($738.48M), masking underlying sector exposures. From holdings mix we observe:
  • Heavy implicit tilt to U.S. large‑cap equities through VOO (35.2%), which concentrates exposure in the largest S&P 500 sectors (notably technology, communication services, consumer discretionary by market cap).
  • A deliberate fixed‑income allocation (~11%) via AGG and smaller bond ETFs for diversification and volatility dampening.
  • Substantial developed international exposure via IEFA (10.2%) and additional EM exposure via VWO (3.3%).
  • Direct pure sector/industry bets are limited; Technology listed as $29.43M on the filing — but actual tech exposure is larger once ETF holdings (VOO, VGT, VUG, etc.) are included. In short: portfolio tilts are achieved primarily via ETFs rather than concentrated single‑stock sector bets.