CHATHAM CAPITAL GROUP, INC.

The starting point is an ETF-and-megacap core that would be familiar to most institutional allocators. Vanguard Small-Cap (VB, $31.3M, 4.5%), iShares Gold (IAU, $28.6M, 4.1%), NVIDIA ($29.4M, 4.3%), Apple ($19.6M, 2.8%), GE Vernova ($18.6M, 2.7%), SPDR S&P 500 (SPY, $15.7M, 2.3%), Alphabet ($15.0M, 2.2%), Vanguard Large-Cap (VV, $15.0M), iShares MSCI Emerging Markets ex-China (EMXC, $14.2M), and Invesco QQQ ($13.5M) make up the top ten — a spread that includes both passive indexing and concentrated single-name tech bets. What distinguishes this book is the large gold allocation: IAU at $28.6M is the second-largest position overall and represents a deliberate macro hedge that most comparable portfolios either omit or hold at much smaller sizes. The manager also holds World Gold Trust (GLD, $9.0M, new) and VanEck Gold Miners (GDXJ, $4.9M) — together the gold sleeve totals roughly $42.5M, or 6.2% of AUM, which is a meaningful explicit bet on real-asset and commodity-linked returns.

The Q1 reductions are concentrated in the technology names that had been the portfolio's largest positions through 2025. NVIDIA was trimmed by $3.9M (-5.7% shares), Microsoft by $4.0M (-12.7%), Alphabet by $1.6M (-3.2%), and Apple by $0.5M despite a slight share increase — the latter a price-appreciation artifact rather than a conviction signal. Together these four reductions total roughly $9.7M in exited tech exposure. The manager also sold a cluster of iShares and Vanguard ETF positions that had been legacy holds: QQQ ($1.5M), VGT ($1.1M), FLOT ($542K), CACI ($6.2M), Schwab (SCHW, $4.5M), OSI Systems ($4.5M), and Qualcomm ($4.7M). The disposals span both single-name tech and broad tech-factor ETFs, suggesting the reduction is sector-wide rather than name-specific.