CHURCHILL MANAGEMENT Corp

2. Key Holdings

The top ten holdings are entirely dominated by liquid, passive investment vehicles, underscoring a preference for beta (market exposure) over alpha (stock selection) in the largest allocations.

• Top Position: The Technology Select Sector SPDR Fund (XLK) is the largest holding, valued at $1.22 billion, representing 13.22% of the portfolio. This indicates a strong overweight tilt towards the technology sector relative to the broader market.
• Major Index Exposure: The firm holds massive positions in the "Big Three" S&P 500 ETFs: SPY ($659.32M), IVV ($513.10M), and VOO ($490.81M). Combined, these three positions alone account for nearly 18% of the total portfolio.
• Growth & Value Split: Beyond the S&P 500, the firm holds the Invesco QQQ Trust ($721.07M), which tracks the Nasdaq-100 (growth-heavy), alongside the Vanguard Value ETF (VTV) ($452.76M). This suggests a balancing act between growth momentum and value factors within the equity core.
• Individual Equities: Among individual stocks, Broadcom (AVGO) leads at $79.35 million, followed by NVIDIA (NVDA) at $61.40 million. While these are significant positions in absolute terms, they are minor compared to the ETF allocations, each representing less than 1% of the total portfolio.