Cohen Klingenstein LLC

2. Key Holdings

The portfolio is dominated by large-scale liquidity providers and mega-cap technology stocks, with the top 10 positions comprising roughly 58% of the total assets.

• SPY (S&P 500 ETF): This is the dominant holding, valued at $767.07 million and representing 23.31% of the portfolio. This massive allocation indicates a strong reliance on the broader U.S. market for beta returns.
• Small-Cap and Growth ETFs: The second and fourth largest positions are VBK (Vanguard Small-Cap Growth ETF) at $201.92 million (6.14%) and IWO (iShares Russell 2000 Growth) at $166.93 million (5.07%). This is a notable tilt, suggesting the firm anticipates a rotation into small-cap growth stocks, potentially valuing them for higher upside potential compared to large caps.
• Mega-Cap Technology: The firm holds significant positions in Microsoft ($138.07M), Apple ($126.81M), Amazon ($124.54M), and Nvidia ($86.47M). These positions range from 2.6% to 4.2% of the portfolio, providing substantial exposure to the secular growth trends in artificial intelligence, cloud computing, and consumer electronics.
• Concentrated Bet on Healthcare: Eli Lilly (LLY) is the fifth-largest holding at $139.70 million (4.24%), representing the largest single stock position outside of the ETFs.