CONNING INC.

Conning Inc's $3.01 billion, 311-position book is unusually systematic: nearly every top-50 holding sits within a tight 1.13%-1.2%-of-book band, the signature of an equal-weighted or model-driven construction rather than discretionary sizing. This quarter's rotation follows the same discipline — eight genuinely new positions (Valero Energy, EOG Resources, Corning, US Bancorp, Microchip Technology, Kroger, IBM, Quest Diagnostics) each sized $34-41 million, replacing eight full exits (Abbott Labs, Lockheed Martin, Colgate-Palmolive, Starbucks, Omnicom, ADP, Texas Instruments, L3Harris) each in the same $33-34 million range. Two additional "new/sold" pairs — RTX Corporation and Travelers Companies — are CUSIP reissuances, not real trades, each showing nearly identical dollar amounts under two different CUSIPs in the same quarter. Beneath the rotation, energy names were broadly trimmed (Exxon -15%, Chevron -14%, ConocoPhillips -11%, all genuine reductions) while Qualcomm (+39%), UnitedHealth (+25%), and BlackRock (+22%) saw real conviction adds.