Cresset Asset Management, LLC

2. Key Holdings

The portfolio is dominated by a few major positions, with the top ten holdings accounting for nearly 37% of the total assets.

• Arista Networks (ANET): This is the undisputed crown jewel of the portfolio, representing a massive 13.83% allocation ($3.18B). This high concentration indicates an extremely high conviction in the networking infrastructure sector. Despite reducing the stake by 16.9% ($490.85M) during the quarter, it remains the primary driver of the portfolio's risk and return profile.
• Passive Core (SPY, IVV, RSP): The firm holds significant positions in major index funds. The SPDR S&P 500 ETF (SPY) and iShares Core S&P 500 (IVV) are the second and third largest holdings, respectively, comprising 16.51% of the portfolio combined. The inclusion of RSP (Invesco S&P 500 Equal Weight) at 3.33% suggests a desire to mitigate concentration risk found in market-cap-weighted indices.
• High-Conviction Technology: Beyond Arista, Cresset holds notable positions in Apple (AAPL) (2.08%), Meta (META) (1.97%), and Reddit (RDDT) (1.70%). The Reddit position is particularly noteworthy as a growth-oriented bet on social media/data, evidenced by a 36.3% increase in the stake during the quarter.
• Palantir (PLTR): Representing 1.59% of the portfolio, this position signals a strong tilt toward software and data analytics, specifically within the government and defense sectors.