CWA Asset Management Group, LLC

That capital was redeployed into energy infrastructure and materials. New single-stock positions included Texas Pacific Land Corporation at $40.3M, Noble Corp at $34.7M, Transocean at $34.5M, Tenaris at $32.2M, Core Laboratories at $29.2M, Reliance Steel at $13.1M, and Corning at $13.1M. The firm also added uranium exposure via a new $14.7M stake in Uranium Royalty Corp and increased Alamos Gold by $3.1M, suggesting precious-metals interest shifted from ETFs and royalties toward operators and drillers.

On the tech side, Microsoft bore the largest mark-to-market loss, falling $25M in value to $74.6M even as the advisor added 2.8% to its share count. Amazon was reduced 2.9% to $50.7M, Alphabet Class C fell 0.7% to $44.9M, and Qualcomm lost $4.2M in value. The firm sold Tesla and Oracle outright and cut Palantir, Visa, Blackstone, Intuit, and O'Reilly Automotive. At the same time, Nvidia gained 3.6% in shares to $179M, Apple rose 5.7% to $149.5M, and Meta edged up to $31.9M—suggesting the remaining mega-cap exposure is concentrated in AI and advertising names rather than broad tech.