Cynosure Group, LLC

The portfolio is heavily diversified, though it relies heavily on exchange-traded funds (ETFs) to achieve this exposure. The top ten holdings account for approximately 58.7% of the total portfolio value, indicating a relatively concentrated core strategy surrounded by a long tail of smaller individual equity positions. The drastic reduction in AUM suggests substantial capital outflows, redemptions, or a deliberate pivot in risk management strategy during a volatile period.

2. Key Holdings

The portfolio is anchored by large-cap, liquid ETFs, with SPDR S&P 500 ETF Trust (SPY) being the dominant position. SPY represents 19.48% of the portfolio ($65.66M), making it the single largest holding. This suggests a strong reliance on broad U.S. equity market beta.