Dakota Wealth Management

Key Holdings and Their Significance

• KLAC (KLA CORP): $1.05B / 18.7% — By far the largest single holding. This position alone materially defines portfolio risk and return; movements in KLAC account for outsized impact on overall performance.
• Top 10 concentration: Top 10 holdings sum to ~$2.056B (~36.5% of the portfolio). After KLAC, the largest holdings are major ETFs and large-cap tech equities: IVV $187.5M (3.33%), AAPL $174.4M (3.09%), MSFT $129.2M (2.29%), and BIL $111.9M (1.99%).
• Large-cap tech and communication names: AAPL (3.09%), MSFT (2.29%), NVDA (1.44%), GOOGL/GOOG combined (1.47% + 0.83%), META (0.86%) — these names are significant contributors to the equity sleeve, but none approach the concentration of KLAC.
• ETF sleeve: $1.28B in ETFs (≈22.7%) includes broad US equity exposures (IVV, SPY, QQQ), factor/tilt funds (RSP, SPYG, SPYV, VTV, VUG), international exposure (VXUS, SPDW), and a diversified fixed-income mix (BIL, SHY, IGSB, IGIB, MBB, JPST, MUB, VGIT, TIP). The ETF allocation indicates reliance on indexed products for core risk exposures and liquidity management.
• Top 50 coverage: The top 50 positions alone account for ~64.7% of assets, demonstrating that despite 777 total holdings, the portfolio’s economic exposure is concentrated in a modest set of names/ETFs.

Sector Allocation and Notable Tilts

• Reported sector breakdown (absolute $ / share of total):
  • ETFs: $1.28B (≈22.7%)
  • Healthcare: $1.12B (≈19.9%)
  • Technology: $510.5M (≈9.1%)
  • Financial Services: $213.6M (≈3.8%)
  • Communication Services: $208.2M (≈3.7%)
  • Consumer Cyclical: $117.6M (≈2.1%)
  • Consumer Defensive: $44.0M (≈0.8%)
  • Unknown: $95.8M (≈1.7%) — indicates classification gaps in the filing.
• Observations:
  • The “Healthcare” bucket is large at roughly 20% of assets. However, sector labels in the filing appear inconsistent (for example, KLAC is labeled Healthcare despite being a semiconductor equipment company). Such classification inconsistencies reduce interpretability of sector tilts; users should verify sector mappings with the filer’s security-level data.
  • The explicit ETF sleeve (~22.7%) provides broad market, international, factor, and fixed-income exposures — consistent with a core-satellite approach.
  • Direct technology equity exposure (per the filed “Technology” line) appears modest at ~9.1%, but exposure to technology/semiconductor risk is materially higher when accounting for names possibly labeled in other categories (KLAC, NVDA, AVGO, CSCO, etc.). The effective semiconductor/tech exposure driven by top holdings is therefore larger than the single “Technology” line suggests.