DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC

During the quarter, the portfolio experienced modest growth, increasing in value by 2.7% (from $2.00 million to $2.06 million). However, the internal activity suggests this growth was not driven by capital accumulation, but rather by market performance and active rebalancing. The manager engaged in significant turnover, reducing positions in 44 different stocks while adding six new names and exiting six others. This pattern of reduction across nearly 25% of the portfolio suggests a disciplined approach to taking profits or trimming positions that may have exceeded their target allocation weights.

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