DIVERSIFIED MANAGEMENT INC

Diversified Management grew its managed assets by roughly $155M in Q1 — a 36% increase that pushed AUM from $428M to $583M — and put most of that fresh capital toward a quiet rotation within its ETF sleeve rather than into a broader equity beta. The largest individual move was an expansion of SPY by roughly $16M to $33.5M, but the more significant structural shift was a reduction in VTI from $5.1M to $4.6M, a withdrawal from total-market broad beta in favor of more targeted equity exposures that include new positions in QQQ, VOE, EFA, IWP, and IJH. Apple, the largest single-stock holding at $18.5M, drew down slightly across both shares and dollar value, a combination that reads as partial profit-taking rather than conviction erosion. Johnson & Johnson, the top healthcare name, saw an 21% share increase, modest values by about $1.5M — the most concrete single-stock addition in a filing where most new entries are ten-figure or smaller. Exxon Mobil received the most significant share-count increase of any single name: a 32% climb from 25,285 to 33,276 shares added roughly $2.6M to the position, placing it firmly in the top twenty by weight and signaling that the manager is building exposure to energy as a deliberate inflation hedge. Nine new stock names entered alongside nine exits, including elimination of Nvidia, Microsoft, Home Depot, and Microsoft — a cluster of prior-year perseverance names that suggests a narrowing of the growth sleeve rather than a simple churn. New entries span services, travel, and industrials: Aramark and Booking Holdings introduce consumer services exposure; Carrier Global expands the industrial-technology cluster alongside Rockwell Automation, which remains the single largest position at 7.4% and $43M despite only minor trimming. Tesla, which had been a meaningful satellite in prior filings, did not appear in the current holdings, an absence notable given the energy-technology overlap with the Exxon addition. The fund's sector allocation tilts toward healthcare and technology, with moderate ETF exposure in large-cap core and international sleeves, but the clearest thesis embedded in this filing is one of disciplined sector tilts rather than broad directional bets — a $583M book that uses ETFs as its primary beta vehicle and individual names as targeted fundamental calls.