Duncan Williams Asset Management, LLC

The fund currently holds 78 securities, presenting a diversified profile. However, diversification is skewed significantly by the dominance of the top holding. The portfolio composition has shifted from a previous mix of broad market and bond ETFs (based on the exit list) to a more concentrated mix of quality factor ETFs, mega-cap growth stocks, and specific alpha-seeking positions.

Key Holdings

The portfolio is characterized by extreme top-heavy concentration, driven primarily by a single allocation:

• Dominant Core Position: The WisdomTree US Quality Dividend Growth Fund (DGRW) is the overwhelming centerpiece of the portfolio, valued at $43.61 million. This single position constitutes 37.45% of the total assets. This massive allocation signals a strong conviction in "quality" factors—specifically companies with high return on equity and stable dividend growth—as a primary driver for future returns.
• Mega-Cap Financials & Tech: Outside of the primary ETF, the manager favors mega-cap liquidity. Mastercard (MA) ($3.87M) and Visa (V) ($3.38M) are the largest individual equity positions, accounting for roughly 3.3% and 2.9% of the portfolio, respectively. Alphabet (GOOG) ($3.33M) represents the top technology holding.
• Strategic ETFs: The firm utilizes several ETFs to express specific views. The Invesco S&P Midcap Quality ETF (XMHQ) ($3.30M) and Vanguard Russell 1000 Growth ETF (VONG) ($1.75M) suggest a barbell approach between quality mid-caps and large-cap growth.