Key Holdings
The portfolio is heavily concentrated in "Core" ETFs, which dominate the top ten positions.
- IVV (iShares Core S&P 500) is the largest holding, valued at $192.77M, representing 26.97% of the total portfolio. This indicates a strong strategic bet on large-cap U.S. equities.
- AGG (iShares Core U.S. Aggregate Bond ETF) follows at $73.08M (10.22%), providing significant fixed income exposure and suggesting a defensive posture or asset allocation balancing.
- IWF (iShares Russell 1000 Growth) and VEA (Vanguard FTSE Developed Markets) hold substantial weights of 9.38% and 8.32%, respectively, signaling a tilt toward growth stocks and international diversification.
- VB (Vanguard Small-Cap ETF) accounts for 7.28%, ensuring exposure to U.S. small-caps.
- Outside of ETFs, Apple Inc. (AAPL) is the most significant single-stock position at $10.51M (1.47%), followed by Microsoft (MSFT) at $5.27M (0.74%). Individual stock positions are generally small relative to the total portfolio, with most constituting less than 1%.
Sector Allocation
The sector breakdown confirms a "beta-first" strategy, with the vast majority of assets allocated to broad-market funds rather than specific sectors.
- ETFs dominate the allocation, totaling $625.82M or approximately 87.6% of the portfolio. This encompasses the equity and fixed income sleeves of the strategy.
- Among specific sectors, Technology is the primary focus, with $24.88M (driven largely by AAPL, MSFT, and NVDA).
- Consumer Defensive and Consumer Cyclical sectors hold $7.19M and $4.42M, respectively, including positions like Philip Morris (PM), Walmart (WMT), and Amazon (AMZN).
- Healthcare and Utilities provide defensive balance with $4.24M and $2.25M, respectively.
- The heavy allocation to ETFs implies that the "sector" exposure is largely derived from the underlying indices of the top holdings (S&P 500, Aggregate Bond, Russell 1000) rather than active sector-picking.