EXENCIAL WEALTH ADVISORS, LLC

That liquidity was funded partly by the elimination of two high-quality payment names: Mastercard, whichleft the portfolio after a $25.9M position, and Visa, which was sold at $24.0M. The advisor also exited Eli Lilly at $18.7M and reduced Capital Group's CGGR growth ETF by $17.7M, while iShares' IEFA developed-markets ETF was replaced by a series of Dimensional international value and high-profitability funds that together added more than $30M in new exposure.

Energy saw the strongest new conviction. Canadian Natural Resources debuted at $21.2M, joining existing Permian and E&P names, while the advisor also initiated Eaton Corp at $23.7M and Honeywell at $18.1M—two industrials with energy and aerospace exposure. JPMorgan Chase entered at $17.9M, adding financial-sector weight alongside the existing Berkshire Hathaway and Intercontinental Exchange positions.