Farmers National Bank

The Baseline: a Quality-and-Income Construction

The portfolio's top tier — Apple ($26.0M, 5.7%), Microsoft ($20.8M, 4.6%), JPMorgan ($19.1M, 4.2%), Broadcom ($18.7M, 4.1%), Alphabet Class C ($15.1M, 3.3%), Johnson & Johnson ($14.4M, 3.2%), Chevron ($10.8M, 2.4%), McDonald's ($9.2M, 2.0%), Nvidia ($8.7M, 1.9%), and Home Depot ($8.3M, 1.8%) — forms a recognizable large-cap quality core weighted toward technology, financial services, and defensive consumer. The TDTF (TIPS, $22.9M, 5.1%) and GUNR (natural resources, $15.5M, 3.4%) are the explicit inflation-hedging and commodity-exposure overlays; VGT (Vanguard tech, $4.4M) and RSP (equal-weight S&P 500, $2.9M) provide ETF-based diversification. What is most notable about this construction is what is missing from the top: there is no mega-cap concentration beyond the top 10, and the positions below are spread across healthcare, industrials, utilities, and financial services in a way that keeps single-name idiosyncratic risk bounded.